Pay and Specialty - ATN South Asian Television (SATV)

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
305417421 ATN South Asian Television (SATV) South Asian Television Canada Limited Chandrasekar, Shan Specialty (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 2,366,082 2,477,189 4.70 7,102,422 186.71 6,334,599 -10.81 6,539,194 3.23 28.9
DTH revenue 4,394,151 4,600,495 4.70 396,996 -91.37 354,078 -10.81 365,514 3.23 -46.3
Local advertising revenue 2,383,113 2,408,741 1.08 1,598,643 -33.63 1,425,818 -10.81 1,471,869 3.23 -11.4
National advertising revenue 1,283,215 1,297,014 1.08 453,533 -65.03 404,502 -10.81 417,567 3.23 -24.5
Other revenue 0 0 267,476 238,560 -10.81 246,265 3.23
Total Revenue 10,426,561 10,783,439 3.42 9,819,070 -8.94 8,757,557 -10.81 9,040,409 3.23 -3.5

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 5,518,746 5,494,687 -0.44 5,389,590 -1.91 7,897,280 46.53 7,950,724 0.68 9.6
Technical 259,808 270,180 3.99 96,621 -64.24 117,903 22.03 30,300 -74.30 -41.6
Sales and Promotion 773,700 906,419 17.15 556,964 -38.55 212,420 -61.86 340,091 60.10 -18.6
Administration and General 666,061 965,907 45.02 647,229 -32.99 783,551 21.06 732,973 -6.45 2.4
Total Expenses 7,218,315 7,637,193 5.80 6,690,404 -12.40 9,011,154 34.69 9,054,088 0.48 5.8

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 3,208,246 3,146,246 3,128,666 -253,597 -13,679
Depreciation 62,433 92,057 47.45 14,086 -84.70 2,286 -83.77 2,593 13.43 -54.9
P.B.I.T. 3,145,813 3,054,189 3,114,580 -255,883 -16,272
Interest Expense -4,132 3,322 -180.40 1,782 -46.36 1,403 -21.27 234 -83.32
Adjustments - Gain (Loss) -16 250 >999± 44,003 >999± 432,686 883.31 80,319 -81.44
Pre-tax Profit 3,149,929 3,051,117 3,156,801 175,400 63,813

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 0 0 0 0 0
Script & concept 0 0 0 0 0
Filler Programming + Program Production 2,878,216 3,179,833 10.48 1,870,372 -41.18 5,086,680 171.96 4,975,282 -2.19 14.7
Investment in Programming 0 0 0 0 0
Total Canadian Programming 2,878,216 3,179,833 10.48 1,870,372 -41.18 5,086,680 171.96 4,975,282 -2.19 14.7
Canadian Programming/Revenue (%) 27.60 29.49 19.05 58.08 55.03

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 949,796 1,449,131 52.57 1,512,117 4.35 0 -100.00 0 -100.0
Average Staff Count 19 32.2 69.47 32.39 0.59 0 -100.00 0
Avg Remuneration ($) 49,989 45,004 -9.97 46,685 3.73

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 116,380 145,244 24.80 121,542 -16.32 120,588 -0.78 116,434 -3.44 0.0

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 30.8 29.2 31.9 -2.9 -0.2
P.B.I.T. Margin 30.2 28.3 31.7 -2.9 -0.2
Pre-tax Margin 30.2 28.3 32.1 2.0 0.7

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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