Major Radio Markets – Radio AM / 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 12 11   11   13   12    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 50,212,570 50,151,817 -0.12 46,884,977 -6.51 49,277,392 5.10 49,750,391 0.96 -0.2
National Time Sales 51,765,115 55,064,888 6.37 62,335,570 13.20 62,192,458 -0.23 63,407,632 1.95 5.2
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 763,978 1,286,481 68.39 103,171 -91.98 74,422 -27.87 454,354 510.51 -12.2
Government Grants 0 0 n/a 7,500 n/a 10,200 36.00 0 -100.00 n/a
Other 3,123,132 3,656,557 17.08 1,192,424 -67.39 322,291 -72.97 277,114 -14.02 -45.4
Total Revenue 105,864,795 110,159,743 4.06 110,523,642 0.33 111,876,763 1.22 113,889,491 1.80 1.8

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 38,551,594 42,755,682 10.91 41,473,428 -3.00 45,539,327 9.80 44,341,203 -2.63 3.6
Technical 3,155,740 3,120,127 -1.13 4,995,726 60.11 4,806,343 -3.79 4,817,979 0.24 11.2
Sales and Promotion 23,085,384 24,144,211 4.59 24,246,702 0.42 24,325,129 0.32 23,080,653 -5.12 0.0
Administration and General 18,144,240 17,401,554 -4.09 15,877,452 -8.76 16,021,490 0.91 15,720,020 -1.88 -3.5
Total Expenses 82,936,958 87,421,574 5.41 86,593,308 -0.95 90,692,289 4.73 87,959,855 -3.01 1.5

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 22,927,837 22,738,169   23,930,334   21,184,474   25,929,636    
Depreciation 2,237,150 2,203,327   2,446,473   2,844,061   2,387,811    
P.B.I.T. 20,690,687 20,534,842   21,483,861   18,340,413   23,541,825    
Interest Expense 1,318,967 -436,373   454,802   1,889,758   2,369,914    
Adjustments - Gain (Loss) 13,601,986 12,469,662   9,195,452   9,095,608   503,576    
Pre-tax Profit 32,973,706 33,440,877   30,224,511   25,546,263   21,675,487    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 46.5 48.9   47.9   50.2   50.4    
Program and Production Expense/Total Revenue 36.4 38.8   37.5   40.7   38.9    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 41,331,951 52,635,431 27.35 49,202,953 -6.52 52,596,445 6.90 51,925,577 -1.28 5.9
Total Staff Count 401.1 472.4 17.76 449.9 -4.76 474.3 5.43 447.6 -5.63  
Avg Remuneration ($)  103,039 111,428 8.14 109,364 -1.85 110,890 1.40 116,006 4.61 3.0
Avg Remuneration excl. Benefits ($)  91,979 101,491 10.34 97,630 -3.80 98,845 1.25 105,068 6.30 3.4

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 21.7 20.6   21.7   18.9   22.8    
P.B.I.T. Margin 19.5 18.6   19.4   16.4   20.7    
Pre-tax Margin 31.1 30.4   27.3   22.8   19.0    
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