Vertically Integrated Companies - Category B Specialty Services

Table of Contents

Reporting Units
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
($)       Reporting Units 24 24 27 27 27

Revenue
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 64,130,870 73,641,260 14.83 90,323,623 22.65 107,672,607 19.21 110,878,532 2.98 14.7
DTH revenue 43,501,236 45,561,226 4.74 47,077,375 3.33 47,292,808 0.46 47,927,601 1.34 2.5
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 33,602,713 46,205,991 37.51 57,577,453 24.61 67,291,122 16.87 74,719,219 11.04 22.1
Other revenue 670,489 779,864 16.31 735,960 -5.63 344,492 -53.19 393,538 14.24 -12.5
Total Revenue 141,905,308 166,188,341 17.11 195,714,411 17.77 222,601,029 13.74 233,918,890 5.08 13.3

Expenses
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 51,450,382 62,324,438 21.14 71,106,741 14.09 82,345,668 15.81 97,042,355 17.85 17.2
Technical 9,782,179 11,099,170 13.46 12,576,209 13.31 12,070,284 -4.02 11,600,463 -3.89 4.4
Sales and Promotion 9,385,110 10,930,411 16.47 10,159,591 -7.05 11,627,893 14.45 7,613,905 -34.52 -5.1
Administration and General 14,740,653 16,272,608 10.39 18,749,382 15.22 21,919,107 16.91 26,085,277 19.01 15.3
Total Expenses 85,358,324 100,626,627 17.89 112,591,923 11.89 127,962,952 13.65 142,342,000 11.24 13.6
Operating Income 56,546,984 65,561,714 83,122,488 94,638,077 91,576,890
Depreciation 1,332,473 1,761,136 32.17 1,515,493 -13.95 1,257,728 -17.01 1,317,912 4.79 -0.3
P.B.I.T. 55,214,511 63,800,578 81,606,995 93,380,349 90,258,978
Interest Expense 5,650,751 4,371,455 -22.64 2,242,440 -48.70 1,884,488 -15.96 1,310,771 -30.44
Adjustments - Gain (Loss) -867,927 181,544 -901,898 -1,926,638 -1,899,722
Pre-tax Profit 48,695,833 59,610,667 78,462,657 89,569,223 87,048,485

Canadian Programming Expenses
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 7,472,021 13,876,751 85.72 17,894,853 28.96 21,309,457 19.08 25,498,561 19.66 35.9
Script & concept 0 25,000 n/a 20,000 -20.00 65,703 228.52 31,545 -51.99 n/a
Filler Programming + Program Production 6,440,684 6,084,089 -5.54 10,208,786 67.79 11,203,241 9.74 9,930,996 -11.36 11.4
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 13,912,705 19,985,840 43.65 28,123,639 40.72 32,578,401 15.84 35,461,102 8.85 26.4
Canadian Programming/Revenue (%) 9.80 12.03 14.37 14.64 15.16
Total Remuneration 8,085,198 10,251,390 26.79 16,737,579 63.27 16,308,223 -2.57 15,952,575 -2.18 18.5
Total Staff Count 123.70 160.51 29.76 207.80 29.46 207.16 -0.31 182.81 -11.75
Avg Remuneration 65,361 63,868 -2.29 80,547 26.11 78,723 -2.26 87,263 10.85 7.5
Avg Remuneration excl. Benefits ($) 73,953

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 39.8 39.5 42.5 42.5 39.1
P.B.I.T. Margin 38.9 38.4 41.7 41.9 38.6
Pre-tax Margin 34.3 35.9 40.1 40.2 37.2
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