Pay and Specialty - Sportsnet (formerly Rogers Sportsnet)

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
305417265 Sportsnet (formerly Rogers Sportsnet) Rogers Media Inc. Rogers Communications Inc. Specialty (category C service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 106,188,965 114,972,958 8.27 132,904,153 15.60 157,646,209 18.62 177,214,476 12.41 13.7
DTH revenue 32,673,052 36,898,017 12.93 43,622,659 18.22 65,603,921 50.39 69,241,813 5.55 20.7
Local advertising revenue 0 0 0 0 0
National advertising revenue 67,460,875 68,675,857 1.80 68,856,950 0.26 72,037,741 4.62 95,974,821 33.23 9.2
Other revenue 11,486,717 13,419,383 16.83 8,033,218 -40.14 16,651,031 107.28 17,937,135 7.72 11.8
Total Revenue 217,809,609 233,966,215 7.42 253,416,980 8.31 311,938,902 23.09 360,368,245 15.53 13.4

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 150,577,090 176,751,251 17.38 165,137,931 -6.57 228,105,454 38.13 256,497,491 12.45 14.2
Technical 4,803,252 4,911,376 2.25 5,108,118 4.01 5,370,126 5.13 8,653,543 61.14 15.9
Sales and Promotion 10,774,825 8,614,885 -20.05 7,605,862 -11.71 9,910,712 30.30 15,912,184 60.56 10.2
Administration and General 11,741,941 10,993,938 -6.37 16,724,169 52.12 19,992,168 19.54 18,691,933 -6.50 12.3
Total Expenses 177,897,108 201,271,450 13.14 194,576,080 -3.33 263,378,460 35.36 299,755,151 13.81 13.9

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 39,912,501 32,694,765 58,840,900 48,560,442 60,613,094
Depreciation 8,626,443 8,859,238 2.70 8,805,946 -0.60 4,363,516 -50.45 6,855,742 57.12 -5.6
P.B.I.T. 31,286,058 23,835,527 50,034,954 44,196,926 53,757,352
Interest Expense 1,480,712 1,859,326 25.57 620,782 -66.61 501,274 -19.25 0 -100.00
Adjustments - Gain (Loss) 1,539,300 -425,966 -127.67 7,357,459 >999± 0 -100.00 0
Pre-tax Profit 31,344,646 21,550,235 56,771,631 43,695,652 53,757,352

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 98,110,483 108,295,220 10.38 83,880,295 -22.54 135,909,541 62.03 156,111,172 14.86 12.3
Script & concept 0 0 0 0 0
Filler Programming + Program Production 41,971,710 56,572,613 34.79 59,678,223 5.49 64,866,571 8.69 77,256,788 19.10 16.5
Investment in Programming 0 0 0 0 0
Total Canadian Programming 140,082,193 164,867,833 17.69 143,558,518 -12.93 200,776,112 39.86 233,367,960 16.23 13.6
Canadian Programming/Revenue (%) 64.31 70.47 56.65 64.36 64.76

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 25,017,560 32,730,012 30.83 26,632,144 -18.63 30,438,748 14.29 41,005,785 34.72 13.2
Average Staff Count 286 353 23.43 405 14.73 446.17 10.17 466.23 4.50
Avg Remuneration ($) 87,474 92,720 6.00 65,758 -29.08 68,222 3.75 87,952 28.92 0.1

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 8,957,170 8,784,719 -1.93 8,497,000 -3.28 8,290,000 -2.44 7,972,000 -3.84 -2.9

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 18.3 14.0 23.2 15.6 16.8
P.B.I.T. Margin 14.4 10.2 19.7 14.2 14.9
Pre-tax Margin 14.4 9.2 22.4 14.0 14.9

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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