Pay and Specialty - NatGeo Wild

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
535434584 NatGeo Wild NGC Channel Inc. Shaw Communications Inc. Specialty (category B service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 189,346 3,536,421 >999± 3,627,921 2.59 3,166,711 -12.71
DTH revenue 160,447 538,988 235.93 531,163 -1.45 522,817 -1.57
Local advertising revenue 0 0 0 0
National advertising revenue 158,689 2,024,021 >999± 2,249,949 11.16 2,134,931 -5.11
Other revenue 0 0 0 0
Total Revenue 508,482 6,099,430 >999± 6,409,033 5.08 5,824,459 -9.12

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 303,943 1,424,278 368.60 1,693,509 18.90 2,128,160 25.67
Technical 210,894 827,714 292.48 774,635 -6.41 788,137 1.74
Sales and Promotion 306,323 533,188 74.06 454,337 -14.79 476,391 4.85
Administration and General 639,579 2,091,740 227.05 2,239,623 7.07 2,445,741 9.20
Total Expenses 1,460,739 4,876,920 233.87 5,162,104 5.85 5,838,429 13.10

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income -952,257 1,222,510 1,246,929 -13,970
Depreciation 0 0 0 0
P.B.I.T. -952,257 1,222,510 1,246,929 -13,970
Interest Expense 0 0 0 0
Adjustments - Gain (Loss) 0 0 0 0
Pre-tax Profit -952,257 1,222,510 1,246,929 -13,970

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 41,942 54,138 29.08 63,107 16.57 143,823 127.90
Script & concept 0 0 0 0
Filler Programming + Program Production 24,902 314,490 >999± 339,343 7.90 326,610 -3.75
Investment in Programming 0 0 0 0
Total Canadian Programming 66,844 368,628 451.48 402,450 9.18 470,433 16.89
Canadian Programming/Revenue (%) 13.15 6.04 6.28 8.08

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 368,987 1,223,382 231.55 928,357 -24.12 853,733 -8.04
Average Staff Count 3 14 366.67 10 -28.57 9 -10.00
Avg Remuneration ($) 122,996 87,384 -28.95 92,836 6.24 94,859 2.18

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 274,023 2,991,975 991.87 2,906,056 -2.87 2,748,145 -5.43

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin -187.3 20.0 19.5 -0.2
P.B.I.T. Margin -187.3 20.0 19.5 -0.2
Pre-tax Margin -187.3 20.0 19.5 -0.2

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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