Designated Markets - Radio AM / 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 11 11   13   12   14    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 50,151,817 46,884,977 -6.51 49,277,392 5.10 49,750,391 0.96 49,735,755 -0.03 -0.2
National Time Sales 55,064,888 62,335,570 13.20 62,192,458 -0.23 63,407,632 1.95 60,350,907 -4.82 2.3
Syndication-Production 1,286,481 103,171 -91.98 74,422 -27.87 454,354 510.51 414,139 -8.85 -24.7
Government/Corporate Grants 0 7,500 n/a 10,200 36.00 0 -100.00 0 n/a n/a
Other Revenue 3,656,557 1,192,424 -67.39 322,291 -72.97 277,114 -14.02 467,278 68.62 -40.2
Total Revenue 110,159,743 110,523,642 0.33 111,876,763 1.22 113,889,491 1.80 110,968,079 -2.57 0.2

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 42,755,682 41,473,428 -3.00 45,539,327 9.80 44,341,203 -2.63 46,233,580 4.27 2.0
Technical 3,120,127 4,995,726 60.11 4,806,343 -3.79 4,817,979 0.24 4,380,632 -9.08 8.9
Sales and Promotion 24,144,211 24,246,702 0.42 24,325,129 0.32 23,080,653 -5.12 23,829,691 3.25 -0.3
Administration and General 17,401,554 15,877,452 -8.76 16,021,490 0.91 15,720,020 -1.88 13,491,327 -14.18 -6.2
Total Expenses 87,421,574 86,593,308 -0.95 90,692,289 4.73 87,959,855 -3.01 87,935,230 -0.03 0.2

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 22,738,169 23,930,334   21,184,474   25,929,636   23,032,849    
Depreciation 2,203,327 2,446,473 11.04 2,844,061 16.25 2,387,811 -16.04 2,448,498 2.54 2.7
P.B.I.T. 20,534,842 21,483,861   18,340,413   23,541,825   20,584,351    
Interest Expense -436,373 454,802   1,889,758   2,369,914   2,259,625    
Adjustments Gain(Loss) 12,469,662 9,195,452   9,095,608   503,576   -332,377    
Pre-tax Profit 33,440,877 30,224,511   25,546,263   21,675,487   17,992,349    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 48.9 47.9   50.2   50.4   52.6    
Programming Expense / Revenue Total 38.8 37.5   40.7   38.9   41.7    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 52,635,431 49,202,953 -6.52 52,596,445 6.90 51,888,470 -1.35 52,693,432 1.55 0.0
Avg Staff Count 472.4 449.9 -4.76 474.3 5.43 441.6 -6.89 437.2 -1.00  
Avg Remuneration ($) 111,428 109,364 -1.85 110,890 1.40 117,498 5.96 120,525 2.58 2.0
Avg Remuneration excl. Benefits ($) 101,491 97,630 -3.80 98,845 1.25 106,411 7.65 109,768 3.15 2.0

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 20.6 21.7   18.9   22.8   20.8    
P.B.I.T. Margin 18.6 19.4   16.4   20.7   18.5    
Pre-tax Margin 30.4 27.3   22.8   19.0   16.2    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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