Super Channel (formerly Allarco Entertainment)

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
535422406 Super Channel (formerly Allarco Entertainment) Allarco Entertainment Limited Partnership Allard, Charles R. Pay-TV (category A service) 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 13,730,917 14,863,427 8.25 18,554,086 24.83 21,782,675 17.40 23,778,992 9.16 14.7
DTH revenue 11,725,985 16,381,243 39.70 16,609,244 1.39 14,776,697 -11.03 14,689,075 -0.59 5.8
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other revenue 0 0 n/a 0 n/a 0 n/a 0 n/a
Total Revenue 25,456,902 31,244,670 22.74 35,163,330 12.54 36,559,372 3.97 38,468,067 5.22 10.9

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 33,382,103 12,517,591 -62.50 30,220,768 141.43 28,867,320 -4.48 29,760,949 3.10 -2.8
Technical 1,927,188 2,076,277 7.74 2,073,648 -0.13 1,849,270 -10.82 1,852,185 0.16 -1.0
Sales and Promotion 769,199 1,303,507 69.46 1,410,619 8.22 1,534,843 8.81 1,427,560 -6.99 16.7
Administration and General 3,599,450 2,459,034 -31.68 2,209,972 -10.13 2,151,209 -2.66 2,590,816 20.44 -7.9
Total Expenses 39,677,940 18,356,409 -53.74 35,915,007 95.65 34,402,642 -4.21 35,631,510 3.57 -2.7

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income -14,221,038 12,888,261 -751,677 2,156,730 2,836,557
Depreciation 404,229 302,162 -25.25 199,988 -33.81 179,909 -10.04 177,469 -1.36 -18.6
P.B.I.T. -14,625,267 12,586,099 -951,665 1,976,821 2,659,088
Interest Expense 2,038,946 1,207,623 -40.77 1,075,438 -10.95 841,871 -21.72 0 -100.00
Adjustments - Gain (Loss) -4,569 389 -108.51 11,026 >999± -8,236 -174.70 -42,040 410.44
Pre-tax Profit -16,668,782 11,378,865 -2,016,077 1,126,714 2,617,048

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 5,262,745 4,231,515 -19.59 2,976,412 -29.66 5,071,342 70.38 8,480,734 67.23 12.7
Script & concept 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Filler Programming + Program Production 868,152 1,738,694 100.28 964,050 -44.55 853,349 -11.48 959,577 12.45 2.5
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 6,130,897 5,970,209 -2.62 3,940,462 -34.00 5,924,691 50.36 9,440,311 59.34 11.4
Canadian Programming/Revenue (%) 24.08 19.11 11.21 16.21 24.54

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 2,811,672 2,819,511 0.28 2,881,575 2.20 2,922,025 1.40 3,242,460 10.97 3.6
Total Staff Count 38 38 0.00 39 2.63 41 5.13 45 9.76
Avg Remuneration 73,991 74,198 0.28 73,887 -0.42 71,269 -3.54 72,055 1.10 -0.7

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 336,095 457,296 36.06 410,074 -10.33 453,483 10.59 432,411 -4.65 6.5

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin -55.9 41.2 -2.1 5.9 7.4
P.B.I.T. Margin -57.5 40.3 -2.7 5.4 6.9
Pre-tax Margin -65.5 36.4 -5.7 3.1 6.8
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