Major Radio Markets – Radio 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 12 13   13   13   13    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 61,030,163 60,857,432 -0.28 60,078,143 -1.28 62,657,329 4.29 63,388,681 1.17 1.0
National Time Sales 68,777,245 72,511,992 5.43 82,794,462 14.18 82,532,484 -0.32 83,636,526 1.34 5.0
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 788,139 1,283,939 62.91 204,530 -84.07 123,435 -39.65 669,243 442.18 -4.0
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 3,012,387 3,519,325 16.83 1,467,671 -58.30 235,353 -83.96 200,989 -14.60 -49.2
Total Revenue 133,607,934 138,172,688 3.42 144,544,806 4.61 145,548,601 0.69 147,895,439 1.61 2.6

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 42,762,407 47,401,006 10.85 49,413,359 4.25 53,799,587 8.88 52,999,003 -1.49 5.5
Technical 3,761,615 3,895,890 3.57 6,071,403 55.84 5,451,586 -10.21 5,510,076 1.07 10.0
Sales and Promotion 27,308,505 28,580,771 4.66 31,195,014 9.15 31,561,026 1.17 29,136,814 -7.68 1.6
Administration and General 21,319,429 20,536,137 -3.67 21,310,523 3.77 19,036,464 -10.67 19,486,397 2.36 -2.2
Total Expenses 95,151,956 100,413,804 5.53 107,990,299 7.55 109,848,663 1.72 107,132,290 -2.47 3.0

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 38,455,978 37,758,884   36,554,507   35,699,938   40,763,149    
Depreciation 2,468,499 2,466,826   3,239,863   3,787,467   2,921,849    
P.B.I.T. 35,987,479 35,292,058   33,314,644   31,912,471   37,841,300    
Interest Expense 876,211 -446,764   488,885   2,301,250   2,841,314    
Adjustments - Gain (Loss) 11,925,641 12,460,360   15,372,604   15,136,691   1,615,389    
Pre-tax Profit 47,036,909 48,199,182   48,198,363   44,747,912   36,615,375    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 44.9 47.2   45.8   49.0   49.5    
Program and Production Expense/Total Revenue 32.0 34.3   34.2   37.0   35.8    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 45,894,526 57,270,193 24.79 60,857,310 6.26 60,503,215 -0.58 61,325,038 1.36 7.5
Total Staff Count 441.9 558.4 26.35 581.8 4.21 584.9 0.52 527.5 -9.81  
Avg Remuneration ($)  103,857 102,569 -1.24 104,595 1.98 103,447 -1.10 116,263 12.39 2.9
Avg Remuneration excl. Benefits ($)  92,728 93,167 0.47 93,255 0.09 91,306 -2.09 105,104 15.11 3.2

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 28.8 27.3   25.3   24.5   27.6    
P.B.I.T. Margin 26.9 25.5   23.0   21.9   25.6    
Pre-tax Margin 35.2 34.9   33.3   30.7   24.8    
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