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Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 668 675   685   695   704    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 1,134,124,513 1,131,169,871 -0.26 1,123,469,371 -0.68 1,091,399,291 -2.85 1,067,085,748 -2.23 -1.5
National Time Sales 442,285,364 453,914,837 2.63 476,286,194 4.93 497,445,373 4.44 508,755,861 2.27 3.6
Syndication-Production 5,855,058 3,854,099 -34.17 3,011,902 -21.85 6,139,226 103.83 6,154,817 0.25 1.3
Government/Corporate Grants 108,256 93,019 -14.07 141,912 52.56 124,186 -12.49 158,580 27.70 -7.4
Other Revenue 31,466,085 29,395,236 -6.58 19,749,042 -32.82 19,066,425 -3.46 20,378,601 6.88 -10.3
Total Revenue 1,613,839,276 1,618,427,062 0.28 1,622,658,421 0.26 1,614,174,501 -0.52 1,602,533,607 -0.72 -0.2

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 479,919,149 486,670,959 1.41 498,838,720 2.50 507,621,256 1.76 510,404,707 0.55 1.6
Technical 55,875,445 58,979,620 5.56 58,662,955 -0.54 58,735,690 0.12 57,759,728 -1.66 0.8
Sales and Promotion 396,122,676 387,292,724 -2.23 371,950,529 -3.96 375,061,945 0.84 374,163,534 -0.24 -1.4
Administration and General 325,620,397 320,833,300 -1.47 322,458,594 0.51 329,494,872 2.18 314,391,532 -4.58 -0.9
Total Expenses 1,257,537,667 1,253,776,603 -0.30 1,251,910,798 -0.15 1,270,913,763 1.52 1,256,719,501 -1.12 0.0

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 356,301,609 364,650,459   370,747,623   343,260,738   345,814,106    
Depreciation 44,958,181 43,740,699 -2.71 42,815,220 -2.12 45,020,514 5.15 42,460,333 -5.69 -1.4
P.B.I.T. 311,343,428 320,909,760   327,932,403   298,240,224   303,353,773    
Interest Expense 9,852,588 10,063,182   11,746,650   15,682,614   19,835,257    
Adjustments Gain(Loss) 31,797,806 56,352,114   -49,641,800   1,983,383   -7,584,692    
Pre-tax Profit 333,288,646 367,198,692   266,543,953   284,540,993   275,933,824    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 38.2 38.8   39.8   39.9   40.6    
Programming Expense / Revenue Total 29.7 30.1   30.7   31.4   31.8    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 677,396,384 681,023,518 0.54 680,065,169 -0.14 675,672,202 -0.65 670,669,238 -0.74 -0.3
Avg Staff Count 10,517.2 10,185.1 -3.16 10,256.7 0.70 9,931.7 -3.17 9,547.1 -3.87  
Avg Remuneration ($) 64,409 66,865 3.81 66,304 -0.84 68,032 2.61 70,249 3.26 2.2
Avg Remuneration excl. Benefits ($) 57,677 57,545 -0.23 59,002 2.53 61,242 3.80 63,619 3.88 2.5

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 22.1 22.5   22.8   21.3   21.6    
P.B.I.T. Margin 19.3 19.8   20.2   18.5   18.9    
Pre-tax Margin 20.7 22.7   16.4   17.6   17.2    

CAGR = Compound Annual Growth Rate

P.B.I.T. = Profit Before Interest and Tax

Var = Variation

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