Radio FM – Canada - French

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 87 89   90   89   90    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 142,709,301 145,687,709 2.09 147,388,752 1.17 150,047,542 1.80 152,589,418 1.69 1.7
National Time Sales 88,276,440 91,744,646 3.93 99,012,783 7.92 100,005,515 1.00 101,503,926 1.50 3.6
Network Payments 0 0 n/a 0 n/a 678,179 n/a 200 -99.97 n/a
Syndication-Production 2,868,965 4,183,759 45.83 1,521,192 -63.64 1,852,494 21.78 4,344,229 134.51 10.9
Government Grants 8,017 26,151 226.19 12,560 -51.97 5,615 -55.29 4,446 -20.82 -13.7
Other 6,074,514 6,016,952 -0.95 3,976,719 -33.91 570,670 -85.65 789,485 38.34 -40.0
Total Revenue 239,937,237 247,659,217 3.22 251,912,006 1.72 253,160,015 0.50 259,231,704 2.40 2.0

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 77,173,989 84,535,883 9.54 87,759,013 3.81 90,153,729 2.73 90,116,495 -0.04 4.0
Technical 7,991,132 9,124,884 14.19 11,036,111 20.95 9,719,728 -11.93 9,638,992 -0.83 4.8
Sales and Promotion 59,366,519 61,044,238 2.83 61,241,916 0.32 61,658,113 0.68 61,877,736 0.36 1.0
Administration and General 44,024,113 48,813,834 10.88 45,210,631 -7.38 46,106,692 1.98 46,700,999 1.29 1.5
Total Expenses 188,555,753 203,518,839 7.94 205,247,671 0.85 207,638,262 1.16 208,334,222 0.34 2.5

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 51,381,484 44,140,378   46,664,335   45,521,753   50,897,482    
Depreciation 7,607,197 7,033,564   7,262,547   8,195,735   7,256,987    
P.B.I.T. 43,774,287 37,106,814   39,401,788   37,326,018   43,640,495    
Interest Expense 2,533,288 -256,538   893,494   2,643,701   3,194,482    
Adjustments - Gain (Loss) 41,789,121 37,212,968   27,139,436   26,632,576   1,674,938    
Pre-tax Profit 83,030,120 74,576,320   65,647,730   61,314,893   42,120,951    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 40.9 41.5   42.8   43.4   43.3    
Program and Production Expense/Total Revenue 32.2 34.1   34.8   35.6   34.8    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 108,696,793 125,483,421 15.44 122,867,869 -2.08 121,810,825 -0.86 124,266,943 2.02 3.4
Total Staff Count 1,445.3 1,677.0 16.04 1,547.9 -7.70 1,541.2 -0.43 1,515.6 -1.66  
Avg Remuneration ($)  75,210 74,826 -0.51 79,379 6.09 79,037 -0.43 81,992 3.74 2.2
Avg Remuneration excl. Benefits ($)  65,906 65,890 -0.02 68,394 3.80 68,700 0.45 73,733 7.33 2.9

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 21.4 17.8   18.5   18.0   19.6    
P.B.I.T. Margin 18.2 15.0   15.6   14.7   16.8    
Pre-tax Margin 34.6 30.1   26.1   24.2   16.2    
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