Designated Markets - Radio AM - Montreal

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 7 7   9   8   10    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 12,894,466 10,761,297 -16.54 10,905,742 1.34 10,307,291 -5.49 10,046,845 -2.53 -6.1
National Time Sales 5,435,411 4,512,227 -16.98 3,943,562 -12.60 4,210,678 6.77 4,083,785 -3.01 -6.9
Syndication-Production 133,187 52,310 -60.72 55,036 5.21 265,925 383.18 280,698 5.56 20.5
Government/Corporate Grants 0 7,500 n/a 10,200 36.00 0 -100.00 0 n/a n/a
Other Revenue 1,020,645 274,769 -73.08 149,545 -45.57 97,658 -34.70 89,410 -8.45 -45.6
Total Revenue 19,483,709 15,608,103 -19.89 15,064,085 -3.49 14,881,552 -1.21 14,500,738 -2.56 -7.1

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 10,196,027 7,177,847 -29.60 7,191,893 0.20 7,356,393 2.29 7,698,858 4.66 -6.8
Technical 952,010 1,116,979 17.33 1,156,916 3.58 895,155 -22.63 627,683 -29.88 -9.9
Sales and Promotion 4,348,909 3,211,570 -26.15 3,004,015 -6.46 3,465,683 15.37 3,331,910 -3.86 -6.4
Administration and General 3,915,759 3,569,288 -8.85 4,979,273 39.50 3,588,879 -27.92 2,969,969 -17.25 -6.7
Total Expenses 19,412,705 15,075,684 -22.34 16,332,097 8.33 15,306,110 -6.28 14,628,420 -4.43 -6.8

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 71,004 532,419   -1,268,012   -424,558   -127,682    
Depreciation 164,587 585,750 255.89 451,809 -22.87 947,381 109.69 643,939 -32.03 40.6
P.B.I.T. -93,583 -53,331   -1,719,821   -1,371,939   -771,621    
Interest Expense -119,967 30,670   119,345   148,639   157,483    
Adjustments Gain(Loss) -43,320 1,578,086   1,038,939   360,765   -43,386    
Pre-tax Profit -16,936 1,494,085   -800,227   -1,159,813   -972,490    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 52.5 47.6   44.0   48.1   52.6    
Programming Expense / Revenue Total 52.3 46.0   47.7   49.4   53.1    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 12,069,038 9,312,662 -22.84 11,136,969 19.59 10,464,324 -6.04 10,119,183 -3.30 -4.3
Avg Staff Count 175.2 157.4 -10.18 166.9 6.06 168.9 1.20 152.1 -9.95  
Avg Remuneration ($) 68,879 59,173 -14.09 66,724 12.76 61,948 -7.16 66,521 7.38 -0.9
Avg Remuneration excl. Benefits ($) 60,732 52,075 -14.25 58,439 12.22 57,185 -2.15 60,771 6.27 0.0

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 0.4 3.4   -8.4   -2.9   -0.9    
P.B.I.T. Margin -0.5 -0.3   -11.4   -9.2   -5.3    
Pre-tax Margin -0.1 9.6   -5.3   -7.8   -6.7    

CAGR = Compound Annual Growth Rate

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

Var = Variation

Date modified: