Major Radio Markets – Radio FM – Montreal - English/Ethnic

Commercial Radio – Financial Summary 2010-2014

Table of Contents

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

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 16,235,249 16,161,320 -0.46 15,546,341 -3.81 16,135,687 3.79 16,622,930 3.02 0.6
National Time Sales 18,764,111 19,345,200 3.10 21,476,624 11.02 21,208,894 -1.25 21,123,034 -0.40 3.0
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 24,161 106,982 342.79 101,359 -5.26 49,013 -51.64 214,889 338.43 72.7
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 429,655 747,794 74.05 423,038 -43.43 14,509 -96.57 2,195 -84.87 -73.3
Total Revenue 35,453,176 36,361,296 2.56 37,547,362 3.26 37,408,103 -0.37 37,963,048 1.48 1.7

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 9,069,885 9,481,456 4.54 9,218,502 -2.77 9,955,362 7.99 10,297,173 3.43 3.2
Technical 1,067,620 999,363 -6.39 1,486,292 48.72 1,183,308 -20.39 996,631 -15.78 -1.7
Sales and Promotion 6,005,017 6,585,299 9.66 7,867,451 19.47 7,839,547 -0.35 6,821,730 -12.98 3.2
Administration and General 5,166,199 4,599,858 -10.96 6,172,430 34.19 3,765,628 -38.99 4,460,941 18.46 -3.6
Total Expenses 21,308,721 21,665,976 1.68 24,744,675 14.21 22,743,845 -8.09 22,576,475 -0.74 1.5

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 14,144,455 14,695,320   12,802,687   14,664,258   15,386,573    
Depreciation 449,023 382,000   859,168   1,088,109   647,337    
P.B.I.T. 13,695,432 14,313,320   11,943,519   13,576,149   14,739,236    
Interest Expense 262,626 -137,924   57,798   523,895   608,341    
Adjustments - Gain (Loss) 142,150 -9,302   6,177,152   6,041,083   1,111,813    
Pre-tax Profit 13,574,956 14,441,942   18,062,873   19,093,337   15,242,708    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 42.6 43.8   37.3   43.8   45.6    
Program and Production Expense/Total Revenue 25.6 26.1   24.6   26.6   27.1    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 9,315,613 10,354,224 11.15 13,331,386 28.75 10,086,363 -24.34 11,691,562 15.91 5.8
Total Staff Count 111.9 132.9 18.80 159.0 19.62 149.3 -6.06 120.8 -19.12  
Avg Remuneration ($)  83,272 77,910 -6.44 83,861 7.64 67,540 -19.46 96,800 43.32 3.8
Avg Remuneration excl. Benefits ($)  74,315 70,939 -4.54 74,223 4.63 56,568 -23.79 86,069 52.15 3.7

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 39.9 40.4   34.1   39.2   40.5    
P.B.I.T. Margin 38.6 39.4   31.8   36.3   38.8    
Pre-tax Margin 38.3 39.7   48.1   51.0   40.2    
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