Pay and Specialty - Showcase

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
315413732 Showcase Showcase Television Inc. Shaw Communications Inc. Specialty (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 29,125,559 27,102,402 -6.95 22,982,724 -15.20 23,752,222 3.35 23,401,033 -1.48 -5.3
DTH revenue 8,906,659 9,135,948 2.57 8,754,033 -4.18 9,384,257 7.20 9,392,899 0.09 1.3
Local advertising revenue 0 0 0 0 0
National advertising revenue 36,338,969 37,918,213 4.35 41,178,577 8.60 42,553,141 3.34 40,133,270 -5.69 2.5
Other revenue 0 0 0 0 0
Total Revenue 74,371,187 74,156,563 -0.29 72,915,334 -1.67 75,689,620 3.80 72,927,202 -3.65 -0.5

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 28,919,580 21,864,102 -24.40 30,443,160 39.24 26,901,051 -11.64 27,275,300 1.39 -1.5
Technical 1,029,428 1,096,717 6.54 803,773 -26.71 640,967 -20.26 657,063 2.51 -10.6
Sales and Promotion 2,395,043 1,637,657 -31.62 2,066,965 26.21 2,343,816 13.39 1,773,687 -24.32 -7.2
Administration and General 3,407,141 2,575,415 -24.41 2,697,361 4.74 2,481,409 -8.01 2,415,514 -2.66 -8.2
Total Expenses 35,751,192 27,173,891 -23.99 36,011,259 32.52 32,367,243 -10.12 32,121,564 -0.76 -2.6

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 38,619,995 46,982,672 36,904,075 43,322,377 40,805,638
Depreciation 0 3,654 97,114 >999± 100,030 3.00 90,677 -9.35
P.B.I.T. 38,619,995 46,979,018 36,806,961 43,222,347 40,714,961
Interest Expense 48,370,988 5,051,040 -89.56 2,065,008 -59.12 -1,484,441 -171.89 28,938,403 >999±
Adjustments - Gain (Loss) 11,916,112 0 -100.00 0 0 0
Pre-tax Profit 2,165,119 41,927,978 34,741,953 44,706,788 11,776,558

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 6,678,333 11,162,478 67.14 14,677,481 31.49 12,254,609 -16.51 14,085,156 14.94 20.5
Script & concept 97,354 326,303 235.17 244,467 -25.08 0 -100.00 0 -100.0
Filler Programming + Program Production 1,929,441 2,208,090 14.44 2,235,385 1.24 1,647,659 -26.29 1,511,604 -8.26 -5.9
Investment in Programming 0 0 0 0 0
Total Canadian Programming 8,705,128 13,696,871 57.34 17,157,333 25.26 13,902,268 -18.97 15,596,760 12.19 15.7
Canadian Programming/Revenue (%) 11.70 18.47 23.53 18.37 21.39

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 1,632,633 2,916,416 78.63 2,912,691 -0.13 2,484,594 -14.70 2,139,428 -13.89 7.0
Average Staff Count 21 34 61.90 33 -2.94 27 -18.18 23 -14.81
Avg Remuneration ($) 77,744 85,777 10.33 88,263 2.90 92,022 4.26 93,019 1.08 4.6

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 8,670,774 8,845,368 2.01 9,099,034 2.87 7,127,950 -21.66 6,490,491 -8.94 -7.0

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 51.9 63.4 50.6 57.2 56.0
P.B.I.T. Margin 51.9 63.4 50.5 57.1 55.8
Pre-tax Margin 2.9 56.5 47.6 59.1 16.1

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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