Le Canal Nouvelles (LCN)

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
205417406 Le Canal Nouvelles (LCN) Groupe TVA inc. Les Placements Péladeau inc. Specialty (category C service) 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 9,111,260 9,216,001 1.15 9,693,224 5.18 11,463,561 18.26 11,887,034 3.69 6.9
DTH revenue 3,126,789 3,135,580 0.28 3,594,519 14.64 4,883,304 35.85 5,558,279 13.82 15.5
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 14,080,032 15,204,635 7.99 16,005,919 5.27 15,407,225 -3.74 13,771,750 -10.61 -0.6
Other revenue 615,909 1,128,740 83.26 1,089,839 -3.45 493,542 -54.71 411,318 -16.66
Total Revenue 26,933,990 28,684,956 6.50 30,383,501 5.92 32,247,632 6.14 31,628,381 -1.92 4.1

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 14,756,029 16,862,448 14.27 16,537,480 -1.93 18,327,281 10.82 19,181,270 4.66 6.8
Technical 721,554 765,638 6.11 931,619 21.68 1,029,330 10.49 707,002 -31.31 -0.5
Sales and Promotion 1,156,698 1,494,048 29.16 2,103,148 40.77 1,917,086 -8.85 1,566,491 -18.29 7.9
Administration and General 1,225,391 1,144,732 -6.58 1,698,336 48.36 2,093,167 23.25 2,139,774 2.23 15.0
Total Expenses 17,859,672 20,266,866 13.48 21,270,583 4.95 23,366,864 9.86 23,594,537 0.97 7.2

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 9,074,318 8,418,090 9,112,918 8,880,768 8,033,844
Depreciation 53,307 300,000 462.78 300,000 0.00 300,000 0.00 300,000 0.00 54.0
P.B.I.T. 9,021,011 8,118,090 8,812,918 8,580,768 7,733,844
Interest Expense 0 0 n/a 0 n/a 0 n/a 0 n/a
Adjustments - Gain (Loss) 0 0 n/a 0 n/a 0 n/a 0 n/a
Pre-tax Profit 9,021,011 8,118,090 8,812,918 8,580,768 7,733,844

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Script & concept 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Filler Programming + Program Production 14,114,197 16,064,773 13.82 16,532,067 2.91 18,323,221 10.83 19,181,270 4.68 8.0
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 14,114,197 16,064,773 13.82 16,532,067 2.91 18,323,221 10.83 19,181,270 4.68 8.0
Canadian Programming/Revenue (%) 52.40 56.00 54.41 56.82 60.65

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 6,874,158 7,076,412 2.94 7,923,696 11.97 8,011,467 1.11 7,865,609 -1.82 3.4
Total Staff Count 67 68 1.49 74 8.82 83 12.16 82 -1.20
Avg Remuneration 102,599 104,065 1.43 107,077 2.89 96,524 -9.86 95,922 -0.62 -1.7

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 2,274,086 2,263,742 -0.45 2,432,684 7.46 2,482,223 2.04 2,661,790 7.23 4.0

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 33.7 29.3 30.0 27.5 25.4
P.B.I.T. Margin 33.5 28.3 29.0 26.6 24.5
Pre-tax Margin 33.5 28.3 29.0 26.6 24.5
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