Séries+

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
205421564 Séries+ 8504652 Canada Inc. Corus Entertainment Inc. Specialty (category A service) 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 8,631,345 9,055,881 4.92 9,147,987 1.02 9,629,343 5.26 10,419,953 8.21 4.82
DTH revenue 2,961,267 2,990,575 0.99 3,022,197 1.06 3,434,738 13.65 3,509,951 2.19 4.34
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 17,044,289 17,884,804 4.93 18,405,372 2.91 19,612,951 6.56 19,475,134 -0.70 3.39
Other revenue 0 0 n/a 0 n/a 0 n/a 842 n/a n/a
Total Revenue 28,636,901 29,931,260 4.52 30,575,556 2.15 32,677,032 6.87 33,405,880 2.23 3.93

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 7,879,869 9,006,943 14.30 9,246,058 2.65 9,389,530 1.55 7,747,589 -17.49 -0.42
Technical 824,660 829,933 0.64 763,077 -8.06 774,382 1.48 1,553,250 100.58 17.15
Sales and Promotion 1,520,991 1,572,254 3.37 1,836,926 16.83 1,379,436 -24.91 1,819,210 31.88 4.58
Administration and General 1,347,710 2,152,421 59.71 2,104,733 -2.22 2,107,047 0.11 2,893,064 37.30 21.04
Total Expenses 11,573,230 13,561,551 17.18 13,950,794 2.87 13,650,395 -2.15 14,013,113 2.66 4.9

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 17,063,671 16,369,709   16,624,762   19,026,637   19,392,767    
Depreciation 0 0 n/a 0 n/a 0 n/a 98,289 n/a n/a
P.B.I.T. 17,063,671 16,369,709   16,624,762   19,026,637   19,294,478    
Interest Expense 0 0 n/a 0 n/a 0 n/a -1,631 n/a  
Adjustments - Gain (Loss) 0 0 n/a 0 n/a 0 n/a -115,609 n/a  
Pre-tax Profit 17,063,671 16,369,709   16,624,762   19,026,637   19,180,500    

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 2,871,248 3,395,236 18.25 3,049,110 -10.19 2,675,927 -12.24 2,058,080 -23.09 -7.99
Script & concept 90,000 13,025 -85.53 28,333 117.53 47,996 69.40 246,901 414.42 28.7
Filler Programming + Program Production 1,446,674 1,542,165 6.60 1,537,321 -0.31 1,457,214 -5.21 795,404 -45.42 -13.89
Investment in Programming 0 0 n/a 0 n/a 0 n/a 1,083,135 n/a n/a
Total Canadian Programming 4,407,922 4,950,426 12.31 4,614,764 -6.78 4,181,137 -9.40 4,183,520 0.06 -1.3
Canadian Programming/Revenue (%) 15.39 16.54   15.09   12.80   12.52 -2.16  

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 2,596,013 2,850,241 9.79 2,817,135 -1.16 2,839,792 0.80 1,227,540 -56.77 -17.08
Total Staff Count 26 27 3.85 28 3.70 28 0.00 17.39 -37.90  
Avg Remuneration 99,847 105,564 5.73 100,612 -4.69 101,421 0.80 70,589 -30.40 -8.3

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 2,057,945 2,098,941 1.99 2,088,135 -0.51 2,079,697 -0.40 1,478,608 -28.90  

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 59.6 54.7   54.4   58.2   58.1    
P.B.I.T. Margin 59.6 54.7   54.4   58.2   57.8    
Pre-tax Margin 59.6 54.7   54.4   58.2   57.4    
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