ichannel

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
305424046 ichannel Stornoway Communications Limited Partnership Smith, Vincent & Co. Ltd. Specialty (category A service) 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 1,551,444 1,709,798 10.21 2,232,851 30.59 2,124,753 -4.84 1,953,047 -8.08 5.9
DTH revenue 2,237,232 2,203,869 -1.49 2,080,214 -5.61 1,915,202 -7.93 1,734,340 -9.44 -6.2
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 97,392 302,901 211.01 405,966 34.03 298,940 -26.36 70,158 -76.53 -7.9
Other revenue 0 0 n/a 0 n/a 1,553,487 n/a 198,036 -87.25
Total Revenue 3,886,068 4,216,568 8.50 4,719,031 11.92 5,892,382 24.86 3,955,581 -32.87 0.4

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 1,434,147 1,689,960 17.84 1,810,308 7.12 2,755,554 52.21 1,376,308 -50.05 -1.0
Technical 1,215,629 1,265,967 4.14 1,302,760 2.91 807,564 -38.01 797,774 -1.21 -10.0
Sales and Promotion 295,730 295,738 0.00 408,820 38.24 540,695 32.26 481,684 -10.91 13.0
Administration and General 599,240 705,356 17.71 1,168,245 65.62 749,986 -35.80 865,308 15.38 9.6
Total Expenses 3,544,746 3,957,021 11.63 4,690,133 18.53 4,853,799 3.49 3,521,074 -27.46 -0.2

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 341,322 259,547 28,898 1,038,583 434,507
Depreciation 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
P.B.I.T. 341,322 259,547 28,898 1,038,583 434,507
Interest Expense 0 0 n/a 0 n/a 0 n/a 0 n/a
Adjustments - Gain (Loss) 0 0 n/a 0 n/a 0 n/a 0 n/a
Pre-tax Profit 341,322 259,547 28,898 1,038,583 434,507

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 208,989 372,262 78.13 422,983 13.63 407,716 -3.61 610,231 49.67 30.7
Script & concept 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Filler Programming + Program Production 871,073 1,122,407 28.85 1,114,318 -0.72 2,136,872 91.77 675,586 -68.38 -6.2
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 1,080,062 1,494,669 38.39 1,537,301 2.85 2,544,588 65.52 1,285,817 -49.47 4.5
Canadian Programming/Revenue (%) 27.79 35.45 32.58 43.18 32.51

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 1,623,091 1,892,829 16.62 2,407,212 27.18 1,490,026 -38.10 792,965 -46.78 -16.4
Total Staff Count 27 28 3.70 28 0.00 21 -25.00 17 -19.05
Avg Remuneration 60,114 67,601 12.45 85,972 27.18 70,954 -17.47 46,645 -34.26 -6.2

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 1,082,621 1,129,229 4.31 1,184,686 4.91 1,106,545 -6.60 1,002,141 -9.44 -1.9

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 8.8 6.2 0.6 17.6 11.0
P.B.I.T. Margin 8.8 6.2 0.6 17.6 11.0
Pre-tax Margin 8.8 6.2 0.6 17.6 11.0
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