Major Radio Markets – Radio AM – Montreal - French

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 4 3   3   5   4    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 5,417,656 5,455,705 0.70 2,353,175 -56.87 2,755,750 17.11 2,984,640 8.31 -13.9
National Time Sales 1,751,981 1,898,096 8.34 1,017,732 -46.38 868,868 -14.63 894,140 2.91 -15.5
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 0 109,524 n/a 0 -100.00 0 n/a 0 n/a n/a
Government Grants 0 0 n/a 7,500 n/a 10,200 36.00 0 -100.00 n/a
Other 540,400 885,026 63.77 147,791 -83.30 101,447 -31.36 78,320 -22.80 -38.3
Total Revenue 7,710,037 8,348,351 8.28 3,526,198 -57.76 3,736,265 5.96 3,957,100 5.91 -15.4

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 4,859,072 4,836,132 -0.47 1,278,571 -73.56 1,695,102 32.58 1,639,373 -3.29 -23.8
Technical 461,745 223,600 -51.58 410,615 83.64 538,065 31.04 304,534 -43.40 -9.9
Sales and Promotion 1,781,896 2,148,739 20.59 919,139 -57.22 603,650 -34.32 765,569 26.82 -19.0
Administration and General 1,991,010 1,465,275 -26.41 739,359 -49.54 750,654 1.53 694,564 -7.47 -23.2
Total Expenses 9,093,723 8,673,746 -4.62 3,347,684 -61.40 3,587,471 7.16 3,404,040 -5.11 -21.8

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income -1,383,686 -325,395   178,514   148,794   553,060    
Depreciation 217,674 118,501   65,778   144,703   113,299    
P.B.I.T. -1,601,360 -443,896   112,736   4,091   439,761    
Interest Expense 705,382 -127,533   23,715   112,403   136,941    
Adjustments - Gain (Loss) 1,818,495 0   0   0   0    
Pre-tax Profit -488,247 -316,363   89,021   -108,312   302,820    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 53.4 55.8   38.2   47.3   48.2    
Program and Production Expense/Total Revenue 63.0 57.9   36.3   45.4   41.4    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 4,753,038 5,719,462 20.33 1,677,029 -70.68 2,179,593 29.97 2,292,101 5.16 -16.7
Total Staff Count 71.1 46.9 -34.02 27.0 -42.38 38.8 43.47 40.9 5.52  
Avg Remuneration ($)  66,850 121,924 82.38 62,043 -49.11 56,204 -9.41 56,014 -0.34 -4.3
Avg Remuneration excl. Benefits ($)  59,530 114,014 91.52 54,142 -52.51 49,746 -8.12 48,531 -2.44 -5.0

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin -17.9 -3.9   5.1   4.0   14.0    
P.B.I.T. Margin -20.8 -5.3   3.2   0.1   11.1    
Pre-tax Margin -6.3 -3.8   2.5   -2.9   7.7    
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