Radio AM - Canada - Ethnic

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 12 12   12   12   12    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 20,314,912 21,230,484 4.51 21,172,728 -0.27 21,175,312 0.01 21,335,783 0.76 1.2
National Time Sales 1,802,586 1,653,376 -8.28 1,402,061 -15.20 1,427,526 1.82 1,388,357 -2.74 -6.3
Syndication-Production 331,450 323,179 -2.50 376,439 16.48 369,109 -1.95 411,337 11.44 5.6
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 1,957,233 1,966,383 0.47 2,188,356 11.29 1,680,127 -23.22 1,732,803 3.14 -3.0
Total Revenue 24,406,181 25,173,422 3.14 25,139,584 -0.13 24,652,074 -1.94 24,868,280 0.88 0.5

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 8,139,784 8,390,838 3.08 8,777,575 4.61 8,680,068 -1.11 9,002,489 3.71 2.6
Technical 1,767,999 1,897,182 7.31 1,923,555 1.39 1,855,434 -3.54 1,718,619 -7.37 -0.7
Sales and Promotion 4,060,793 4,068,692 0.19 3,948,774 -2.95 3,349,419 -15.18 3,651,220 9.01 -2.6
Administration and General 8,296,818 8,105,459 -2.31 6,872,812 -15.21 6,423,431 -6.54 6,061,791 -5.63 -7.6
Total Expenses 22,265,394 22,462,171 0.88 21,522,716 -4.18 20,308,352 -5.64 20,434,119 0.62 -2.1

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 2,140,787 2,711,251   3,616,868   4,343,722   4,434,161    
Depreciation 616,301 607,908 -1.36 567,411 -6.66 612,959 8.03 663,948 8.32 1.9
P.B.I.T. 1,524,486 2,103,343   3,049,457   3,730,763   3,770,213    
Interest Expense 187,011 145,014   211,801   176,415   137,330    
Adjustments Gain(Loss) 447,074 223,891   90,335   150,762   330,494    
Pre-tax Profit 1,784,549 2,182,220   2,927,991   3,705,110   3,963,377    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 36.6 37.4   40.8   42.7   44.1    
Programming Expense / Revenue Total 33.4 33.3   34.9   35.2   36.2    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 9,899,098 10,450,257 5.57 10,584,619 1.29 9,863,852 -6.81 9,744,657 -1.21 -0.4
Avg Staff Count 375.0 397.8 6.07 397.3 -0.13 394.8 -0.63 361.0 -8.55  
Avg Remuneration ($) 26,398 26,273 -0.47 26,645 1.41 24,988 -6.22 26,994 8.03 0.6
Avg Remuneration excl. Benefits ($) 24,383 24,481 0.40 24,798 1.30 22,357 -9.85 24,612 10.09 0.2

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 8.8 10.8   14.4   17.6   17.8    
P.B.I.T. Margin 6.2 8.4   12.1   15.1   15.2    
Pre-tax Margin 7.3 8.7   11.6   15.0   15.9    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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