DTOUR (formerly TVtropolis)

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
305417299 DTOUR (formerly TVtropolis) TVtropolis General Partnership Shaw Communications Inc. Specialty (category A service) 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 10,885,028 10,972,219 0.80 10,622,994 -3.18 10,789,186 1.56 10,824,411 0.33 -0.1
DTH revenue 3,622,546 3,505,084 -3.24 3,453,772 -1.46 3,766,653 9.06 3,831,390 1.72 1.4
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 30,283,789 27,113,111 -10.47 23,877,768 -11.93 17,508,955 -26.67 12,378,789 -29.30 -20.0
Other revenue 555 308 -44.50 113 -63.31 1 -99.12 0 -100.00
Total Revenue 44,791,918 41,590,722 -7.15 37,954,647 -8.74 32,064,795 -15.52 27,034,590 -15.69 -11.9

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 29,344,365 27,674,301 -5.69 18,184,542 -34.29 12,050,839 -33.73 9,475,433 -21.37 -24.6
Technical 528,597 566,669 7.20 855,538 50.98 722,057 -15.60 622,640 -13.77 4.2
Sales and Promotion 4,220,354 4,219,958 -0.01 2,983,149 -29.31 1,153,190 -61.34 817,556 -29.10 -33.7
Administration and General 1,593,476 1,513,375 -5.03 1,572,954 3.94 1,575,452 0.16 2,234,107 41.81 8.8
Total Expenses 35,686,792 33,974,303 -4.80 23,596,183 -30.55 15,501,538 -34.30 13,149,736 -15.17 -22.1

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 9,105,126 7,616,419 14,358,464 16,563,257 13,884,854
Depreciation 0 0 n/a 0 n/a 1,454 n/a 10,523 623.73 n/a
P.B.I.T. 9,105,126 7,616,419 14,358,464 16,561,803 13,874,331
Interest Expense 0 0 n/a -32,929 n/a -28,964 -12.04 -9,739 -66.38
Adjustments - Gain (Loss) -31,839 -20,821 -34.61 0 -100.00 0 n/a 0 n/a
Pre-tax Profit 9,073,287 7,595,598 14,391,393 16,590,767 13,884,070

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 20,710,213 19,179,790 -7.39 13,286,978 -30.72 7,609,721 -42.73 5,055,174 -33.57 -29.7
Script & concept 0 0 n/a 117,996 n/a 236,348 100.30 30,000 -87.31 n/a
Filler Programming + Program Production 0 0 n/a 790,779 n/a 781,317 -1.20 778,418 -0.37 n/a
Investment in Programming 0 213,000 n/a 0 -100.00 0 n/a 0 n/a n/a
Total Canadian Programming 20,710,213 19,392,790 -6.36 14,195,753 -26.80 8,627,386 -39.23 5,863,592 -32.04 -27.1
Canadian Programming/Revenue (%) 46.24 46.63 37.40 26.91 21.69

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 1,240,859 2,047,250 64.99 1,516,190 -25.94 1,745,822 15.15 2,052,093 17.54 13.4
Total Staff Count 22 28 27.27 20 -28.57 22 10.00 25 13.64
Avg Remuneration 56,403 73,116 29.63 75,810 3.68 79,356 4.68 82,084 3.44 9.8

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 6,445,687 6,263,767 -2.82 6,014,856 -3.97 5,759,675 -4.24 5,335,548 -7.36 -4.6

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 20.3 18.3 37.8 51.7 51.4
P.B.I.T. Margin 20.3 18.3 37.8 51.7 51.3
Pre-tax Margin 20.3 18.3 37.9 51.7 51.4
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