Designated Markets - Radio FM - 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 8 8   8   8   8    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 44,696,112 44,531,802 -0.37 46,521,642 4.47 46,765,751 0.52 47,057,976 0.62 1.3
National Time Sales 53,166,792 61,317,838 15.33 61,323,590 0.01 62,513,492 1.94 59,405,788 -4.97 2.8
Syndication-Production 1,176,957 103,171 -91.23 74,422 -27.87 454,354 510.51 414,139 -8.85 -23.0
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 2,771,531 1,044,633 -62.31 220,844 -78.86 198,794 -9.98 377,868 90.08 -39.2
Total Revenue 101,811,392 106,997,444 5.09 108,140,498 1.07 109,932,391 1.66 107,255,771 -2.43 1.3

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 37,919,550 40,194,857 6.00 43,844,225 9.08 42,701,830 -2.61 44,503,614 4.22 4.1
Technical 2,896,527 4,585,111 58.30 4,268,278 -6.91 4,513,445 5.74 4,128,035 -8.54 9.3
Sales and Promotion 21,995,472 23,327,563 6.06 23,721,479 1.69 22,315,084 -5.93 23,196,782 3.95 1.3
Administration and General 15,936,279 15,138,093 -5.01 15,270,836 0.88 15,025,456 -1.61 12,687,797 -15.56 -5.5
Total Expenses 78,747,828 83,245,624 5.71 87,104,818 4.64 84,555,815 -2.93 84,516,228 -0.05 1.8

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 23,063,564 23,751,820   21,035,680   25,376,576   22,739,543    
Depreciation 2,084,826 2,380,695 14.19 2,699,358 13.39 2,274,512 -15.74 2,192,691 -3.60 1.3
P.B.I.T. 20,978,738 21,371,125   18,336,322   23,102,064   20,546,852    
Interest Expense -308,840 431,087   1,777,355   2,232,973   2,109,954    
Adjustments Gain(Loss) 12,469,662 9,195,452   9,095,608   503,576   -326,181    
Pre-tax Profit 33,757,240 30,135,490   25,654,575   21,372,667   18,110,717    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 48.2 48.3   50.3   50.5   52.7    
Programming Expense / Revenue Total 37.2 37.6   40.5   38.8   41.5    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 46,915,969 47,525,924 1.30 50,416,852 6.08 49,596,369 -1.63 50,214,407 1.25 1.7
Avg Staff Count 425.5 422.9 -0.61 435.5 2.99 400.7 -8.00 396.1 -1.15  
Avg Remuneration ($) 110,271 112,389 1.92 115,760 3.00 123,777 6.93 126,778 2.42 3.6
Avg Remuneration excl. Benefits ($) 100,110 100,410 0.30 103,217 2.80 112,322 8.82 115,582 2.90 3.7

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 22.7 22.2   19.5   23.1   21.2    
P.B.I.T. Margin 20.6 20.0   17.0   21.0   19.2    
Pre-tax Margin 33.2 28.2   23.7   19.4   16.9    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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