Pay and Specialty - Telelatino

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
314600552 Telelatino Telelatino Network Inc. Corus Entertainment Inc. Specialty (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 7,875,119 7,333,854 -6.87 5,642,077 -23.07 6,032,701 6.92 6,087,058 0.90 -6.2
DTH revenue 2,325,539 2,372,295 2.01 2,456,230 3.54 2,793,374 13.73 2,660,138 -4.77 3.4
Local advertising revenue 3,270,427 2,711,358 -17.09 2,734,488 0.85 2,548,189 -6.81 2,354,037 -7.62 -7.9
National advertising revenue 6,845,046 6,524,460 -4.68 4,783,289 -26.69 4,922,732 2.92 3,697,965 -24.88 -14.3
Other revenue 0 0 0 0 0
Total Revenue 20,316,131 18,941,967 -6.76 15,616,084 -17.56 16,296,996 4.36 14,799,198 -9.19 -7.6

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 7,732,324 6,833,571 -11.62 5,168,501 -24.37 5,694,300 10.17 5,621,497 -1.28 -7.7
Technical 218,986 323,001 47.50 277,303 -14.15 166,490 -39.96 170,230 2.25 -6.1
Sales and Promotion 1,726,564 1,716,469 -0.58 1,593,134 -7.19 1,497,133 -6.03 1,406,611 -6.05 -5.0
Administration and General 1,271,820 1,416,786 11.40 1,214,054 -14.31 1,137,514 -6.30 1,383,352 21.61 2.1
Total Expenses 10,949,694 10,289,827 -6.03 8,252,992 -19.79 8,495,437 2.94 8,581,690 1.02 -5.9

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 9,366,437 8,652,140 7,363,092 7,801,559 6,217,508
Depreciation 365,425 322,508 -11.74 361,262 12.02 472,331 30.74 247,871 -47.52 -9.3
P.B.I.T. 9,001,012 8,329,632 7,001,830 7,329,228 5,969,637
Interest Expense 3,450 15,844 359.25 29,435 85.78 4,299 -85.39 8,054 87.35
Adjustments - Gain (Loss) 3,076,259 4,432,660 44.09 3,407,210 -23.13 3,790,660 11.25 1,797,809 -52.57
Pre-tax Profit 12,073,821 12,746,448 10,379,605 11,115,589 7,759,392

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 44,711 58,295 30.38 83,597 43.40 133,076 59.19 259,740 95.18 55.3
Script & concept 250,000 250,000 0.00 250,000 0.00 250,000 0.00 250,000 0.00 0.0
Filler Programming + Program Production 4,878,737 3,732,847 -23.49 3,645,231 -2.35 2,766,486 -24.11 3,051,044 10.29 -11.1
Investment in Programming 0 0 0 718,772 0 -100.00
Total Canadian Programming 5,173,448 4,041,142 -21.89 3,978,828 -1.54 3,868,334 -2.78 3,560,784 -7.95 -8.9
Canadian Programming/Revenue (%) 25.46 21.33 25.48 23.74 24.06

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 4,135,678 3,854,438 -6.80 3,687,520 -4.33 3,117,780 -15.45 3,644,065 16.88 -3.1
Average Staff Count 66 60 -9.09 55 -8.33 55 0.00 55 0.00
Avg Remuneration ($) 62,662 64,241 2.52 67,046 4.37 56,687 -15.45 66,256 16.88 1.4

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 5,202,520 4,924,380 -5.35 4,329,579 -12.08 4,327,035 -0.06 4,157,979 -3.91 -5.5

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 46.1 45.7 47.2 47.9 42.0
P.B.I.T. Margin 44.3 44.0 44.8 45.0 40.3
Pre-tax Margin 59.4 67.3 66.5 68.2 52.4

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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