Anexo 4 y 5 sarfin

Exhibit 4: Ad Revenue Calculator
Ad Revenue Calculator
Current 2007 Base Scenario 1 Scenario 2 Scenario 3
TV HH 110.000.000 110.000.000 110.000.000 110.000.000 110.000.000
AverageRating 1,0% 1,0% 1,2% 0,8% 1,2%
Average Viewers (Thousand) 1100 1100 1320 880 1320
Average CPM* $2,00 $1,80 $1,80 $3,50 $2,50
Average Revenue/Ad Minute** $2.200 $1.980 $2.376 $3.080 $3.300
AdMinutes/Week 2016 2016 2016 2016 2016
Weeks/Year 52 52 52 52 52
Ad Revenue/Year $230.630.400 $207.567.360 $249.080.832 $322.882.560 $345.945.600
Incremental Programming Expense $- $-$15.000.000 $20.000.000


* Revenue/Thousand Viewers
** Calculated by multiplying Average Viewers by Average CPM


2006 Actual 2007 Base Scenario 1Scenario 2 Scenario 3 Assumptions
Exhibit 5: Financials
Revenue
Ad Sales $230.630.400 $207.567.360 $249.080.832 $322.882.560 $345.945.600 Insert scenario results from revenuecalculator
Affiliate Fees $80.000.000 $81.600.000 $81.600.000 $81.600.000 $81.600.000 Grows 2% per year with population
Total Revenue $310.630.400 $289.167.360 $330.680.832 $404.482.560 $427.545.600Expenses
Cost of Operations $70.000.000 $72.100.000 $72.100.000 $72.100.000 $72.100.000 Grows 3% per year with inflation
Cost of Programming $55.000.000 $55.000.000 $55.000.000$70.000.000 $75.000.000 Add incremental programming expense
Ad Sales Commissions $6.918.912 $6.227.021 $7.472.425 $9.686.477 $10.378.368 3% of ad sales revenue
Marketing & Advertising$45.000.000 $60.000.000 $60.000.000 $60.000.000 $60.000.000 Reflects increased spending of $15M
SGA $40.000.000 $41.200.000 $41.200.000 $41.200.000 $41.200.000 Growing with inflation 3%
Total Expense$216.918.912 $234.527.021 $235.772.425 $252.986.477 $258.678.368 Spreadsheet calculates automatically

Net Income $93.711.488 $54.640.339 $94.908.407 $151.496.083 $168.867.232 Spreadsheet...