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Pay, Pay-per-view, Video-on-Demand and Specialty Services

Financial Summary

[Table of Contents]

 

Revenue

Canada	2007	2008	Var %	2009	Var %	2010	Var %	2011	Var %	CAGR (%)
Reporting Units	178	188		184		198		207
Residential/bulk/smatv subscriber revenue	1,168,693,667	1,261,823,643	7.97	1,421,999,577	12.69	1,576,196,470	10.84	1,704,582,875	8.15	9.9
DTH revenue	579,798,001	605,903,657	4.50	628,258,899	3.69	670,263,805	6.69	698,902,472	4.27	4.8
Local advertising revenue	19,769,800	19,994,426	1.14	18,299,093	-8.48	19,638,618	7.32	30,213,639	53.85 *	11.2
National advertising revenue	928,897,883	1,006,343,115	8.34	982,745,797	-2.34	1,093,285,111	11.25	1,204,050,455	10.13	6.7
Other revenue	32,430,438	35,818,210	10.45	61,639,617	72.09	99,973,255	62.19	94,399,956	-5.57
Total Revenue	2,729,589,789	2,929,883,051	7.34	3,112,942,983	6.25	3,459,357,259	11.13	3,732,149,397	7.89	8.1

*Note: The increase in local advertising revenue in 2011 is primarily attributed to Specialty Service CablePulse 24, which reported for the first time local advertising revenue ($8.9 million).

Expenses

Canada	2007	2008	Var %	2009	Var %	2010	Var %	2011	Var %	CAGR (%)
Programming and Production	1,429,896,175	1,632,678,555	14.18	1,715,773,034	5.09	1,878,476,928	9.48	2,006,659,910	6.82	8.8
Technical	117,528,833	123,202,496	4.83	140,914,722	14.38	140,826,851	-0.06	150,558,018	6.91	6.4
Sales and Promotion	218,186,356	207,925,964	-4.70	203,432,132	-2.16	212,980,507	4.69	221,844,893	4.16	0.4
Administration and General	261,150,659	268,250,981	2.72	248,886,164	-7.22	267,035,668	7.29	322,763,153	20.87	5.4
Total Expenses	2,026,762,023	2,232,057,996	10.13	2,309,006,052	3.45	2,499,319,954	8.24	2,701,825,974	8.10	7.5

Performance

Canada	2007	2008	Var %	2009	Var %	2010	Var %	2011	Var %	CAGR (%)
Operating Income	702,827,766	697,825,055		803,936,931		960,037,305		1,030,323,423
Depreciation	54,559,281	50,032,473	-8.30	75,132,131	50.17	86,141,040	14.65	99,802,496	15.86	16.3
P.B.I.T.	648,268,485	647,792,582		728,804,800		873,896,265		930,520,927
Interest Expense	58,112,734	110,405,243	89.98	121,216,517	9.79	121,904,026	0.57	134,267,356	10.14
Adjustments Gain(Loss)	82,328,499	72,973,281		47,890,546		83,438,043		-311,904
Pre-tax Profit	672,484,250	610,360,620		655,478,829		835,430,282		795,941,667

Canadian Programming Expenditures

Canada	2007	2008	Var %	2009	Var %	2010	Var %	2011	Var %	CAGR (%)
Acquisition of rights	489,816,423	558,358,287	13.99	573,020,539	2.63	612,414,073	6.87	697,290,021	13.86	9.2
Script & concept	9,045,803	9,109,027	0.70	9,447,407	3.71	9,315,976	-1.39	11,152,906	19.72	5.4
Filler Programming + Program Production	439,400,549	478,524,874	8.90	473,045,873	-1.14	517,577,197	9.41	536,900,333	3.73	5.1
Investment in Programming	15,359,288	30,212,986	96.71	14,370,223	-52.44	24,507,773	70.55	17,022,411	-30.54	2.6
Total Canadian Programming Expenditures	953,622,063	1,076,205,174	12.85	1,069,884,042	-0.59	1,163,815,019	8.78	1,262,365,671	8.47	7.3
Canadian Programming/Revenue (%)	34.94	36.73		34.37		33.64		33.82

Staff

Canada	2007	2008	Var %	2009	Var %	2010	Var %	2011	Var %	CAGR (%)
Total Salaries	408,694,239	406,063,420	-0.64	407,995,215	0.48	415,072,376	1.73	461,245,656	11.12	3.1
Average Staff Count	5520.08	5525.01	0.09	5495.45	-0.54	5495.68	0.00	5900.99	7.38
Average Salary ($)	74,038	73,496	-0.73	74,242	1.02	75,527	1.73	78,164	3.49	1.4

Profitability (%)

Canada	2007	2008	Var %	2009	Var %	2010	Var %	2011	Var %	CAGR (%)
Operating Margin	25.7	23.8		25.8		27.8		27.6
P.B.I.T. Margin	23.7	22.1		23.4		25.3		24.9
Pre-tax Margin	24.6	20.8		21.1		24.1		21.3