Designated Markets - Radio AM - 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 4 4 - 4 - 4 - 4 - -

Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Local Time Sales 8,408,122 8,149,992 -3.07 7,322,651 -10.15 7,369,066 0.63 7,314,876 -0.74 -3.4
National Time Sales 3,494,495 3,074,694 -12.01 3,316,538 7.87 3,138,666 -5.36 3,684,408 17.39 1.3
Syndication-Production 52,310 55,036 5.21 265,925 383.18 280,698 5.56 207,551 -26.06 41.1
Government/Corporate Grants 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other Revenue 126,978 48,098 -62.12 19,338 -59.79 0 n/a 46,197 n/a -22.3
Total Revenue 12,081,905 11,327,820 -6.24 10,924,452 -3.56 10,788,430 -1.25 11,253,032 4.31 -1.8

Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 5,899,276 5,496,791 -6.82 5,717,020 4.01 5,968,892 4.41 6,132,509 2.74 1.0
Technical 706,364 618,851 -12.39 590,621 -4.56 375,086 -36.49 288,417 -23.11 -20.1
Sales and Promotion 2,292,431 2,400,365 4.71 2,700,114 12.49 2,699,001 -0.04 2,574,558 -4.61 2.9
Administration and General 2,829,929 4,228,619 49.42 2,894,315 -31.55 2,166,439 -25.15 1,716,819 -20.75 -11.8
Total Expenses 11,728,000 12,744,626 8.67 11,902,070 -6.61 11,209,418 -5.82 10,712,303 -4.43 -2.2

Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 353,905 -1,416,806 - -977,618 - -420,988 - 540,729 - -
Depreciation 519,972 307,106 -40.94 834,082 171.59 388,132 -53.47 703,887 81.35 7.9
P.B.I.T. -166,067 -1,723,912 - -1,811,700 - -809,120 - -163,158 - -
Interest Expense 6,955 6,942 - 11,698 - 7,812 - 1,857 - -
Adjustments Gain(Loss) 1,578,086 1,038,939 - 360,765 - -37,190 - -324,210 - -
Pre-tax Profit 1,405,064 -691,915 - -1,462,633 - -854,122 - -489,225 - -

Programming and Production (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Prog-Prod Expense / Expense Total 50.3 43.1 - 48.0 - 53.2 - 57.2 - -
Prog-Prod Expense / Revenue Total 48.8 48.5 - 52.3 - 55.3 - 54.5 - -

Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 7,635,633 8,957,376 17.31 8,172,223 -8.77 7,640,158 -6.51 7,085,628 -7.26 -1.9
Total Staff Count 130.4 128.1 -1.70 128.0 -0.10 111.0 -13.28 97.3 -12.39 -
Avg Remuneration ($) 58,578 69,908 19.34 63,845 -8.67 68,830 7.81 72,860 5.85 5.6
Avg Remuneration excl. Benefits ($) 51,647 61,070 18.25 59,951 -1.83 63,366 5.70 67,676 6.80 7.0

Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 2.9 -12.5 - -8.9 - -3.9 - 4.8 - -
P.B.I.T. Margin -1.4 -15.2 - -16.6 - -7.5 - -1.4 - -
Pre-tax Margin 11.6 -6.1 - -13.4 - -7.9 - -4.3 - -

CAGR = Compound Annual Growth Rate

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

Var = Variation

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