Pay and Specialty - CMT (formerly Country Music Television)

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
435413778 CMT (formerly Country Music Television) Country Music Television Ltd. Corus Entertainment Inc. Specialty (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 3,800,521 3,471,732 -8.65 3,282,503 -5.45 2,959,197 -9.85 2,821,423 -4.66 -7.2
DTH revenue 1,232,551 1,263,100 2.48 1,249,811 -1.05 1,275,875 2.09 1,196,691 -6.21 -0.7
Local advertising revenue 0 0 0 0 0
National advertising revenue 25,644,028 24,539,232 -4.31 20,190,088 -17.72 15,388,515 -23.78 15,816,972 2.78 -11.4
Other revenue 6,790 0 -100.00 0 0 60,671 72.9
Total Revenue 30,683,890 29,274,064 -4.59 24,722,402 -15.55 19,623,587 -20.62 19,895,757 1.39 -10.3

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 10,323,355 11,988,205 16.13 12,371,403 3.20 12,090,952 -2.27 13,231,576 9.43 6.4
Technical 735,160 661,814 -9.98 593,260 -10.36 518,852 -12.54 539,802 4.04 -7.4
Sales and Promotion 3,680,334 3,333,580 -9.42 2,823,545 -15.30 944,161 -66.56 227,864 -75.87 -50.1
Administration and General 4,660,925 4,530,905 -2.79 3,750,292 -17.23 2,628,576 -29.91 1,720,038 -34.56 -22.1
Total Expenses 19,399,774 20,514,504 5.75 19,538,500 -4.76 16,182,541 -17.18 15,719,280 -2.86 -5.1

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 11,284,116 8,759,560 5,183,902 3,441,046 4,176,477
Depreciation 3,281 1,026,209 >999± 1,128,969 10.01 786,933 -30.30 718,444 -8.70 284.7
P.B.I.T. 11,280,835 7,733,351 4,054,933 2,654,113 3,458,033
Interest Expense 177,964 299,375 68.22 387,582 29.46 478,459 23.45 185,185 -61.30
Adjustments - Gain (Loss) 308,202 689,060 123.57 -142,037 -120.61 7,941 -105.59 -158,787 >999±
Pre-tax Profit 11,411,073 8,123,036 3,525,314 2,183,595 3,114,061

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 6,923,365 7,961,724 15.00 8,519,366 7.00 7,859,376 -7.75 8,347,558 6.21 4.8
Script & concept 208,502 247,093 18.51 279,642 13.17 349,086 24.83 402,544 15.31 17.9
Filler Programming + Program Production 533,824 872,363 63.42 766,980 -12.08 638,023 -16.81 710,875 11.42 7.4
Investment in Programming 0 47,500 60,000 26.32 140,443 134.07 336,405 139.53
Total Canadian Programming 7,665,691 9,128,680 19.08 9,625,988 5.45 8,986,928 -6.64 9,797,382 9.02 6.3
Canadian Programming/Revenue (%) 24.98 31.18 38.94 45.80 49.24

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 3,792,996 3,624,419 -4.44 2,429,796 -32.96 741,969 -69.46 572,565 -22.83 -37.7
Average Staff Count 69 70 1.45 56 -20.00 26 -53.57 30 15.38
Avg Remuneration ($) 54,971 51,777 -5.81 43,389 -16.20 28,537 -34.23 19,086 -33.12 -23.2

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 10,627,113 10,654,934 0.26 10,577,182 -0.73 10,220,615 -3.37 9,948,757 -2.66 -1.6

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 36.8 29.9 21.0 17.5 21.0
P.B.I.T. Margin 36.8 26.4 16.4 13.5 17.4
Pre-tax Margin 37.2 27.7 14.3 11.1 15.7

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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