Pay and Specialty - History Television

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
305417249 History Television History Television Inc. Shaw Communications Inc. Specialty (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 20,146,637 20,086,049 -0.30 19,673,570 -2.05 20,889,706 6.18 21,561,610 3.22 1.7
DTH revenue 7,418,228 7,587,516 2.28 7,303,705 -3.74 7,896,693 8.12 8,024,436 1.62 2.0
Local advertising revenue 0 0 0 0 0
National advertising revenue 43,001,682 48,539,043 12.88 51,387,451 5.87 48,918,133 -4.81 46,326,352 -5.30 1.9
Other revenue 0 0 0 0 0
Total Revenue 70,566,547 76,212,608 8.00 78,364,726 2.82 77,704,532 -0.84 75,912,398 -2.31 1.8

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 27,145,112 24,865,893 -8.40 26,535,039 6.71 22,849,926 -13.89 18,205,173 -20.33 -9.5
Technical 1,005,218 1,015,127 0.99 994,890 -1.99 1,066,278 7.18 1,104,626 3.60 2.4
Sales and Promotion 1,811,631 1,809,078 -0.14 1,664,250 -8.01 1,085,789 -34.76 949,921 -12.51 -14.9
Administration and General 3,196,694 2,476,111 -22.54 5,822,750 135.16 6,030,098 3.56 6,268,531 3.95 18.3
Total Expenses 33,158,655 30,166,209 -9.02 35,016,929 16.08 31,032,091 -11.38 26,528,251 -14.51 -5.4

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 37,407,892 46,046,399 43,347,797 46,672,441 49,384,147
Depreciation 0 3,654 68,495 >999± 63,383 -7.46 59,730 -5.76
P.B.I.T. 37,407,892 46,042,745 43,279,302 46,609,058 49,324,417
Interest Expense 19,260,963 26,509,580 37.63 26,069,154 -1.66 26,448,390 1.45 36,289,324 37.21
Adjustments - Gain (Loss) 6,081,936 0 -100.00 0 0 0
Pre-tax Profit 24,228,865 19,533,165 17,210,148 20,160,668 13,035,093

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 18,345,835 15,860,488 -13.55 16,593,791 4.62 13,398,653 -19.26 9,890,251 -26.18 -14.3
Script & concept 131,610 204,858 55.66 392,508 91.60 350,027 -10.82 20,645 -94.10 -37.1
Filler Programming + Program Production 1,704,381 1,948,836 14.34 2,034,604 4.40 1,681,940 -17.33 1,345,807 -19.98 -5.7
Investment in Programming 0 0 0 0 0
Total Canadian Programming 20,181,826 18,014,182 -10.74 19,020,903 5.59 15,430,620 -18.88 11,256,703 -27.05 -13.6
Canadian Programming/Revenue (%) 28.60 23.64 24.27 19.86 14.83

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 1,596,086 2,519,734 57.87 2,532,950 0.52 2,425,624 -4.24 2,117,637 -12.70 7.3
Average Staff Count 21 29 38.10 28 -3.45 27 -3.57 23 -14.81
Avg Remuneration ($) 76,004 86,887 14.32 90,463 4.11 89,838 -0.69 92,071 2.49 4.9

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 7,439,852 7,568,295 1.73 7,867,210 3.95 7,082,824 -9.97 6,949,911 -1.88 -1.7

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 53.0 60.4 55.3 60.1 65.1
P.B.I.T. Margin 53.0 60.4 55.2 60.0 65.0
Pre-tax Margin 34.3 25.6 22.0 25.9 17.2

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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