Designated Markets - Radio FM - Ottawa-Gatineau - French

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 10,881,642 10,940,738 0.54 10,226,595 -6.53 10,249,957 0.23 9,924,602 -3.17 -2.3
National Time Sales 4,926,856 4,941,119 0.29 4,857,148 -1.70 4,664,107 -3.97 4,806,021 3.04 -0.6
Syndication-Production 35,509 12,947 -63.54 604,120 n/a 279,392 -53.75 359,357 28.62 78.4
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 364,411 45,911 -87.40 13,773 -70.00 -92 -100.67 32,122 n/a -45.5
Total Revenue 16,208,418 15,940,715 -1.65 15,701,636 -1.50 15,193,364 -3.24 15,122,102 -0.47 -1.7

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 4,852,513 4,736,933 -2.38 4,707,035 -0.63 4,689,786 -0.37 4,739,660 1.06 -0.6
Technical 775,730 607,386 -21.70 443,906 -26.92 458,805 3.36 453,455 -1.17 -12.6
Sales and Promotion 3,748,841 4,008,194 6.92 3,754,285 -6.33 4,091,895 8.99 3,547,061 -13.31 -1.4
Administration and General 2,998,904 3,351,545 11.76 3,411,279 1.78 2,840,182 -16.74 2,828,565 -0.41 -1.5
Total Expenses 12,375,988 12,704,058 2.65 12,316,505 -3.05 12,080,668 -1.91 11,568,741 -4.24 -1.7

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 3,832,430 3,236,657 - 3,385,131 - 3,112,696 - 3,553,361 - -
Depreciation 585,657 691,773 18.12 520,622 -24.74 470,587 -9.61 399,430 -15.12 -9.1
P.B.I.T. 3,246,773 2,544,884 - 2,864,509 - 2,642,109 - 3,153,931 - -
Interest Expense 26,962 113,602 - 114,621 - 143,414 - 110,244 - -
Adjustments Gain(Loss) 3,314,648 3,291,567 - 191,608 - -200,420 - -419,243 - -
Pre-tax Profit 6,534,459 5,722,849 - 2,941,496 - 2,298,275 - 2,624,444 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 39.2 37.3 - 38.2 - 38.8 - 41.0 - -
Prog-Prod Expense / Revenue Total 29.9 29.7 - 30.0 - 30.9 - 31.3 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 8,060,664 7,620,716 -5.46 7,082,793 -7.06 7,460,406 5.33 6,782,187 -9.09 -4.2
Total Staff Count 97.6 96.8 -0.83 93.8 -3.07 91.0 -3.00 79.6 -12.49 -
Avg Remuneration ($) 82,614 78,759 -4.67 75,518 -4.12 82,001 8.58 85,182 3.88 0.8
Avg Remuneration excl. Benefits ($) 70,033 66,780 -4.64 68,677 2.84 74,571 8.58 76,212 2.20 2.1

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 23.6 20.3 - 21.6 - 20.5 - 23.5 - -
P.B.I.T. Margin 20.0 16.0 - 18.2 - 17.4 - 20.9 - -
Pre-tax Margin 40.3 35.9 - 18.7 - 15.1 - 17.4 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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