Designated Markets - Radio FM - Ottawa-Gatineau - 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 12 12   12   12   12    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 36,272,120 35,161,820 -3.06 36,172,695 2.87 36,746,751 1.59 34,861,451 -5.13 -1.0
National Time Sales 14,351,666 13,809,128 -3.78 13,745,725 -0.46 13,702,527 -0.31 14,113,439 3.00 -0.4
Syndication-Production -10,709 -15,585 45.53 -5,008 -67.87 19,064 -480.67 58,134 204.94 n/a
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 622,079 754,363 21.26 579,079 -23.24 653,075 12.78 1,065,222 63.11 14.4
Total Revenue 51,235,156 49,709,726 -2.98 50,492,491 1.57 51,121,417 1.25 50,098,246 -2.00 -0.6

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 13,406,994 13,148,354 -1.93 12,978,098 -1.29 13,338,568 2.78 13,911,368 4.29 0.9
Technical 1,500,053 1,487,645 -0.83 1,418,051 -4.68 1,578,904 11.34 1,477,211 -6.44 -0.4
Sales and Promotion 13,395,339 13,331,600 -0.48 11,424,264 -14.31 11,777,157 3.09 11,677,121 -0.85 -3.4
Administration and General 9,403,909 9,094,587 -3.29 9,565,962 5.18 10,323,143 7.92 10,355,493 0.31 2.4
Total Expenses 37,706,295 37,062,186 -1.71 35,386,375 -4.52 37,017,772 4.61 37,421,193 1.09 -0.2

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 13,528,861 12,647,540   15,106,116   14,103,645   12,677,053    
Depreciation 1,101,478 1,076,989 -2.22 951,494 -11.65 821,824 -13.63 931,851 13.39 -4.1
P.B.I.T. 12,427,383 11,570,551   14,154,622   13,281,821   11,745,202    
Interest Expense 664,801 416,381   293,687   1,083,098   1,620,642    
Adjustments Gain(Loss) -10,561,700 1,206,018   -1,720,003   -1,569,313   -3,474,839    
Pre-tax Profit 1,200,882 12,360,188   12,140,932   10,629,410   6,649,721    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 35.6 35.5   36.7   36.0   37.2    
Programming Expense / Revenue Total 26.2 26.5   25.7   26.1   27.8    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 19,564,756 19,168,375 -2.03 17,853,048 -6.86 17,906,353 0.30 17,636,311 -1.51 -2.6
Avg Staff Count 231.7 230.7 -0.42 211.9 -8.15 231.4 9.17 210.2 -9.16  
Avg Remuneration ($) 84,444 83,081 -1.61 84,244 1.40 77,396 -8.13 83,915 8.42 -0.2
Avg Remuneration excl. Benefits ($) 75,974 72,495 -4.58 74,857 3.26 69,585 -7.04 75,730 8.83 -0.1

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 26.4 25.4   29.9   27.6   25.3    
P.B.I.T. Margin 24.3 23.3   28.0   26.0   23.4    
Pre-tax Margin 2.3 24.9   24.0   20.8   13.3    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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