Radio AM – Canada - French

Commercial Radio – Financial Summary 2010-2014

Table of Contents

Reporting Units ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Reporting Units 9 7   6   8   6    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 8,204,332 8,405,121 2.45 4,693,816 -44.16 3,604,476 -23.21 3,238,108 -10.16 -20.7
National Time Sales 2,358,653 2,203,550 -6.58 1,267,187 -42.49 1,103,403 -12.93 956,752 -13.29 -20.2
Network Payments 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Syndication-Production 36,795 163,724 344.96 11,607 -92.91 11,788 1.56 5,725 -51.43 -37.2
Government Grants 0 0 n/a 7,500 n/a 10,200 36.00 0 -100.00 n/a
Other 601,496 954,571 58.70 165,661 -82.65 135,361 -18.29 81,051 -40.12 -39.4
Total Revenue 11,201,276 11,726,966 4.69 6,145,771 -47.59 4,865,228 -20.84 4,281,636 -12.00 -21.4

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 6,550,410 6,223,515 -4.99 2,458,605 -60.49 2,226,261 -9.45 1,753,468 -21.24 -28.1
Technical 712,069 483,591 -32.09 617,030 27.59 614,147 -0.47 308,113 -49.83 -18.9
Sales and Promotion 2,589,852 3,009,976 16.22 1,460,838 -51.47 885,108 -39.41 820,441 -7.31 -25.0
Administration and General 2,689,671 2,087,785 -22.38 1,220,270 -41.55 1,075,415 -11.87 827,800 -23.03 -25.5
Total Expenses 12,542,002 11,804,867 -5.88 5,756,743 -51.23 4,800,931 -16.60 3,709,822 -22.73 -26.3

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income -1,340,726 -77,901   389,028   64,297   571,814    
Depreciation 402,001 252,040   159,129   215,530   113,299    
P.B.I.T. -1,742,727 -329,941   229,899   -151,233   458,515    
Interest Expense 754,710 -117,018   36,824   124,902   137,596    
Adjustments - Gain (Loss) 1,874,095 193,829   61,298   106,439   50,780    
Pre-tax Profit -623,342 -19,094   254,373   -169,696   371,699    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 52.2 52.7   42.7   46.4   47.3    
Program and Production Expense/Total Revenue 58.5 53.1   40.0   45.8   41.0    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 6,632,222 7,505,095 13.16 3,113,370 -58.52 2,781,710 -10.65 2,417,683 -13.09 -22.3
Total Staff Count 108.2 81.8 -24.44 53.0 -35.14 65.8 24.04 40.9 -37.79  
Avg Remuneration ($)  61,296 91,794 49.76 58,710 -36.04 42,288 -27.97 59,083 39.72 -0.9
Avg Remuneration excl. Benefits ($)  54,284 84,736 56.10 51,199 -39.58 37,257 -27.23 51,225 37.49 -1.4

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin -12.0 -0.7   6.3   1.3   13.4    
P.B.I.T. Margin -15.6 -2.8   3.7   -3.1   10.7    
Pre-tax Margin -5.6 -0.2   4.1   -3.5   8.7    
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