Pay and Specialty - Vertically Integrated Companies - Category B Specialty Services

Individual Pay, Pay-per-view, Video-on-demand and Specialty Services - Financial Summary 2011-2015

Table of Contents

Reporting Units
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Reporting Units 24 27 27 27 27

Revenue
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 73,641,260 90,323,623 22.65 107,672,607 19.21 110,878,532 2.98 121,157,598 9.27 13.3
DTH revenue 45,561,226 47,077,375 3.33 47,292,808 0.46 47,927,601 1.34 45,382,786 -5.31 -0.1
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 46,205,991 57,577,453 24.61 67,291,122 16.87 74,719,219 11.04 77,150,731 3.25 13.7
Other revenue 779,864 735,960 -5.63 344,492 -53.19 393,538 14.24 312,817 -20.51 -20.4
Total Revenue 166,188,341 195,714,411 17.77 222,601,029 13.74 233,918,890 5.08 244,003,932 4.31 10.1

Expenses
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 62,324,438 71,106,741 14.09 82,345,668 15.81 97,042,355 17.85 102,793,405 5.93 13.3
Technical 11,099,170 12,576,209 13.31 12,070,284 -4.02 11,600,463 -3.89 11,289,700 -2.68 0.4
Sales and Promotion 10,930,411 10,159,591 -7.05 11,627,893 14.45 7,613,905 -34.52 7,810,087 2.58 -8.1
Administration and General 16,272,608 18,749,382 15.22 21,919,107 16.91 26,085,277 19.01 28,414,193 8.93 15.0
Total Expenses 100,626,627 112,591,923 11.89 127,962,952 13.65 142,342,000 11.24 150,307,385 5.60 10.6

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 65,561,714 83,122,488 94,638,077 91,576,890 93,696,547
Depreciation 1,761,136 1,515,493 -13.95 1,257,728 -17.01 1,317,912 4.79 1,529,229 16.03 -3.5
P.B.I.T. 63,800,578 81,606,995 93,380,349 90,258,978 92,167,318
Interest Expense 4,371,455 2,242,440 1,884,488 1,310,771 809,842
Adjustments - Gain (Loss) 181,544 -901,898 -1,926,638 -1,899,722 -671,528
Pre-tax Profit 59,610,667 78,462,657 89,569,223 87,048,485 90,685,948

Canadian Programming Expenses
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 13,876,751 17,894,853 28.96 21,309,457 19.08 25,498,561 19.66 27,992,706 9.78 19.2
Script & concept 25,000 20,000 -20.00 65,703 228.52 31,545 -51.99 33,803 7.16 7.8
Filler Programming + Program Production 6,084,089 10,208,786 67.79 11,203,241 9.74 9,930,996 -11.36 10,259,753 3.31 14.0
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 19,985,840 28,123,639 40.72 32,578,401 15.84 35,461,102 8.85 38,286,262 7.97 17.7
Canadian Programming/Revenue (%) 12.03 14.37 14.64 15.16 15.69

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 10,251,390 16,737,579 63.27 16,308,223 -2.57 15,952,575 -2.18 16,371,789 2.63 12.4
Average Staff Count 160.51 207.80 29.46 207.16 -0.31 182.81 -11.75 178.52 -2.35
Avg Remuneration ($) 63,868 80,547 26.11 78,723 -2.26 87,263 10.85 91,708 5.09 9.5
Avg Remuneration excl. Benefits ($) n/a n/a n/a n/a n/a 73,953 n/a 76,516 3.47 n/a

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 39.5 42.5 42.5 39.1 38.4
P.B.I.T. Margin 38.4 41.7 41.9 38.6 37.8
Pre-tax Margin 35.9 40.1 40.2 37.2 37.2

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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