Pay and Specialty - Non-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 74 91 99 96 94

Revenue
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 69,991,892 82,760,194 18.24 104,779,679 26.61 102,069,024 -2.59 109,724,035 7.50 11.9
DTH revenue 47,143,404 48,153,871 2.14 46,909,745 -2.58 43,482,877 -7.31 42,297,265 -2.73 -2.7
Local advertising revenue 3,876,448 4,413,514 13.85 6,190,443 40.26 7,001,895 13.11 7,709,671 10.11 18.8
National advertising revenue 25,806,951 31,360,554 21.52 37,980,346 21.11 37,668,325 -0.82 27,524,869 -26.93 1.6
Other revenue 15,868,215 15,030,322 -5.28 18,829,764 25.28 17,841,367 -5.25 20,558,091 15.23 6.7
Total Revenue 162,686,910 181,718,455 11.70 214,689,977 18.14 208,063,488 -3.09 207,813,931 -0.12 6.3

Expenses
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 64,890,131 82,675,220 27.41 104,723,792 26.67 99,347,902 -5.13 100,677,582 1.34 11.6
Technical 24,241,247 26,525,776 9.42 26,630,111 0.39 24,285,775 -8.80 27,009,921 11.22 2.7
Sales and Promotion 16,746,218 19,255,130 14.98 19,660,981 2.11 14,573,060 -25.88 14,557,393 -0.11 -3.4
Administration and General 39,568,544 38,003,642 -3.95 39,350,003 3.54 42,656,191 8.40 30,656,398 -28.13 -6.2
Total Expenses 145,446,140 166,459,768 14.45 190,364,887 14.36 180,862,928 -4.99 172,901,294 -4.40 4.4

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 17,240,770 15,258,687 24,325,090 27,200,560 34,912,637
Depreciation 3,619,590 5,607,449 54.92 6,355,160 13.33 5,484,883 -13.69 5,079,220 -7.40 8.8
P.B.I.T. 13,621,180 9,651,238 17,969,930 21,715,677 29,833,417
Interest Expense 9,007,092 1,369,392 2,875,730 2,979,698 2,554,224
Adjustments - Gain (Loss) -638,826 -3,611,366 -3,009,685 166,267 -7,984,997
Pre-tax Profit 3,975,262 4,670,480 12,084,515 18,902,246 19,294,196

Canadian Programming Expenses
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 10,668,477 14,378,573 34.78 17,677,017 22.94 9,954,536 -43.69 13,173,627 32.34 5.4
Script & concept 733,358 1,045,782 42.60 946,652 -9.48 1,158,459 22.37 1,006,922 -13.08 8.3
Filler Programming + Program Production 22,624,163 27,622,431 22.09 29,232,618 5.83 29,400,127 0.57 23,856,310 -18.86 1.3
Investment in Programming 1,078,554 1,540,489 42.83 1,367,410 -11.24 1,512,095 10.58 2,783,211 84.06 26.7
Total Canadian Programming 35,104,552 44,587,275 27.01 49,223,697 10.40 42,025,217 -14.62 40,820,070 -2.87 3.8
Canadian Programming/Revenue (%) 21.58 24.54 22.93 20.20 19.64

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 33,234,580 41,198,569 23.96 42,649,125 3.52 34,744,584 -18.53 32,214,388 -7.28 -0.8
Average Staff Count 683.84 755.40 10.46 763.58 1.08 864.49 13.22 596.02 -31.06
Avg Remuneration ($) 48,600 54,539 12.22 55,854 2.41 40,191 -28.04 54,049 34.48 2.7
Avg Remuneration excl. Benefits ($) n/a n/a n/a n/a 35,104 n/a 49,924 42.22 n/a

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 10.6 8.4 11.3 13.1 16.8
P.B.I.T. Margin 8.4 5.3 8.4 10.4 14.4
Pre-tax Margin 2.4 2.6 5.6 9.1 9.3

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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