Large Radio Markets – Radio FM – Ottawa-Gatineau

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 17 17   17   17   17    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 45,659,080 47,418,939 3.85 46,043,462 -2.90 47,113,433 2.32 46,973,346 -0.30 0.7
National Time Sales 18,258,849 19,375,271 6.11 18,735,984 -3.30 18,686,844 -0.26 18,559,675 -0.68 0.4
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 108,755 91,695 -15.69 19,924 -78.27 7,939 -60.15 623,184 >999± 54.7
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 802,406 950,316 18.43 1,118,774 17.73 624,990 -44.14 666,848 6.70 -4.5
Total Revenue 64,829,090 67,836,221 4.64 65,918,144 -2.83 66,433,206 0.78 66,823,053 0.59 0.8

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 17,411,336 18,602,438 6.84 18,000,867 -3.23 17,715,031 -1.59 18,045,603 1.87 0.9
Technical 1,987,116 2,179,908 9.70 2,263,375 3.83 2,025,437 -10.51 2,022,810 -0.13 0.5
Sales and Promotion 16,113,795 17,306,495 7.40 17,080,441 -1.31 15,432,458 -9.65 15,531,442 0.64 -0.9
Administration and General 10,891,289 12,949,042 18.89 12,093,491 -6.61 12,917,507 6.81 13,734,422 6.32 6.0
Total Expenses 46,403,536 51,037,883 9.99 49,438,174 -3.13 48,090,433 -2.73 49,334,277 2.59 1.5

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 18,425,554 16,798,338   16,479,970   18,342,773   17,488,776    
Depreciation 1,574,052 1,770,258   1,662,646   1,643,267   1,342,446    
P.B.I.T. 16,851,502 15,028,080   14,817,324   16,699,506   16,146,330    
Interest Expense 779,570 639,167   443,343   407,289   1,197,719    
Adjustments - Gain (Loss) 7,710,083 -5,846,934   4,520,666   1,571,564   -1,377,705    
Pre-tax Profit 23,782,015 8,541,979   18,894,647   17,863,781   13,570,906    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 37.5 36.4   36.4   36.8   36.6    
Program and Production Expense/Total Revenue 26.9 27.4   27.3   26.7   27.0    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 25,871,115 28,511,068 10.20 27,229,039 -4.50 25,473,764 -6.45 24,989,146 -1.90 -0.9
Total Staff Count 336.8 355.3 5.47 328.3 -7.59 308.7 -5.97 325.2 5.34  
Avg Remuneration ($)  76,808 80,252 4.48 82,942 3.35 82,525 -0.50 76,854 -6.87 0.0
Avg Remuneration excl. Benefits ($)  68,120 71,136 4.43 71,763 0.88 72,325 0.78 69,323 -4.15 0.4

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 28.4 24.8   25.0   27.6   26.2    
P.B.I.T. Margin 26.0 22.2   22.5   25.1   24.2    
Pre-tax Margin 36.7 12.6   28.7   26.9   20.3    
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