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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 434 444   454   466   477    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 724,493,505 721,421,283 -0.42 717,828,495 -0.50 693,934,729 -3.33 679,024,459 -2.15 -1.6
National Time Sales 294,460,142 301,453,365 2.37 324,784,481 7.74 336,242,853 3.53 347,116,051 3.23 4.2
Syndication-Production 822,809 1,232,500 49.79 503,292 -59.16 856,565 70.19 990,687 15.66 4.8
Government/Corporate Grants 82,105 72,959 -11.14 126,097 72.83 119,740 -5.04 134,142 12.03 -7.4
Other Revenue 15,433,752 15,925,782 3.19 10,557,541 -33.71 11,544,768 9.35 12,860,277 11.39 -4.5
Total Revenue 1,035,292,313 1,040,105,889 0.46 1,053,799,906 1.32 1,042,698,655 -1.05 1,040,125,616 -0.25 0.1

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 275,731,536 275,889,414 0.06 284,871,067 3.26 286,779,317 0.67 286,661,824 -0.04 1.0
Technical 33,074,678 34,634,755 4.72 35,553,064 2.65 36,051,964 1.40 36,454,596 1.12 2.5
Sales and Promotion 257,666,630 254,168,865 -1.36 240,498,729 -5.38 243,134,596 1.10 244,290,543 0.48 -1.3
Administration and General 200,772,846 201,983,012 0.60 203,112,722 0.56 209,255,997 3.02 205,344,852 -1.87 0.6
Total Expenses 767,245,690 766,676,046 -0.07 764,035,582 -0.34 775,221,874 1.46 772,751,815 -0.32 0.2

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 268,046,623 273,429,843   289,764,324   267,476,781   267,373,801    
Depreciation 28,921,842 27,978,262 -3.26 26,366,218 -5.76 28,907,080 9.64 27,378,379 -5.29 -1.4
P.B.I.T. 239,124,781 245,451,581   263,398,106   238,569,701   239,995,422    
Interest Expense 7,852,670 7,402,380   7,252,357   10,279,778   14,083,885    
Adjustments Gain(Loss) -18,514,578 15,204,534   -78,069,010   -20,223,893   -12,296,673    
Pre-tax Profit 212,757,533 253,253,735   178,076,739   208,066,030   213,614,864    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 35.9 36.0   37.3   37.0   37.1    
Programming Expense / Revenue Total 26.6 26.5   27.0   27.5   27.6    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 395,086,546 401,275,697 1.57 398,614,305 -0.66 391,088,357 -1.89 393,223,647 0.55 -0.1
Avg Staff Count 6,025.0 5,893.9 -2.18 5,982.1 1.50 5,749.9 -3.88 5,652.8 -1.69  
Avg Remuneration ($) 65,575 68,084 3.83 66,635 -2.13 68,017 2.07 69,562 2.27 1.5
Avg Remuneration excl. Benefits ($) 59,023 57,741 -2.17 59,595 3.21 61,307 2.87 63,203 3.09 1.7

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 25.9 26.3   27.5   25.7   25.7    
P.B.I.T. Margin 23.1 23.6   25.0   22.9   23.1    
Pre-tax Margin 20.6 24.3   16.9   20.0   20.5    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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