Radio AM / FM – Canada - French

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 96 96   96   97   96    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 150,913,633 154,092,830 2.11 152,082,568 -1.30 153,652,018 1.03 155,827,526 1.42 0.8
National Time Sales 90,635,093 93,948,196 3.66 100,279,970 6.74 101,108,918 0.83 102,460,678 1.34 3.1
Network Payments 0 0 n/a 0 n/a 678,179 n/a 200 -99.97 n/a
Syndication-Production 2,905,760 4,347,483 49.62 1,532,799 -64.74 1,864,282 21.63 4,349,954 133.33 10.6
Government Grants 8,017 26,151 226.19 20,060 -23.29 15,815 -21.16 4,446 -71.89 -13.7
Other 6,676,010 6,971,523 4.43 4,142,380 -40.58 706,031 -82.96 870,536 23.30 -39.9
Total Revenue 251,138,513 259,386,183 3.28 258,057,777 -0.51 258,025,243 -0.01 263,513,340 2.13 1.2

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 83,724,399 90,759,398 8.40 90,217,618 -0.60 92,379,990 2.40 91,869,963 -0.55 2.4
Technical 8,703,201 9,608,475 10.40 11,653,141 21.28 10,333,875 -11.32 9,947,105 -3.74 3.4
Sales and Promotion 61,956,371 64,054,214 3.39 62,702,754 -2.11 62,543,221 -0.25 62,698,177 0.25 0.3
Administration and General 46,713,784 50,901,619 8.96 46,430,901 -8.78 47,182,107 1.62 47,528,799 0.73 0.4
Total Expenses 201,097,755 215,323,706 7.07 211,004,414 -2.01 212,439,193 0.68 212,044,044 -0.19 1.3

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 50,040,758 44,062,477   47,053,363   45,586,050   51,469,296    
Depreciation 8,009,198 7,285,604   7,421,676   8,411,265   7,370,286    
P.B.I.T. 42,031,560 36,776,873   39,631,687   37,174,785   44,099,010    
Interest Expense 3,287,998 -373,556   930,318   2,768,603   3,332,078    
Adjustments - Gain (Loss) 43,663,216 37,406,797   27,200,734   26,739,015   1,725,718    
Pre-tax Profit 82,406,778 74,557,226   65,902,103   61,145,197   42,492,650    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 41.6 42.2   42.8   43.5   43.3    
Program and Production Expense/Total Revenue 33.3 35.0   35.0   35.8   34.9    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 115,329,015 132,988,516 15.31 125,981,239 -5.27 124,592,535 -1.10 126,684,626 1.68 2.4
Total Staff Count 1,553.5 1,758.8 13.22 1,600.9 -8.98 1,607.0 0.38 1,556.5 -3.14  
Avg Remuneration ($)  74,241 75,615 1.85 78,695 4.07 77,533 -1.48 81,390 4.97 2.3
Avg Remuneration excl. Benefits ($)  65,096 66,766 2.57 67,825 1.59 67,413 -0.61 73,141 8.50 3.0

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 19.9 17.0   18.2   17.7   19.5    
P.B.I.T. Margin 16.7 14.2   15.4   14.4   16.7    
Pre-tax Margin 32.8 28.7   25.5   23.7   16.1    
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