Non-designated Markets - Radio AM / FM - French

Radio - Financial Summary 2012-2016

Table of Contents

Reporting Units
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Reporting Units 67 66 - 66 - 67 - 67 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 61,568,676 61,811,885 0.40 62,871,458 1.71 62,485,178 -0.61 62,630,525 0.23 0.4
National Time Sales 19,403,106 19,962,072 2.88 20,547,332 2.93 21,007,983 2.24 22,342,524 6.35 3.6
Syndication-Production 1,204,432 1,289,322 7.05 2,679,455 107.82 2,691,947 0.47 2,400,926 -10.81 18.8
Government/Corporate Grants 12,560 5,615 -55.29 4,446 -20.82 6,200 39.45 4,295 -30.73 n/a
Other Revenue 2,045,152 910,634 -55.47 539,402 -40.77 398,424 -26.14 311,891 -21.72 -37.5
Total Revenue 84,233,926 83,979,528 -0.30 86,642,093 3.17 86,589,732 -0.06 87,690,161 1.27 1.0

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 27,142,985 26,416,152 -2.68 27,099,273 2.59 26,939,240 -0.59 26,107,918 -3.09 -1.0
Technical 3,891,668 3,411,938 -12.33 3,257,461 -4.53 3,198,867 -1.80 3,282,972 2.63 -4.2
Sales and Promotion 22,913,385 21,559,694 -5.91 23,539,045 9.18 23,843,216 1.29 23,003,778 -3.52 0.1
Administration and General 19,446,946 19,939,729 2.53 20,593,018 3.28 18,921,475 -8.12 17,766,495 -6.10 -2.2
Total Expenses 73,394,984 71,327,513 -2.82 74,488,797 4.43 72,902,798 -2.13 70,161,163 -3.76 -1.1

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 10,838,942 12,652,015 - 12,153,296 - 13,686,934 - 17,528,998 - -
Depreciation 2,907,708 3,230,046 11.09 3,153,376 -2.37 3,082,404 -2.25 2,735,998 -11.24 -1.5
P.B.I.T. 7,931,234 9,421,969 - 8,999,920 - 10,604,530 - 14,793,000 - -
Interest Expense 322,120 540,406 - 552,446 - 533,379 - 489,912 - -
Adjustments Gain(Loss) 11,243,285 10,804,157 - 902,405 - -512,581 - -1,260,336 - -
Pre-tax Profit 18,852,399 19,685,720 - 9,349,879 - 9,558,570 - 13,042,752 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 37.0 37.0 - 36.4 - 37.0 - 37.2 - -
Prog-Prod Expense / Revenue Total 32.2 31.5 - 31.3 - 31.1 - 29.8 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 46,545,908 42,814,927 -8.02 45,911,448 7.23 46,111,778 0.44 39,866,296 -13.54 -3.8
Total Staff Count 783.9 759.2 -3.15 760.7 0.20 718.6 -5.54 650.2 -9.52 -
Avg Remuneration ($) 59,377 56,393 -5.03 60,351 7.02 64,168 6.32 61,311 -4.45 0.8
Avg Remuneration excl. Benefits ($) 48,915 48,019 -1.83 53,884 12.21 57,322 6.38 54,040 -5.72 2.5

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 12.9 15.1 - 14.0 - 15.8 - 20.0 - -
P.B.I.T. Margin 9.4 11.2 - 10.4 - 12.2 - 16.9 - -
Pre-tax Margin 22.4 23.4 - 10.8 - 11.0 - 14.9 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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