Designated Markets - Radio FM - Montreal - English/Ethnic

Radio - Financial Summary 2012-2016

Table of Contents

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

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 15,546,341 16,135,687 3.79 16,622,930 3.02 15,663,014 -5.77 14,843,438 -5.23 -1.2
National Time Sales 21,476,624 21,208,894 -1.25 21,123,034 -0.40 20,422,969 -3.31 21,781,757 6.65 0.4
Syndication-Production 101,359 49,013 -51.64 214,889 338.43 410,118 90.85 170,943 -58.32 14.0
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 423,038 14,509 -96.57 2,195 -84.87 0 n/a 16,013 n/a -55.9
Total Revenue 37,547,362 37,408,103 -0.37 37,963,048 1.48 36,496,101 -3.86 36,812,151 0.87 -0.5

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 9,218,502 9,955,362 7.99 10,297,173 3.43 9,520,325 -7.54 9,012,023 -5.34 -0.6
Technical 1,486,292 1,183,308 -20.39 996,631 -15.78 917,530 -7.94 855,869 -6.72 -12.9
Sales and Promotion 7,867,451 7,839,547 -0.35 6,821,730 -12.98 6,791,160 -0.45 7,266,162 6.99 -2.0
Administration and General 6,172,430 3,765,628 -38.99 4,460,941 18.46 4,730,013 6.03 3,353,914 -29.09 -14.1
Total Expenses 24,744,675 22,743,845 -8.09 22,576,475 -0.74 21,959,028 -2.73 20,487,968 -6.70 -4.6

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 12,802,687 14,664,258 - 15,386,573 - 14,537,073 - 16,324,183 - -
Depreciation 859,168 1,088,109 26.65 647,337 -40.51 775,368 19.78 344,757 -55.54 -20.4
P.B.I.T. 11,943,519 13,576,149 - 14,739,236 - 13,761,705 - 15,979,426 - -
Interest Expense 57,798 523,895 - 608,341 - 657,611 - 469,800 - -
Adjustments Gain(Loss) 6,177,152 6,041,083 - 1,111,813 - -274,595 - -700,445 - -
Pre-tax Profit 18,062,873 19,093,337 - 15,242,708 - 12,829,499 - 14,809,181 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 37.3 43.8 - 45.6 - 43.4 - 44.0 - -
Prog-Prod Expense / Revenue Total 24.6 26.6 - 27.1 - 26.1 - 24.5 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 13,331,386 10,086,363 -24.34 11,691,562 15.91 10,936,382 -6.46 9,954,718 -8.98 -7.0
Total Staff Count 159.0 149.3 -6.06 120.8 -19.12 107.6 -10.94 93.6 -12.95 -
Avg Remuneration ($) 83,861 67,540 -19.46 96,800 43.32 101,668 5.03 106,308 4.56 6.1
Avg Remuneration excl. Benefits ($) 74,223 56,568 -23.79 86,069 52.15 92,193 7.12 95,987 4.11 6.6

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 34.1 39.2 - 40.5 - 39.8 - 44.3 - -
P.B.I.T. Margin 31.8 36.3 - 38.8 - 37.7 - 43.4 - -
Pre-tax Margin 48.1 51.0 - 40.2 - 35.2 - 40.2 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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