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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 515 534   546   556   568    

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Local Time Sales 865,193,482 888,274,905 2.67 887,161,327 -0.13 887,022,233 -0.02 866,273,578 -2.34 0.0
National Time Sales 354,858,578 387,174,456 9.11 401,468,123 3.69 425,606,216 6.01 438,650,168 3.06 5.4
Network Payments 0 0 n/a 0 n/a 678,179 n/a 200 -99.97 n/a
Syndication-Production 3,407,688 5,044,147 48.02 2,784,702 -44.79 2,375,350 -14.70 5,223,279 119.90 11.3
Government Grants 79,641 108,256 35.93 85,519 -21.00 131,712 54.01 124,186 -5.71 11.7
Other 21,591,065 22,176,290 2.71 20,728,839 -6.53 12,220,021 -41.05 12,983,401 6.25 -11.9
Total Revenue 1,245,130,454 1,302,778,054 4.63 1,312,228,510 0.73 1,328,033,711 1.20 1,323,254,812 -0.36 1.5

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 349,394,468 365,615,180 4.64 369,390,884 1.03 381,409,594 3.25 383,097,872 0.44 2.3
Technical 40,899,717 43,123,506 5.44 46,596,934 8.05 46,312,114 -0.61 46,836,163 1.13 3.5
Sales and Promotion 308,254,195 322,068,340 4.48 318,958,392 -0.97 306,242,559 -3.99 308,426,413 0.71 0.0
Administration and General 241,089,462 256,009,032 6.19 253,337,387 -1.04 256,037,360 1.07 262,916,703 2.69 2.2
Total Expenses 939,637,842 986,816,058 5.02 988,283,597 0.15 990,001,627 0.17 1,001,277,151 1.14 1.6

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 305,492,612 315,961,996   323,944,913   338,032,084   321,977,661    
Depreciation 36,793,791 36,633,984   35,680,080   34,903,912   36,426,986    
P.B.I.T. 268,698,821 279,328,012   288,264,833   303,128,172   285,550,675    
Interest Expense 9,676,801 7,706,854   8,413,679   9,982,134   13,593,263    
Adjustments - Gain (Loss) -249,054,924 18,710,960   41,810,659   -51,336,325   -17,754,377    
Pre-tax Profit 9,967,096 290,332,118   321,661,813   241,809,713   254,203,035    

Programming and Production (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Program and Production Expense/Total Expenses 37.2 37.0   37.4   38.5   38.3    
Program and Production Expense/Total Revenue 28.1 28.1   28.1   28.7   29.0    

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration ($) 495,022,596 528,672,922 6.80 532,913,876 0.80 530,067,125 -0.53 525,265,314 -0.91 1.5
Total Staff Count 7,547.7 7,987.3 5.82 7,765.7 -2.77 7,875.6 1.41 7,602.3 -3.47  
Avg Remuneration ($)  65,586 66,189 0.92 68,624 3.68 67,305 -1.92 69,093 2.66 1.3
Avg Remuneration excl. Benefits ($)  59,023 59,329 0.52 58,529 -1.35 59,874 2.30 62,261 3.99 1.3

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 24.5 24.3   24.7   25.5   24.3    
P.B.I.T. Margin 21.6 21.4   22.0   22.8   21.6    
Pre-tax Margin 0.8 22.3   24.5   18.2   19.2    
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