Major Radio Markets – Radio 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 15 15   16   17   19    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 116,558,220 125,793,896 7.92 120,320,042 -4.35 113,722,413 -5.48 98,343,310 -13.52 -4.2
National Time Sales 52,446,965 64,018,696 22.06 66,138,766 3.31 67,776,905 2.48 79,779,106 17.71 11.1
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 93,024 94,884 2.00 187,191 97.28 96,782 -48.30 106,078 9.61 3.3
Government Grants 0 0 n/a 0 n/a 0 n/a 50,605 n/a n/a
Other 2,889,908 2,281,310 -21.06 2,380,489 4.35 1,777,158 -25.34 1,149,594 -35.31 -20.6
Total Revenue 171,988,117 192,188,786 11.75 189,026,488 -1.65 183,373,258 -2.99 179,428,693 -2.15 1.1

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 41,851,971 45,017,979 7.56 44,312,906 -1.57 47,443,544 7.06 48,258,655 1.72 3.6
Technical 3,646,768 3,624,204 -0.62 3,622,251 -0.05 3,991,222 10.19 4,192,449 5.04 3.6
Sales and Promotion 36,314,182 36,388,180 0.20 33,339,404 -8.38 28,505,555 -14.50 31,663,927 11.08 -3.4
Administration and General 26,161,902 31,327,015 19.74 27,697,016 -11.59 29,325,957 5.88 31,583,260 7.70 4.8
Total Expenses 107,974,823 116,357,378 7.76 108,971,577 -6.35 109,266,278 0.27 115,698,291 5.89 1.7

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 64,013,294 75,831,408   80,054,911   74,106,980   63,730,402    
Depreciation 3,463,045 3,545,238   2,323,821   3,136,884   2,781,003    
P.B.I.T. 60,550,249 72,286,170   77,731,090   70,970,096   60,949,399    
Interest Expense 92,194 208,033   296,951   495,250   927,844    
Adjustments - Gain (Loss) -60,639,097 4,115,605   4,707,984   -19,796,560   3,901,599    
Pre-tax Profit -181,042 76,193,742   82,142,123   50,678,286   63,923,154    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 38.8 38.7   40.7   43.4   41.7    
Program and Production Expense/Total Revenue 24.3 23.4   23.4   25.9   26.9    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 50,765,528 52,842,962 4.09 50,705,317 -4.05 51,684,612 1.93 50,546,317 -2.20 -0.1
Total Staff Count 590.5 608.7 3.09 613.5 0.79 589.2 -3.96 582.0 -1.22  
Avg Remuneration ($)  85,976 86,809 0.97 82,648 -4.79 87,720 6.14 86,845 -1.00 0.3
Avg Remuneration excl. Benefits ($)  79,372 79,155 -0.27 75,499 -4.62 79,905 5.84 79,485 -0.53 0.0

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 37.2 39.5   42.4   40.4   35.5    
P.B.I.T. Margin 35.2 37.6   41.1   38.7   34.0    
Pre-tax Margin -0.1 39.6   43.5   27.6   35.6    
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