Designated Markets - Radio FM - 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 5 5   5   5   5    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 16,161,320 15,546,341 -3.81 16,135,687 3.79 16,622,930 3.02 15,663,014 -5.77 -0.8
National Time Sales 19,345,200 21,476,624 11.02 21,208,894 -1.25 21,123,034 -0.40 20,422,969 -3.31 1.4
Syndication-Production 106,982 101,359 -5.26 49,013 -51.64 214,889 338.43 410,118 90.85 39.9
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 747,794 423,038 -43.43 14,509 -96.57 2,195 -84.87 0 -100.00 -100.0
Total Revenue 36,361,296 37,547,362 3.26 37,408,103 -0.37 37,963,048 1.48 36,496,101 -3.86 0.1

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 9,481,456 9,218,502 -2.77 9,955,362 7.99 10,297,173 3.43 9,520,325 -7.54 0.1
Technical 999,363 1,486,292 48.72 1,183,308 -20.39 996,631 -15.78 917,530 -7.94 -2.1
Sales and Promotion 6,585,299 7,867,451 19.47 7,839,547 -0.35 6,821,730 -12.98 6,791,160 -0.45 0.8
Administration and General 4,599,858 6,172,430 34.19 3,765,628 -38.99 4,460,941 18.46 4,730,013 6.03 0.7
Total Expenses 21,665,976 24,744,675 14.21 22,743,845 -8.09 22,576,475 -0.74 21,959,028 -2.73 0.3

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 14,695,320 12,802,687   14,664,258   15,386,573   14,537,073    
Depreciation 382,000 859,168 124.91 1,088,109 26.65 647,337 -40.51 775,368 19.78 19.4
P.B.I.T. 14,313,320 11,943,519   13,576,149   14,739,236   13,761,705    
Interest Expense -137,924 57,798   523,895   608,341   657,611    
Adjustments Gain(Loss) -9,302 6,177,152   6,041,083   1,111,813   -274,595    
Pre-tax Profit 14,441,942 18,062,873   19,093,337   15,242,708   12,829,499    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 43.8 37.3   43.8   45.6   43.4    
Programming Expense / Revenue Total 26.1 24.6   26.6   27.1   26.1    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 10,354,224 13,331,386 28.75 10,086,363 -24.34 11,691,562 15.91 10,936,382 -6.46 1.4
Avg Staff Count 132.9 159.0 19.62 149.3 -6.06 120.8 -19.12 107.6 -10.94  
Avg Remuneration ($) 77,910 83,861 7.64 67,540 -19.46 96,800 43.32 101,668 5.03 6.9
Avg Remuneration excl. Benefits ($) 70,939 74,223 4.63 56,568 -23.79 86,069 52.15 92,193 7.12 6.8

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 40.4 34.1   39.2   40.5   39.8    
P.B.I.T. Margin 39.4 31.8   36.3   38.8   37.7    
Pre-tax Margin 39.7 48.1   51.0   40.2   35.2    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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