Pay and Specialty - H2 (formerly The Cave, Men 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
205424055 H2 (formerly The Cave, Men TV) Men TV General Partnership Shaw Communications Inc. Specialty (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 1,592,768 2,194,785 37.80 3,038,263 38.43 3,896,878 28.26 4,413,737 13.26 29.0
DTH revenue 2,723,514 2,494,045 -8.43 1,933,948 -22.46 1,667,539 -13.78 1,617,543 -3.00 -12.2
Local advertising revenue 0 0 0 0 0
National advertising revenue 440,078 238,540 -45.80 1,573,364 559.58 2,529,976 60.80 3,326,868 31.50 65.8
Other revenue 862 765 -11.25 0 -100.00 0 0 -100.0
Total Revenue 4,757,222 4,928,135 3.59 6,545,575 32.82 8,094,393 23.66 9,358,148 15.61 18.4

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 3,009,409 4,958,284 64.76 2,161,740 -56.40 2,075,169 -4.00 2,091,790 0.80 -8.7
Technical 1,183,277 952,961 -19.46 815,077 -14.47 767,551 -5.83 782,914 2.00 -9.8
Sales and Promotion 312,180 211,931 -32.11 339,740 60.31 172,692 -49.17 176,599 2.26 -13.3
Administration and General 465,774 291,623 -37.39 1,548,134 430.87 1,806,090 16.66 2,091,422 15.80 45.6
Total Expenses 4,970,640 6,414,799 29.05 4,864,691 -24.16 4,821,502 -0.89 5,142,725 6.66 0.9

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income -213,418 -1,486,664 1,680,884 3,272,891 4,215,423
Depreciation 0 0 13,238 19,513 47.40 19,513 0.00
P.B.I.T. -213,418 -1,486,664 1,667,646 3,253,378 4,195,910
Interest Expense 3,039 0 -100.00 -160 0 -100.00 0
Adjustments - Gain (Loss) 0 0 0 0 0
Pre-tax Profit -216,457 -1,486,664 1,667,806 3,253,378 4,195,910

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 2,035,753 3,946,246 93.85 72,351 -98.17 26,156 -63.85 44,326 69.47 -61.6
Script & concept 0 0 0 0 0
Filler Programming + Program Production 0 0 538,325 525,957 -2.30 490,793 -6.69
Investment in Programming 16,667 0 -100.00 0 0 0 -100.0
Total Canadian Programming 2,052,420 3,946,246 92.27 610,676 -84.53 552,113 -9.59 535,119 -3.08 -28.5
Canadian Programming/Revenue (%) 43.14 80.08 9.33 6.82 5.72

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 0 0 1,528,956 1,321,682 -13.56 1,193,726 -9.68
Average Staff Count 0 0 17 15 -11.76 13 -13.33
Avg Remuneration ($) 89,939 88,112 -2.03 91,825 4.21

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 906,563 969,484 6.94 3,093,204 219.06 2,954,240 -4.49 2,816,403 -4.67 32.8

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin -4.5 -30.2 25.7 40.4 45.0
P.B.I.T. Margin -4.5 -30.2 25.5 40.2 44.8
Pre-tax Margin -4.6 -30.2 25.5 40.2 44.8

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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