Designated Markets - Radio 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 8 8 - 8 - 8 - 8 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 44,531,802 46,521,642 4.47 46,765,751 0.52 47,057,976 0.62 47,370,857 0.66 1.6
National Time Sales 61,317,838 61,323,590 0.01 62,513,492 1.94 59,405,788 -4.97 61,800,285 4.03 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 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 1,044,633 220,844 -78.86 198,794 -9.98 377,868 90.08 587,221 55.40 -13.4
Total Revenue 106,997,444 108,140,498 1.07 109,932,391 1.66 107,255,771 -2.43 110,158,511 2.71 0.7

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 40,194,857 43,844,225 9.08 42,701,830 -2.61 44,503,614 4.22 39,016,506 -12.33 -0.7
Technical 4,585,111 4,268,278 -6.91 4,513,445 5.74 4,128,035 -8.54 4,433,531 7.40 -0.8
Sales and Promotion 23,327,563 23,721,479 1.69 22,315,084 -5.93 23,196,782 3.95 23,039,368 -0.68 -0.3
Administration and General 15,138,093 15,270,836 0.88 15,025,456 -1.61 12,687,797 -15.56 12,478,829 -1.65 -4.7
Total Expenses 83,245,624 87,104,818 4.64 84,555,815 -2.93 84,516,228 -0.05 78,968,234 -6.56 -1.3

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 23,751,820 21,035,680 - 25,376,576 - 22,739,543 - 31,190,277 - -
Depreciation 2,380,695 2,699,358 13.39 2,274,512 -15.74 2,192,691 -3.60 2,846,509 29.82 4.6
P.B.I.T. 21,371,125 18,336,322 - 23,102,064 - 20,546,852 - 28,343,768 - -
Interest Expense 431,087 1,777,355 - 2,232,973 - 2,109,954 - 2,333,155 - -
Adjustments Gain(Loss) 9,195,452 9,095,608 - 503,576 - -326,181 - -1,961,918 - -
Pre-tax Profit 30,135,490 25,654,575 - 21,372,667 - 18,110,717 - 24,048,695 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 48.3 50.3 - 50.5 - 52.7 - 49.4 - -
Prog-Prod Expense / Revenue Total 37.6 40.5 - 38.8 - 41.5 - 35.4 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 47,525,924 50,416,852 6.08 49,596,369 -1.63 50,214,407 1.25 45,087,432 -10.21 -1.3
Total Staff Count 422.9 435.5 2.99 400.7 -8.00 396.1 -1.15 376.8 -4.86 -
Avg Remuneration ($) 112,389 115,760 3.00 123,777 6.93 126,778 2.42 119,646 -5.63 1.6
Avg Remuneration excl. Benefits ($) 100,410 103,217 2.80 112,322 8.82 115,582 2.90 107,166 -7.28 1.6

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 22.2 19.5 - 23.1 - 21.2 - 28.3 - -
P.B.I.T. Margin 20.0 17.0 - 21.0 - 19.2 - 25.7 - -
Pre-tax Margin 28.2 23.7 - 19.4 - 16.9 - 21.8 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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