Major Radio Markets – Radio AM / FM – Toronto

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 28 28   29   30   32    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 181,364,837 189,722,137 4.61 185,531,804 -2.21 178,076,329 -4.02 156,991,600 -11.84 -3.5
National Time Sales 64,092,616 77,114,888 20.32 79,325,576 2.87 82,112,591 3.51 100,157,309 21.98 11.8
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 529,023 538,021 1.70 714,894 32.87 421,343 -41.06 404,235 -4.06 -6.5
Government Grants 0 0 n/a 0 n/a 0 n/a 50,605 n/a n/a
Other 5,004,494 4,453,087 -11.02 4,713,646 5.85 3,548,629 -24.72 2,088,309 -41.15 -19.6
Total Revenue 250,990,970 271,828,133 8.30 270,285,920 -0.57 264,158,892 -2.27 259,692,058 -1.69 0.9

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 69,427,249 73,016,348 5.17 74,816,173 2.46 79,918,785 6.82 83,772,007 4.82 4.8
Technical 7,315,235 7,037,230 -3.80 6,628,874 -5.80 7,311,770 10.30 6,934,077 -5.17 -1.3
Sales and Promotion 51,151,638 50,945,572 -0.40 46,691,780 -8.35 41,156,437 -11.86 43,474,968 5.63 -4.0
Administration and General 41,849,277 47,713,949 14.01 43,560,263 -8.71 44,332,140 1.77 48,648,773 9.74 3.8
Total Expenses 169,743,399 178,713,099 5.28 171,697,090 -3.93 172,719,132 0.60 182,829,825 5.85 1.9

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 81,247,571 93,115,034   98,588,830   91,439,760   76,862,233    
Depreciation 5,187,094 5,165,532   3,669,826   4,718,408   4,133,717    
P.B.I.T. 76,060,477 87,949,502   94,919,004   86,721,352   72,728,516    
Interest Expense 569,505 658,629   567,429   580,227   1,086,048    
Adjustments - Gain (Loss) -78,362,759 5,488,449   5,826,552   -21,284,593   7,570,072    
Pre-tax Profit -2,871,787 92,779,322   100,178,127   64,856,532   79,212,540    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 40.9 40.9   43.6   46.3   45.8    
Program and Production Expense/Total Revenue 27.7 26.9   27.7   30.3   32.3    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 80,784,423 83,664,324 3.56 83,813,960 0.18 86,223,862 2.88 83,974,981 -2.61 1.0
Total Staff Count 1,063.6 1,118.1 5.13 1,151.7 3.00 1,115.4 -3.15 1,075.4 -3.58  
Avg Remuneration ($)  75,954 74,826 -1.49 72,773 -2.74 77,302 6.22 78,084 1.01 0.7
Avg Remuneration excl. Benefits ($)  69,415 67,691 -2.48 65,628 -3.05 69,494 5.89 70,874 1.99 0.5

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 32.4 34.3   36.5   34.6   29.6    
P.B.I.T. Margin 30.3 32.4   35.1   32.8   28.0    
Pre-tax Margin -1.1 34.1   37.1   24.6   30.5    
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