Major Radio Markets – Radio AM / 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 9 9   9   9   9    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 24,044,606 23,600,081 -1.85 23,954,463 1.50 24,285,679 1.38 23,945,581 -1.40 -0.1
National Time Sales 22,217,383 22,882,515 2.99 24,971,119 9.13 24,283,588 -2.75 24,439,572 0.64 2.4
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 45,212 130,645 188.96 153,669 17.62 104,049 -32.29 480,814 362.10 80.6
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 667,176 883,413 32.41 550,016 -37.74 62,607 -88.62 21,533 -65.61 -57.6
Total Revenue 46,974,377 47,496,654 1.11 49,629,267 4.49 48,735,923 -1.80 48,887,500 0.31 1.0

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 14,246,306 14,841,351 4.18 15,117,778 1.86 15,452,153 2.21 16,014,193 3.64 3.0
Technical 1,936,966 1,727,773 -10.80 2,192,656 26.91 1,802,159 -17.81 1,587,252 -11.92 -4.9
Sales and Promotion 8,584,868 8,785,469 2.34 10,159,882 15.64 10,239,912 0.79 9,521,844 -7.01 2.6
Administration and General 7,843,226 7,050,342 -10.11 9,002,359 27.69 7,994,247 -11.20 7,355,256 -7.99 -1.6
Total Expenses 32,611,366 32,404,935 -0.63 36,472,675 12.55 35,488,471 -2.70 34,478,545 -2.85 1.4

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 14,363,011 15,091,719   13,156,592   13,247,452   14,408,955    
Depreciation 663,890 428,086   1,379,140   1,395,215   1,481,419    
P.B.I.T. 13,699,121 14,663,633   11,777,452   11,852,237   12,927,536    
Interest Expense 326,750 -130,358   64,753   530,837   620,039    
Adjustments - Gain (Loss) 149,879 -52,622   7,755,238   7,080,022   1,472,578    
Pre-tax Profit 13,522,250 14,741,369   19,467,937   18,401,422   13,780,075    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 43.7 45.8   41.4   43.5   46.4    
Program and Production Expense/Total Revenue 30.3 31.2   30.5   31.7   32.8    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 15,843,158 16,703,800 5.43 20,967,019 25.52 19,043,739 -9.17 19,863,785 4.31 5.8
Total Staff Count 246.7 261.2 5.88 289.3 10.76 277.5 -4.10 248.8 -10.34  
Avg Remuneration ($)  64,218 63,948 -0.42 72,470 13.33 68,634 -5.29 79,845 16.33 5.6
Avg Remuneration excl. Benefits ($)  55,976 56,356 0.68 64,052 13.65 58,647 -8.44 72,631 23.84 6.7

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 30.6 31.8   26.5   27.2   29.5    
P.B.I.T. Margin 29.2 30.9   23.7   24.3   26.4    
Pre-tax Margin 28.8 31.0   39.2   37.8   28.2    
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