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Commercial Radio - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 534 546   556   568   580    

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Local Time Sales 888,274,905 887,161,327 -0.13 887,022,233 -0.02 866,284,494 -2.34 850,769,041 -1.79 -1.1
National Time Sales 387,174,456 401,468,123 3.69 425,606,216 6.01 438,656,008 3.07 446,009,386 1.68 3.6
Syndication-Production 5,044,147 2,784,702 -44.79 2,375,350 -14.70 5,223,279 119.90 5,096,283 -2.43 0.3
Government/Corporate Grants 108,256 85,519 -21.00 131,712 54.01 124,186 -5.71 158,580 27.70 -7.4
Other Revenue 22,176,290 20,728,839 -6.53 12,898,200 -37.78 12,983,601 0.66 14,538,624 11.98 -10.0
Total Revenue 1,302,778,054 1,312,228,510 0.73 1,328,033,711 1.20 1,323,271,568 -0.36 1,316,571,914 -0.51 0.3

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming 365,615,180 369,390,884 1.03 381,409,594 3.25 383,158,561 0.46 384,468,283 0.34 1.3
Technical 43,123,506 46,596,934 8.05 46,312,114 -0.61 46,846,487 1.15 46,761,102 -0.18 2.1
Sales and Promotion 322,068,340 318,958,392 -0.97 306,242,559 -3.99 308,579,533 0.76 311,258,843 0.87 -0.9
Administration and General 256,009,032 253,337,387 -1.04 256,037,360 1.07 262,991,857 2.72 253,511,022 -3.60 -0.2
Total Expenses 986,816,058 988,283,597 0.15 990,001,627 0.17 1,001,576,438 1.17 995,999,250 -0.56 0.2

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 315,961,996 323,944,913   338,032,084   321,695,130   320,572,664    
Depreciation 36,633,984 35,680,080 -2.60 34,903,912 -2.18 36,429,610 4.37 34,344,154 -5.72 -1.6
P.B.I.T. 279,328,012 288,264,833   303,128,172   285,265,520   286,228,510    
Interest Expense 7,706,854 8,413,679   9,982,134   13,600,963   17,110,022    
Adjustments Gain(Loss) 18,710,960 41,810,659   -51,336,325   -17,799,377   -13,670,449    
Pre-tax Profit 290,332,118 321,661,813   241,809,713   253,865,180   255,448,039    

Programming Expense (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming Expense / Expense Total 37.0 37.4   38.5   38.3   38.6    
Programming Expense / Revenue Total 28.1 28.1   28.7   29.0   29.2    

Staff ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 528,672,922 532,913,876 0.80 530,067,125 -0.53 525,352,374 -0.89 528,318,985 0.56 0.0
Avg Staff Count 7,987.3 7,765.7 -2.77 7,875.6 1.41 7,613.5 -3.33 7,374.5 -3.14  
Avg Remuneration ($) 66,189 68,624 3.68 67,305 -1.92 69,003 2.52 71,642 3.82 2.0
Avg Remuneration excl. Benefits ($) 59,329 58,529 -1.35 59,874 2.30 62,174 3.84 65,040 4.61 2.3

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 24.3 24.7   25.5   24.3   24.3    
P.B.I.T. Margin 21.4 22.0   22.8   21.6   21.7    
Pre-tax Margin 22.3 24.5   18.2   19.2   19.4    

CAGR = Compound Annual Growth Rate

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

Var = Variation

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