Radio AM - Canada - French

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 7 6   8   6   7    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 8,405,121 4,693,816 -44.16 3,604,476 -23.21 3,238,108 -10.16 2,928,571 -9.56 -23.2
National Time Sales 2,203,550 1,267,187 -42.49 1,103,403 -12.93 956,752 -13.29 994,993 4.00 -18.0
Syndication-Production 163,724 11,607 -92.91 11,788 1.56 5,725 -51.43 5,302 -7.39 -57.6
Government/Corporate Grants 0 7,500 n/a 10,200 36.00 0 -100.00 0 n/a n/a
Other Revenue 954,571 165,661 -82.65 135,361 -18.29 81,051 -40.12 89,410 10.31 -44.7
Total Revenue 11,726,966 6,145,771 -47.59 4,865,228 -20.84 4,281,636 -12.00 4,018,276 -6.15 -23.5

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 6,223,515 2,458,605 -60.49 2,226,261 -9.45 1,753,468 -21.24 1,841,260 5.01 -26.3
Technical 483,591 617,030 27.59 614,147 -0.47 308,113 -49.83 254,877 -17.28 -14.8
Sales and Promotion 3,009,976 1,460,838 -51.47 885,108 -39.41 820,441 -7.31 685,542 -16.44 -30.9
Administration and General 2,087,785 1,220,270 -41.55 1,075,415 -11.87 827,800 -23.03 907,470 9.62 -18.8
Total Expenses 11,804,867 5,756,743 -51.23 4,800,931 -16.60 3,709,822 -22.73 3,689,149 -0.56 -25.2

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income -77,901 389,028   64,297   571,814   329,127    
Depreciation 252,040 159,129 -36.86 215,530 35.44 113,299 -47.43 255,807 125.78 0.4
P.B.I.T. -329,941 229,899   -151,233   458,515   73,320    
Interest Expense -117,018 36,824   124,902   137,596   150,267    
Adjustments Gain(Loss) 193,829 61,298   106,439   50,780   94,584    
Pre-tax Profit -19,094 254,373   -169,696   371,699   17,637    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 52.7 42.7   46.4   47.3   49.9    
Programming Expense / Revenue Total 53.1 40.0   45.8   41.0   45.8    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 7,505,095 3,113,370 -58.52 2,781,710 -10.65 2,417,683 -13.09 2,606,792 7.82 -23.2
Avg Staff Count 81.8 53.0 -35.14 65.8 24.04 40.9 -37.79 41.1 0.49  
Avg Remuneration ($) 91,794 58,710 -36.04 42,288 -27.97 59,083 39.72 63,395 7.30 -8.8
Avg Remuneration excl. Benefits ($) 84,736 51,199 -39.58 37,257 -27.23 51,225 37.49 56,549 10.39 -9.6

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin -0.7 6.3   1.3   13.4   8.2    
P.B.I.T. Margin -2.8 3.7   -3.1   10.7   1.8    
Pre-tax Margin -0.2 4.1   -3.5   8.7   0.4    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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