Pay and Specialty - ichannel

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
305424046 ichannel Stornoway Communications Limited Partnership Smith, Vincent & Co. Ltd. Specialty (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 1,709,798 2,232,851 30.59 2,124,753 -4.84 1,953,047 -8.08 1,749,117 -10.44 0.6
DTH revenue 2,203,869 2,080,214 -5.61 1,915,202 -7.93 1,734,340 -9.44 1,830,319 5.53 -4.5
Local advertising revenue 0 0 0 0 0
National advertising revenue 302,901 405,966 34.03 298,940 -26.36 70,158 -76.53 78,798 12.32 -28.6
Other revenue 0 0 1,553,487 198,036 -87.25 242,114 22.26
Total Revenue 4,216,568 4,719,031 11.92 5,892,382 24.86 3,955,581 -32.87 3,900,348 -1.40 -1.9

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 1,689,960 1,810,308 7.12 2,755,554 52.21 1,376,308 -50.05 1,097,652 -20.25 -10.2
Technical 1,265,967 1,302,760 2.91 807,564 -38.01 797,774 -1.21 780,544 -2.16 -11.4
Sales and Promotion 295,738 408,820 38.24 540,695 32.26 481,684 -10.91 142,420 -70.43 -16.7
Administration and General 705,356 1,168,245 65.62 749,986 -35.80 865,308 15.38 1,570,636 81.51 22.2
Total Expenses 3,957,021 4,690,133 18.53 4,853,799 3.49 3,521,074 -27.46 3,591,252 1.99 -2.4

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 259,547 28,898 1,038,583 434,507 309,096
Depreciation 0 0 0 0 0
P.B.I.T. 259,547 28,898 1,038,583 434,507 309,096
Interest Expense 0 0 0 0 0
Adjustments - Gain (Loss) 0 0 0 0 0
Pre-tax Profit 259,547 28,898 1,038,583 434,507 309,096

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 372,262 422,983 13.63 407,716 -3.61 610,231 49.67 253,748 -58.42 -9.1
Script & concept 0 0 0 0 0
Filler Programming + Program Production 1,122,407 1,114,318 -0.72 2,136,872 91.77 675,586 -68.38 649,058 -3.93 -12.8
Investment in Programming 0 0 0 0 0
Total Canadian Programming 1,494,669 1,537,301 2.85 2,544,588 65.52 1,285,817 -49.47 902,806 -29.79 -11.8
Canadian Programming/Revenue (%) 35.45 32.58 43.18 32.51 23.15

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 1,892,829 2,407,212 27.18 1,490,026 -38.10 792,965 -46.78 1,050,480 32.47 -13.7
Average Staff Count 28 28 0.00 21 -25.00 17 -19.05 13 -23.53
Avg Remuneration ($) 67,601 85,972 27.18 70,954 -17.47 46,645 -34.26 80,806 73.24 4.6

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 1,129,229 1,184,686 4.91 1,106,545 -6.60 1,002,141 -9.44 899,843 -10.21 -5.5

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 6.2 0.6 17.6 11.0 7.9
P.B.I.T. Margin 6.2 0.6 17.6 11.0 7.9
Pre-tax Margin 6.2 0.6 17.6 11.0 7.9

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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