Pay and Specialty - Documentary (formerly The Canadian Documentary Channel)

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
305423965 Documentary (formerly The Canadian Documentary Channel) The Canadian Documentary Channel Limited Partnersh Canadian Broadcasting Corporation Specialty (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 2,530,657 3,187,513 25.96 3,316,105 4.03 3,426,097 3.32 4,022,419 17.41 12.3
DTH revenue 2,735,263 2,640,874 -3.45 2,729,270 3.35 2,850,923 4.46 2,314,865 -18.80 -4.1
Local advertising revenue 0 0 0 0 0
National advertising revenue 176,558 186,278 5.51 274,837 47.54 270,325 -1.64 307,338 13.69 14.9
Other revenue 63,205 3,243 -94.87 592 -81.75 4,909 729.22 6 -99.88 -90.1
Total Revenue 5,505,683 6,017,908 9.30 6,320,804 5.03 6,552,254 3.66 6,644,628 1.41 4.8

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 2,558,112 2,764,550 8.07 2,878,598 4.13 3,314,613 15.15 3,326,337 0.35 6.8
Technical 1,234,684 1,215,982 -1.51 1,239,365 1.92 1,254,565 1.23 1,241,201 -1.07 0.1
Sales and Promotion 436,036 514,638 18.03 572,571 11.26 514,502 -10.14 536,185 4.21 5.3
Administration and General 594,285 636,279 7.07 617,375 -2.97 622,446 0.82 528,802 -15.04 -2.9
Total Expenses 4,823,117 5,131,449 6.39 5,307,909 3.44 5,706,126 7.50 5,632,525 -1.29 4.0

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 682,566 886,459 1,012,895 846,128 1,012,103
Depreciation 0 0 0 0 0
P.B.I.T. 682,566 886,459 1,012,895 846,128 1,012,103
Interest Expense 59,103 30,672 -48.10 0 -100.00 0 0
Adjustments - Gain (Loss) 0 0 0 0 0
Pre-tax Profit 623,463 855,787 1,012,895 846,128 1,012,103

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 1,371,297 1,536,289 12.03 1,462,783 -4.78 1,593,223 8.92 1,618,908 1.61 4.2
Script & concept 215,788 304,750 41.23 357,294 17.24 633,370 77.27 562,317 -11.22 27.1
Filler Programming + Program Production 471,781 558,300 18.34 584,058 4.61 597,936 2.38 619,537 3.61 7.1
Investment in Programming 0 0 0 0 2,060
Total Canadian Programming 2,058,866 2,399,339 16.54 2,404,135 0.20 2,824,529 17.49 2,802,822 -0.77 8.0
Canadian Programming/Revenue (%) 37.40 39.87 38.04 43.11 42.18

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 711,563 666,738 -6.30 778,773 16.80 866,587 11.28 895,945 3.39 5.9
Average Staff Count 8 7.5 -6.25 8.25 10.00 8.75 6.06 8.75 0.00
Avg Remuneration ($) 88,945 88,898 -0.05 94,397 6.18 99,039 4.92 102,394 3.39 3.6

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 2,563,944 2,669,402 4.11 2,697,178 1.04 2,692,691 -0.17 2,646,500 -1.72 0.8

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 12.4 14.7 16.0 12.9 15.2
P.B.I.T. Margin 12.4 14.7 16.0 12.9 15.2
Pre-tax Margin 11.3 14.2 16.0 12.9 15.2

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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