Le Réseau des Sports (RDS)

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
214301137 Le Réseau des Sports (RDS) Le Réseau des sports (RDS) inc. BCE Inc. Specialty (category C service) 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 41,186,385 41,691,031 1.23 75,557,599 81.23 89,911,769 19.00 88,210,437 -1.89 21.0
DTH revenue 14,698,912 16,014,025 8.95 29,148,638 82.02 27,297,493 -6.35 24,857,259 -8.94 14.0
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 57,229,457 63,265,918 10.55 62,730,891 -0.85 50,608,461 -19.32 64,524,513 27.50 3.0
Other revenue 6,464,781 8,995,100 39.14 0 -100.00 0 n/a 0 n/a
Total Revenue 119,579,535 129,966,074 8.69 167,437,128 28.83 167,817,723 0.23 177,592,209 5.82 10.4

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 76,253,592 71,965,077 -5.62 115,318,741 60.24 90,699,466 -21.35 107,080,263 18.06 8.9
Technical 2,140,218 2,950,208 37.85 1,711,144 -42.00 997,080 -41.73 947,483 -4.97 -18.4
Sales and Promotion 12,510,014 11,956,020 -4.43 12,127,659 1.44 12,395,973 2.21 10,399,511 -16.11 -4.5
Administration and General 9,035,316 11,705,864 29.56 11,217,502 -4.17 13,026,892 16.13 12,227,805 -6.13 7.9
Total Expenses 99,939,140 98,577,169 -1.36 140,375,046 42.40 117,119,411 -16.57 130,655,062 11.56 6.9

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 19,640,395 31,388,905 27,062,082 50,698,312 46,937,147
Depreciation 1,869,986 1,869,040 -0.05 1,944,398 4.03 1,553,004 -20.13 1,940,322 24.94 0.9
P.B.I.T. 17,770,409 29,519,865 25,117,684 49,145,308 44,996,825
Interest Expense 0 0 n/a 0 n/a 0 n/a 0 n/a
Adjustments - Gain (Loss) 6,517,422 622,888 -90.44 592,722 -4.84 290,324 -51.02 410,945 41.55
Pre-tax Profit 24,287,831 30,142,753 25,710,406 49,435,632 45,407,770

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 35,757,601 34,561,262 -3.35 36,432,039 5.41 27,965,648 -23.24 36,637,501 31.01 0.6
Script & concept 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Filler Programming + Program Production 32,478,176 31,540,865 -2.89 44,465,835 40.98 39,816,638 -10.46 46,335,112 16.37 9.3
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 68,235,777 66,102,127 -3.13 80,897,874 22.38 67,782,286 -16.21 82,972,613 22.41 5.0
Canadian Programming/Revenue (%) 57.06 50.86 48.32 40.39 46.72

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 23,285,617 25,716,571 10.44 31,761,114 23.50 31,479,052 -0.89 23,028,577 -26.84 -0.3
Total Staff Count 314 323 2.87 409 26.63 404 -1.22 303 -25.00
Avg Remuneration 74,158 79,618 7.36 77,656 -2.46 77,918 0.34 76,002 -2.46 0.6

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 3,197,725 3,445,734 7.76 3,514,326 1.99 3,334,671 -5.11 3,241,475 -2.79 0.3

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 16.4 24.2 16.2 30.2 26.4
P.B.I.T. Margin 14.9 22.7 15.0 29.3 25.3
Pre-tax Margin 20.3 23.2 15.4 29.5 25.6
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