Small Radio Markets – Radio AM / FM – Québec

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 62 63   63   62   62    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 57,503,116 59,219,343 2.98 59,827,873 1.03 60,136,241 0.52 61,232,692 1.82 1.6
National Time Sales 19,671,431 20,166,553 2.52 18,913,638 -6.21 19,439,137 2.78 19,995,553 2.86 0.4
Network Payments 0 0 n/a 0 n/a 678,179 n/a 200 -99.97 n/a
Syndication-Production 1,186,153 1,438,252 21.25 1,173,561 -18.40 1,258,702 7.25 2,649,552 110.50 22.3
Government Grants 8,017 26,151 226.19 12,560 -51.97 5,615 -55.29 4,446 -20.82 -13.7
Other 1,937,441 2,206,153 13.87 2,039,817 -7.54 228,027 -88.82 536,858 135.44 -27.5
Total Revenue 80,306,158 83,056,452 3.42 81,967,449 -1.31 81,745,901 -0.27 84,419,301 3.27 1.3

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 24,755,154 26,361,959 6.49 26,297,593 -0.24 25,523,860 -2.94 26,221,328 2.73 1.5
Technical 3,325,608 3,760,831 13.09 3,815,297 1.45 3,353,935 -12.09 3,198,734 -4.63 -1.0
Sales and Promotion 22,537,179 23,628,049 4.84 22,420,608 -5.11 21,081,835 -5.97 23,045,908 9.32 0.6
Administration and General 17,643,073 20,860,778 18.24 18,752,307 -10.11 19,261,520 2.72 19,932,400 3.48 3.1
Total Expenses 68,261,014 74,611,617 9.30 71,285,805 -4.46 69,221,150 -2.90 72,398,370 4.59 1.5

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 12,045,144 8,444,835   10,681,644   12,524,751   12,020,931    
Depreciation 3,635,785 2,964,499   2,858,990   3,190,646   3,118,125    
P.B.I.T. 8,409,359 5,480,336   7,822,654   9,334,105   8,902,806    
Interest Expense 795,486 133,071   295,860   508,772   522,182    
Adjustments - Gain (Loss) 13,011,507 14,938,719   11,062,117   10,675,627   836,699    
Pre-tax Profit 20,625,380 20,285,984   18,588,911   19,500,960   9,217,323    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 36.3 35.3   36.9   36.9   36.2    
Program and Production Expense/Total Revenue 30.8 31.7   32.1   31.2   31.1    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 44,530,517 48,005,393 7.80 45,484,531 -5.25 41,617,054 -8.50 44,711,372 7.44 0.1
Total Staff Count 772.1 830.0 7.50 757.4 -8.75 734.6 -3.00 736.9 0.31  
Avg Remuneration ($)  57,675 57,839 0.29 60,057 3.84 56,652 -5.67 60,677 7.10 1.3
Avg Remuneration excl. Benefits ($)  49,882 49,671 -0.42 49,489 -0.37 48,252 -2.50 54,254 12.44 2.1

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 15.0 10.2   13.0   15.3   14.2    
P.B.I.T. Margin 10.5 6.6   9.5   11.4   10.5    
Pre-tax Margin 25.7 24.4   22.7   23.9   10.9    
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