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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 120 115   111   109   109    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 214,869,445 217,129,575 1.05 218,084,244 0.44 211,669,934 -2.94 200,701,377 -5.18 -1.7
National Time Sales 50,066,791 51,104,772 2.07 49,526,151 -3.09 48,174,514 -2.73 56,405,087 17.08 3.0
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 703,364 315,737 -55.11 734,611 132.67 248,325 -66.20 541,113 117.91 -6.4
Government Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other 6,449,921 6,377,991 -1.12 6,534,353 2.45 4,527,125 -30.72 4,321,646 -4.54 -9.5
Total Revenue 272,089,521 274,928,075 1.04 274,879,359 -0.02 264,619,898 -3.73 261,969,223 -1.00 -0.9

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 97,242,520 99,940,670 2.77 106,430,632 6.49 106,425,290 -0.01 114,029,159 7.14 4.1
Technical 11,020,450 10,500,349 -4.72 9,868,474 -6.02 9,813,139 -0.56 9,725,656 -0.89 -3.1
Sales and Promotion 67,853,223 66,983,567 -1.28 62,804,802 -6.24 60,874,088 -3.07 62,310,542 2.36 -2.1
Administration and General 58,426,025 59,226,762 1.37 58,170,184 -1.78 58,473,007 0.52 59,253,794 1.34 0.4
Total Expenses 234,542,218 236,651,348 0.90 237,274,092 0.26 235,585,524 -0.71 245,319,151 4.13 1.1

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 37,547,303 38,276,727   37,605,267   29,034,374   16,650,072    
Depreciation 6,849,035 7,455,856   7,293,582   7,128,367   7,864,646    
P.B.I.T. 30,698,268 30,820,871   30,311,685   21,906,007   8,785,426    
Interest Expense 1,869,654 2,075,741   1,467,665   1,427,813   1,767,640    
Adjustments - Gain (Loss) -33,961,218 12,445,943   14,256,266   1,497,751   19,581,218    
Pre-tax Profit -5,132,604 41,191,073   43,100,286   21,975,945   26,599,004    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 41.5 42.2   44.9   45.2   46.5    
Program and Production Expense/Total Revenue 35.7 36.4   38.7   40.2   43.5    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 129,282,284 131,319,269 1.58 134,546,015 2.46 136,631,715 1.55 138,038,293 1.03 1.7
Total Staff Count 2,034.0 2,073.1 1.93 1,968.6 -5.04 1,918.1 -2.57 1,882.5 -1.85  
Avg Remuneration ($)  63,562 63,343 -0.34 68,346 7.90 71,233 4.22 73,326 2.94 3.6
Avg Remuneration excl. Benefits ($)  57,125 56,270 -1.50 60,514 7.54 63,249 4.52 65,844 4.10 3.6

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 13.8 13.9   13.7   11.0   6.4    
P.B.I.T. Margin 11.3 11.2   11.0   8.3   3.4    
Pre-tax Margin -1.9 15.0   15.7   8.3   10.2    
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