Radio AM / 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 23 24   25   24   23    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 38,408,603 39,581,776 3.05 40,318,924 1.86 40,935,659 1.53 41,390,793 1.11 1.9
National Time Sales 2,772,254 2,655,351 -4.22 2,218,281 -16.46 2,336,755 5.34 2,311,071 -1.10 -4.5
Syndication-Production 369,029 354,189 -4.02 396,003 11.81 391,594 -1.11 430,498 9.93 3.9
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 2,682,819 2,792,721 4.10 3,280,166 17.45 2,329,275 -28.99 2,525,862 8.44 -1.5
Total Revenue 44,232,705 45,384,037 2.60 46,213,374 1.83 45,993,283 -0.48 46,658,224 1.45 1.3

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 13,487,545 14,133,295 4.79 15,162,373 7.28 14,942,817 -1.45 15,625,064 4.57 3.8
Technical 2,691,943 2,823,250 4.88 2,962,877 4.95 3,010,965 1.62 2,920,806 -2.99 2.1
Sales and Promotion 7,418,265 7,616,303 2.67 8,034,491 5.49 6,916,620 -13.91 7,596,010 9.82 0.6
Administration and General 14,719,170 14,249,203 -3.19 13,690,758 -3.92 13,458,292 -1.70 12,785,773 -5.00 -3.5
Total Expenses 38,316,923 38,822,051 1.32 39,850,499 2.65 38,328,694 -3.82 38,927,653 1.56 0.4

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 5,915,782 6,561,986   6,362,875   7,664,589   7,730,571    
Depreciation 1,294,879 1,047,179 -19.13 909,370 -13.16 878,502 -3.39 865,789 -1.45 -9.6
P.B.I.T. 4,620,903 5,514,807   5,453,505   6,786,087   6,864,782    
Interest Expense 297,733 262,819   297,877   303,118   240,119    
Adjustments Gain(Loss) 459,644 -309,420   190,444   900,340   394,618    
Pre-tax Profit 4,782,814 4,942,568   5,346,072   7,383,309   7,019,281    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 35.2 36.4   38.0   39.0   40.1    
Programming Expense / Revenue Total 30.5 31.1   32.8   32.5   33.5    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 18,002,053 19,220,567 6.77 20,226,614 5.23 19,898,033 -1.62 19,540,401 -1.80 2.1
Avg Staff Count 660.3 721.8 9.30 749.6 3.85 748.8 -0.10 637.2 -14.90  
Avg Remuneration ($) 27,262 26,630 -2.32 26,985 1.33 26,574 -1.52 30,666 15.40 3.0
Avg Remuneration excl. Benefits ($) 25,609 25,044 -2.21 25,366 1.29 23,992 -5.42 28,155 17.35 2.4

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 13.4 14.5   13.8   16.7   16.6    
P.B.I.T. Margin 10.4 12.2   11.8   14.8   14.7    
Pre-tax Margin 10.8 10.9   11.6   16.1   15.0    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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