Pay and Specialty - Max Front Row

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
535417712 Max Front Row Saskatchewan Telecommunications Saskatchewan Telecommunications Video-on-Demand 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 2,419,772 2,541,512 5.03 2,304,903 -9.31 2,217,556 -3.79 1,908,228 -13.95 -5.8
DTH revenue 0 0 0 0 0
Local advertising revenue 0 0 0 0 0
National advertising revenue 0 0 0 0 0
Other revenue 0 0 0 0 0
Total Revenue 2,419,772 2,541,512 5.03 2,304,903 -9.31 2,217,556 -3.79 1,908,228 -13.95 -5.8

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 3,193,622 3,743,185 17.21 4,509,942 20.48 3,147,562 -30.21 3,269,655 3.88 0.6
Technical 0 0 0 0 0
Sales and Promotion 0 0 0 0 0
Administration and General 151,636 222,749 46.90 211,322 -5.13 202,825 -4.02 152,203 -24.96 0.1
Total Expenses 3,345,258 3,965,934 18.55 4,721,264 19.05 3,350,387 -29.04 3,421,858 2.13 0.6

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income -925,486 -1,424,422 -2,416,361 -1,132,831 -1,513,630
Depreciation 0 0 0 0 0
P.B.I.T. -925,486 -1,424,422 -2,416,361 -1,132,831 -1,513,630
Interest Expense 0 0 0 0 0
Adjustments - Gain (Loss) 0 0 0 0 0
Pre-tax Profit -925,486 -1,424,422 -2,416,361 -1,132,831 -1,513,630

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 120,398 104,323 -13.35 104,604 0.27 82,731 -20.91 97,688 18.08 -5.1
Script & concept 0 0 0 0 0
Filler Programming + Program Production 0 0 0 0 0
Investment in Programming 0 0 0 0 0
Total Canadian Programming 120,398 104,323 -13.35 104,604 0.27 82,731 -20.91 97,688 18.08 -5.1
Canadian Programming/Revenue (%) 4.98 4.10 4.54 3.73 5.12

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 30,647 95,674 212.18 96,077 0.42 91,948 -4.30 56,791 -38.24 16.7
Average Staff Count 1 1 0.00 1 0.00 1 0.00 1 0.00
Avg Remuneration ($) 30,647 95,674 212.18 96,077 0.42 91,948 -4.30 56,791 -38.24 16.7

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin -38.2 -56.0 -104.8 -51.1 -79.3
P.B.I.T. Margin -38.2 -56.0 -104.8 -51.1 -79.3
Pre-tax Margin -38.2 -56.0 -104.8 -51.1 -79.3

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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