Designated Markets - Radio AM - Montreal - French

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 3 5 - 4 - 6 - 6 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 2,353,175 2,755,750 17.11 2,984,640 8.31 2,677,779 -10.28 2,743,010 2.44 3.9
National Time Sales 1,017,732 868,868 -14.63 894,140 2.91 945,119 5.70 938,627 -0.69 -2.0
Syndication-Production 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Government/Corporate Grants 7,500 10,200 36.00 0 n/a 0 n/a 1,123 n/a n/a
Other Revenue 147,791 101,447 -31.36 78,320 -22.80 89,410 14.16 67,450 -24.56 -17.8
Total Revenue 3,526,198 3,736,265 5.96 3,957,100 5.91 3,712,308 -6.19 3,750,210 1.02 1.6

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 1,278,571 1,695,102 32.58 1,639,373 -3.29 1,729,966 5.53 1,633,184 -5.59 6.3
Technical 410,615 538,065 31.04 304,534 -43.40 252,597 -17.05 509,862 101.85 5.6
Sales and Promotion 919,139 603,650 -34.32 765,569 26.82 632,909 -17.33 663,387 4.82 -7.8
Administration and General 739,359 750,654 1.53 694,564 -7.47 803,530 15.69 777,054 -3.29 1.3
Total Expenses 3,347,684 3,587,471 7.16 3,404,040 -5.11 3,419,002 0.44 3,583,487 4.81 1.7

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 178,514 148,794 - 553,060 - 293,306 - 166,723 - -
Depreciation 65,778 144,703 119.99 113,299 -21.70 255,807 125.78 299,307 17.01 46.1
P.B.I.T. 112,736 4,091 - 439,761 - 37,499 - -132,584 - -
Interest Expense 23,715 112,403 - 136,941 - 149,671 - 106,066 - -
Adjustments Gain(Loss) 0 0 - 0 - -6,196 - 17,372 - -
Pre-tax Profit 89,021 -108,312 - 302,820 - -118,368 - -221,278 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 38.2 47.3 - 48.2 - 50.6 - 45.6 - -
Prog-Prod Expense / Revenue Total 36.3 45.4 - 41.4 - 46.6 - 43.5 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 1,677,029 2,179,593 29.97 2,292,101 5.16 2,479,025 8.16 2,331,137 -5.97 8.6
Total Staff Count 27.0 38.8 43.47 40.9 5.52 41.1 0.49 33.9 -17.68 -
Avg Remuneration ($) 62,043 56,204 -9.41 56,014 -0.34 60,288 7.63 68,867 14.23 2.6
Avg Remuneration excl. Benefits ($) 54,142 49,746 -8.12 48,531 -2.44 53,767 10.79 59,687 11.01 2.5

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 5.1 4.0 - 14.0 - 7.9 - 4.4 - -
P.B.I.T. Margin 3.2 0.1 - 11.1 - 1.0 - -3.5 - -
Pre-tax Margin 2.5 -2.9 - 7.7 - -3.2 - -5.9 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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