Designated Markets - Radio FM - Québec City

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 9 9 - 9 - 9 - 9 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 30,619,271 30,959,038 1.11 32,624,041 5.38 31,722,880 -2.76 30,032,182 -5.33 -0.5
National Time Sales 13,367,562 13,768,830 3.00 13,397,032 -2.70 12,560,982 -6.24 13,297,156 5.86 -0.1
Syndication-Production 189,687 487,591 157.05 612,025 25.52 706,259 15.40 690,582 -2.22 38.1
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 526,872 96,834 -81.62 37,716 -61.05 109,088 189.24 40,580 -62.80 -47.3
Total Revenue 44,703,392 45,312,293 1.36 46,670,814 3.00 45,099,209 -3.37 44,060,500 -2.30 -0.4

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 15,612,902 15,164,128 -2.87 15,438,106 1.81 14,807,503 -4.08 15,474,712 4.51 -0.2
Technical 1,603,693 1,309,926 -18.32 1,315,836 0.45 1,211,110 -7.96 1,263,044 4.29 -5.8
Sales and Promotion 11,211,394 12,418,653 10.77 12,191,599 -1.83 11,771,911 -3.44 11,689,636 -0.70 1.1
Administration and General 7,660,024 7,579,398 -1.05 7,615,059 0.47 6,905,509 -9.32 7,097,487 2.78 -1.9
Total Expenses 36,088,013 36,472,105 1.06 36,560,600 0.24 34,696,033 -5.10 35,524,879 2.39 -0.4

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 8,615,379 8,840,188 - 10,110,214 - 10,403,176 - 8,535,621 - -
Depreciation 1,427,201 1,643,531 15.16 1,308,230 -20.40 990,117 -24.32 1,306,069 31.91 -2.2
P.B.I.T. 7,188,178 7,196,657 - 8,801,984 - 9,413,059 - 7,229,552 - -
Interest Expense 126,241 224,837 - 295,097 - 137,197 - 522,951 - -
Adjustments Gain(Loss) 3,552,959 3,544,972 - 125,971 - -299,326 - -1,107,021 - -
Pre-tax Profit 10,614,896 10,516,792 - 8,632,858 - 8,976,536 - 5,599,580 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 43.3 41.6 - 42.2 - 42.7 - 43.6 - -
Prog-Prod Expense / Revenue Total 34.9 33.5 - 33.1 - 32.8 - 35.1 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 20,655,754 20,929,285 1.32 21,343,337 1.98 21,227,781 -0.54 21,355,879 0.60 0.8
Total Staff Count 241.2 245.2 1.65 242.5 -1.11 225.5 -6.98 206.0 -8.65 -
Avg Remuneration ($) 85,630 85,359 -0.32 88,025 3.12 94,120 6.92 103,654 10.13 4.9
Avg Remuneration excl. Benefits ($) 75,105 73,206 -2.53 78,369 7.05 85,405 8.98 93,366 9.32 5.6

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 19.3 19.5 - 21.7 - 23.1 - 19.4 - -
P.B.I.T. Margin 16.1 15.9 - 18.9 - 20.9 - 16.4 - -
Pre-tax Margin 23.7 23.2 - 18.5 - 19.9 - 12.7 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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