Cottage Life (formerly Bold)

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
405423948 Cottage Life (formerly Bold) Blue Ant Television Ltd. 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 1,536,081 1,473,616 -4.07 1,672,534 13.50 1,640,141 -1.94 1,587,616 -3.20 0.8
DTH revenue 2,642,329 2,508,560 -5.06 2,356,900 -6.05 2,342,618 -0.61 2,325,501 -0.73 -3.1
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 107,227 56,444 -47.36 61,115 8.28 18,108 -70.37 780,806 >999± 64.3
Other revenue 0 0 n/a 0 n/a 0 n/a 0 n/a
Total Revenue 4,285,637 4,038,620 -5.76 4,090,549 1.29 4,000,867 -2.19 4,693,923 17.32 2.3

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 2,372,856 3,334,188 40.51 1,527,962 -54.17 1,418,722 -7.15 1,082,256 -23.72 -17.8
Technical 848,927 826,246 -2.67 724,538 -12.31 621,187 -14.26 810,250 30.44 -1.2
Sales and Promotion 706,327 256,345 -63.71 486,262 89.69 325,648 -33.03 785,394 141.18 2.7
Administration and General 30,206 27,716 -8.24 34,157 23.24 700,136 >999± 1,322,590 88.90 157.2
Total Expenses 3,958,316 4,444,495 12.28 2,772,919 -37.61 3,065,693 10.56 4,000,490 30.49 0.3

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 327,321 -405,875 1,317,630 935,174 693,433
Depreciation 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
P.B.I.T. 327,321 -405,875 1,317,630 935,174 693,433
Interest Expense 0 0 n/a 0 n/a 0 n/a 0 n/a
Adjustments - Gain (Loss) 0 0 n/a 0 n/a 0 n/a 0 n/a
Pre-tax Profit 327,321 -405,875 1,317,630 935,174 693,433

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 702,605 954,785 35.89 685,448 -28.21 345,859 -49.54 520,868 50.60 -7.2
Script & concept 64,810 0 -100.00 0 n/a 0 n/a 0 n/a -100.0
Filler Programming + Program Production 777,245 1,105,678 42.26 391,338 -64.61 93,253 -76.17 455,229 388.17 -12.5
Investment in Programming 0 855,099 n/a 8,775 -98.97 414,273 >999± 0 -100.00 n/a
Total Canadian Programming 1,544,660 2,915,562 88.75 1,085,561 -62.77 853,385 -21.39 976,097 14.38 -10.8
Canadian Programming/Revenue (%) 36.04 72.19 26.54 21.33 20.79

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 657,532 709,727 7.94 671,322 -5.41 323,949 -51.74 0 -100.00 -100.0
Total Staff Count 8 8 0.00 7.5 -6.25 4.38 -41.60 0 -100.00
Avg Remuneration 82,192 88,716 7.94 89,510 0.89 73,961 -17.37 n/a n/a n/a

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 2,088,065 2,662,024 27.49 2,635,696 -0.99 2,565,383 -2.67 2,509,466 -2.18 4.7

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 7.6 -10.0 32.2 23.4 14.8
P.B.I.T. Margin 7.6 -10.0 32.2 23.4 14.8
Pre-tax Margin 7.6 -10.0 32.2 23.4 14.8
Date modified: