CMT (formerly Country Music Television)

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
435413778 CMT (formerly Country Music Television) Country Music Television Ltd. Corus Entertainment Inc. Specialty (category A service) 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 3,587,689 3,800,521 5.93 3,471,732 -8.65 3,282,503 -5.45 2,959,197 -9.85 -4.7
DTH revenue 1,203,218 1,232,551 2.44 1,263,100 2.48 1,249,811 -1.05 1,275,875 2.09 1.5
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 22,196,367 25,644,028 15.53 24,539,232 -4.31 20,190,088 -17.72 15,388,515 -23.78 -8.8
Other revenue 45,815 6,790 -85.18 0 -100.00 0 n/a 0 n/a
Total Revenue 27,033,089 30,683,890 13.50 29,274,064 -4.59 24,722,402 -15.55 19,623,587 -20.62 -7.7

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 10,835,173 10,323,355 -4.72 11,988,205 16.13 12,371,403 3.20 12,090,952 -2.27 2.8
Technical 771,967 735,160 -4.77 661,814 -9.98 593,260 -10.36 518,852 -12.54 -9.5
Sales and Promotion 3,182,758 3,680,334 15.63 3,333,580 -9.42 2,823,545 -15.30 944,161 -66.56 -26.2
Administration and General 4,183,328 4,660,925 11.42 4,530,905 -2.79 3,750,292 -17.23 2,628,576 -29.91 -11.0
Total Expenses 18,973,226 19,399,774 2.25 20,514,504 5.75 19,538,500 -4.76 16,182,541 -17.18 -3.9

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 8,059,863 11,284,116 8,759,560 5,183,902 3,441,046
Depreciation 44,294 3,281 -92.59 1,026,209 >999± 1,128,969 10.01 786,933 -30.30 105.3
P.B.I.T. 8,015,569 11,280,835 7,733,351 4,054,933 2,654,113
Interest Expense 108,224 177,964 64.44 299,375 68.22 387,582 29.46 478,459 23.45
Adjustments - Gain (Loss) 1,556,981 308,202 -80.21 689,060 123.57 -142,037 -120.61 7,941 -105.59
Pre-tax Profit 9,464,326 11,411,073 8,123,036 3,525,314 2,183,595

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 6,662,209 6,923,365 3.92 7,961,724 15.00 8,519,366 7.00 7,859,376 -7.75 4.2
Script & concept 178,233 208,502 16.98 247,093 18.51 279,642 13.17 349,086 24.83 18.3
Filler Programming + Program Production 613,471 533,824 -12.98 872,363 63.42 766,980 -12.08 638,023 -16.81 1.0
Investment in Programming 0 0 n/a 47,500 n/a 60,000 26.32 140,443 134.07 n/a
Total Canadian Programming 7,453,913 7,665,691 2.84 9,128,680 19.08 9,625,988 5.45 8,986,928 -6.64 4.8
Canadian Programming/Revenue (%) 27.57 24.98 31.18 38.94 45.80

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 3,262,633 3,792,996 16.26 3,624,419 -4.44 2,429,796 -32.96 741,969 -69.46 -30.9
Total Staff Count 52 69 32.69 70 1.45 56 -20.00 26 -53.57
Avg Remuneration 62,743 54,971 -12.39 51,777 -5.81 43,389 -16.20 28,537 -34.23 -17.9

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 10,541,679 10,627,113 0.81 10,654,934 0.26 10,577,182 -0.73 10,220,615 -3.37 -0.8

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 29.8 36.8 29.9 21.0 17.5
P.B.I.T. Margin 29.7 36.8 26.4 16.4 13.5
Pre-tax Margin 35.0 37.2 27.7 14.3 11.1
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