Pay and Specialty - Séries+

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
205421564 Séries+ 8504652 Canada Inc. Corus Entertainment Inc. Specialty (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 9,055,881 9,147,987 1.02 9,629,343 5.26 10,419,953 8.21 9,468,386 -9.13 1.1
DTH revenue 2,990,575 3,022,197 1.06 3,434,738 13.65 3,509,951 2.19 4,416,509 25.83 10.2
Local advertising revenue 0 0 0 0 0
National advertising revenue 17,884,804 18,405,372 2.91 19,612,951 6.56 19,475,134 -0.70 15,814,539 -18.80 -3.0
Other revenue 0 0 0 842 138,670 >999±
Total Revenue 29,931,260 30,575,556 2.15 32,677,032 6.87 33,405,880 2.23 29,838,104 -10.68 -0.1

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 9,006,943 9,246,058 2.65 9,389,530 1.55 7,747,589 -17.49 8,028,887 3.63 -2.8
Technical 829,933 763,077 -8.06 774,382 1.48 1,553,250 100.58 445,035 -71.35 -14.4
Sales and Promotion 1,572,254 1,836,926 16.83 1,379,436 -24.91 1,819,210 31.88 1,818,386 -0.05 3.7
Administration and General 2,152,421 2,104,733 -2.22 2,107,047 0.11 2,893,064 37.30 1,497,664 -48.23 -8.7
Total Expenses 13,561,551 13,950,794 2.87 13,650,395 -2.15 14,013,113 2.66 11,789,972 -15.86 -3.4

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 16,369,709 16,624,762 19,026,637 19,392,767 18,048,132
Depreciation 0 0 0 98,289 89,731 -8.71
P.B.I.T. 16,369,709 16,624,762 19,026,637 19,294,478 17,958,401
Interest Expense 0 0 0 -1,631 9,555,675 >999±
Adjustments - Gain (Loss) 0 0 0 -115,609 501,775 -534.03
Pre-tax Profit 16,369,709 16,624,762 19,026,637 19,180,500 8,904,501

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 3,395,236 3,049,110 -10.19 2,675,927 -12.24 2,058,080 -23.09 2,846,341 38.30 -4.3
Script & concept 13,025 28,333 117.53 47,996 69.40 246,901 414.42 297,495 20.49 118.6
Filler Programming + Program Production 1,542,165 1,537,321 -0.31 1,457,214 -5.21 795,404 -45.42 674,742 -15.17 -18.7
Investment in Programming 0 0 0 1,083,135 0 -100.00
Total Canadian Programming 4,950,426 4,614,764 -6.78 4,181,137 -9.40 4,183,520 0.06 3,818,578 -8.72 -6.3
Canadian Programming/Revenue (%) 16.54 15.09 12.80 12.52 12.80

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 2,850,241 2,817,135 -1.16 2,839,792 0.80 1,227,540 -56.77 2,390,114 94.71 -4.3
Average Staff Count 27 28 3.70 28 0.00 17.39 -37.89 74 325.53
Avg Remuneration ($) 105,564 100,612 -4.69 101,421 0.80 70,589 -30.40 32,299 -54.24 -25.6

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 2,098,941 2,088,135 -0.51 2,079,697 -0.40 1,478,608 -28.90 1,435,247 -2.93 -9.1

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 54.7 54.4 58.2 58.1 60.5
P.B.I.T. Margin 54.7 54.4 58.2 57.8 60.2
Pre-tax Margin 54.7 54.4 58.2 57.4 29.8

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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