Pay and Specialty - Slice

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
315413724 Slice Life Network 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 10,756,752 10,643,040 -1.06 10,585,538 -0.54 10,929,814 3.25 11,159,571 2.10 0.9
DTH revenue 3,248,789 3,203,619 -1.39 2,737,280 -14.56 2,131,438 -22.13 2,120,156 -0.53 -10.1
Local advertising revenue 0 0 0 0 0
National advertising revenue 25,862,777 27,287,161 5.51 29,369,674 7.63 30,327,863 3.26 25,605,325 -15.57 -0.3
Other revenue 0 0 0 0 0
Total Revenue 39,868,318 41,133,820 3.17 42,692,492 3.79 43,389,115 1.63 38,885,052 -10.38 -0.6

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 27,659,722 28,352,158 2.50 33,519,156 18.22 30,973,533 -7.59 20,926,839 -32.44 -6.7
Technical 717,179 729,463 1.71 719,634 -1.35 749,096 4.09 790,794 5.57 2.5
Sales and Promotion 1,099,683 1,543,844 40.39 1,291,413 -16.35 699,738 -45.82 400,037 -42.83 -22.3
Administration and General 2,493,930 1,901,212 -23.77 2,026,957 6.61 2,406,996 18.75 2,296,741 -4.58 -2.0
Total Expenses 31,970,514 32,526,677 1.74 37,557,160 15.47 34,829,363 -7.26 24,414,411 -29.90 -6.5

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 7,897,804 8,607,143 5,135,332 8,559,752 14,470,641
Depreciation 0 13,147 42,571 223.81 171,849 303.68 218,581 27.19
P.B.I.T. 7,897,804 8,593,996 5,092,761 8,387,903 14,252,060
Interest Expense 1,598,333 2,075,528 29.86 2,265,993 9.18 2,255,512 -0.46 1,634,765 -27.52
Adjustments - Gain (Loss) 0 0 0 0 0
Pre-tax Profit 6,299,471 6,518,468 2,826,768 6,132,391 12,617,295

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 23,456,950 21,913,517 -6.58 25,795,709 17.72 23,563,764 -8.65 12,754,960 -45.87 -14.1
Script & concept 72,500 215,832 197.70 199,675 -7.49 0 -100.00 358,054 49.1
Filler Programming + Program Production 1,231,796 1,586,099 28.76 1,802,119 13.62 1,682,949 -6.61 1,360,898 -19.14 2.5
Investment in Programming 0 0 0 0 0
Total Canadian Programming 24,761,246 23,715,448 -4.22 27,797,503 17.21 25,246,713 -9.18 14,473,912 -42.67 -12.6
Canadian Programming/Revenue (%) 62.11 57.65 65.11 58.19 37.22

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 1,597,687 2,256,654 41.25 2,265,931 0.41 2,499,038 10.29 2,153,712 -13.82 7.8
Average Staff Count 21 26 23.81 25 -3.85 28 12.00 23 -17.86
Avg Remuneration ($) 76,080 86,794 14.08 90,637 4.43 89,251 -1.53 93,640 4.92 5.3

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 6,515,479 6,079,242 -6.70 5,461,976 -10.15 5,230,139 -4.24 4,977,217 -4.84 -6.5

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 19.8 20.9 12.0 19.7 37.2
P.B.I.T. Margin 19.8 20.9 11.9 19.3 36.7
Pre-tax Margin 15.8 15.8 6.6 14.1 32.4

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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