travel + escape

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
305423999 travel + escape Blue Ant Media Partnership Blue Ant Media Inc. Specialty (category A service) 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 2,331,574 3,051,299 30.87 3,013,003 -1.26 3,706,496 23.02 4,228,383 14.08 16.1
DTH revenue 2,708,830 2,064,510 -23.79 2,284,306 10.65 1,455,348 -36.29 1,533,247 5.35 -13.3
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 341,295 347,461 1.81 812,102 133.72 874,254 7.65 1,578,781 80.59 46.7
Other revenue 0 0 n/a 39,583 n/a 0 -100.00 0 n/a
Total Revenue 5,381,699 5,463,270 1.52 6,148,994 12.55 6,036,098 -1.84 7,340,411 21.61 8.1

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 2,668,145 3,354,044 25.71 3,272,935 -2.42 4,203,908 28.44 4,929,884 17.27 16.6
Technical 543,590 503,033 -7.46 836,462 66.28 1,019,191 21.85 868,381 -14.80 12.4
Sales and Promotion 335,790 144,896 -56.85 431,035 197.48 537,326 24.66 503,700 -6.26 10.7
Administration and General 648,964 1,273,015 96.16 1,375,276 8.03 414,522 -69.86 521,806 25.88 -5.3
Total Expenses 4,196,489 5,274,988 25.70 5,915,708 12.15 6,174,947 4.38 6,823,771 10.51 12.9

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 1,185,210 188,282 233,286 -138,849 516,640
Depreciation 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
P.B.I.T. 1,185,210 188,282 233,286 -138,849 516,640
Interest Expense 0 2,180 n/a 117,812 >999± 0 -100.00 0 n/a
Adjustments - Gain (Loss) 0 0 n/a 0 n/a 0 n/a 0 n/a
Pre-tax Profit 1,185,210 186,102 115,474 -138,849 516,640

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 70,546 2,682,610 >999± 1,015,566 -62.14 1,640,383 61.52 2,127,592 29.70 134.3
Script & concept 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Filler Programming + Program Production 2,491,622 0 -100.00 1,157,493 n/a 1,612,706 39.33 1,693,229 4.99 -9.2
Investment in Programming 0 0 n/a 107,468 n/a 113,194 5.33 0 -100.00 n/a
Total Canadian Programming 2,562,168 2,682,610 4.70 2,280,527 -14.99 3,366,283 47.61 3,820,821 13.50 10.5
Canadian Programming/Revenue (%) 47.61 49.10 37.09 55.77 52.05

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 172,394 821,547 376.55 1,605,801 95.46 0 -100.00 0 n/a -100.0
Total Staff Count 2.5 20 700.00 21.75 8.75 0 -100.00 0 n/a
Avg Remuneration 68,958 41,077 -40.43 73,830 79.73 n/a n/a n/a n/a n/a

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 1,005,141 1,068,275 6.28 1,116,322 4.50 4,573,419 309.69 4,385,911 -4.10 44.5

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 22.0 3.4 3.8 -2.3 7.0
P.B.I.T. Margin 22.0 3.4 3.8 -2.3 7.0
Pre-tax Margin 22.0 3.4 1.9 -2.3 7.0
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