Pay and Specialty - The Independent Film Channel Canada

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
105424006 The Independent Film Channel Canada 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 3,853,525 4,681,150 21.48 5,561,154 18.80 5,123,824 -7.86 4,366,906 -14.77 3.2
DTH revenue 4,386,513 4,122,207 -6.03 3,774,810 -8.43 3,495,970 -7.39 3,709,841 6.12 -4.1
Local advertising revenue 0 0 0 0 0
National advertising revenue 1,501,193 1,660,542 10.61 1,662,611 0.12 1,724,630 3.73 1,371,836 -20.46 -2.2
Other revenue 0 0 0 0 0
Total Revenue 9,741,231 10,463,899 7.42 10,998,575 5.11 10,344,424 -5.95 9,448,583 -8.66 -0.8

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 4,322,894 2,481,724 -42.59 2,727,463 9.90 2,404,824 -11.83 2,751,086 14.40 -10.7
Technical 694,165 668,326 -3.72 646,254 -3.30 597,951 -7.47 594,453 -0.58 -3.8
Sales and Promotion 151,205 215,861 42.76 141,295 -34.54 116,774 -17.35 132,056 13.09 -3.3
Administration and General 1,470,657 1,636,681 11.29 1,692,874 3.43 2,024,459 19.59 2,032,525 0.40 8.4
Total Expenses 6,638,921 5,002,592 -24.65 5,207,886 4.10 5,144,008 -1.23 5,510,120 7.12 -4.6

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 3,102,310 5,461,307 5,790,689 5,200,416 3,938,463
Depreciation 0 1,827 0 -100.00 0 0
P.B.I.T. 3,102,310 5,459,480 5,790,689 5,200,416 3,938,463
Interest Expense 2,757,286 287 -99.99 1,359 373.52 0 -100.00 0
Adjustments - Gain (Loss) 0 0 0 0 0
Pre-tax Profit 345,024 5,459,193 5,789,330 5,200,416 3,938,463

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 2,918,018 699,617 -76.02 1,097,614 56.89 1,089,854 -0.71 1,089,304 -0.05 -21.8
Script & concept 0 0 0 0 0
Filler Programming + Program Production 440,804 553,798 25.63 439,807 -20.58 405,439 -7.81 408,067 0.65 -1.9
Investment in Programming 0 0 0 0 0
Total Canadian Programming 3,358,822 1,253,415 -62.68 1,537,421 22.66 1,495,293 -2.74 1,497,371 0.14 -18.3
Canadian Programming/Revenue (%) 34.48 11.98 13.98 14.46 15.85

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 681,027 907,688 33.28 853,170 -6.01 1,021,286 19.70 918,315 -10.08 7.8
Average Staff Count 9 11 22.22 10 -9.09 11 10.00 10 -9.09
Avg Remuneration ($) 75,670 82,517 9.05 85,317 3.39 92,844 8.82 91,832 -1.09 5.0

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 2,821,586 2,813,283 -0.29 2,727,950 -3.03 1,409,513 -48.33 1,302,284 -7.61 -17.6

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 31.8 52.2 52.6 50.3 41.7
P.B.I.T. Margin 31.8 52.2 52.6 50.3 41.7
Pre-tax Margin 3.5 52.2 52.6 50.3 41.7

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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