Designated Markets - Radio FM - Toronto

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 16 17 - 19 - 18 - 19 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 120,320,042 113,722,413 -5.48 98,343,310 -13.52 87,038,220 -11.50 79,985,844 -8.10 -9.7
National Time Sales 66,138,766 67,776,905 2.48 79,779,106 17.71 88,718,984 11.21 89,685,212 1.09 7.9
Syndication-Production 187,191 96,782 -48.30 106,078 9.61 48,670 -54.12 61,175 25.69 -24.4
Government/Corporate Grants 0 0 n/a 50,605 n/a 15,596 -69.18 0 n/a n/a
Other Revenue 2,380,489 1,777,158 -25.34 1,149,594 -35.31 1,409,266 22.59 1,154,666 -18.07 -16.6
Total Revenue 189,026,488 183,373,258 -2.99 179,428,693 -2.15 177,230,736 -1.22 170,886,897 -3.58 -2.5

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 44,312,906 47,443,544 7.06 48,258,655 1.72 48,195,447 -0.13 45,153,691 -6.31 0.5
Technical 3,622,251 3,991,222 10.19 4,192,449 5.04 4,232,751 0.96 4,408,154 4.14 5.0
Sales and Promotion 33,339,404 28,505,555 -14.50 31,663,927 11.08 29,430,626 -7.05 30,465,211 3.52 -2.2
Administration and General 27,697,016 29,325,957 5.88 31,583,260 7.70 30,022,500 -4.94 30,617,923 1.98 2.5
Total Expenses 108,971,577 109,266,278 0.27 115,698,291 5.89 111,881,324 -3.30 110,644,979 -1.11 0.4

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 80,054,911 74,106,980 - 63,730,402 - 65,349,412 - 60,241,918 - -
Depreciation 2,323,821 3,136,884 34.99 2,781,003 -11.35 2,648,701 -4.76 2,857,304 7.88 5.3
P.B.I.T. 77,731,090 70,970,096 - 60,949,399 - 62,700,711 - 57,384,614 - -
Interest Expense 296,951 495,250 - 927,844 - 1,210,243 - 757,735 - -
Adjustments Gain(Loss) 4,707,984 -19,796,560 - 3,901,599 - -891,601 - 43,357,637 - -
Pre-tax Profit 82,142,123 50,678,286 - 63,923,154 - 60,598,867 - 99,984,516 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 40.7 43.4 - 41.7 - 43.1 - 40.8 - -
Prog-Prod Expense / Revenue Total 23.4 25.9 - 26.9 - 27.2 - 26.4 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 50,705,317 51,684,612 1.93 50,546,317 -2.20 48,972,698 -3.11 47,486,192 -3.04 -1.6
Total Staff Count 613.5 589.2 -3.96 582.0 -1.22 514.9 -11.53 540.7 5.01 -
Avg Remuneration ($) 82,648 87,720 6.14 86,845 -1.00 95,106 9.51 87,820 -7.66 1.5
Avg Remuneration excl. Benefits ($) 75,499 79,905 5.84 79,485 -0.53 88,390 11.20 81,336 -7.98 1.9

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 42.4 40.4 - 35.5 - 36.9 - 35.3 - -
P.B.I.T. Margin 41.1 38.7 - 34.0 - 35.4 - 33.6 - -
Pre-tax Margin 43.5 27.6 - 35.6 - 34.2 - 58.5 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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