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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 115 111   109   109   105    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 217,129,575 218,084,244 0.44 211,669,934 -2.94 200,701,377 -5.18 192,052,353 -4.31 -3.0
National Time Sales 51,104,772 49,526,151 -3.09 48,174,514 -2.73 56,405,087 17.08 60,363,125 7.02 4.3
Syndication-Production 315,737 734,611 132.67 248,325 -66.20 541,113 117.91 641,895 18.62 19.4
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 6,377,991 6,534,353 2.45 4,527,125 -30.72 4,321,646 -4.54 4,017,764 -7.03 -10.9
Total Revenue 274,928,075 274,879,359 -0.02 264,619,898 -3.73 261,969,223 -1.00 257,075,137 -1.87 -1.7

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 99,940,670 106,430,632 6.49 106,425,290 -0.01 114,029,159 7.14 115,092,675 0.93 3.6
Technical 10,500,349 9,868,474 -6.02 9,813,139 -0.56 9,725,656 -0.89 9,025,130 -7.20 -3.7
Sales and Promotion 66,983,567 62,804,802 -6.24 60,874,088 -3.07 62,312,552 2.36 58,567,929 -6.01 -3.3
Administration and General 59,226,762 58,170,184 -1.78 58,473,007 0.52 59,251,784 1.33 53,911,249 -9.01 -2.3
Total Expenses 236,651,348 237,274,092 0.26 235,585,524 -0.71 245,319,151 4.13 236,596,983 -3.56 0.0

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 38,276,727 37,605,267   29,034,374   16,650,072   20,478,154    
Depreciation 7,455,856 7,293,582 -2.18 7,128,367 -2.27 7,864,646 10.33 7,196,424 -8.50 -0.9
P.B.I.T. 30,820,871 30,311,685   21,906,007   8,785,426   13,281,730    
Interest Expense 2,075,741 1,467,665   1,427,813   1,767,640   2,437,638    
Adjustments Gain(Loss) 12,445,943 14,256,266   1,497,751   19,581,218   5,660,679    
Pre-tax Profit 41,191,073 43,100,286   21,975,945   26,599,004   16,504,771    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 42.2 44.9   45.2   46.5   48.6    
Programming Expense / Revenue Total 36.4 38.7   40.2   43.5   44.8    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 131,319,269 134,546,015 2.46 136,631,715 1.55 138,038,293 1.03 129,998,804 -5.82 -0.3
Avg Staff Count 2,073.1 1,968.6 -5.04 1,918.1 -2.57 1,882.5 -1.85 1,770.5 -5.95  
Avg Remuneration ($) 63,343 68,346 7.90 71,233 4.22 73,326 2.94 73,424 0.13 3.8
Avg Remuneration excl. Benefits ($) 56,270 60,514 7.54 63,249 4.52 65,844 4.10 65,818 -0.04 4.0

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 13.9 13.7   11.0   6.4   8.0    
P.B.I.T. Margin 11.2 11.0   8.3   3.4   5.2    
Pre-tax Margin 15.0 15.7   8.3   10.2   6.4    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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