Major Radio Markets – Radio FM – 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 8 8   8   8   8    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 44,794,914 44,696,112 -0.22 44,531,802 -0.37 46,521,642 4.47 46,765,751 0.52 1.1
National Time Sales 50,013,134 53,166,792 6.31 61,317,838 15.33 61,323,590 0.01 62,513,492 1.94 5.7
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 763,978 1,176,957 54.06 103,171 -91.23 74,422 -27.87 454,354 510.51 -12.2
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 2,582,732 2,771,531 7.31 1,044,633 -62.31 220,844 -78.86 198,794 -9.98 -47.3
Total Revenue 98,154,758 101,811,392 3.73 106,997,444 5.09 108,140,498 1.07 109,932,391 1.66 2.9

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 33,692,522 37,919,550 12.55 40,194,857 6.00 43,844,225 9.08 42,701,830 -2.61 6.1
Technical 2,693,995 2,896,527 7.52 4,585,111 58.30 4,268,278 -6.91 4,513,445 5.74 13.8
Sales and Promotion 21,303,488 21,995,472 3.25 23,327,563 6.06 23,721,479 1.69 22,315,084 -5.93 1.2
Administration and General 16,153,230 15,936,279 -1.34 15,138,093 -5.01 15,270,836 0.88 15,025,456 -1.61 -1.8
Total Expenses 73,843,235 78,747,828 6.64 83,245,624 5.71 87,104,818 4.64 84,555,815 -2.93 3.4

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 24,311,523 23,063,564   23,751,820   21,035,680   25,376,576    
Depreciation 2,019,476 2,084,826   2,380,695   2,699,358   2,274,512    
P.B.I.T. 22,292,047 20,978,738   21,371,125   18,336,322   23,102,064    
Interest Expense 613,585 -308,840   431,087   1,777,355   2,232,973    
Adjustments - Gain (Loss) 11,783,491 12,469,662   9,195,452   9,095,608   503,576    
Pre-tax Profit 33,461,953 33,757,240   30,135,490   25,654,575   21,372,667    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 45.6 48.2   48.3   50.3   50.5    
Program and Production Expense/Total Revenue 34.3 37.2   37.6   40.5   38.8    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 36,578,913 46,915,969 28.26 47,525,924 1.30 50,416,852 6.08 49,633,476 -1.55 7.9
Total Staff Count 330.0 425.5 28.92 422.9 -0.61 435.5 2.99 406.7 -6.62  
Avg Remuneration ($)  110,835 110,271 -0.51 112,389 1.92 115,760 3.00 122,043 5.43 2.4
Avg Remuneration excl. Benefits ($)  98,970 100,110 1.15 100,410 0.30 103,217 2.80 110,757 7.30 2.9

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 24.8 22.7   22.2   19.5   23.1    
P.B.I.T. Margin 22.7 20.6   20.0   17.0   21.0    
Pre-tax Margin 34.1 33.2   28.2   23.7   19.4    
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