Small Radio Markets – Radio AM / FM - French

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 69 70   70   69   69    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 59,754,983 61,401,559 2.76 61,967,340 0.92 62,200,897 0.38 63,226,499 1.65 1.4
National Time Sales 20,519,389 20,991,637 2.30 19,649,982 -6.39 20,206,511 2.83 20,798,866 2.93 0.3
Network Payments 0 0 n/a 0 n/a 678,179 n/a 200 -99.97 n/a
Syndication-Production 1,216,073 1,467,837 20.70 1,204,432 -17.95 1,289,322 7.05 2,679,455 107.82 21.8
Government Grants 8,017 26,151 226.19 12,560 -51.97 5,615 -55.29 4,446 -20.82 -13.7
Other 1,939,648 2,208,218 13.85 2,047,359 -7.28 232,455 -88.65 539,202 131.96 -27.4
Total Revenue 83,438,110 86,095,402 3.18 84,881,673 -1.41 84,612,979 -0.32 87,248,668 3.11 1.1

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 25,834,307 27,390,793 6.02 27,351,314 -0.14 26,686,490 -2.43 27,383,619 2.61 1.5
Technical 3,574,469 3,961,605 10.83 4,086,151 3.14 3,541,389 -13.33 3,369,384 -4.86 -1.5
Sales and Promotion 23,195,131 24,328,369 4.89 23,140,765 -4.88 21,696,199 -6.24 23,671,156 9.10 0.5
Administration and General 18,547,695 21,742,822 17.23 19,637,219 -9.68 20,124,987 2.48 20,754,233 3.13 2.9
Total Expenses 71,151,602 77,423,589 8.81 74,215,449 -4.14 72,049,065 -2.92 75,178,392 4.34 1.4

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 12,286,508 8,671,813   10,666,224   12,563,914   12,070,276    
Depreciation 3,686,502 3,022,270   2,908,123   3,230,471   3,153,623    
P.B.I.T. 8,600,006 5,649,543   7,758,101   9,333,443   8,916,653    
Interest Expense 839,372 159,170   322,120   540,406   552,446    
Adjustments - Gain (Loss) 13,098,236 15,168,095   11,245,941   10,806,868   904,563    
Pre-tax Profit 20,858,870 20,658,468   18,681,922   19,599,905   9,268,770    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 36.3 35.4   36.9   37.0   36.4    
Program and Production Expense/Total Revenue 31.0 31.8   32.2   31.5   31.4    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 45,995,053 49,454,146 7.52 46,930,952 -5.10 43,148,239 -8.06 46,332,919 7.38 0.2
Total Staff Count 810.3 875.3 8.03 792.2 -9.50 770.7 -2.71 772.6 0.25  
Avg Remuneration ($)  56,766 56,498 -0.47 59,241 4.86 55,986 -5.50 59,967 7.11 1.4
Avg Remuneration excl. Benefits ($)  49,107 48,549 -1.14 48,870 0.66 47,717 -2.36 53,546 12.22 2.2

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 14.7 10.1   12.6   14.8   13.8    
P.B.I.T. Margin 10.3 6.6   9.1   11.0   10.2    
Pre-tax Margin 25.0 24.0   22.0   23.2   10.6    
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