Designated Markets - Radio AM / FM - Montreal

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 20 22 - 21 - 23 - 23 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 70,839,440 73,563,071 3.84 73,695,972 0.18 72,767,835 -1.26 72,272,181 -0.68 0.5
National Time Sales 87,306,689 86,476,046 -0.95 87,847,204 1.59 83,912,542 -4.48 88,205,077 5.12 0.3
Syndication-Production 256,840 178,471 -30.51 935,168 423.99 1,104,955 18.16 778,642 -29.53 32.0
Government/Corporate Grants 7,500 10,200 36.00 0 n/a 0 n/a 1,123 n/a n/a
Other Revenue 1,742,440 384,898 -77.91 298,647 -22.41 467,278 56.46 716,881 53.42 -19.9
Total Revenue 160,152,909 160,612,686 0.29 162,776,991 1.35 158,252,610 -2.78 161,973,904 2.35 0.3

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 56,591,206 60,991,480 7.78 60,355,396 -1.04 61,722,797 2.27 55,794,222 -9.61 -0.4
Technical 7,188,382 6,608,502 -8.07 6,405,231 -3.08 5,673,248 -11.43 6,087,679 7.31 -4.1
Sales and Promotion 34,406,584 34,565,041 0.46 32,602,497 -5.68 33,319,852 2.20 33,543,475 0.67 -0.6
Administration and General 24,879,811 24,015,737 -3.47 23,075,276 -3.92 20,387,779 -11.65 18,326,616 -10.11 -7.4
Total Expenses 123,065,983 126,180,760 2.53 122,438,400 -2.97 121,103,676 -1.09 113,751,992 -6.07 -2.0

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 37,086,926 34,431,926 - 40,338,591 - 37,148,934 - 48,221,912 - -
Depreciation 3,825,613 4,239,276 10.81 3,869,230 -8.73 3,611,998 -6.65 4,194,460 16.13 2.3
P.B.I.T. 33,261,313 30,192,650 - 36,469,361 - 33,536,936 - 44,027,452 - -
Interest Expense 519,555 2,420,595 - 2,989,953 - 2,925,048 - 2,910,878 - -
Adjustments Gain(Loss) 16,950,690 16,175,630 - 1,976,154 - -644,162 - -2,969,201 - -
Pre-tax Profit 49,692,448 43,947,685 - 35,455,562 - 29,967,726 - 38,147,373 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 46.0 48.3 - 49.3 - 51.0 - 49.0 - -
Prog-Prod Expense / Revenue Total 35.3 38.0 - 37.1 - 39.0 - 34.4 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 70,169,972 71,640,184 2.10 71,752,255 0.16 71,269,972 -0.67 64,458,915 -9.56 -2.1
Total Staff Count 739.2 751.8 1.70 690.4 -8.17 655.8 -5.01 601.6 -8.26 -
Avg Remuneration ($) 94,924 95,294 0.39 103,930 9.06 108,681 4.57 107,149 -1.41 3.1
Avg Remuneration excl. Benefits ($) 84,488 84,009 -0.57 94,239 12.18 99,031 5.08 96,371 -2.69 3.3

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 23.2 21.4 - 24.8 - 23.5 - 29.8 - -
P.B.I.T. Margin 20.8 18.8 - 22.4 - 21.2 - 27.2 - -
Pre-tax Margin 31.0 27.4 - 21.8 - 18.9 - 23.6 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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