Encore Avenue

Individual Discretionary and On-Demand Services - Statistical and Financial Summaries 2012-2016

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
435413703 Encore Avenue Encore Avenue Ltd. Corus Entertainment Inc.                                    Pay-TV (category A service) 2016
Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 12,722,913 13,304,894 4.57 13,573,759 2.02 12,411,052 -8.57 6,343,803 -48.89 -16.0
DTH subscriber revenue 7,120,619 7,071,288 -0.69 6,683,998 -5.48 5,977,685 -10.57 2,857,346 -52.20 -20.4
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Revenue 19,843,532 20,376,182 2.68 20,257,757 -0.58 18,388,737 -9.23 9,201,149 -49.96 -17.5
Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 5,422,446 5,299,175 -2.27 5,122,249 -3.34 4,751,067 -7.25 5,622,729 18.35 0.9
Technical 1,293,898 1,203,294 -7.00 1,113,366 -7.47 990,071 -11.07 645,138 -34.84 -16.0
Sales and Promotion 332,408 309,162 -6.99 277,503 -10.24 262,680 -5.34 171,796 -34.60 -15.2
Administration and General 2,579,112 2,239,719 -13.16 2,067,733 -7.68 1,051,071 -49.17 985,983 -6.19 -21.4
Total Expenses 9,627,864 9,051,350 -5.99 8,580,851 -5.20 7,054,889 -17.78 7,425,646 5.26 -6.3
Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 10,215,668 11,324,832 - 11,676,906 - 11,333,848 - 1,775,503 - -
Depreciation 511,597 563,839 10.21 491,452 -12.84 448,643 -8.71 141,120 -68.55 -27.5
P.B.I.T. 9,704,071 10,760,993 - 11,185,454 - 10,885,205 - 1,634,383 - -
Interest Expense 140,919 152,166 7.98 185,053 21.61 174,275 -5.82 -742,520 -526.06 -
Adjustments - Gain (Loss) 1,135,344 384,114 -66.17 645,049 67.93 866,829 34.38 57,857,969 >999± -
Pre-tax Profit 10,698,496 10,992,941 - 11,645,450 - 11,577,759 - 60,234,872 - -
Canadian Programming Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Acquisition of rights 975,318 746,494 -23.46 441,406 -40.87 275,524 -37.58 238,931 -13.28 -29.7
Script & concept 38,233 38,198 -0.09 36,226 -5.16 29,476 -18.63 15,237 -48.31 -20.6
Filler Programming + Program Production 781,775 832,718 6.52 701,095 -15.81 888,953 26.79 692,146 -22.14 -3.0
Investment in Programming -145,350 0 -100.00 0 n/a 0 n/a 295,821 n/a #ERROR
Total Canadian Programming 1,649,976 1,617,410 -1.97 1,178,727 -27.12 1,193,953 1.29 1,242,135 4.04 -6.9
Canadian Programming/Revenue (%) 8.31 7.94 - 5.82 - 6.49 - 13.50 - -
Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 1,827,776 1,761,688 -3.62 1,141,217 -35.22 637,730 -44.12 549,129 -13.89 -26.0
Total Staff Count 29 23 -20.69 27 17.39 31 14.81 24 -22.58 -
Average Remuneration ($) 63,027 76,595 21.53 42,267 -44.82 20,572 -51.33 22,880 11.22 -22.4
Subscribers
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
2,305,491 2,249,940 -2.41 2,139,038 -4.93 1,997,353 -6.62 0 -100.00 -100.0
Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 51.5 55.6 - 57.6 - 61.6 - 19.3 - -
P.B.I.T. Margin 48.9 52.8 - 55.2 - 59.2 - 17.8 - -
Pre-tax Margin 53.9 53.9 - 57.5 - 63.0 - 654.6 - -

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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