Designated Markets - Radio AM / FM - Toronto

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 29 30 - 32 - 31 - 32 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 185,531,804 178,076,329 -4.02 156,991,600 -11.84 143,423,927 -8.64 137,707,633 -3.99 -7.2
National Time Sales 79,325,576 82,112,591 3.51 100,157,309 21.98 113,588,124 13.41 118,408,313 4.24 10.5
Syndication-Production 714,894 421,343 -41.06 404,235 -4.06 411,852 1.88 638,137 54.94 -2.8
Government/Corporate Grants 0 0 n/a 50,605 n/a 15,596 -69.18 0 n/a n/a
Other Revenue 4,713,646 3,548,629 -24.72 2,088,309 -41.15 2,634,287 26.14 2,340,933 -11.14 -16.1
Total Revenue 270,285,920 264,158,892 -2.27 259,692,058 -1.69 260,073,786 0.15 259,095,016 -0.38 -1.1

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 74,816,173 79,918,785 6.82 83,772,007 4.82 84,579,300 0.96 85,612,578 1.22 3.4
Technical 6,628,874 7,311,770 10.30 6,934,077 -5.17 6,842,561 -1.32 7,121,727 4.08 1.8
Sales and Promotion 46,691,780 41,156,437 -11.86 43,474,968 5.63 41,588,808 -4.34 42,916,877 3.19 -2.1
Administration and General 43,560,263 44,332,140 1.77 48,648,773 9.74 45,504,184 -6.46 46,142,046 1.40 1.5
Total Expenses 171,697,090 172,719,132 0.60 182,829,825 5.85 178,514,853 -2.36 181,793,228 1.84 1.4

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 98,588,830 91,439,760 - 76,862,233 - 81,558,933 - 77,301,788 - -
Depreciation 3,669,826 4,718,408 28.57 4,133,717 -12.39 3,993,202 -3.40 4,459,311 11.67 5.0
P.B.I.T. 94,919,004 86,721,352 - 72,728,516 - 77,565,731 - 72,842,477 - -
Interest Expense 567,429 580,227 - 1,086,048 - 1,249,201 - 725,133 - -
Adjustments Gain(Loss) 5,826,552 -21,284,593 - 7,570,072 - -4,878,876 - 58,566,301 - -
Pre-tax Profit 100,178,127 64,856,532 - 79,212,540 - 71,437,654 - 130,683,645 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 43.6 46.3 - 45.8 - 47.4 - 47.1 - -
Prog-Prod Expense / Revenue Total 27.7 30.3 - 32.3 - 32.5 - 33.0 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 83,813,960 86,223,862 2.88 83,974,981 -2.61 81,895,894 -2.48 79,329,514 -3.13 -1.4
Total Staff Count 1,151.7 1,115.4 -3.15 1,075.4 -3.58 985.1 -8.40 974.6 -1.06 -
Avg Remuneration ($) 72,773 77,302 6.22 78,084 1.01 83,137 6.47 81,394 -2.10 2.8
Avg Remuneration excl. Benefits ($) 65,628 69,494 5.89 70,874 1.99 76,467 7.89 74,633 -2.40 3.3

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 36.5 34.6 - 29.6 - 31.4 - 29.8 - -
P.B.I.T. Margin 35.1 32.8 - 28.0 - 29.8 - 28.1 - -
Pre-tax Margin 37.1 24.6 - 30.5 - 27.5 - 50.4 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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