Designated Markets - Radio AM - Montreal - French

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 3 3   5   4   6    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 5,455,705 2,353,175 -56.87 2,755,750 17.11 2,984,640 8.31 2,677,779 -10.28 -16.3
National Time Sales 1,898,096 1,017,732 -46.38 868,868 -14.63 894,140 2.91 945,119 5.70 -16.0
Syndication-Production 109,524 0 -100.00 0 n/a 0 n/a 0 n/a -100.0
Government/Corporate Grants 0 7,500 n/a 10,200 36.00 0 -100.00 0 n/a n/a
Other Revenue 885,026 147,791 -83.30 101,447 -31.36 78,320 -22.80 89,410 14.16 -43.6
Total Revenue 8,348,351 3,526,198 -57.76 3,736,265 5.96 3,957,100 5.91 3,712,308 -6.19 -18.3

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 4,836,132 1,278,571 -73.56 1,695,102 32.58 1,639,373 -3.29 1,729,966 5.53 -22.7
Technical 223,600 410,615 83.64 538,065 31.04 304,534 -43.40 252,597 -17.05 3.1
Sales and Promotion 2,148,739 919,139 -57.22 603,650 -34.32 765,569 26.82 632,909 -17.33 -26.3
Administration and General 1,465,275 739,359 -49.54 750,654 1.53 694,564 -7.47 803,530 15.69 -14.0
Total Expenses 8,673,746 3,347,684 -61.40 3,587,471 7.16 3,404,040 -5.11 3,419,002 0.44 -20.8

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income -325,395 178,514   148,794   553,060   293,306    
Depreciation 118,501 65,778 -44.49 144,703 119.99 113,299 -21.70 255,807 125.78 21.2
P.B.I.T. -443,896 112,736   4,091   439,761   37,499    
Interest Expense -127,533 23,715   112,403   136,941   149,671    
Adjustments Gain(Loss) 0 0   0   0   -6,196    
Pre-tax Profit -316,363 89,021   -108,312   302,820   -118,368    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 55.8 38.2   47.3   48.2   50.6    
Programming Expense / Revenue Total 57.9 36.3   45.4   41.4   46.6    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 5,719,462 1,677,029 -70.68 2,179,593 29.97 2,292,101 5.16 2,479,025 8.16 -18.9
Avg Staff Count 46.9 27.0 -42.38 38.8 43.47 40.9 5.52 41.1 0.49  
Avg Remuneration ($) 121,924 62,043 -49.11 56,204 -9.41 56,014 -0.34 60,288 7.63 -16.1
Avg Remuneration excl. Benefits ($) 114,014 54,142 -52.51 49,746 -8.12 48,531 -2.44 53,767 10.79 -17.1

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin -3.9 5.1   4.0   14.0   7.9    
P.B.I.T. Margin -5.3 3.2   0.1   11.1   1.0    
Pre-tax Margin -3.8 2.5   -2.9   7.7   -3.2    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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