Pay and Specialty - ICI RDI

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
215413782 ICI RDI Canadian Broadcasting Corporation Canadian Broadcasting Corporation Specialty (category C service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 32,125,863 33,592,953 4.57 29,939,061 -10.88 30,747,126 2.70 33,652,973 9.45 1.2
DTH revenue 11,120,826 11,660,709 4.85 12,030,827 3.17 12,172,652 1.18 8,139,898 -33.13 -7.5
Local advertising revenue 0 0 0 0 0
National advertising revenue 10,168,591 11,113,580 9.29 12,009,267 8.06 11,997,541 -0.10 10,836,880 -9.67 1.6
Other revenue 667,872 642,292 -3.83 613,944 -4.41 1,823,983 197.09 1,640,589 -10.05 25.2
Total Revenue 54,083,152 57,009,534 5.41 54,593,099 -4.24 56,741,302 3.93 54,270,340 -4.35 0.1

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 37,641,514 36,242,261 -3.72 35,202,326 -2.87 42,750,510 21.44 40,696,808 -4.80 2.0
Technical 1,273,843 1,113,459 -12.59 1,360,344 22.17 1,929,605 41.85 2,101,420 8.90 13.3
Sales and Promotion 3,434,251 3,445,081 0.32 3,307,239 -4.00 3,348,180 1.24 2,890,014 -13.68 -4.2
Administration and General 2,039,022 1,826,764 -10.41 1,465,424 -19.78 5,009,328 241.83 4,483,340 -10.50 21.8
Total Expenses 44,388,630 42,627,565 -3.97 41,335,333 -3.03 53,037,623 28.31 50,171,582 -5.40 3.1

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 9,694,522 14,381,969 13,257,766 3,703,679 4,098,758
Depreciation 2,753,217 2,760,028 0.25 2,712,139 -1.74 2,830,977 4.38 2,707,201 -4.37 -0.4
P.B.I.T. 6,941,305 11,621,941 10,545,627 872,702 1,391,557
Interest Expense 0 0 0 329,339 365,149 10.87
Adjustments - Gain (Loss) 0 0 0 -2,343,139 -2,315,762 -1.17
Pre-tax Profit 6,941,305 11,621,941 10,545,627 -1,799,776 -1,289,354

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 1,525,700 1,521,464 -0.28 1,197,016 -21.32 949,154 -20.71 628,409 -33.79 -19.9
Script & concept 0 0 0 0 0
Filler Programming + Program Production 34,975,211 33,859,793 -3.19 33,548,024 -0.92 39,174,512 16.77 37,646,725 -3.90 1.9
Investment in Programming 0 0 0 0 41,316
Total Canadian Programming 36,500,911 35,381,257 -3.07 34,745,040 -1.80 40,123,666 15.48 38,316,450 -4.50 1.2
Canadian Programming/Revenue (%) 67.49 62.06 63.64 70.71 70.60

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 34,559,679 33,647,509 -2.64 32,614,515 -3.07 38,566,744 18.25 37,471,364 -2.84 2.0
Average Staff Count 371 356.8 -3.83 323 -9.47 372.18 15.23 358.64 -3.64
Avg Remuneration ($) 93,153 94,304 1.24 100,974 7.07 103,624 2.62 104,482 0.83 2.9

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 11,189,981 11,679,275 4.37 11,127,544 -4.72 11,186,678 0.53 10,853,504 -2.98 -0.8

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 17.9 25.2 24.3 6.5 7.6
P.B.I.T. Margin 12.8 20.4 19.3 1.5 2.6
Pre-tax Margin 12.8 20.4 19.3 -3.2 -2.4

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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