Telelatino

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
314600552 Telelatino Telelatino Network 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 7,394,115 7,875,119 6.51 7,333,854 -6.87 5,642,077 -23.07 6,032,701 6.92 -5.0
DTH revenue 2,319,186 2,325,539 0.27 2,372,295 2.01 2,456,230 3.54 2,793,374 13.73 4.8
Local advertising revenue 3,678,076 3,270,427 -11.08 2,711,358 -17.09 2,734,488 0.85 2,548,189 -6.81 -8.8
National advertising revenue 8,752,146 6,845,046 -21.79 6,524,460 -4.68 4,783,289 -26.69 4,922,732 2.92 -13.4
Other revenue 0 0 n/a 0 n/a 0 n/a 0 n/a
Total Revenue 22,143,523 20,316,131 -8.25 18,941,967 -6.76 15,616,084 -17.56 16,296,996 4.36 -7.4

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 7,368,728 7,732,324 4.93 6,833,571 -11.62 5,168,501 -24.37 5,694,300 10.17 -6.2
Technical 401,474 218,986 -45.45 323,001 47.50 277,303 -14.15 166,490 -39.96 -19.8
Sales and Promotion 2,145,704 1,726,564 -19.53 1,716,469 -0.58 1,593,134 -7.19 1,497,133 -6.03 -8.6
Administration and General 1,405,187 1,271,820 -9.49 1,416,786 11.40 1,214,054 -14.31 1,137,514 -6.30 -5.2
Total Expenses 11,321,093 10,949,694 -3.28 10,289,827 -6.03 8,252,992 -19.79 8,495,437 2.94 -6.9

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 10,822,430 9,366,437 8,652,140 7,363,092 7,801,559
Depreciation 214,442 365,425 70.41 322,508 -11.74 361,262 12.02 472,331 30.74 21.8
P.B.I.T. 10,607,988 9,001,012 8,329,632 7,001,830 7,329,228
Interest Expense 1,123 3,450 207.21 15,844 359.25 29,435 85.78 4,299 -85.39
Adjustments - Gain (Loss) 2,408,737 3,076,259 27.71 4,432,660 44.09 3,407,210 -23.13 3,790,660 11.25
Pre-tax Profit 13,015,602 12,073,821 12,746,448 10,379,605 11,115,589

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 73,885 44,711 -39.49 58,295 30.38 83,597 43.40 133,076 59.19 15.9
Script & concept 250,000 250,000 0.00 250,000 0.00 250,000 0.00 250,000 0.00 0.0
Filler Programming + Program Production 4,407,097 4,878,737 10.70 3,732,847 -23.49 3,645,231 -2.35 2,766,486 -24.11 -11.0
Investment in Programming 0 0 n/a 0 n/a 0 n/a 718,772 n/a n/a
Total Canadian Programming 4,730,982 5,173,448 9.35 4,041,142 -21.89 3,978,828 -1.54 3,868,334 -2.78 -4.9
Canadian Programming/Revenue (%) 21.37 25.46 21.33 25.48 23.74

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 4,383,422 4,135,678 -5.65 3,854,438 -6.80 3,687,520 -4.33 3,117,780 -15.45 -8.2
Total Staff Count 73 66 -9.59 60 -9.09 55 -8.33 55 0.00
Avg Remuneration 60,047 62,662 4.35 64,241 2.52 67,046 4.37 56,687 -15.45 -1.4

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 5,238,921 5,202,520 -0.69 4,924,380 -5.35 4,329,579 -12.08 4,327,035 -0.06 -4.7

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 48.9 46.1 45.7 47.2 47.9
P.B.I.T. Margin 47.9 44.3 44.0 44.8 45.0
Pre-tax Margin 58.8 59.4 67.3 66.5 68.2
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