Pay and Specialty - TreeHouse TV

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
305417281 TreeHouse TV YTV Canada, 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 8,857,651 8,886,139 0.32 8,444,959 -4.96 7,613,682 -9.84 7,270,595 -4.51 -4.8
DTH revenue 2,518,645 2,673,420 6.15 2,922,293 9.31 3,054,795 4.53 3,565,381 16.71 9.1
Local advertising revenue 0 0 0 0 0
National advertising revenue 463,683 189,175 -59.20 487,889 157.90 338,423 -30.64 455,034 34.46 -0.5
Other revenue 2,712,128 2,505,776 -7.61 2,643,551 5.50 2,335,549 -11.65 2,550,360 9.20 -1.5
Total Revenue 14,552,107 14,254,510 -2.05 14,498,692 1.71 13,342,449 -7.97 13,841,370 3.74 -1.2

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 5,302,772 5,969,145 12.57 6,284,716 5.29 6,399,333 1.82 10,804,154 68.83 19.5
Technical 486,214 427,795 -12.02 391,809 -8.41 371,290 -5.24 383,514 3.29 -5.8
Sales and Promotion 1,153,209 1,188,333 3.05 644,020 -45.80 94,535 -85.32 279,021 195.15 -29.9
Administration and General 2,821,427 2,663,136 -5.61 2,235,620 -16.05 1,522,790 -31.89 693,319 -54.47 -29.6
Total Expenses 9,763,622 10,248,409 4.97 9,556,165 -6.75 8,387,948 -12.22 12,160,008 44.97 5.6

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 4,788,485 4,006,101 4,942,527 4,954,501 1,681,362
Depreciation 0 0 0 0 0
P.B.I.T. 4,788,485 4,006,101 4,942,527 4,954,501 1,681,362
Interest Expense 277,799 256,607 -7.63 160,573 -37.42 149,212 -7.08 226,939 52.09
Adjustments - Gain (Loss) 2,141,335 2,059,682 -3.81 2,334,955 13.36 2,433,417 4.22 1,903,696 -21.77
Pre-tax Profit 6,652,021 5,809,176 7,116,909 7,238,706 3,358,119

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 3,936,891 4,141,566 5.20 4,207,189 1.58 4,606,336 9.49 4,938,573 7.21 5.8
Script & concept 86,416 188,406 118.02 238,684 26.69 237,360 -0.55 227,395 -4.20 27.4
Filler Programming + Program Production 174,928 376,881 115.45 482,942 28.14 355,472 -26.39 495,501 39.39 29.7
Investment in Programming 5,000 89,350 >999± 18,164 -79.67 8,950 -50.73 4,253,450 >999± 440.1
Total Canadian Programming 4,203,235 4,796,203 14.11 4,946,979 3.14 5,208,118 5.28 9,914,919 90.37 23.9
Canadian Programming/Revenue (%) 28.88 33.65 34.12 39.03 71.63

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 1,465,560 1,302,609 -11.12 1,233,592 -5.30 556,916 -54.85 416,541 -25.21 -27.0
Average Staff Count 23 25 8.70 22 -12.00 15 -31.82 11.99 -20.07
Avg Remuneration ($) 63,720 52,104 -18.23 56,072 7.62 37,128 -33.79 34,741 -6.43 -14.1

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 8,579,846 8,673,063 1.09 8,637,702 -0.41 8,364,860 -3.16 8,169,445 -2.34 -1.2

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 32.9 28.1 34.1 37.1 12.1
P.B.I.T. Margin 32.9 28.1 34.1 37.1 12.1
Pre-tax Margin 45.7 40.8 49.1 54.3 24.3

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

Date modified: