Pay and Specialty - Historia

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
205421556 Historia 8504644 Canada Inc. Corus Entertainment Inc. Specialty (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 9,759,547 9,796,482 0.38 10,219,559 4.32 10,779,938 5.48 9,232,825 -14.35 -1.4
DTH revenue 3,226,014 3,235,325 0.29 3,553,770 9.84 3,531,749 -0.62 4,454,578 26.13 8.4
Local advertising revenue 0 0 0 0 0
National advertising revenue 6,899,443 6,710,574 -2.74 7,520,139 12.06 8,035,582 6.85 6,632,382 -17.46 -1.0
Other revenue 0 0 0 0 31,135
Total Revenue 19,885,004 19,742,381 -0.72 21,293,468 7.86 22,347,269 4.95 20,350,920 -8.93 0.6

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 6,453,382 6,530,503 1.20 6,657,029 1.94 5,298,019 -20.41 4,093,535 -22.73 -10.8
Technical 829,902 763,075 -8.05 774,380 1.48 1,174,366 51.65 424,125 -63.88 -15.5
Sales and Promotion 1,376,033 1,350,300 -1.87 1,002,584 -25.75 1,161,547 15.86 1,080,063 -7.02 -5.9
Administration and General 2,000,022 1,963,012 -1.85 2,004,891 2.13 2,045,671 2.03 1,957,431 -4.31 -0.5
Total Expenses 10,659,339 10,606,890 -0.49 10,438,884 -1.58 9,679,603 -7.27 7,555,154 -21.95 -8.3

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 9,225,665 9,135,491 10,854,584 12,667,666 12,795,766
Depreciation 0 0 0 98,289 89,731 -8.71
P.B.I.T. 9,225,665 9,135,491 10,854,584 12,569,377 12,706,035
Interest Expense 0 0 0 235 36,817 >999±
Adjustments - Gain (Loss) 0 0 0 121,297 -4,180,218 >999±
Pre-tax Profit 9,225,665 9,135,491 10,854,584 12,690,439 8,489,000

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 2,897,925 3,259,940 12.49 3,374,031 3.50 2,093,605 -37.95 2,052,307 -1.97 -8.3
Script & concept 48,217 54,117 12.24 71,667 32.43 225,101 214.09 433,036 92.37 73.1
Filler Programming + Program Production 1,551,174 1,434,120 -7.55 1,455,790 1.51 682,878 -53.09 605,277 -11.36 -21.0
Investment in Programming 0 0 0 1,336,796 1,125 -99.92
Total Canadian Programming 4,497,316 4,748,177 5.58 4,901,488 3.23 4,338,380 -11.49 3,091,745 -28.74 -8.9
Canadian Programming/Revenue (%) 22.62 24.05 23.02 19.41 15.19

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 2,678,016 2,569,102 -4.07 2,670,367 3.94 963,729 -63.91 1,550,704 60.91 -12.8
Average Staff Count 26 26 0.00 28 7.69 15.22 -45.64 51 235.09
Avg Remuneration ($) 103,001 98,812 -4.07 95,370 -3.48 63,320 -33.61 30,406 -51.98 -26.3

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 2,086,731 2,071,675 -0.72 2,060,048 -0.56 1,478,608 -28.22 1,434,966 -2.95 -8.9

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 46.4 46.3 51.0 56.7 62.9
P.B.I.T. Margin 46.4 46.3 51.0 56.2 62.4
Pre-tax Margin 46.4 46.3 51.0 56.8 41.7

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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