Designated Markets - Radio AM / FM - Montreal - English/Ethnic

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 23,954,463 24,285,679 1.38 23,945,581 -1.40 23,032,080 -3.81 22,158,314 -3.79 -1.9
National Time Sales 24,971,119 24,283,588 -2.75 24,439,572 0.64 23,561,635 -3.59 25,466,165 8.08 0.5
Syndication-Production 153,669 104,049 -32.29 480,814 362.10 690,816 43.68 378,494 -45.21 25.3
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 550,016 62,607 -88.62 21,533 -65.61 0 n/a 62,210 n/a -42.0
Total Revenue 49,629,267 48,735,923 -1.80 48,887,500 0.31 47,284,531 -3.28 48,065,183 1.65 -0.8

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 15,117,778 15,452,153 2.21 16,014,193 3.64 15,489,217 -3.28 15,144,532 -2.23 0.0
Technical 2,192,656 1,802,159 -17.81 1,587,252 -11.92 1,292,616 -18.56 1,144,286 -11.48 -15.0
Sales and Promotion 10,159,882 10,239,912 0.79 9,521,844 -7.01 9,490,161 -0.33 9,840,720 3.69 -0.8
Administration and General 9,002,359 7,994,247 -11.20 7,355,256 -7.99 6,896,452 -6.24 5,070,733 -26.47 -13.4
Total Expenses 36,472,675 35,488,471 -2.70 34,478,545 -2.85 33,168,446 -3.80 31,200,271 -5.93 -3.8

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 13,156,592 13,247,452 - 14,408,955 - 14,116,085 - 16,864,912 - -
Depreciation 1,379,140 1,395,215 1.17 1,481,419 6.18 1,163,500 -21.46 1,048,644 -9.87 -6.6
P.B.I.T. 11,777,452 11,852,237 - 12,927,536 - 12,952,585 - 15,816,268 - -
Interest Expense 64,753 530,837 - 620,039 - 665,423 - 471,657 - -
Adjustments Gain(Loss) 7,755,238 7,080,022 - 1,472,578 - -311,785 - -1,024,655 - -
Pre-tax Profit 19,467,937 18,401,422 - 13,780,075 - 11,975,377 - 14,319,956 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 41.4 43.5 - 46.4 - 46.7 - 48.5 - -
Prog-Prod Expense / Revenue Total 30.5 31.7 - 32.8 - 32.8 - 31.5 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 20,967,019 19,043,739 -9.17 19,863,785 4.31 18,576,540 -6.48 17,040,346 -8.27 -5.1
Total Staff Count 289.3 277.5 -4.10 248.8 -10.34 218.6 -12.14 190.9 -12.66 -
Avg Remuneration ($) 72,470 68,634 -5.29 79,845 16.33 84,991 6.45 89,268 5.03 5.4
Avg Remuneration excl. Benefits ($) 64,052 58,647 -8.44 72,631 23.84 77,553 6.78 81,563 5.17 6.2

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 26.5 27.2 - 29.5 - 29.9 - 35.1 - -
P.B.I.T. Margin 23.7 24.3 - 26.4 - 27.4 - 32.9 - -
Pre-tax Margin 39.2 37.8 - 28.2 - 25.3 - 29.8 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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