Designated Markets - Radio AM / 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 9 9   9   9   9    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 23,600,081 23,954,463 1.50 24,285,679 1.38 23,945,581 -1.40 23,032,080 -3.81 -0.6
National Time Sales 22,882,515 24,971,119 9.13 24,283,588 -2.75 24,439,572 0.64 23,561,635 -3.59 0.7
Syndication-Production 130,645 153,669 17.62 104,049 -32.29 480,814 362.10 690,816 43.68 51.6
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 883,413 550,016 -37.74 62,607 -88.62 21,533 -65.61 0 -100.00 -100.0
Total Revenue 47,496,654 49,629,267 4.49 48,735,923 -1.80 48,887,500 0.31 47,284,531 -3.28 -0.1

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 14,841,351 15,117,778 1.86 15,452,153 2.21 16,014,193 3.64 15,489,217 -3.28 1.1
Technical 1,727,773 2,192,656 26.91 1,802,159 -17.81 1,587,252 -11.92 1,292,616 -18.56 -7.0
Sales and Promotion 8,785,469 10,159,882 15.64 10,239,912 0.79 9,521,844 -7.01 9,490,161 -0.33 2.0
Administration and General 7,050,342 9,002,359 27.69 7,994,247 -11.20 7,355,256 -7.99 6,896,452 -6.24 -0.6
Total Expenses 32,404,935 36,472,675 12.55 35,488,471 -2.70 34,478,545 -2.85 33,168,446 -3.80 0.6

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 15,091,719 13,156,592   13,247,452   14,408,955   14,116,085    
Depreciation 428,086 1,379,140 222.16 1,395,215 1.17 1,481,419 6.18 1,163,500 -21.46 28.4
P.B.I.T. 14,663,633 11,777,452   11,852,237   12,927,536   12,952,585    
Interest Expense -130,358 64,753   530,837   620,039   665,423    
Adjustments Gain(Loss) -52,622 7,755,238   7,080,022   1,472,578   -311,785    
Pre-tax Profit 14,741,369 19,467,937   18,401,422   13,780,075   11,975,377    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 45.8 41.4   43.5   46.4   46.7    
Programming Expense / Revenue Total 31.2 30.5   31.7   32.8   32.8    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 16,703,800 20,967,019 25.52 19,043,739 -9.17 19,863,785 4.31 18,576,540 -6.48 2.7
Avg Staff Count 261.2 289.3 10.76 277.5 -4.10 248.8 -10.34 218.6 -12.14  
Avg Remuneration ($) 63,948 72,470 13.33 68,634 -5.29 79,845 16.33 84,991 6.45 7.4
Avg Remuneration excl. Benefits ($) 56,356 64,052 13.65 58,647 -8.44 72,631 23.84 77,553 6.78 8.3

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 31.8 26.5   27.2   29.5   29.9    
P.B.I.T. Margin 30.9 23.7   24.3   26.4   27.4    
Pre-tax Margin 31.0 39.2   37.8   28.2   25.3    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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