Non-designated Markets - Radio AM / FM - French

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 67 67   66   66   67    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 60,988,913 61,568,676 0.95 61,811,885 0.40 62,871,458 1.71 62,485,178 -0.61 0.6
National Time Sales 20,587,450 19,403,106 -5.75 19,962,072 2.88 20,547,332 2.93 21,007,983 2.24 0.5
Syndication-Production 1,467,837 1,204,432 -17.95 1,289,322 7.05 2,679,455 107.82 2,691,947 0.47 16.4
Government/Corporate Grants 26,151 12,560 -51.97 5,615 -55.29 4,446 -20.82 6,200 39.45 n/a
Other Revenue 2,208,009 2,045,152 -7.38 910,634 -55.47 539,402 -40.77 398,424 -26.14 -34.8
Total Revenue 85,278,360 84,233,926 -1.22 83,979,528 -0.30 86,642,093 3.17 86,589,732 -0.06 0.4

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 27,144,671 27,142,985 -0.01 26,416,152 -2.68 27,099,273 2.59 26,939,240 -0.59 -0.2
Technical 3,822,961 3,891,668 1.80 3,411,938 -12.33 3,257,461 -4.53 3,198,867 -1.80 -4.4
Sales and Promotion 24,099,420 22,913,385 -4.92 21,559,694 -5.91 23,539,045 9.18 23,843,216 1.29 -0.3
Administration and General 21,524,578 19,446,946 -9.65 19,939,729 2.53 20,593,018 3.28 18,921,475 -8.12 -3.2
Total Expenses 76,591,630 73,394,984 -4.17 71,327,513 -2.82 74,488,797 4.43 72,902,798 -2.13 -1.2

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 8,686,730 10,838,942   12,652,015   12,153,296   13,686,934    
Depreciation 3,021,867 2,907,708 -3.78 3,230,046 11.09 3,153,376 -2.37 3,082,404 -2.25 0.5
P.B.I.T. 5,664,863 7,931,234   9,421,969   8,999,920   10,604,530    
Interest Expense 159,170 322,120   540,406   552,446   533,379    
Adjustments Gain(Loss) 15,168,095 11,243,285   10,804,157   902,405   -512,581    
Pre-tax Profit 20,673,788 18,852,399   19,685,720   9,349,879   9,558,570    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 35.4 37.0   37.0   36.4   37.0    
Programming Expense / Revenue Total 31.8 32.2   31.5   31.3   31.1    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 49,092,503 46,545,908 -5.19 42,814,927 -8.02 45,911,448 7.23 46,111,778 0.44 -1.6
Avg Staff Count 854.5 783.9 -8.27 759.2 -3.15 760.7 0.20 718.6 -5.54  
Avg Remuneration ($) 57,450 59,377 3.36 56,393 -5.03 60,351 7.02 64,168 6.32 2.8
Avg Remuneration excl. Benefits ($) 49,317 48,915 -0.82 48,019 -1.83 53,884 12.21 57,322 6.38 3.8

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 10.2 12.9   15.1   14.0   15.8    
P.B.I.T. Margin 6.6 9.4   11.2   10.4   12.2    
Pre-tax Margin 24.2 22.4   23.4   10.8   11.0    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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