Pay and Specialty - Vision 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
314600834 Vision TV ZoomerMedia Limited Olympus Management Limited Specialty (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 8,656,002 8,751,665 1.11 8,549,500 -2.31 8,524,892 -0.29 8,191,013 -3.92 -1.4
DTH revenue 3,092,435 3,147,475 1.78 3,067,900 -2.53 3,064,310 -0.12 3,041,290 -0.75 -0.4
Local advertising revenue 0 0 0 0 0
National advertising revenue 4,684,672 5,257,703 12.23 6,325,201 20.30 6,097,611 -3.60 5,897,268 -3.29 5.9
Other revenue 9,611,338 9,561,680 -0.52 9,660,371 1.03 9,572,488 -0.91 8,539,732 -10.79 -2.9
Total Revenue 26,044,447 26,718,523 2.59 27,602,972 3.31 27,259,301 -1.25 25,669,303 -5.83 -0.4

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 20,055,496 11,584,854 -42.24 13,430,464 15.93 17,157,657 27.75 15,557,714 -9.32 -6.2
Technical 1,318,472 1,189,393 -9.79 1,089,234 -8.42 951,979 -12.60 991,598 4.16 -6.9
Sales and Promotion 1,263,972 997,656 -21.07 603,049 -39.55 517,012 -14.27 406,841 -21.31 -24.7
Administration and General 2,437,751 3,761,284 54.29 1,164,491 -69.04 1,243,459 6.78 1,320,717 6.21 -14.2
Total Expenses 25,075,691 17,533,187 -30.08 16,287,238 -7.11 19,870,107 22.00 18,276,870 -8.02 -7.6

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 968,756 9,185,336 11,315,734 7,389,194 7,392,433
Depreciation 1,244,202 2,376,795 91.03 790,798 -66.73 555,740 -29.72 278,022 -49.97 -31.3
P.B.I.T. -275,446 6,808,541 10,524,936 6,833,454 7,114,411
Interest Expense 700,559 300,102 -57.16 78,372 -73.88 20,148 -74.29 15,229 -24.41
Adjustments - Gain (Loss) 0 0 0 0 0
Pre-tax Profit -976,005 6,508,439 10,446,564 6,813,306 7,099,182

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 16,517,701 7,985,484 -51.65 9,777,721 22.44 13,797,651 41.11 11,445,304 -17.05 -8.8
Script & concept 28,253 0 -100.00 -21,816 12,000 -155.01 85,280 610.67 31.8
Filler Programming + Program Production 598,274 680,181 13.69 698,183 2.65 729,795 4.53 755,436 3.51 6.0
Investment in Programming 0 0 0 0 0
Total Canadian Programming 17,144,228 8,665,665 -49.45 10,454,088 20.64 14,539,446 39.08 12,286,020 -15.50 -8.0
Canadian Programming/Revenue (%) 65.83 32.43 37.87 53.34 47.86

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 4,663,936 3,939,605 -15.53 4,334,346 10.02 1,177,035 -72.84 1,152,157 -2.11 -29.5
Average Staff Count 60 60 0.00 60 0.00 53 -11.67 72 35.85
Avg Remuneration ($) 77,732 65,660 -15.53 72,239 10.02 22,208 -69.26 16,002 -27.94 -32.6

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 9,325,802 9,411,698 0.92 9,346,386 -0.69 9,371,194 0.27 9,079,505 -3.11 -0.7

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 3.7 34.4 41.0 27.1 28.8
P.B.I.T. Margin -1.1 25.5 38.1 25.1 27.7
Pre-tax Margin -3.7 24.4 37.8 25.0 27.7

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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