Pay and Specialty - YTV

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
314600842 YTV 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 27,753,955 27,738,341 -0.06 27,807,600 0.25 26,797,684 -3.63 26,074,530 -2.70 -1.6
DTH revenue 9,157,694 9,308,234 1.64 9,319,336 0.12 9,428,189 1.17 9,555,545 1.35 1.1
Local advertising revenue 0 0 0 0 0
National advertising revenue 56,182,634 53,688,288 -4.44 52,143,910 -2.88 43,872,510 -15.86 37,799,089 -13.84 -9.4
Other revenue 0 109,229 120,160 10.01 126,704 5.45 11,638 -90.81
Total Revenue 93,094,283 90,844,092 -2.42 89,391,006 -1.60 80,225,087 -10.25 73,440,802 -8.46 -5.8

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 32,192,854 34,949,428 8.56 34,237,292 -2.04 35,074,827 2.45 32,883,525 -6.25 0.5
Technical 2,194,112 2,167,207 -1.23 1,670,148 -22.94 1,291,272 -22.69 834,950 -35.34 -21.5
Sales and Promotion 9,132,816 7,870,211 -13.82 7,014,754 -10.87 1,813,414 -74.15 1,567,864 -13.54 -35.6
Administration and General 11,468,487 10,769,742 -6.09 9,095,480 -15.55 5,888,790 -35.26 3,138,449 -46.70 -27.7
Total Expenses 54,988,269 55,756,588 1.40 52,017,674 -6.71 44,068,303 -15.28 38,424,788 -12.81 -8.6

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 38,106,014 35,087,504 37,373,332 36,156,784 35,016,014
Depreciation 1,495,275 2,763,043 84.78 4,126,520 49.35 3,574,931 -13.37 4,228,257 18.28 29.7
P.B.I.T. 36,610,739 32,324,461 33,246,812 32,581,853 30,787,757
Interest Expense 6,618,019 1,242,173 -81.23 1,097,873 -11.62 1,017,145 -7.35 912,087 -10.33
Adjustments - Gain (Loss) 19,607,706 14,671,413 -25.18 11,965,874 -18.44 73,213,175 511.85 -3,321,651 -104.54
Pre-tax Profit 49,600,426 45,753,701 44,114,813 104,777,883 26,554,019

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 20,850,795 23,781,537 14.06 23,188,198 -2.49 24,164,183 4.21 19,792,062 -18.09 -1.3
Script & concept 411,518 424,917 3.26 494,338 16.34 842,901 70.51 1,158,440 37.43 29.5
Filler Programming + Program Production 1,748,655 2,537,080 45.09 2,704,756 6.61 2,237,037 -17.29 2,512,319 12.31 9.5
Investment in Programming 360,514 412,022 14.29 253,012 -38.59 307,177 21.41 1,872,474 509.57 51.0
Total Canadian Programming 23,371,482 27,155,556 16.19 26,640,304 -1.90 27,551,298 3.42 25,335,295 -8.04 2.0
Canadian Programming/Revenue (%) 25.11 29.89 29.80 34.34 34.50

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 8,468,172 7,323,528 -13.52 4,488,603 -38.71 2,694,787 -39.96 1,464,149 -45.67 -35.5
Average Staff Count 107 115 7.48 101 -12.17 64 -36.63 74 15.63
Avg Remuneration ($) 79,142 63,683 -19.53 44,442 -30.21 42,106 -5.26 19,786 -53.01 -29.3

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 11,236,887 11,315,638 0.70 11,230,697 -0.75 11,154,698 -0.68 11,118,204 -0.33 -0.3

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 40.9 38.6 41.8 45.1 47.7
P.B.I.T. Margin 39.3 35.6 37.2 40.6 41.9
Pre-tax Margin 53.3 50.4 49.4 130.6 36.2

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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