Pay and Specialty - Odyssey (formerly OTN)

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
305417413 Odyssey (formerly OTN) Odyssey Television Network Inc. Maniatakos, Peter Specialty (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 780,105 1,101,694 41.22 1,123,864 2.01 1,041,453 -7.33 1,068,951 2.64 8.2
DTH revenue 919,798 885,737 -3.70 902,996 1.95 1,151,069 27.47 1,226,935 6.59 7.5
Local advertising revenue 114,295 122,350 7.05 136,278 11.38 138,177 1.39 98,888 -28.43 -3.6
National advertising revenue 0 0 5,897 91,285 >999± 63,750 -30.16
Other revenue 0 0 0 0 0
Total Revenue 1,814,198 2,109,781 16.29 2,169,035 2.81 2,421,984 11.66 2,458,524 1.51 7.9

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 1,115,863 1,289,472 15.56 1,401,708 8.70 1,605,107 14.51 1,377,215 -14.20 5.4
Technical 118,382 131,643 11.20 115,700 -12.11 153,937 33.05 150,115 -2.48 6.1
Sales and Promotion 12,753 8,993 -29.48 19,135 112.78 58,080 203.53 18,556 -68.05 9.8
Administration and General 76,882 149,543 94.51 59,051 -60.51 86,544 46.56 110,331 27.49 9.5
Total Expenses 1,323,880 1,579,651 19.32 1,595,594 1.01 1,903,668 19.31 1,656,217 -13.00 5.8

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 490,318 530,130 573,441 518,316 802,307
Depreciation 32,873 32,110 -2.32 24,333 -24.22 32,726 34.49 33,155 1.31 0.2
P.B.I.T. 457,445 498,020 549,108 485,590 769,152
Interest Expense 1,165 12,294 955.28 5,157 -58.05 5,622 9.02 3,503 -37.69
Adjustments - Gain (Loss) 0 5,234 -4,833 -192.34 0 -100.00 0
Pre-tax Profit 456,280 490,960 539,118 479,968 765,649

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 0 0 0 0 0
Script & concept 50,000 50,000 0.00 50,000 0.00 50,000 0.00 50,000 0.00 0.0
Filler Programming + Program Production 626,896 762,279 21.60 762,183 -0.01 884,739 16.08 800,040 -9.57 6.3
Investment in Programming 0 0 0 0 0
Total Canadian Programming 676,896 812,279 20.00 812,183 -0.01 934,739 15.09 850,040 -9.06 5.9
Canadian Programming/Revenue (%) 37.31 38.50 37.44 38.59 34.58

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 586,527 742,039 26.51 400,503 -46.03 502,939 25.58 424,049 -15.69 -7.8
Average Staff Count 10 10 0.00 10 0.00 10 0.00 10 0.00
Avg Remuneration ($) 58,653 74,204 26.51 40,050 -46.03 50,294 25.58 42,405 -15.69 -7.8

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 20,158 22,083 9.55 22,520 1.98 24,148 7.23 22,177 -8.16 2.4

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 27.0 25.1 26.4 21.4 32.6
P.B.I.T. Margin 25.2 23.6 25.3 20.0 31.3
Pre-tax Margin 25.2 23.3 24.9 19.8 31.1

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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