Radio AM / FM – Canada - English

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 538 549   555   563   575    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 921,517,166 941,623,080 2.18 939,505,527 -0.22 929,498,429 -1.07 894,625,190 -3.75 -0.7
National Time Sales 315,815,166 345,564,914 9.42 350,979,516 1.57 372,958,995 6.26 392,642,100 5.28 5.6
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 1,207,357 1,138,546 -5.70 1,967,111 72.77 751,617 -61.79 1,397,678 85.96 3.7
Government Grants 71,624 82,105 14.63 72,959 -11.14 126,097 72.83 119,740 -5.04 13.7
Other 20,807,541 21,811,743 4.83 22,460,135 2.97 15,084,666 -32.84 15,866,414 5.18 -6.6
Total Revenue 1,259,418,854 1,310,220,388 4.03 1,314,985,248 0.36 1,318,419,804 0.26 1,304,651,122 -1.04 0.9

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 364,273,616 375,672,206 3.13 382,320,046 1.77 391,296,357 2.35 400,747,787 2.42 2.4
Technical 42,990,507 43,575,027 1.36 44,503,229 2.13 45,366,203 1.94 45,767,296 0.88 1.6
Sales and Promotion 314,059,744 324,650,197 3.37 316,973,667 -2.36 301,372,817 -4.92 305,292,018 1.30 -0.7
Administration and General 249,926,817 259,999,608 4.03 260,153,196 0.06 261,585,729 0.55 268,434,637 2.62 1.8
Total Expenses 971,250,684 1,003,897,038 3.36 1,003,950,138 0.01 999,621,106 -0.43 1,020,241,738 2.06 1.2

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 288,168,170 306,323,350   311,035,110   318,798,698   284,409,384    
Depreciation 35,343,895 36,377,698   35,271,844   33,494,585   36,769,102    
P.B.I.T. 252,824,275 269,945,652   275,763,266   285,304,113   247,640,282    
Interest Expense 8,916,965 9,928,411   8,870,045   8,680,170   12,039,718    
Adjustments - Gain (Loss) -324,719,653 -6,068,635   29,460,800   -76,571,259   -597,675    
Pre-tax Profit -80,812,343 253,948,606   296,354,021   200,052,684   235,002,889    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 37.5 37.4   38.1   39.1   39.3    
Program and Production Expense/Total Revenue 28.9 28.7   29.1   29.7   30.7    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 508,205,506 526,405,815 3.58 535,821,712 1.79 535,246,020 -0.11 529,002,483 -1.17 1.0
Total Staff Count 7,873.5 8,098.1 2.85 7,862.5 -2.91 7,900.2 0.48 7,615.2 -3.61  
Avg Remuneration ($)  64,547 65,004 0.71 68,149 4.84 67,751 -0.58 69,467 2.53 1.9
Avg Remuneration excl. Benefits ($)  58,348 58,318 -0.05 58,435 0.20 60,482 3.50 62,553 3.42 1.8

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 22.9 23.4   23.7   24.2   21.8    
P.B.I.T. Margin 20.1 20.6   21.0   21.6   19.0    
Pre-tax Margin -6.4 19.4   22.5   15.2   18.0    
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