Designated Markets - Radio AM / FM - Montreal

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 20 20   22   21   23    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 73,751,898 70,839,440 -3.95 73,563,071 3.84 73,695,972 0.18 72,767,835 -1.26 -0.3
National Time Sales 77,947,403 87,306,689 12.01 86,476,046 -0.95 87,847,204 1.59 83,912,542 -4.48 1.9
Syndication-Production 1,417,126 256,840 -81.88 178,471 -30.51 935,168 423.99 1,104,955 18.16 -6.0
Government/Corporate Grants 0 7,500 n/a 10,200 36.00 0 -100.00 0 n/a n/a
Other Revenue 4,539,970 1,742,440 -61.62 384,898 -77.91 298,647 -22.41 467,278 56.46 -43.4
Total Revenue 157,656,397 160,152,909 1.58 160,612,686 0.29 162,776,991 1.35 158,252,610 -2.78 0.1

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 57,597,033 56,591,206 -1.75 60,991,480 7.78 60,355,396 -1.04 61,722,797 2.27 1.7
Technical 4,847,900 7,188,382 48.28 6,608,502 -8.07 6,405,231 -3.08 5,673,248 -11.43 4.0
Sales and Promotion 32,929,680 34,406,584 4.49 34,565,041 0.46 32,602,497 -5.68 33,319,852 2.20 0.3
Administration and General 24,451,896 24,879,811 1.75 24,015,737 -3.47 23,075,276 -3.92 20,387,779 -11.65 -4.4
Total Expenses 119,826,509 123,065,983 2.70 126,180,760 2.53 122,438,400 -2.97 121,103,676 -1.09 0.3

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 37,829,888 37,086,926   34,431,926   40,338,591   37,148,934    
Depreciation 2,631,413 3,825,613 45.38 4,239,276 10.81 3,869,230 -8.73 3,611,998 -6.65 8.2
P.B.I.T. 35,198,475 33,261,313   30,192,650   36,469,361   33,536,936    
Interest Expense -566,731 519,555   2,420,595   2,989,953   2,925,048    
Adjustments Gain(Loss) 12,417,040 16,950,690   16,175,630   1,976,154   -644,162    
Pre-tax Profit 48,182,246 49,692,448   43,947,685   35,455,562   29,967,726    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 48.1 46.0   48.3   49.3   51.0    
Programming Expense / Revenue Total 36.5 35.3   38.0   37.1   39.0    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 69,339,231 70,169,972 1.20 71,640,184 2.10 71,752,255 0.16 71,269,972 -0.67 0.7
Avg Staff Count 733.6 739.2 0.77 751.8 1.70 690.4 -8.17 655.8 -5.01  
Avg Remuneration ($) 94,522 94,924 0.43 95,294 0.39 103,930 9.06 108,681 4.57 3.6
Avg Remuneration excl. Benefits ($) 85,420 84,488 -1.09 84,009 -0.57 94,239 12.18 99,031 5.08 3.8

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 24.0 23.2   21.4   24.8   23.5    
P.B.I.T. Margin 22.3 20.8   18.8   22.4   21.2    
Pre-tax Margin 30.6 31.0   27.4   21.8   18.9    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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