Designated Markets - Radio AM / FM - Toronto

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 28 29   30   32   31    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 189,722,137 185,531,804 -2.21 178,076,329 -4.02 156,991,600 -11.84 143,544,386 -8.57 -6.7
National Time Sales 77,114,888 79,325,576 2.87 82,112,591 3.51 100,157,309 21.98 113,582,555 13.40 10.2
Syndication-Production 538,021 714,894 32.87 421,343 -41.06 404,235 -4.06 411,852 1.88 -6.5
Government/Corporate Grants 0 0 n/a 0 n/a 50,605 n/a 15,596 -69.18 n/a
Other Revenue 4,453,087 4,713,646 5.85 3,548,629 -24.72 2,088,309 -41.15 2,530,421 21.17 -13.2
Total Revenue 271,828,133 270,285,920 -0.57 264,158,892 -2.27 259,692,058 -1.69 260,084,810 0.15 -1.1

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 73,016,348 74,816,173 2.46 79,918,785 6.82 83,772,007 4.82 84,812,322 1.24 3.8
Technical 7,037,230 6,628,874 -5.80 7,311,770 10.30 6,934,077 -5.17 6,899,865 -0.49 -0.5
Sales and Promotion 50,945,572 46,691,780 -8.35 41,156,437 -11.86 43,474,968 5.63 41,361,801 -4.86 -5.1
Administration and General 47,713,949 43,560,263 -8.71 44,332,140 1.77 48,648,773 9.74 45,415,010 -6.65 -1.2
Total Expenses 178,713,099 171,697,090 -3.93 172,719,132 0.60 182,829,825 5.85 178,488,998 -2.37 0.0

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 93,115,034 98,588,830   91,439,760   76,862,233   81,595,812    
Depreciation 5,165,532 3,669,826 -28.96 4,718,408 28.57 4,133,717 -12.39 3,993,202 -3.40 -6.2
P.B.I.T. 87,949,502 94,919,004   86,721,352   72,728,516   77,602,610    
Interest Expense 658,629 567,429   580,227   1,086,048   1,249,201    
Adjustments Gain(Loss) 5,488,449 5,826,552   -21,284,593   7,570,072   -4,878,876    
Pre-tax Profit 92,779,322 100,178,127   64,856,532   79,212,540   71,474,533    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 40.9 43.6   46.3   45.8   47.5    
Programming Expense / Revenue Total 26.9 27.7   30.3   32.3   32.6    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 83,664,324 83,813,960 0.18 86,223,862 2.88 83,974,981 -2.61 81,845,951 -2.54 -0.6
Avg Staff Count 1,118.1 1,151.7 3.00 1,115.4 -3.15 1,075.4 -3.58 985.1 -8.40  
Avg Remuneration ($) 74,826 72,773 -2.74 77,302 6.22 78,084 1.01 83,086 6.41 2.7
Avg Remuneration excl. Benefits ($) 67,691 65,628 -3.05 69,494 5.89 70,874 1.99 76,417 7.82 3.1

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 34.3 36.5   34.6   29.6   31.4    
P.B.I.T. Margin 32.4 35.1   32.8   28.0   29.8    
Pre-tax Margin 34.1 37.1   24.6   30.5   27.5    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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