Designated Markets - Radio 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 15 16   17   19   18    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 125,793,896 120,320,042 -4.35 113,722,413 -5.48 98,343,310 -13.52 86,920,752 -11.61 -8.8
National Time Sales 64,018,696 66,138,766 3.31 67,776,905 2.48 79,779,106 17.71 88,713,415 11.20 8.5
Syndication-Production 94,884 187,191 97.28 96,782 -48.30 106,078 9.61 48,670 -54.12 -15.4
Government/Corporate Grants 0 0 n/a 0 n/a 50,605 n/a 15,596 -69.18 n/a
Other Revenue 2,281,310 2,380,489 4.35 1,777,158 -25.34 1,149,594 -35.31 1,543,327 34.25 -9.3
Total Revenue 192,188,786 189,026,488 -1.65 183,373,258 -2.99 179,428,693 -2.15 177,241,760 -1.22 -2.0

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 45,017,979 44,312,906 -1.57 47,443,544 7.06 48,258,655 1.72 48,428,469 0.35 1.8
Technical 3,624,204 3,622,251 -0.05 3,991,222 10.19 4,192,449 5.04 4,290,055 2.33 4.3
Sales and Promotion 36,388,180 33,339,404 -8.38 28,505,555 -14.50 31,663,927 11.08 29,203,619 -7.77 -5.4
Administration and General 31,327,015 27,697,016 -11.59 29,325,957 5.88 31,583,260 7.70 29,933,326 -5.22 -1.1
Total Expenses 116,357,378 108,971,577 -6.35 109,266,278 0.27 115,698,291 5.89 111,855,469 -3.32 -1.0

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 75,831,408 80,054,911   74,106,980   63,730,402   65,386,291    
Depreciation 3,545,238 2,323,821 -34.45 3,136,884 34.99 2,781,003 -11.35 2,648,701 -4.76 -7.0
P.B.I.T. 72,286,170 77,731,090   70,970,096   60,949,399   62,737,590    
Interest Expense 208,033 296,951   495,250   927,844   1,210,243    
Adjustments Gain(Loss) 4,115,605 4,707,984   -19,796,560   3,901,599   -891,601    
Pre-tax Profit 76,193,742 82,142,123   50,678,286   63,923,154   60,635,746    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 38.7 40.7   43.4   41.7   43.3    
Programming Expense / Revenue Total 23.4 23.4   25.9   26.9   27.3    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 52,842,962 50,705,317 -4.05 51,684,612 1.93 50,546,317 -2.20 48,922,755 -3.21 -1.9
Avg Staff Count 608.7 613.5 0.79 589.2 -3.96 582.0 -1.22 514.9 -11.53  
Avg Remuneration ($) 86,809 82,648 -4.79 87,720 6.14 86,845 -1.00 95,009 9.40 2.3
Avg Remuneration excl. Benefits ($) 79,155 75,499 -4.62 79,905 5.84 79,485 -0.53 88,293 11.08 2.8

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 39.5 42.4   40.4   35.5   36.9    
P.B.I.T. Margin 37.6 41.1   38.7   34.0   35.4    
Pre-tax Margin 39.6 43.5   27.6   35.6   34.2    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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