Pay and Specialty - DTOUR (formerly TVtropolis)

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
305417299 DTOUR (formerly TVtropolis) TVtropolis General Partnership Shaw Communications Inc. Specialty (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 10,972,219 10,622,994 -3.18 10,789,186 1.56 10,824,411 0.33 11,350,635 4.86 0.9
DTH revenue 3,505,084 3,453,772 -1.46 3,766,653 9.06 3,831,390 1.72 3,645,634 -4.85 1.0
Local advertising revenue 0 0 0 0 0
National advertising revenue 27,113,111 23,877,768 -11.93 17,508,955 -26.67 12,378,789 -29.30 10,743,270 -13.21 -20.7
Other revenue 308 113 -63.31 1 -99.12 0 -100.00 0 -100.0
Total Revenue 41,590,722 37,954,647 -8.74 32,064,795 -15.52 27,034,590 -15.69 25,739,539 -4.79 -11.3

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 27,674,301 18,184,542 -34.29 12,050,839 -33.73 9,475,433 -21.37 7,363,374 -22.29 -28.2
Technical 566,669 855,538 50.98 722,057 -15.60 622,640 -13.77 610,446 -1.96 1.9
Sales and Promotion 4,219,958 2,983,149 -29.31 1,153,190 -61.34 817,556 -29.10 359,332 -56.05 -46.0
Administration and General 1,513,375 1,572,954 3.94 1,575,452 0.16 2,234,107 41.81 2,084,593 -6.69 8.3
Total Expenses 33,974,303 23,596,183 -30.55 15,501,538 -34.30 13,149,736 -15.17 10,417,745 -20.78 -25.6

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 7,616,419 14,358,464 16,563,257 13,884,854 15,321,794
Depreciation 0 0 1,454 10,523 623.73 10,225 -2.83
P.B.I.T. 7,616,419 14,358,464 16,561,803 13,874,331 15,311,569
Interest Expense 0 -32,929 -28,964 -12.04 -9,739 -66.38 -1,870 -80.80
Adjustments - Gain (Loss) -20,821 0 -100.00 0 0 0
Pre-tax Profit 7,595,598 14,391,393 16,590,767 13,884,070 15,313,439

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 19,179,790 13,286,978 -30.72 7,609,721 -42.73 5,055,174 -33.57 3,002,537 -40.60 -37.1
Script & concept 0 117,996 236,348 100.30 30,000 -87.31 0 -100.00
Filler Programming + Program Production 0 790,779 781,317 -1.20 778,418 -0.37 701,179 -9.92
Investment in Programming 213,000 0 -100.00 0 0 0 -100.0
Total Canadian Programming 19,392,790 14,195,753 -26.80 8,627,386 -39.23 5,863,592 -32.04 3,703,716 -36.84 -33.9
Canadian Programming/Revenue (%) 46.63 37.40 26.91 21.69 14.39

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 2,047,250 1,516,190 -25.94 1,745,822 15.15 2,052,093 17.54 1,788,430 -12.85 -3.3
Average Staff Count 28 20 -28.57 22 10.00 25 13.64 21 -16.00
Avg Remuneration ($) 73,116 75,810 3.68 79,356 4.68 82,084 3.44 85,163 3.75 3.9

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 6,263,767 6,014,856 -3.97 5,759,675 -4.24 5,335,548 -7.36 4,996,819 -6.35 -5.5

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 18.3 37.8 51.7 51.4 59.5
P.B.I.T. Margin 18.3 37.8 51.7 51.3 59.5
Pre-tax Margin 18.3 37.9 51.7 51.4 59.5

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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