Designated Markets - Radio FM - Montreal

Radio - Financial Summary 2012-2016

Table of Contents

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

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 60,078,143 62,657,329 4.29 63,388,681 1.17 62,720,990 -1.05 62,214,295 -0.81 0.9
National Time Sales 82,794,462 82,532,484 -0.32 83,636,526 1.34 79,828,757 -4.55 83,582,042 4.70 0.2
Syndication-Production 204,530 123,435 -39.65 669,243 442.18 824,257 23.16 571,091 -30.71 29.3
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 1,467,671 235,353 -83.96 200,989 -14.60 377,868 88.00 603,234 59.64 -19.9
Total Revenue 144,544,806 145,548,601 0.69 147,895,439 1.61 143,751,872 -2.80 146,970,662 2.24 0.4

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 49,413,359 53,799,587 8.88 52,999,003 -1.49 54,023,939 1.93 48,028,529 -11.10 -0.7
Technical 6,071,403 5,451,586 -10.21 5,510,076 1.07 5,045,565 -8.43 5,289,400 4.83 -3.4
Sales and Promotion 31,195,014 31,561,026 1.17 29,136,814 -7.68 29,987,942 2.92 30,305,530 1.06 -0.7
Administration and General 21,310,523 19,036,464 -10.67 19,486,397 2.36 17,417,810 -10.62 15,832,743 -9.10 -7.2
Total Expenses 107,990,299 109,848,663 1.72 107,132,290 -2.47 106,475,256 -0.61 99,456,202 -6.59 -2.0

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 36,554,507 35,699,938 - 40,763,149 - 37,276,616 - 47,514,460 - -
Depreciation 3,239,863 3,787,467 16.90 2,921,849 -22.85 2,968,059 1.58 3,191,266 7.52 -0.4
P.B.I.T. 33,314,644 31,912,471 - 37,841,300 - 34,308,557 - 44,323,194 - -
Interest Expense 488,885 2,301,250 - 2,841,314 - 2,767,565 - 2,802,955 - -
Adjustments Gain(Loss) 15,372,604 15,136,691 - 1,615,389 - -600,776 - -2,662,363 - -
Pre-tax Profit 48,198,363 44,747,912 - 36,615,375 - 30,940,216 - 38,857,876 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 45.8 49.0 - 49.5 - 50.7 - 48.3 - -
Prog-Prod Expense / Revenue Total 34.2 37.0 - 35.8 - 37.6 - 32.7 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 60,857,310 60,503,215 -0.58 61,287,931 1.30 61,150,789 -0.22 55,042,150 -9.99 -2.5
Total Staff Count 581.8 584.9 0.52 521.5 -10.84 503.7 -3.42 470.5 -6.59 -
Avg Remuneration ($) 104,595 103,447 -1.10 117,529 13.61 121,415 3.31 116,991 -3.64 2.8
Avg Remuneration excl. Benefits ($) 93,255 91,306 -2.09 106,242 16.36 110,587 4.09 104,941 -5.10 3.0

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 25.3 24.5 - 27.6 - 25.9 - 32.3 - -
P.B.I.T. Margin 23.0 21.9 - 25.6 - 23.9 - 30.2 - -
Pre-tax Margin 33.3 30.7 - 24.8 - 21.5 - 26.4 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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