Food Network Canada

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
305423329 Food Network Canada Food Network Canada Inc. Shaw Communications Inc. Specialty (category A service) 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 7,703,275 7,843,466 1.82 9,295,403 18.51 11,120,018 19.63 12,085,532 8.68 11.9
DTH revenue 2,871,735 2,968,551 3.37 3,058,305 3.02 3,799,301 24.23 4,354,575 14.62 11.0
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 36,256,768 41,543,723 14.58 47,399,014 14.09 51,438,544 8.52 52,666,823 2.39 9.8
Other revenue 0 0 n/a 0 n/a 0 n/a 0 n/a
Total Revenue 46,831,778 52,355,740 11.80 59,752,722 14.13 66,357,863 11.05 69,106,930 4.14 10.2

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 20,924,498 22,327,832 6.71 23,719,101 6.23 25,383,819 7.02 25,129,033 -1.00 4.7
Technical 794,208 703,857 -11.38 701,293 -0.36 677,103 -3.45 1,044,606 54.28 7.1
Sales and Promotion 2,179,573 2,491,432 14.31 2,076,056 -16.67 1,582,132 -23.79 1,880,423 18.85 -3.6
Administration and General 3,982,246 4,024,146 1.05 3,484,352 -13.41 3,221,817 -7.53 3,679,336 14.20 -2.0
Total Expenses 27,880,525 29,547,267 5.98 29,980,802 1.47 30,864,871 2.95 31,733,398 2.81 3.3

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 18,951,253 22,808,473 29,771,920 35,492,992 37,373,532
Depreciation 94,091 167,370 77.88 257,155 53.64 172,123 -33.07 189,572 10.14 19.1
P.B.I.T. 18,857,162 22,641,103 29,514,765 35,320,869 37,183,960
Interest Expense 116,187 -27,618 -123.77 3,318 -112.01 18,863 468.51 -28,182 -249.40
Adjustments - Gain (Loss) 0 0 n/a 0 n/a 0 n/a 0 n/a
Pre-tax Profit 18,740,975 22,668,721 29,511,447 35,302,006 37,212,142

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 16,043,208 16,862,084 5.10 18,219,555 8.05 19,934,970 9.42 19,805,637 -0.65 5.4
Script & concept 199,433 308,458 54.67 114,474 -62.89 52,500 -54.14 100,000 90.48 -15.9
Filler Programming + Program Production 1,814,279 1,754,697 -3.28 1,827,801 4.17 1,938,155 6.04 1,563,403 -19.34 -3.7
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 18,056,920 18,925,239 4.81 20,161,830 6.53 21,925,625 8.75 21,469,040 -2.08 4.4
Canadian Programming/Revenue (%) 38.56 36.15 33.74 33.04 31.07

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 1,703,507 2,040,122 19.76 2,974,490 45.80 3,006,310 1.07 3,226,075 7.31 17.3
Total Staff Count 22 27 22.73 35 29.63 34 -2.86 36 5.88
Avg Remuneration 77,432 75,560 -2.42 84,985 12.47 88,421 4.04 89,613 1.35 3.7

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 6,270,320 6,357,703 1.39 7,368,691 15.90 7,539,371 2.32 6,201,097 -17.75 -0.3

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 40.5 43.6 49.8 53.5 54.1
P.B.I.T. Margin 40.3 43.2 49.4 53.2 53.8
Pre-tax Margin 40.0 43.3 49.4 53.2 53.8
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