Designated Markets - Radio FM - Québec City

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 9 9   9   9   9    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 29,628,483 30,619,271 3.34 30,959,038 1.11 32,624,041 5.38 31,722,880 -2.76 1.7
National Time Sales 12,868,066 13,367,562 3.88 13,768,830 3.00 13,397,032 -2.70 12,560,982 -6.24 -0.6
Syndication-Production 1,490,761 189,687 -87.28 487,591 157.05 612,025 25.52 706,259 15.40 -17.0
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 757,910 526,872 -30.48 96,834 -81.62 37,716 -61.05 109,088 189.24 -38.4
Total Revenue 44,745,220 44,703,392 -0.09 45,312,293 1.36 46,670,814 3.00 45,099,209 -3.37 0.2

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 14,540,782 15,612,902 7.37 15,164,128 -2.87 15,438,106 1.81 14,807,503 -4.08 0.5
Technical 1,641,116 1,603,693 -2.28 1,309,926 -18.32 1,315,836 0.45 1,211,110 -7.96 -7.3
Sales and Promotion 11,260,356 11,211,394 -0.43 12,418,653 10.77 12,191,599 -1.83 11,771,911 -3.44 1.1
Administration and General 7,933,721 7,660,024 -3.45 7,579,398 -1.05 7,615,059 0.47 6,905,509 -9.32 -3.4
Total Expenses 35,375,975 36,088,013 2.01 36,472,105 1.06 36,560,600 0.24 34,696,033 -5.10 -0.5

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 9,369,245 8,615,379   8,840,188   10,110,214   10,403,176    
Depreciation 1,331,849 1,427,201 7.16 1,643,531 15.16 1,308,230 -20.40 990,117 -24.32 -7.1
P.B.I.T. 8,037,396 7,188,178   7,196,657   8,801,984   9,413,059    
Interest Expense -71,265 126,241   224,837   295,097   137,197    
Adjustments Gain(Loss) 5,054,274 3,552,959   3,544,972   125,971   -299,326    
Pre-tax Profit 13,162,935 10,614,896   10,516,792   8,632,858   8,976,536    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 41.1 43.3   41.6   42.2   42.7    
Programming Expense / Revenue Total 32.5 34.9   33.5   33.1   32.8    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 20,849,775 20,655,754 -0.93 20,929,285 1.32 21,343,337 1.98 21,227,781 -0.54 0.5
Avg Staff Count 267.5 241.2 -9.82 245.2 1.65 242.5 -1.11 225.5 -6.98  
Avg Remuneration ($) 77,946 85,630 9.86 85,359 -0.32 88,025 3.12 94,120 6.92 4.8
Avg Remuneration excl. Benefits ($) 68,593 75,105 9.49 73,206 -2.53 78,369 7.05 85,405 8.98 5.6

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 20.9 19.3   19.5   21.7   23.1    
P.B.I.T. Margin 18.0 16.1   15.9   18.9   20.9    
Pre-tax Margin 29.4 23.7   23.2   18.5   19.9    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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