Designated Markets - Radio AM - Montreal

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 7 9 - 8 - 10 - 10 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 10,761,297 10,905,742 1.34 10,307,291 -5.49 10,046,845 -2.53 10,057,886 0.11 -1.7
National Time Sales 4,512,227 3,943,562 -12.60 4,210,678 6.77 4,083,785 -3.01 4,623,035 13.20 0.6
Syndication-Production 52,310 55,036 5.21 265,925 383.18 280,698 5.56 207,551 -26.06 41.1
Government/Corporate Grants 7,500 10,200 36.00 0 n/a 0 n/a 1,123 n/a n/a
Other Revenue 274,769 149,545 -45.57 97,658 -34.70 89,410 -8.45 113,647 27.11 -19.8
Total Revenue 15,608,103 15,064,085 -3.49 14,881,552 -1.21 14,500,738 -2.56 15,003,242 3.47 -1.0

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 7,177,847 7,191,893 0.20 7,356,393 2.29 7,698,858 4.66 7,765,693 0.87 2.0
Technical 1,116,979 1,156,916 3.58 895,155 -22.63 627,683 -29.88 798,279 27.18 -8.1
Sales and Promotion 3,211,570 3,004,015 -6.46 3,465,683 15.37 3,331,910 -3.86 3,237,945 -2.82 0.2
Administration and General 3,569,288 4,979,273 39.50 3,588,879 -27.92 2,969,969 -17.25 2,493,873 -16.03 -8.6
Total Expenses 15,075,684 16,332,097 8.33 15,306,110 -6.28 14,628,420 -4.43 14,295,790 -2.27 -1.3

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 532,419 -1,268,012 - -424,558 - -127,682 - 707,452 - -
Depreciation 585,750 451,809 -22.87 947,381 109.69 643,939 -32.03 1,003,194 55.79 14.4
P.B.I.T. -53,331 -1,719,821 - -1,371,939 - -771,621 - -295,742 - -
Interest Expense 30,670 119,345 - 148,639 - 157,483 - 107,923 - -
Adjustments Gain(Loss) 1,578,086 1,038,939 - 360,765 - -43,386 - -306,838 - -
Pre-tax Profit 1,494,085 -800,227 - -1,159,813 - -972,490 - -710,503 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 47.6 44.0 - 48.1 - 52.6 - 54.3 - -
Prog-Prod Expense / Revenue Total 46.0 47.7 - 49.4 - 53.1 - 51.8 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 9,312,662 11,136,969 19.59 10,464,324 -6.04 10,119,183 -3.30 9,416,765 -6.94 0.3
Total Staff Count 157.4 166.9 6.06 168.9 1.20 152.1 -9.95 131.1 -13.82 -
Avg Remuneration ($) 59,173 66,724 12.76 61,948 -7.16 66,521 7.38 71,829 7.98 5.0
Avg Remuneration excl. Benefits ($) 52,075 58,439 12.22 57,185 -2.15 60,771 6.27 65,613 7.97 6.0

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 3.4 -8.4 - -2.9 - -0.9 - 4.7 - -
P.B.I.T. Margin -0.3 -11.4 - -9.2 - -5.3 - -2.0 - -
Pre-tax Margin 9.6 -5.3 - -7.8 - -6.7 - -4.7 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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