Designated Markets - Radio FM - Ottawa-Gatineau - French

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 5 5   5   5   5    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 11,146,819 10,881,642 -2.38 10,940,738 0.54 10,226,595 -6.53 10,249,957 0.23 -2.1
National Time Sales 5,023,605 4,926,856 -1.93 4,941,119 0.29 4,857,148 -1.70 4,664,107 -3.97 -1.8
Syndication-Production 102,404 35,509 -65.32 12,947 -63.54 604,120 >999± 279,392 -53.75 28.5
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 328,237 364,411 11.02 45,911 -87.40 13,773 -70.00 -92 -100.67 n/a
Total Revenue 16,601,065 16,208,418 -2.37 15,940,715 -1.65 15,701,636 -1.50 15,193,364 -3.24 -2.2

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 5,195,444 4,852,513 -6.60 4,736,933 -2.38 4,707,035 -0.63 4,689,786 -0.37 -2.5
Technical 679,855 775,730 14.10 607,386 -21.70 443,906 -26.92 458,805 3.36 -9.4
Sales and Promotion 3,911,156 3,748,841 -4.15 4,008,194 6.92 3,754,285 -6.33 4,091,895 8.99 1.1
Administration and General 3,545,133 2,998,904 -15.41 3,351,545 11.76 3,411,279 1.78 2,840,182 -16.74 -5.4
Total Expenses 13,331,588 12,375,988 -7.17 12,704,058 2.65 12,316,505 -3.05 12,080,668 -1.91 -2.4

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 3,269,477 3,832,430   3,236,657   3,385,131   3,112,696    
Depreciation 668,780 585,657 -12.43 691,773 18.12 520,622 -24.74 470,587 -9.61 -8.4
P.B.I.T. 2,600,697 3,246,773   2,544,884   2,864,509   2,642,109    
Interest Expense -25,634 26,962   113,602   114,621   143,414    
Adjustments Gain(Loss) 4,714,766 3,314,648   3,291,567   191,608   -200,420    
Pre-tax Profit 7,341,097 6,534,459   5,722,849   2,941,496   2,298,275    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 39.0 39.2   37.3   38.2   38.8    
Programming Expense / Revenue Total 31.3 29.9   29.7   30.0   30.9    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 8,946,312 8,060,664 -9.90 7,620,716 -5.46 7,082,793 -7.06 7,460,406 5.33 -4.4
Avg Staff Count 123.6 97.6 -21.05 96.8 -0.83 93.8 -3.07 91.0 -3.00  
Avg Remuneration ($) 72,393 82,614 14.12 78,759 -4.67 75,518 -4.12 82,001 8.58 3.2
Avg Remuneration excl. Benefits ($) 62,067 70,033 12.83 66,780 -4.64 68,677 2.84 74,571 8.58 4.7

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 19.7 23.6   20.3   21.6   20.5    
P.B.I.T. Margin 15.7 20.0   16.0   18.2   17.4    
Pre-tax Margin 44.2 40.3   35.9   18.7   15.1    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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