Radio AM / FM - Canada - French

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 96 96   97   96   99    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 154,092,830 152,082,568 -1.30 153,652,018 1.03 155,827,526 1.42 154,618,143 -0.78 0.1
National Time Sales 93,948,196 100,279,970 6.74 101,108,918 0.83 102,460,678 1.34 98,965,614 -3.41 1.3
Syndication-Production 4,347,483 1,532,799 -64.74 1,864,282 21.63 4,349,954 133.33 4,091,737 -5.94 -1.5
Government/Corporate Grants 26,151 20,060 -23.29 15,815 -21.16 4,446 -71.89 24,438 449.66 n/a
Other Revenue 6,971,523 4,142,380 -40.58 1,384,210 -66.58 870,736 -37.10 974,698 11.94 -38.9
Total Revenue 259,386,183 258,057,777 -0.51 258,025,243 -0.01 263,513,340 2.13 258,674,630 -1.84 -0.1

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 90,759,398 90,217,618 -0.60 92,379,990 2.40 91,869,963 -0.55 93,025,144 1.26 0.6
Technical 9,608,475 11,653,141 21.28 10,333,875 -11.32 9,947,105 -3.74 9,359,196 -5.91 -0.7
Sales and Promotion 64,054,214 62,702,754 -2.11 62,543,221 -0.25 62,698,177 0.25 63,709,052 1.61 -0.1
Administration and General 50,901,619 46,430,901 -8.78 47,182,107 1.62 47,528,799 0.73 42,349,658 -10.90 -4.5
Total Expenses 215,323,706 211,004,414 -2.01 212,439,193 0.68 212,044,044 -0.19 208,443,050 -1.70 -0.8

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 44,062,477 47,053,363   45,586,050   51,469,296   50,231,580    
Depreciation 7,285,604 7,421,676 1.87 8,411,265 13.33 7,370,286 -12.38 7,019,741 -4.76 -0.9
P.B.I.T. 36,776,873 39,631,687   37,174,785   44,099,010   43,211,839    
Interest Expense -373,556 930,318   2,768,603   3,332,078   3,073,615    
Adjustments Gain(Loss) 37,406,797 27,200,734   26,739,015   1,725,718   -1,343,316    
Pre-tax Profit 74,557,226 65,902,103   61,145,197   42,492,650   38,794,908    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 42.2 42.8   43.5   43.3   44.6    
Programming Expense / Revenue Total 35.0 35.0   35.8   34.9   36.0    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 132,988,516 125,981,239 -5.27 124,592,535 -1.10 126,647,519 1.65 127,906,386 0.99 -1.0
Avg Staff Count 1,758.8 1,600.9 -8.98 1,607.0 0.38 1,550.5 -3.51 1,486.5 -4.13  
Avg Remuneration ($) 75,615 78,695 4.07 77,533 -1.48 81,681 5.35 86,044 5.34 3.3
Avg Remuneration excl. Benefits ($) 66,766 67,825 1.59 67,413 -0.61 73,400 8.88 77,783 5.97 3.9

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 17.0 18.2   17.7   19.5   19.4    
P.B.I.T. Margin 14.2 15.4   14.4   16.7   16.7    
Pre-tax Margin 28.7 25.5   23.7   16.1   15.0    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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