Pay and Specialty - Super Channel (formerly Allarco Entertainment)

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
535422406 Super Channel (formerly Allarco Entertainment) Allarco Entertainment Limited Partnership Allard, Charles R. Pay-TV (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 14,863,427 18,554,086 24.83 21,782,675 17.40 23,778,992 9.16 22,075,670 -7.16 10.4
DTH revenue 16,381,243 16,609,244 1.39 14,776,697 -11.03 14,689,075 -0.59 15,536,763 5.77 -1.3
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 31,244,670 35,163,330 12.54 36,559,372 3.97 38,468,067 5.22 37,612,433 -2.22 4.8

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 12,517,591 30,220,768 141.43 28,867,320 -4.48 29,760,949 3.10 34,247,652 15.08 28.6
Technical 2,076,277 2,073,648 -0.13 1,849,270 -10.82 1,852,185 0.16 1,894,645 2.29 -2.3
Sales and Promotion 1,303,507 1,410,619 8.22 1,534,843 8.81 1,427,560 -6.99 1,050,893 -26.39 -5.2
Administration and General 2,459,034 2,209,972 -10.13 2,151,209 -2.66 2,590,816 20.44 2,687,791 3.74 2.3
Total Expenses 18,356,409 35,915,007 95.65 34,402,642 -4.21 35,631,510 3.57 39,880,981 11.93 21.4

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 12,888,261 -751,677 2,156,730 2,836,557 -2,268,548
Depreciation 302,162 199,988 -33.81 179,909 -10.04 177,469 -1.36 177,153 -0.18 -12.5
P.B.I.T. 12,586,099 -951,665 1,976,821 2,659,088 -2,445,701
Interest Expense 1,207,623 1,075,438 -10.95 841,871 -21.72 0 -100.00 70
Adjustments - Gain (Loss) 389 11,026 >999± -8,236 -174.70 -42,040 410.44 -32,364 -23.02
Pre-tax Profit 11,378,865 -2,016,077 1,126,714 2,617,048 -2,478,135

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 4,231,515 2,976,412 -29.66 5,071,342 70.38 8,480,734 67.23 9,419,204 11.07 22.2
Script & concept 0 0 0 0 0
Filler Programming + Program Production 1,738,694 964,050 -44.55 853,349 -11.48 959,577 12.45 1,170,884 22.02 -9.4
Investment in Programming 0 0 0 0 0
Total Canadian Programming 5,970,209 3,940,462 -34.00 5,924,691 50.36 9,440,311 59.34 10,590,088 12.18 15.4
Canadian Programming/Revenue (%) 19.11 11.21 16.21 24.54 28.16

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 2,819,511 2,881,575 2.20 2,922,025 1.40 3,242,460 10.97 3,492,435 7.71 5.5
Average Staff Count 38 39 2.63 41 5.13 45 9.76 45 0.00
Avg Remuneration ($) 74,198 73,887 -0.42 71,269 -3.54 72,055 1.10 77,610 7.71 1.1

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 457,296 410,074 -10.33 453,483 10.59 432,411 -4.65 392,329 -9.27 -3.8

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 41.2 -2.1 5.9 7.4 -6.0
P.B.I.T. Margin 40.3 -2.7 5.4 6.9 -6.5
Pre-tax Margin 36.4 -5.7 3.1 6.8 -6.6

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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