Designated Markets - Radio 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 13 13   13   13   13    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 60,857,432 60,078,143 -1.28 62,657,329 4.29 63,388,681 1.17 62,720,990 -1.05 0.8
National Time Sales 72,511,992 82,794,462 14.18 82,532,484 -0.32 83,636,526 1.34 79,828,757 -4.55 2.4
Syndication-Production 1,283,939 204,530 -84.07 123,435 -39.65 669,243 442.18 824,257 23.16 -10.5
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 3,519,325 1,467,671 -58.30 235,353 -83.96 200,989 -14.60 377,868 88.00 -42.8
Total Revenue 138,172,688 144,544,806 4.61 145,548,601 0.69 147,895,439 1.61 143,751,872 -2.80 1.0

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 47,401,006 49,413,359 4.25 53,799,587 8.88 52,999,003 -1.49 54,023,939 1.93 3.3
Technical 3,895,890 6,071,403 55.84 5,451,586 -10.21 5,510,076 1.07 5,045,565 -8.43 6.7
Sales and Promotion 28,580,771 31,195,014 9.15 31,561,026 1.17 29,136,814 -7.68 29,987,942 2.92 1.2
Administration and General 20,536,137 21,310,523 3.77 19,036,464 -10.67 19,486,397 2.36 17,417,810 -10.62 -4.0
Total Expenses 100,413,804 107,990,299 7.55 109,848,663 1.72 107,132,290 -2.47 106,475,256 -0.61 1.5

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 37,758,884 36,554,507   35,699,938   40,763,149   37,276,616    
Depreciation 2,466,826 3,239,863 31.34 3,787,467 16.90 2,921,849 -22.85 2,968,059 1.58 4.7
P.B.I.T. 35,292,058 33,314,644   31,912,471   37,841,300   34,308,557    
Interest Expense -446,764 488,885   2,301,250   2,841,314   2,767,565    
Adjustments Gain(Loss) 12,460,360 15,372,604   15,136,691   1,615,389   -600,776    
Pre-tax Profit 48,199,182 48,198,363   44,747,912   36,615,375   30,940,216    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 47.2 45.8   49.0   49.5   50.7    
Programming Expense / Revenue Total 34.3 34.2   37.0   35.8   37.6    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 57,270,193 60,857,310 6.26 60,503,215 -0.58 61,287,931 1.30 61,150,789 -0.22 1.7
Avg Staff Count 558.4 581.8 4.21 584.9 0.52 521.5 -10.84 503.7 -3.42  
Avg Remuneration ($) 102,569 104,595 1.98 103,447 -1.10 117,529 13.61 121,415 3.31 4.3
Avg Remuneration excl. Benefits ($) 93,167 93,255 0.09 91,306 -2.09 106,242 16.36 110,587 4.09 4.4

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 27.3 25.3   24.5   27.6   25.9    
P.B.I.T. Margin 25.5 23.0   21.9   25.6   23.9    
Pre-tax Margin 34.9 33.3   30.7   24.8   21.5    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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