Pay and Specialty - travel + escape

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
305423999 travel + escape Blue Ant Media Partnership Blue Ant Media Inc. Specialty (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 3,051,299 3,013,003 -1.26 3,706,496 23.02 4,228,383 14.08 4,383,923 3.68 9.5
DTH revenue 2,064,510 2,284,306 10.65 1,455,348 -36.29 1,533,247 5.35 1,854,946 20.98 -2.6
Local advertising revenue 0 0 0 0 0
National advertising revenue 347,461 812,102 133.72 874,254 7.65 1,578,781 80.59 1,695,338 7.38 48.6
Other revenue 0 39,583 0 -100.00 0 0
Total Revenue 5,463,270 6,148,994 12.55 6,036,098 -1.84 7,340,411 21.61 7,934,207 8.09 9.8

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 3,354,044 3,272,935 -2.42 4,203,908 28.44 4,929,884 17.27 5,764,923 16.94 14.5
Technical 503,033 836,462 66.28 1,019,191 21.85 868,381 -14.80 803,000 -7.53 12.4
Sales and Promotion 144,896 431,035 197.48 537,326 24.66 503,700 -6.26 575,744 14.30 41.2
Administration and General 1,273,015 1,375,276 8.03 414,522 -69.86 521,806 25.88 563,009 7.90 -18.5
Total Expenses 5,274,988 5,915,708 12.15 6,174,947 4.38 6,823,771 10.51 7,706,676 12.94 9.9

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 188,282 233,286 -138,849 516,640 227,531
Depreciation 0 0 0 0 0
P.B.I.T. 188,282 233,286 -138,849 516,640 227,531
Interest Expense 2,180 117,812 >999± 0 -100.00 0 0
Adjustments - Gain (Loss) 0 0 0 0 0
Pre-tax Profit 186,102 115,474 -138,849 516,640 227,531

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 2,682,610 1,015,566 -62.14 1,640,383 61.52 2,127,592 29.70 2,652,191 24.66 -0.3
Script & concept 0 0 0 0 0
Filler Programming + Program Production 0 1,157,493 1,612,706 39.33 1,693,229 4.99 1,475,733 -12.85
Investment in Programming 0 107,468 113,194 5.33 0 -100.00 0
Total Canadian Programming 2,682,610 2,280,527 -14.99 3,366,283 47.61 3,820,821 13.50 4,127,924 8.04 11.4
Canadian Programming/Revenue (%) 49.10 37.09 55.77 52.05 52.03

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 821,547 1,605,801 95.46 0 -100.00 0 0 -100.0
Average Staff Count 20 21.75 8.75 0 -100.00 0 0
Avg Remuneration ($) 41,077 73,830 79.73

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 1,068,275 1,116,322 4.50 4,573,419 309.69 4,385,911 -4.10 3,993,897 -8.94 39.1

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 3.4 3.8 -2.3 7.0 2.9
P.B.I.T. Margin 3.4 3.8 -2.3 7.0 2.9
Pre-tax Margin 3.4 1.9 -2.3 7.0 2.9

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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