Pay and Specialty - Shaw on Demand

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
405424144 Shaw on Demand Shaw Cablesystems (VCI) Limited
Shaw Communications Inc.
Shaw Communications Inc.
Shaw, JR
Video-on-Demand 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 73,828,608 70,076,710 -5.08 69,047,729 -1.47 69,247,726 0.29 62,055,625 -10.39 -4.3
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 73,828,608 70,076,710 -5.08 69,047,729 -1.47 69,247,726 0.29 62,055,625 -10.39 -4.3

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 44,171,298 44,151,362 -0.05 41,080,351 -6.96 42,235,064 2.81 38,744,572 -8.26 -3.2
Technical 0 0 0 0 0
Sales and Promotion 0 0 0 0 0
Administration and General 8,363,433 8,296,516 -0.80 8,116,600 -2.17 8,326,689 2.59 8,149,648 -2.13 -0.7
Total Expenses 52,534,731 52,447,878 -0.17 49,196,951 -6.20 50,561,753 2.77 46,894,220 -7.25 -2.8

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 21,293,877 17,628,832 19,850,778 18,685,973 15,161,405
Depreciation 12,500,000 15,000,000 20.00 15,267,000 1.78 15,267,000 0.00 15,000,000 -1.75 4.7
P.B.I.T. 8,793,877 2,628,832 4,583,778 3,418,973 161,405
Interest Expense 0 0 0 0 0
Adjustments - Gain (Loss) 0 0 0 0 0
Pre-tax Profit 8,793,877 2,628,832 4,583,778 3,418,973 161,405

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 0 0 0 0 0
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 0 0 0 0 0
Canadian Programming/Revenue (%) 0.00 0.00 0.00 0.00 0.00

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 0 0 0 0 0
Average Staff Count 0 0 0 0 0
Avg Remuneration ($)

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 28.8 25.2 28.7 27.0 24.4
P.B.I.T. Margin 11.9 3.8 6.6 4.9 0.3
Pre-tax Margin 11.9 3.8 6.6 4.9 0.3

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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