Non-designated Markets - Radio AM / FM - Québec

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 63 63   62   62   63    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 59,219,343 59,827,873 1.03 60,136,241 0.52 61,232,692 1.82 60,934,972 -0.49 0.7
National Time Sales 20,166,553 18,913,638 -6.21 19,439,137 2.78 19,995,553 2.86 20,553,471 2.79 0.5
Syndication-Production 1,438,252 1,173,561 -18.40 1,258,702 7.25 2,649,552 110.50 2,664,494 0.56 16.7
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 2,206,153 2,039,817 -7.54 906,206 -55.57 537,058 -40.74 398,433 -25.81 -34.8
Total Revenue 83,056,452 81,967,449 -1.31 81,745,901 -0.27 84,419,301 3.27 84,557,570 0.16 0.5

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 26,361,959 26,297,593 -0.24 25,523,860 -2.94 26,221,328 2.73 26,100,663 -0.46 -0.3
Technical 3,760,831 3,815,297 1.45 3,353,935 -12.09 3,198,734 -4.63 3,184,297 -0.45 -4.1
Sales and Promotion 23,628,049 22,420,608 -5.11 21,081,835 -5.97 23,045,908 9.32 23,399,855 1.54 -0.2
Administration and General 20,860,778 18,752,307 -10.11 19,261,520 2.72 19,932,400 3.48 18,249,151 -8.44 -3.3
Total Expenses 74,611,617 71,285,805 -4.46 69,221,150 -2.90 72,398,370 4.59 70,933,966 -2.02 -1.3

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 8,444,835 10,681,644   12,524,751   12,020,931   13,623,604    
Depreciation 2,964,499 2,858,990 -3.56 3,190,646 11.60 3,118,125 -2.27 3,081,870 -1.16 1.0
P.B.I.T. 5,480,336 7,822,654   9,334,105   8,902,806   10,541,734    
Interest Expense 133,071 295,860   508,772   522,182   503,120    
Adjustments Gain(Loss) 14,938,719 11,062,117   10,675,627   836,699   -636,378    
Pre-tax Profit 20,285,984 18,588,911   19,500,960   9,217,323   9,402,236    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 35.3 36.9   36.9   36.2   36.8    
Programming Expense / Revenue Total 31.7 32.1   31.2   31.1   30.9    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 48,005,393 45,484,531 -5.25 41,617,054 -8.50 44,711,372 7.44 44,947,443 0.53 -1.6
Avg Staff Count 830.0 757.4 -8.75 734.6 -3.00 736.9 0.31 697.4 -5.36  
Avg Remuneration ($) 57,839 60,057 3.84 56,652 -5.67 60,677 7.10 64,448 6.22 2.7
Avg Remuneration excl. Benefits ($) 49,671 49,489 -0.37 48,252 -2.50 54,254 12.44 57,633 6.23 3.8

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 10.2 13.0   15.3   14.2   16.1    
P.B.I.T. Margin 6.6 9.5   11.4   10.5   12.5    
Pre-tax Margin 24.4 22.7   23.9   10.9   11.1    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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