Radio AM / FM – Canada - Ethnic

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 22 23   24   25   24    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 35,801,026 38,408,603 7.28 39,581,776 3.05 40,318,924 1.86 40,935,659 1.53 3.4
National Time Sales 2,616,997 2,772,254 5.93 2,655,351 -4.22 2,218,281 -16.46 2,336,755 5.34 -2.8
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 343,738 369,029 7.36 354,189 -4.02 396,003 11.81 391,594 -1.11 3.3
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 3,121,645 2,682,819 -14.06 2,792,721 4.10 3,280,166 17.45 2,329,275 -28.99 -7.1
Total Revenue 41,883,406 44,232,705 5.61 45,384,037 2.60 46,213,374 1.83 45,993,283 -0.48 2.4

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 13,646,155 13,487,545 -1.16 14,133,295 4.79 15,162,373 7.28 14,942,817 -1.45 2.3
Technical 2,731,809 2,691,943 -1.46 2,823,250 4.88 2,962,877 4.95 3,010,965 1.62 2.5
Sales and Promotion 6,455,457 7,418,265 14.91 7,616,303 2.67 8,034,491 5.49 6,916,620 -13.91 1.7
Administration and General 13,647,597 14,719,170 7.85 14,249,203 -3.19 13,690,758 -3.92 13,458,292 -1.70 -0.4
Total Expenses 36,481,018 38,316,923 5.03 38,822,051 1.32 39,850,499 2.65 38,328,694 -3.82 1.2

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 5,402,388 5,915,782   6,561,986   6,362,875   7,664,589    
Depreciation 1,369,653 1,294,879   1,047,179   909,370   878,502    
P.B.I.T. 4,032,735 4,620,903   5,514,807   5,453,505   6,786,087    
Interest Expense 323,518 297,733   262,819   297,877   303,118    
Adjustments - Gain (Loss) 201,785 459,644   -309,420   190,444   900,340    
Pre-tax Profit 3,911,002 4,782,814   4,942,568   5,346,072   7,383,309    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 37.4 35.2   36.4   38.0   39.0    
Program and Production Expense/Total Revenue 32.6 30.5   31.1   32.8   32.5    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 17,173,936 18,002,053 4.82 19,220,567 6.77 20,226,614 5.23 19,898,033 -1.62 3.8
Total Staff Count 631.3 660.3 4.60 721.8 9.30 749.6 3.85 748.8 -0.10  
Avg Remuneration ($)  27,204 27,262 0.21 26,630 -2.32 26,985 1.33 26,574 -1.52 -0.6
Avg Remuneration excl. Benefits ($)  25,474 25,609 0.53 25,044 -2.21 25,366 1.29 24,050 -5.19 -1.4

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 12.9 13.4   14.5   13.8   16.7    
P.B.I.T. Margin 9.6 10.4   12.2   11.8   14.8    
Pre-tax Margin 9.3 10.8   10.9   11.6   16.1    
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