Pay and Specialty - Outdoor Life Network (OLN)

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
305417314 Outdoor Life Network (OLN) Rogers Media Inc. Rogers Communications Inc. Specialty (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 6,865,594 6,531,687 -4.86 7,158,267 9.59 7,213,013 0.76 7,573,725 5.00 2.5
DTH revenue 2,539,113 2,291,986 -9.73 2,956,619 29.00 3,068,094 3.77 3,239,781 5.60 6.3
Local advertising revenue 0 0 0 0 0
National advertising revenue 12,332,026 11,287,743 -8.47 12,401,589 9.87 9,595,061 -22.63 9,245,575 -3.64 -7.0
Other revenue 192,150 25,964 -86.49 2,333 -91.01 70,908 >999± 0 -100.00 -100.0
Total Revenue 21,928,883 20,137,380 -8.17 22,518,808 11.83 19,947,076 -11.42 20,059,081 0.56 -2.2

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 9,571,974 10,858,022 13.44 11,313,325 4.19 14,006,518 23.81 9,479,352 -32.32 -0.2
Technical 547,335 559,300 2.19 606,600 8.46 485,888 -19.90 513,468 5.68 -1.6
Sales and Promotion 1,389,848 545,786 -60.73 446,365 -18.22 292,078 -34.57 562,213 92.49 -20.3
Administration and General 1,472,432 1,431,741 -2.76 1,498,967 4.70 1,153,728 -23.03 1,325,246 14.87 -2.6
Total Expenses 12,981,589 13,394,849 3.18 13,865,257 3.51 15,938,212 14.95 11,880,279 -25.46 -2.2

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 8,947,294 6,742,531 8,653,551 4,008,864 8,178,802
Depreciation 0 11,492 0 -100.00 0 0
P.B.I.T. 8,947,294 6,731,039 8,653,551 4,008,864 8,178,802
Interest Expense 0 2,412 0 -100.00 0 0
Adjustments - Gain (Loss) -2,725,589 0 -100.00 0 0 0
Pre-tax Profit 6,221,705 6,728,627 8,653,551 4,008,864 8,178,802

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 6,091,985 5,833,548 -4.24 6,502,329 11.46 7,712,146 18.61 6,167,055 -20.03 0.3
Script & concept 0 0 315,017 309,475 -1.76 0 -100.00
Filler Programming + Program Production 937,841 1,442,560 53.82 1,432,763 -0.68 1,544,581 7.80 0 -100.00 -100.0
Investment in Programming 0 0 0 0 0
Total Canadian Programming 7,029,826 7,276,108 3.50 8,250,109 13.39 9,566,202 15.95 6,167,055 -35.53 -3.2
Canadian Programming/Revenue (%) 32.06 36.13 36.64 47.96 30.74

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 2,979,399 1,977,660 -33.62 1,787,407 -9.62 1,455,031 -18.60 648,361 -55.44 -31.7
Average Staff Count 19 21 10.53 20 -4.76 13.8 -31.00 8 -42.03
Avg Remuneration ($) 156,810 94,174 -39.94 89,370 -5.10 105,437 17.98 81,045 -23.13 -15.2

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 5,870,341 5,452,026 -7.13 5,429,000 -0.42 5,194,000 -4.33 4,960,000 -4.51 -4.1

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 40.8 33.5 38.4 20.1 40.8
P.B.I.T. Margin 40.8 33.4 38.4 20.1 40.8
Pre-tax Margin 28.4 33.4 38.4 20.1 40.8

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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