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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 89 90   89   90   92    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 145,687,709 147,388,752 1.17 150,047,542 1.80 152,589,418 1.69 151,689,572 -0.59 1.0
National Time Sales 91,744,646 99,012,783 7.92 100,005,515 1.00 101,503,926 1.50 97,970,621 -3.48 1.7
Syndication-Production 4,183,759 1,521,192 -63.64 1,852,494 21.78 4,344,229 134.51 4,086,435 -5.93 -0.6
Government/Corporate Grants 26,151 12,560 -51.97 5,615 -55.29 4,446 -20.82 24,438 449.66 n/a
Other Revenue 6,016,952 3,976,719 -33.91 1,248,849 -68.60 789,685 -36.77 885,288 12.11 -38.1
Total Revenue 247,659,217 251,912,006 1.72 253,160,015 0.50 259,231,704 2.40 254,656,354 -1.76 0.7

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 84,535,883 87,759,013 3.81 90,153,729 2.73 90,116,495 -0.04 91,183,884 1.18 1.9
Technical 9,124,884 11,036,111 20.95 9,719,728 -11.93 9,638,992 -0.83 9,104,319 -5.55 -0.1
Sales and Promotion 61,044,238 61,241,916 0.32 61,658,113 0.68 61,877,736 0.36 63,023,510 1.85 0.8
Administration and General 48,813,834 45,210,631 -7.38 46,106,692 1.98 46,700,999 1.29 41,442,188 -11.26 -4.0
Total Expenses 203,518,839 205,247,671 0.85 207,638,262 1.16 208,334,222 0.34 204,753,901 -1.72 0.2

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 44,140,378 46,664,335   45,521,753   50,897,482   49,902,453    
Depreciation 7,033,564 7,262,547 3.26 8,195,735 12.85 7,256,987 -11.45 6,763,934 -6.79 -1.0
P.B.I.T. 37,106,814 39,401,788   37,326,018   43,640,495   43,138,519    
Interest Expense -256,538 893,494   2,643,701   3,194,482   2,923,348    
Adjustments Gain(Loss) 37,212,968 27,139,436   26,632,576   1,674,938   -1,437,900    
Pre-tax Profit 74,576,320 65,647,730   61,314,893   42,120,951   38,777,271    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 41.5 42.8   43.4   43.3   44.5    
Programming Expense / Revenue Total 34.1 34.8   35.6   34.8   35.8    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 125,483,421 122,867,869 -2.08 121,810,825 -0.86 124,229,836 1.99 125,299,594 0.86 0.0
Avg Staff Count 1,677.0 1,547.9 -7.70 1,541.2 -0.43 1,509.6 -2.05 1,445.4 -4.25  
Avg Remuneration ($) 74,826 79,379 6.09 79,037 -0.43 82,294 4.12 86,688 5.34 3.8
Avg Remuneration excl. Benefits ($) 65,890 68,394 3.80 68,700 0.45 74,001 7.72 78,387 5.93 4.4

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 17.8 18.5   18.0   19.6   19.6    
P.B.I.T. Margin 15.0 15.6   14.7   16.8   16.9    
Pre-tax Margin 30.1 26.1   24.2   16.2   15.2    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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