Designated Markets - Radio AM - Montreal - English/Ethnic

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 4 4   4   4   4    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 7,438,761 8,408,122 13.03 8,149,992 -3.07 7,322,651 -10.15 7,369,066 0.63 -0.2
National Time Sales 3,537,315 3,494,495 -1.21 3,074,694 -12.01 3,316,538 7.87 3,138,666 -5.36 -3.0
Syndication-Production 23,663 52,310 121.06 55,036 5.21 265,925 383.18 280,698 5.56 85.6
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 135,619 126,978 -6.37 48,098 -62.12 19,338 -59.79 0 -100.00 -100.0
Total Revenue 11,135,358 12,081,905 8.50 11,327,820 -6.24 10,924,452 -3.56 10,788,430 -1.25 -0.8

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 5,359,895 5,899,276 10.06 5,496,791 -6.82 5,717,020 4.01 5,968,892 4.41 2.7
Technical 728,410 706,364 -3.03 618,851 -12.39 590,621 -4.56 375,086 -36.49 -15.3
Sales and Promotion 2,200,170 2,292,431 4.19 2,400,365 4.71 2,700,114 12.49 2,699,001 -0.04 5.2
Administration and General 2,450,484 2,829,929 15.48 4,228,619 49.42 2,894,315 -31.55 2,166,439 -25.15 -3.0
Total Expenses 10,738,959 11,728,000 9.21 12,744,626 8.67 11,902,070 -6.61 11,209,418 -5.82 1.1

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 396,399 353,905   -1,416,806   -977,618   -420,988    
Depreciation 46,086 519,972 >999± 307,106 -40.94 834,082 171.59 388,132 -53.47 70.4
P.B.I.T. 350,313 -166,067   -1,723,912   -1,811,700   -809,120    
Interest Expense 7,566 6,955   6,942   11,698   7,812    
Adjustments Gain(Loss) -43,320 1,578,086   1,038,939   360,765   -37,190    
Pre-tax Profit 299,427 1,405,064   -691,915   -1,462,633   -854,122    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 49.9 50.3   43.1   48.0   53.2    
Programming Expense / Revenue Total 48.1 48.8   48.5   52.3   55.3    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 6,349,576 7,635,633 20.25 8,957,376 17.31 8,172,223 -8.77 7,640,158 -6.51 4.7
Avg Staff Count 128.3 130.4 1.59 128.1 -1.70 128.0 -0.10 111.0 -13.28  
Avg Remuneration ($) 49,486 58,578 18.37 69,908 19.34 63,845 -8.67 68,830 7.81 8.6
Avg Remuneration excl. Benefits ($) 41,252 51,647 25.20 61,070 18.25 59,951 -1.83 63,366 5.70 11.3

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 3.6 2.9   -12.5   -8.9   -3.9    
P.B.I.T. Margin 3.1 -1.4   -15.2   -16.6   -7.5    
Pre-tax Margin 2.7 11.6   -6.1   -13.4   -7.9    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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