Non-designated Markets - Radio FM - Ontario

Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 91 94   95   97   101    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 79,168,435 79,040,993 -0.16 79,841,511 1.01 80,479,789 0.80 80,229,473 -0.31 0.3
National Time Sales 17,744,092 14,109,803 -20.48 15,936,009 12.94 18,575,653 16.56 19,244,887 3.60 2.1
Syndication-Production 24,306 53,458 119.94 23,906 -55.28 84,525 253.57 59,815 -29.23 25.3
Government/Corporate Grants 1,455 721 -50.45 0 -100.00 0 n/a 0 n/a n/a
Other Revenue 668,480 604,414 -9.58 597,392 -1.16 690,650 15.61 876,321 26.88 7.0
Total Revenue 97,606,768 93,809,389 -3.89 96,398,818 2.76 99,830,617 3.56 100,410,496 0.58 0.7

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 27,676,358 27,646,699 -0.11 27,705,604 0.21 27,322,884 -1.38 28,002,794 2.49 0.3
Technical 4,568,976 4,640,736 1.57 4,976,541 7.24 5,214,877 4.79 5,204,533 -0.20 3.3
Sales and Promotion 27,278,299 25,669,966 -5.90 25,324,915 -1.34 25,974,197 2.56 26,880,292 3.49 -0.4
Administration and General 22,342,133 21,484,403 -3.84 21,799,628 1.47 21,323,004 -2.19 22,418,354 5.14 0.1
Total Expenses 81,865,766 79,441,804 -2.96 79,806,688 0.46 79,834,962 0.04 82,505,973 3.35 0.2

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 15,741,002 14,367,585   16,592,130   19,995,655   17,904,523    
Depreciation 3,539,953 3,588,423 1.37 3,163,933 -11.83 3,540,633 11.91 3,280,842 -7.34 -1.9
P.B.I.T. 12,201,049 10,779,162   13,428,197   16,455,022   14,623,681    
Interest Expense 616,767 839,804   767,950   734,495   774,184    
Adjustments Gain(Loss) 2,599,522 413,798   8,395,644   -5,853,638   -1,741,684    
Pre-tax Profit 14,183,804 10,353,156   21,055,891   9,866,889   12,107,813    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 33.8 34.8   34.7   34.2   33.9    
Programming Expense / Revenue Total 28.4 29.5   28.7   27.4   27.9    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 47,883,959 46,839,256 -2.18 47,070,844 0.49 47,038,702 -0.07 48,879,969 3.91 0.5
Avg Staff Count 913.6 905.2 -0.92 978.1 8.05 904.8 -7.50 900.6 -0.46  
Avg Remuneration ($) 52,413 51,743 -1.28 48,127 -6.99 51,991 8.03 54,275 4.39 0.9
Avg Remuneration excl. Benefits ($) 46,929 23,912 -49.05 43,198 80.65 46,652 7.99 48,688 4.37 0.9

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 16.1 15.3   17.2   20.0   17.8    
P.B.I.T. Margin 12.5 11.5   13.9   16.5   14.6    
Pre-tax Margin 14.5 11.0   21.8   9.9   12.1    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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