M3 (formerly MuchMoreMusic)

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
305417364 M3 (formerly MuchMoreMusic) Bell Media Inc. BCE Inc. Specialty (category A service) 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 4,682,185 4,636,715 -0.97 4,807,039 3.67 4,450,591 -7.42 5,345,424 20.11 3.4
DTH revenue 1,410,134 1,387,559 -1.60 1,549,314 11.66 1,749,979 12.95 1,836,134 4.92 6.8
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 10,703,810 11,371,867 6.24 11,135,083 -2.08 11,299,450 1.48 12,590,589 11.43 4.1
Other revenue 0 0 n/a 8,000 n/a 0 -100.00 58,500 n/a
Total Revenue 16,796,129 17,396,141 3.57 17,499,436 0.59 17,500,020 0.00 19,830,647 13.32 4.2

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 7,628,197 8,105,818 6.26 8,413,505 3.80 8,050,551 -4.31 13,337,503 65.67 15.0
Technical 816,073 784,693 -3.85 770,767 -1.77 759,702 -1.44 779,240 2.57 -1.2
Sales and Promotion 1,311,913 1,142,482 -12.91 1,012,207 -11.40 1,447,194 42.97 1,309,950 -9.48 0.0
Administration and General 1,445,100 1,549,283 7.21 1,221,759 -21.14 1,280,005 4.77 1,388,146 8.45 -1.0
Total Expenses 11,201,283 11,582,276 3.40 11,418,238 -1.42 11,537,452 1.04 16,814,839 45.74 10.7

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 5,594,846 5,813,865 6,081,198 5,962,568 3,015,808
Depreciation 987,481 1,196,891 21.21 413,975 -65.41 240,370 -41.94 305,120 26.94 -25.4
P.B.I.T. 4,607,365 4,616,974 5,667,223 5,722,198 2,710,688
Interest Expense 0 0 n/a 0 n/a 0 n/a 0 n/a
Adjustments - Gain (Loss) -536,458 -510,282 -4.88 -1,189,803 133.17 -1,201,723 1.00 -1,560,850 29.88
Pre-tax Profit 4,070,907 4,106,692 4,477,420 4,520,475 1,149,838

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 0 0 n/a 162,725 n/a 38,117 -76.58 3,112,951 >999± n/a
Script & concept 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Filler Programming + Program Production 5,569,411 5,171,753 -7.14 3,249,838 -37.16 3,538,039 8.87 1,821,862 -48.51 -24.4
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 5,569,411 5,171,753 -7.14 3,412,563 -34.02 3,576,156 4.79 4,934,813 37.99 -3.0
Canadian Programming/Revenue (%) 33.16 29.73 19.50 20.44 24.88

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 1,665,604 1,507,323 -9.50 605,951 -59.80 878,293 44.94 829,303 -5.58 -16.0
Total Staff Count 16 8 -50.00 6 -25.00 16 166.67 13 -18.75
Avg Remuneration 104,100 188,415 80.99 100,992 -46.40 54,893 -45.65 63,793 16.21 -11.5

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 6,290,682 6,344,010 0.85 6,344,010 0.00 6,137,846 -3.25 6,043,115 -1.54 -1.0

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 33.3 33.4 34.8 34.1 15.2
P.B.I.T. Margin 27.4 26.5 32.4 32.7 13.7
Pre-tax Margin 24.2 23.6 25.6 25.8 5.8
Date modified: