Major Radio Markets – Radio AM / FM – Montreal

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 21 20   20   22   21    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 74,257,176 73,751,898 -0.68 70,839,440 -3.95 73,563,071 3.84 73,695,972 0.18 -0.2
National Time Sales 73,982,498 77,947,403 5.36 87,306,689 12.01 86,476,046 -0.95 87,847,204 1.59 4.4
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 809,190 1,417,126 75.13 256,840 -81.88 178,471 -30.51 935,168 423.99 3.7
Government Grants 0 0 n/a 7,500 n/a 10,200 36.00 0 -100.00 n/a
Other 3,790,308 4,539,970 19.78 1,742,440 -61.62 384,898 -77.91 298,647 -22.41 -47.0
Total Revenue 152,839,172 157,656,397 3.15 160,152,909 1.58 160,612,686 0.29 162,776,991 1.35 1.6

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 52,797,900 57,597,033 9.09 56,591,206 -1.75 60,991,480 7.78 60,355,396 -1.04 3.4
Technical 5,092,706 4,847,900 -4.81 7,188,382 48.28 6,608,502 -8.07 6,405,231 -3.08 5.9
Sales and Promotion 31,670,252 32,929,680 3.98 34,406,584 4.49 34,565,041 0.46 32,602,497 -5.68 0.7
Administration and General 25,987,466 24,451,896 -5.91 24,879,811 1.75 24,015,737 -3.47 23,075,276 -3.92 -2.9
Total Expenses 115,548,324 119,826,509 3.70 123,065,983 2.70 126,180,760 2.53 122,438,400 -2.97 1.5

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 37,290,848 37,829,888   37,086,926   34,431,926   40,338,591    
Depreciation 2,901,040 2,631,413   3,825,613   4,239,276   3,869,230    
P.B.I.T. 34,389,808 35,198,475   33,261,313   30,192,650   36,469,361    
Interest Expense 1,645,717 -566,731   519,555   2,420,595   2,989,953    
Adjustments - Gain (Loss) 13,751,865 12,417,040   16,950,690   16,175,630   1,976,154    
Pre-tax Profit 46,495,956 48,182,246   49,692,448   43,947,685   35,455,562    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 45.7 48.1   46.0   48.3   49.3    
Program and Production Expense/Total Revenue 34.5 36.5   35.3   38.0   37.1    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 57,175,109 69,339,231 21.28 70,169,972 1.20 71,640,184 2.10 71,789,362 0.21 5.9
Total Staff Count 647.8 733.6 13.23 739.2 0.77 751.8 1.70 696.4 -7.37  
Avg Remuneration ($)  88,255 94,522 7.10 94,924 0.43 95,294 0.39 103,088 8.18 4.0
Avg Remuneration excl. Benefits ($)  78,269 85,420 9.14 84,488 -1.09 84,009 -0.57 93,480 11.27 4.5

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 24.4 24.0   23.2   21.4   24.8    
P.B.I.T. Margin 22.5 22.3   20.8   18.8   22.4    
Pre-tax Margin 30.4 30.6   31.0   27.4   21.8    
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