Radio FM – Canada - Ethnic

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 10 11   12   13   12    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 15,836,460 18,093,691 14.25 18,351,292 1.42 19,146,196 4.33 19,760,347 3.21 5.7
National Time Sales 833,763 969,668 16.30 1,001,975 3.33 816,220 -18.54 909,229 11.40 2.2
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 34,730 37,579 8.20 31,010 -17.48 19,564 -36.91 22,485 14.93 -10.3
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 1,158,931 725,586 -37.39 826,338 13.89 1,091,810 32.13 649,148 -40.54 -13.5
Total Revenue 17,863,884 19,826,524 10.99 20,210,615 1.94 21,073,790 4.27 21,341,209 1.27 4.6

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 5,189,383 5,347,761 3.05 5,742,457 7.38 6,384,798 11.19 6,262,749 -1.91 4.8
Technical 938,528 923,944 -1.55 926,068 0.23 1,039,322 12.23 1,155,531 11.18 5.3
Sales and Promotion 2,681,155 3,357,472 25.22 3,547,611 5.66 4,085,717 15.17 3,567,201 -12.69 7.4
Administration and General 5,564,557 6,422,352 15.42 6,143,744 -4.34 6,817,946 10.97 7,034,861 3.18 6.0
Total Expenses 14,373,623 16,051,529 11.67 16,359,880 1.92 18,327,783 12.03 18,020,342 -1.68 5.8

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 3,490,261 3,774,995   3,850,735   2,746,007   3,320,867    
Depreciation 691,734 678,578   439,271   341,959   265,543    
P.B.I.T. 2,798,527 3,096,417   3,411,464   2,404,048   3,055,324    
Interest Expense 96,202 110,722   117,805   86,076   126,703    
Adjustments - Gain (Loss) -85,610 12,570   -533,311   100,109   749,578    
Pre-tax Profit 2,616,715 2,998,265   2,760,348   2,418,081   3,678,199    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 36.1 33.3   35.1   34.8   34.8    
Program and Production Expense/Total Revenue 29.0 27.0   28.4   30.3   29.3    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 7,402,581 8,102,955 9.46 8,770,310 8.24 9,641,995 9.94 10,034,181 4.07 7.9
Total Staff Count 263.0 285.3 8.49 324.0 13.56 352.3 8.73 354.0 0.49  
Avg Remuneration ($)  28,147 28,399 0.89 27,068 -4.69 27,369 1.11 28,342 3.56 0.2
Avg Remuneration excl. Benefits ($)  26,740 27,220 1.79 25,734 -5.46 26,007 1.06 25,938 -0.27 -0.8

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 19.5 19.0   19.1   13.0   15.6    
P.B.I.T. Margin 15.7 15.6   16.9   11.4   14.3    
Pre-tax Margin 14.6 15.1   13.7   11.5   17.2    
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