Large Radio Markets – Radio FM – Ottawa-Gatineau - French

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 5 5   5   5   5    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 11,101,449 11,146,819 0.41 10,881,642 -2.38 10,940,738 0.54 10,226,595 -6.53 -2.0
National Time Sales 5,080,616 5,023,605 -1.12 4,926,856 -1.93 4,941,119 0.29 4,857,148 -1.70 -1.1
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 70,294 102,404 45.68 35,509 -65.32 12,947 -63.54 604,120 >999± 71.2
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 479,364 328,237 -31.53 364,411 11.02 45,911 -87.40 13,773 -70.00 -58.8
Total Revenue 16,731,723 16,601,065 -0.78 16,208,418 -2.37 15,940,715 -1.65 15,701,636 -1.50 -1.6

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 4,803,349 5,195,444 8.16 4,852,513 -6.60 4,736,933 -2.38 4,707,035 -0.63 -0.5
Technical 574,295 679,855 18.38 775,730 14.10 607,386 -21.70 443,906 -26.92 -6.2
Sales and Promotion 3,872,629 3,911,156 0.99 3,748,841 -4.15 4,008,194 6.92 3,754,285 -6.33 -0.8
Administration and General 2,675,180 3,545,133 32.52 2,998,904 -15.41 3,351,545 11.76 3,411,279 1.78 6.3
Total Expenses 11,925,453 13,331,588 11.79 12,375,988 -7.17 12,704,058 2.65 12,316,505 -3.05 0.8

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 4,806,270 3,269,477   3,832,430   3,236,657   3,385,131    
Depreciation 677,995 668,780   585,657   691,773   520,622    
P.B.I.T. 4,128,275 2,600,697   3,246,773   2,544,884   2,864,509    
Interest Expense 246,366 -25,634   26,962   113,602   114,621    
Adjustments - Gain (Loss) 9,622,865 4,714,766   3,314,648   3,291,567   191,608    
Pre-tax Profit 13,504,774 7,341,097   6,534,459   5,722,849   2,941,496    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 40.3 39.0   39.2   37.3   38.2    
Program and Production Expense/Total Revenue 28.7 31.3   29.9   29.7   30.0    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 8,092,032 8,946,312 10.56 8,060,664 -9.90 7,620,716 -5.46 7,082,793 -7.06 -3.3
Total Staff Count 101.9 123.6 21.30 97.6 -21.05 96.8 -0.83 93.8 -3.07  
Avg Remuneration ($)  79,427 72,393 -8.86 82,614 14.12 78,759 -4.67 75,518 -4.12 -1.3
Avg Remuneration excl. Benefits ($)  68,071 62,067 -8.82 70,033 12.83 66,780 -4.64 68,677 2.84 0.2

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 28.7 19.7   23.6   20.3   21.6    
P.B.I.T. Margin 24.7 15.7   20.0   16.0   18.2    
Pre-tax Margin 80.7 44.2   40.3   35.9   18.7    
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