Radio FM - Canada - Ethnic

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 11 12   13   12   11    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 18,093,691 18,351,292 1.42 19,146,196 4.33 19,760,347 3.21 20,055,010 1.49 2.6
National Time Sales 969,668 1,001,975 3.33 816,220 -18.54 909,229 11.40 922,714 1.48 -1.2
Syndication-Production 37,579 31,010 -17.48 19,564 -36.91 22,485 14.93 19,161 -14.78 -15.5
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 725,586 826,338 13.89 1,091,810 32.13 649,148 -40.54 793,059 22.17 2.3
Total Revenue 19,826,524 20,210,615 1.94 21,073,790 4.27 21,341,209 1.27 21,789,944 2.10 2.4

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 5,347,761 5,742,457 7.38 6,384,798 11.19 6,262,749 -1.91 6,622,575 5.75 5.5
Technical 923,944 926,068 0.23 1,039,322 12.23 1,155,531 11.18 1,202,187 4.04 6.8
Sales and Promotion 3,357,472 3,547,611 5.66 4,085,717 15.17 3,567,201 -12.69 3,944,790 10.59 4.1
Administration and General 6,422,352 6,143,744 -4.34 6,817,946 10.97 7,034,861 3.18 6,723,982 -4.42 1.2
Total Expenses 16,051,529 16,359,880 1.92 18,327,783 12.03 18,020,342 -1.68 18,493,534 2.63 3.6

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 3,774,995 3,850,735   2,746,007   3,320,867   3,296,410    
Depreciation 678,578 439,271 -35.27 341,959 -22.15 265,543 -22.35 201,841 -23.99 -26.2
P.B.I.T. 3,096,417 3,411,464   2,404,048   3,055,324   3,094,569    
Interest Expense 110,722 117,805   86,076   126,703   102,789    
Adjustments Gain(Loss) 12,570 -533,311   100,109   749,578   64,124    
Pre-tax Profit 2,998,265 2,760,348   2,418,081   3,678,199   3,055,904    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 33.3 35.1   34.8   34.8   35.8    
Programming Expense / Revenue Total 27.0 28.4   30.3   29.3   30.4    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 8,102,955 8,770,310 8.24 9,641,995 9.94 10,034,181 4.07 9,795,744 -2.38 4.9
Avg Staff Count 285.3 324.0 13.56 352.3 8.73 354.0 0.49 276.2 -21.98  
Avg Remuneration ($) 28,399 27,068 -4.69 27,369 1.11 28,342 3.56 35,465 25.13 5.7
Avg Remuneration excl. Benefits ($) 27,220 25,734 -5.46 26,007 1.06 25,815 -0.74 32,785 27.00 4.8

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 19.0 19.1   13.0   15.6   15.1    
P.B.I.T. Margin 15.6 16.9   11.4   14.3   14.2    
Pre-tax Margin 15.1 13.7   11.5   17.2   14.0    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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