Designated Markets - Radio FM - Ottawa-Gatineau

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 17 17   17   17   17    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 47,418,939 46,043,462 -2.90 47,113,433 2.32 46,973,346 -0.30 45,111,408 -3.96 -1.2
National Time Sales 19,375,271 18,735,984 -3.30 18,686,844 -0.26 18,559,675 -0.68 18,777,546 1.17 -0.8
Syndication-Production 91,695 19,924 -78.27 7,939 -60.15 623,184 >999± 337,526 -45.84 38.5
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 950,316 1,118,774 17.73 624,990 -44.14 666,848 6.70 1,065,130 59.73 2.9
Total Revenue 67,836,221 65,918,144 -2.83 66,433,206 0.78 66,823,053 0.59 65,291,610 -2.29 -1.0

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 18,602,438 18,000,867 -3.23 17,715,031 -1.59 18,045,603 1.87 18,601,154 3.08 0.0
Technical 2,179,908 2,263,375 3.83 2,025,437 -10.51 2,022,810 -0.13 1,936,016 -4.29 -2.9
Sales and Promotion 17,306,495 17,080,441 -1.31 15,432,458 -9.65 15,531,442 0.64 15,769,016 1.53 -2.3
Administration and General 12,949,042 12,093,491 -6.61 12,917,507 6.81 13,734,422 6.32 13,195,675 -3.92 0.5
Total Expenses 51,037,883 49,438,174 -3.13 48,090,433 -2.73 49,334,277 2.59 49,501,861 0.34 -0.8

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 16,798,338 16,479,970   18,342,773   17,488,776   15,789,749    
Depreciation 1,770,258 1,662,646 -6.08 1,643,267 -1.17 1,342,446 -18.31 1,402,438 4.47 -5.7
P.B.I.T. 15,028,080 14,817,324   16,699,506   16,146,330   14,387,311    
Interest Expense 639,167 443,343   407,289   1,197,719   1,764,056    
Adjustments Gain(Loss) -5,846,934 4,520,666   1,571,564   -1,377,705   -3,675,259    
Pre-tax Profit 8,541,979 18,894,647   17,863,781   13,570,906   8,947,996    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 36.4 36.4   36.8   36.6   37.6    
Programming Expense / Revenue Total 27.4 27.3   26.7   27.0   28.5    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 28,511,068 27,229,039 -4.50 25,473,764 -6.45 24,989,146 -1.90 25,096,717 0.43 -3.1
Avg Staff Count 355.3 328.3 -7.59 308.7 -5.97 325.2 5.34 301.2 -7.38  
Avg Remuneration ($) 80,252 82,942 3.35 82,525 -0.50 76,854 -6.87 83,336 8.43 1.0
Avg Remuneration excl. Benefits ($) 71,136 71,763 0.88 72,325 0.78 69,323 -4.15 75,380 8.74 1.5

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 24.8 25.0   27.6   26.2   24.2    
P.B.I.T. Margin 22.2 22.5   25.1   24.2   22.0    
Pre-tax Margin 12.6 28.7   26.9   20.3   13.7    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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