Designated Markets - Radio AM - Toronto

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 13 13   13   13   13    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 63,928,241 65,211,762 2.01 64,353,916 -1.32 58,648,290 -8.87 56,623,634 -3.45 -3.0
National Time Sales 13,096,192 13,186,810 0.69 14,335,686 8.71 20,378,203 42.15 24,869,140 22.04 17.4
Syndication-Production 443,137 527,703 19.08 324,561 -38.50 298,157 -8.14 363,182 21.81 -4.9
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 2,171,777 2,333,157 7.43 1,771,471 -24.07 938,715 -47.01 987,094 5.15 -17.9
Total Revenue 79,639,347 81,259,432 2.03 80,785,634 -0.58 80,263,365 -0.65 82,843,050 3.21 1.0

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 27,998,369 30,503,267 8.95 32,475,241 6.46 35,513,352 9.36 36,383,853 2.45 6.8
Technical 3,413,026 3,006,623 -11.91 3,320,548 10.44 2,741,628 -17.43 2,609,810 -4.81 -6.5
Sales and Promotion 14,557,392 13,352,376 -8.28 12,650,882 -5.25 11,811,041 -6.64 12,158,182 2.94 -4.4
Administration and General 16,386,934 15,863,247 -3.20 15,006,183 -5.40 17,065,513 13.72 15,481,684 -9.28 -1.4
Total Expenses 62,355,721 62,725,513 0.59 63,452,854 1.16 67,131,534 5.80 66,633,529 -0.74 1.7

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 17,283,626 18,533,919   17,332,780   13,131,831   16,209,521    
Depreciation 1,620,294 1,346,005 -16.93 1,581,524 17.50 1,352,714 -14.47 1,344,501 -0.61 -4.6
P.B.I.T. 15,663,332 17,187,914   15,751,256   11,779,117   14,865,020    
Interest Expense 450,596 270,478   84,977   158,204   38,958    
Adjustments Gain(Loss) 1,372,844 1,118,568   -1,488,033   3,668,473   -3,987,275    
Pre-tax Profit 16,585,580 18,036,004   14,178,246   15,289,386   10,838,787    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 44.9 48.6   51.2   52.9   54.6    
Programming Expense / Revenue Total 35.2 37.5   40.2   44.2   43.9    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 30,821,362 33,108,643 7.42 34,539,250 4.32 33,428,664 -3.22 32,923,196 -1.51 1.7
Avg Staff Count 509.4 538.2 5.66 526.2 -2.23 493.4 -6.24 470.1 -4.72  
Avg Remuneration ($) 60,506 61,517 1.67 65,637 6.70 67,750 3.22 70,028 3.36 3.7
Avg Remuneration excl. Benefits ($) 53,990 54,376 0.71 57,837 6.36 60,716 4.98 63,409 4.44 4.1

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 21.7 22.8   21.5   16.4   19.6    
P.B.I.T. Margin 19.7 21.2   19.5   14.7   17.9    
Pre-tax Margin 20.8 22.2   17.6   19.0   13.1    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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