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Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 134 129   129   127   124    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 245,849,608 244,008,544 -0.75 236,447,138 -3.10 225,114,797 -4.79 216,316,707 -3.91 -3.2
National Time Sales 55,110,908 52,446,714 -4.83 50,679,978 -3.37 58,789,365 16.00 62,746,475 6.73 3.3
Syndication-Production 810,911 1,069,397 31.88 636,552 -40.48 915,947 43.89 1,058,534 15.57 6.9
Government/Corporate Grants 0 7,500 n/a 10,200 36.00 0 -100.00 0 n/a n/a
Other Revenue 9,289,795 8,666,397 -6.71 6,850,842 -20.95 6,082,824 -11.21 5,839,977 -3.99 -11.0
Total Revenue 311,061,222 306,198,552 -1.56 294,624,710 -3.78 290,902,933 -1.26 285,961,693 -1.70 -2.1

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 114,303,969 117,280,075 2.60 117,429,126 0.13 124,462,695 5.99 125,936,424 1.18 2.5
Technical 12,751,939 12,382,686 -2.90 12,350,841 -0.26 11,889,203 -3.74 10,998,626 -7.49 -3.6
Sales and Promotion 74,054,336 68,334,332 -7.72 65,707,970 -3.84 66,482,412 1.18 62,904,691 -5.38 -4.0
Administration and General 69,611,365 67,495,913 -3.04 66,421,234 -1.59 66,503,015 0.12 60,880,510 -8.45 -3.3
Total Expenses 270,721,609 265,493,006 -1.93 261,909,171 -1.35 269,337,325 2.84 260,720,251 -3.20 -0.9

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 40,339,613 40,705,546   32,715,539   21,565,608   25,241,442    
Depreciation 8,324,197 8,060,619 -3.17 7,911,308 -1.85 8,590,904 8.59 8,116,179 -5.53 -0.6
P.B.I.T. 32,015,416 32,644,927   24,804,231   12,974,704   17,125,263    
Interest Expense 2,145,734 1,649,503   1,764,516   2,081,651   2,725,235    
Adjustments Gain(Loss) 13,086,846 14,541,455   1,694,525   19,782,760   6,085,757    
Pre-tax Profit 42,956,528 45,536,879   24,734,240   30,675,813   20,485,785    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 42.2 44.2   44.8   46.2   48.3    
Programming Expense / Revenue Total 36.7 38.3   39.9   42.8   44.0    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 148,723,462 148,109,642 -0.41 149,998,044 1.28 150,319,828 0.21 142,350,253 -5.30 -1.1
Avg Staff Count 2,529.9 2,419.4 -4.37 2,381.1 -1.58 2,318.2 -2.64 2,172.6 -6.28  
Avg Remuneration ($) 58,787 61,218 4.14 62,995 2.90 64,843 2.93 65,520 1.04 2.8
Avg Remuneration excl. Benefits ($) 52,463 54,386 3.67 56,117 3.18 58,181 3.68 58,796 1.06 2.9

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 13.0 13.3   11.1   7.4   8.8    
P.B.I.T. Margin 10.3 10.7   8.4   4.5   6.0    
Pre-tax Margin 13.8 14.9   8.4   10.5   7.2    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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