Designated Markets - Radio AM / FM - Montreal - French

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 11 13 - 12 - 14 - 14 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 46,884,977 49,277,392 5.10 49,750,391 0.96 49,735,755 -0.03 50,113,867 0.76 1.7
National Time Sales 62,335,570 62,192,458 -0.23 63,407,632 1.95 60,350,907 -4.82 62,738,912 3.96 0.2
Syndication-Production 103,171 74,422 -27.87 454,354 510.51 414,139 -8.85 400,148 -3.38 40.3
Government/Corporate Grants 7,500 10,200 36.00 0 n/a 0 n/a 1,123 n/a n/a
Other Revenue 1,192,424 322,291 -72.97 277,114 -14.02 467,278 68.62 654,671 40.10 -13.9
Total Revenue 110,523,642 111,876,763 1.22 113,889,491 1.80 110,968,079 -2.57 113,908,721 2.65 0.8

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 41,473,428 45,539,327 9.80 44,341,203 -2.63 46,233,580 4.27 40,649,690 -12.08 -0.5
Technical 4,995,726 4,806,343 -3.79 4,817,979 0.24 4,380,632 -9.08 4,943,393 12.85 -0.3
Sales and Promotion 24,246,702 24,325,129 0.32 23,080,653 -5.12 23,829,691 3.25 23,702,755 -0.53 -0.6
Administration and General 15,877,452 16,021,490 0.91 15,720,020 -1.88 13,491,327 -14.18 13,255,883 -1.75 -4.4
Total Expenses 86,593,308 90,692,289 4.73 87,959,855 -3.01 87,935,230 -0.03 82,551,721 -6.12 -1.2

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 23,930,334 21,184,474 - 25,929,636 - 23,032,849 - 31,357,000 - -
Depreciation 2,446,473 2,844,061 16.25 2,387,811 -16.04 2,448,498 2.54 3,145,816 28.48 6.5
P.B.I.T. 21,483,861 18,340,413 - 23,541,825 - 20,584,351 - 28,211,184 - -
Interest Expense 454,802 1,889,758 - 2,369,914 - 2,259,625 - 2,439,221 - -
Adjustments Gain(Loss) 9,195,452 9,095,608 - 503,576 - -332,377 - -1,944,546 - -
Pre-tax Profit 30,224,511 25,546,263 - 21,675,487 - 17,992,349 - 23,827,417 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 47.9 50.2 - 50.4 - 52.6 - 49.2 - -
Prog-Prod Expense / Revenue Total 37.5 40.7 - 38.9 - 41.7 - 35.7 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 49,202,953 52,596,445 6.90 51,888,470 -1.35 52,693,432 1.55 47,418,569 -10.01 -0.9
Total Staff Count 449.9 474.3 5.43 441.6 -6.89 437.2 -1.00 410.7 -6.06 -
Avg Remuneration ($) 109,364 110,890 1.40 117,498 5.96 120,525 2.58 115,461 -4.20 1.4
Avg Remuneration excl. Benefits ($) 97,630 98,845 1.25 106,411 7.65 109,768 3.15 103,253 -5.94 1.4

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 21.7 18.9 - 22.8 - 20.8 - 27.5 - -
P.B.I.T. Margin 19.4 16.4 - 20.7 - 18.5 - 24.8 - -
Pre-tax Margin 27.3 22.8 - 19.0 - 16.2 - 20.9 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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