Pay and Specialty - Fyi (formerly Twist TV)

Individual Pay, Pay-per-view, Video-on-demand and Specialty Services - Financial Summary 2011-2015

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
305424020 Fyi (formerly Twist TV) Discovery Health Channel Canada ULC Shaw Communications Inc. Specialty (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 2,162,600 3,112,766 43.94 3,454,359 10.97 3,519,931 1.90 3,731,251 6.00 14.6
DTH revenue 2,223,989 2,002,985 -9.94 1,807,164 -9.78 1,804,910 -0.12 1,840,292 1.96 -4.6
Local advertising revenue 0 0 0 0 0
National advertising revenue 1,953,502 1,864,550 -4.55 1,761,425 -5.53 1,677,730 -4.75 2,604,722 55.25 7.5
Other revenue 0 0 0 0 0
Total Revenue 6,340,091 6,980,301 10.10 7,022,948 0.61 7,002,571 -0.29 8,176,265 16.76 6.6

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 1,641,390 2,475,992 50.85 1,888,235 -23.74 2,038,453 7.96 2,449,179 20.15 10.5
Technical 697,495 675,368 -3.17 657,017 -2.72 597,951 -8.99 594,381 -0.60 -3.9
Sales and Promotion 633,262 202,177 -68.07 121,434 -39.94 104,531 -13.92 89,702 -14.19 -38.7
Administration and General 1,105,350 847,679 -23.31 911,929 7.58 1,331,700 46.03 1,739,022 30.59 12.0
Total Expenses 4,077,497 4,201,216 3.03 3,578,615 -14.82 4,072,635 13.80 4,872,284 19.63 4.6

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 2,262,594 2,779,085 3,444,333 2,929,936 3,303,981
Depreciation 0 1,827 5,481 200.00 5,481 0.00 3,654 -33.33
P.B.I.T. 2,262,594 2,777,258 3,438,852 2,924,455 3,300,327
Interest Expense -298,246 -460,311 54.34 -801,820 74.19 -1,157,838 44.40 -1,358,514 17.33
Adjustments - Gain (Loss) 0 0 0 0 0
Pre-tax Profit 2,560,840 3,237,569 4,240,672 4,082,293 4,658,841

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 153,885 826,240 436.92 497,681 -39.77 499,204 0.31 83,328 -83.31 -14.2
Script & concept 0 0 0 0 0
Filler Programming + Program Production 350,361 407,519 16.31 307,095 -24.64 336,967 9.73 358,041 6.25 0.5
Investment in Programming 0 0 0 0 0
Total Canadian Programming 504,246 1,233,759 144.67 804,776 -34.77 836,171 3.90 441,369 -47.22 -3.3
Canadian Programming/Revenue (%) 7.95 17.67 11.46 11.94 5.40

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 716,407 985,035 37.50 929,671 -5.62 1,118,292 20.29 1,001,488 -10.44 8.7
Average Staff Count 9 12 33.33 10 -16.67 12 20.00 11 -8.33
Avg Remuneration ($) 79,601 82,086 3.12 92,967 13.26 93,191 0.24 91,044 -2.30 3.4

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 2,099,795 2,157,968 2.77 2,173,082 0.70 2,094,099 -3.63 2,062,738 -1.50 -0.4

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 35.7 39.8 49.0 41.8 40.4
P.B.I.T. Margin 35.7 39.8 49.0 41.8 40.4
Pre-tax Margin 40.4 46.4 60.4 58.3 57.0

CAGR = Compound Annual Growth Rate

DTH = Direct-to-Home

SMATV = Satellite Master Atenna Television

P.B.I.T. = Profit Before Interest and Tax

Var = Variation

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