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Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 141 134   129   129   127    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 243,038,343 245,849,608 1.16 244,008,544 -0.75 236,447,138 -3.10 225,114,797 -4.79 -1.9
National Time Sales 54,208,678 55,110,908 1.66 52,446,714 -4.83 50,679,978 -3.37 58,789,365 16.00 2.1
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 1,049,167 810,911 -22.71 1,069,397 31.88 636,552 -40.48 915,947 43.89 -3.3
Government Grants 0 0 n/a 7,500 n/a 10,200 36.00 0 -100.00 n/a
Other 9,014,131 9,289,795 3.06 8,666,397 -6.71 6,850,842 -20.95 6,082,824 -11.21 -9.4
Total Revenue 307,310,319 311,061,222 1.22 306,198,552 -1.56 294,624,710 -3.78 290,902,933 -1.26 -1.4

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 112,249,702 114,303,969 1.83 117,280,075 2.60 117,429,126 0.13 124,462,695 5.99 2.6
Technical 13,525,800 12,751,939 -5.72 12,382,686 -2.90 12,350,841 -0.26 11,889,203 -3.74 -3.2
Sales and Promotion 74,217,377 74,054,336 -0.22 68,334,332 -7.72 65,707,970 -3.84 66,480,402 1.18 -2.7
Administration and General 69,198,736 69,611,365 0.60 67,495,913 -3.04 66,421,234 -1.59 66,505,025 0.13 -1.0
Total Expenses 269,191,615 270,721,609 0.57 265,493,006 -1.93 261,909,171 -1.35 269,337,325 2.84 0.0

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 38,118,704 40,339,613   40,705,546   32,715,539   21,565,608    
Depreciation 7,928,955 8,324,197   8,060,619   7,911,308   8,590,904    
P.B.I.T. 30,189,749 32,015,416   32,644,927   24,804,231   12,974,704    
Interest Expense 2,851,680 2,145,734   1,649,503   1,764,516   2,081,651    
Adjustments - Gain (Loss) -31,799,728 13,086,846   14,541,455   1,694,525   19,782,760    
Pre-tax Profit -4,461,659 42,956,528   45,536,879   24,734,240   30,675,813    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 41.7 42.2   44.2   44.8   46.2    
Program and Production Expense/Total Revenue 36.5 36.7   38.3   39.9   42.8    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 145,685,861 148,723,462 2.09 148,109,642 -0.41 149,998,044 1.28 150,319,828 0.21 0.8
Total Staff Count 2,510.5 2,529.9 0.77 2,419.4 -4.37 2,381.1 -1.58 2,318.2 -2.64  
Avg Remuneration ($)  58,031 58,787 1.30 61,218 4.14 62,995 2.90 64,843 2.93 2.8
Avg Remuneration excl. Benefits ($)  52,226 52,463 0.45 54,386 3.67 56,117 3.18 58,181 3.68 2.7

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 12.4 13.0   13.3   11.1   7.4    
P.B.I.T. Margin 9.8 10.3   10.7   8.4   4.5    
Pre-tax Margin -1.5 13.8   14.9   8.4   10.5    
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