MusiquePlus

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
214301129 MusiquePlus MusiquePlus inc. Boivin, Pierre (Trustee/fiduciaire) Specialty (category A service) 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 6,373,239 6,339,328 -0.53 6,460,865 1.92 6,745,895 4.41 6,604,615 -2.09 0.9
DTH revenue 2,074,751 2,286,404 10.20 2,178,531 -4.72 2,425,676 11.34 1,807,920 -25.47 -3.4
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 3,635,619 4,529,479 24.59 4,418,041 -2.46 4,364,218 -1.22 3,627,991 -16.87 -0.1
Other revenue 0 0 n/a 0 n/a 0 n/a 0 n/a
Total Revenue 12,083,609 13,155,211 8.87 13,057,437 -0.74 13,535,789 3.66 12,040,526 -11.05 -0.1

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 10,451,955 10,247,425 -1.96 9,832,975 -4.04 9,289,018 -5.53 9,623,162 3.60 -2.0
Technical 578,787 519,652 -10.22 520,513 0.17 545,518 4.80 532,995 -2.30 -2.0
Sales and Promotion 1,465,513 1,481,902 1.12 1,397,835 -5.67 337,638 -75.85 370,656 9.78 -29.1
Administration and General 1,289,565 1,441,248 11.76 1,435,289 -0.41 2,054,523 43.14 1,239,837 -39.65 -1.0
Total Expenses 13,785,820 13,690,227 -0.69 13,186,612 -3.68 12,226,697 -7.28 11,766,650 -3.76 -3.9

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income -1,702,211 -535,016 -129,175 1,309,092 273,876
Depreciation 401,270 496,691 23.78 447,867 -9.83 442,566 -1.18 453,956 2.57 3.1
P.B.I.T. -2,103,481 -1,031,707 -577,042 866,526 -180,080
Interest Expense -47,851 -8,890 -81.42 14,462 -262.68 -1,325 -109.16 -14 -98.94
Adjustments - Gain (Loss) 0 0 n/a 0 n/a 0 n/a 0 n/a
Pre-tax Profit -2,055,630 -1,022,817 -591,504 867,851 -180,066

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 5,771,943 5,080,362 -11.98 3,573,888 -29.65 2,442,841 -31.65 2,132,754 -12.69 -22.0
Script & concept 411,804 410,844 -0.23 447,276 8.87 443,952 -0.74 460,212 3.66 2.8
Filler Programming + Program Production 3,218,952 3,422,956 6.34 4,360,901 27.40 4,892,146 12.18 5,707,281 16.66 15.4
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 9,402,699 8,914,162 -5.20 8,382,065 -5.97 7,778,939 -7.20 8,300,247 6.70 -3.1
Canadian Programming/Revenue (%) 77.81 67.76 64.19 57.47 68.94

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 6,999,711 7,495,877 7.09 7,684,502 2.52 7,428,533 -3.33 6,631,241 -10.73 -1.3
Total Staff Count 113 94 -16.81 89 -5.32 89 0.00 88 -1.12
Avg Remuneration 61,944 79,743 28.73 86,343 8.28 83,467 -3.33 75,355 -9.72 5.0

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 2,506,937 2,468,545 -1.53 2,362,688 -4.29 2,264,746 -4.15 2,515,132 11.06 0.1

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin -14.1 -4.1 -1.0 9.7 2.3
P.B.I.T. Margin -17.4 -7.8 -4.4 6.4 -1.5
Pre-tax Margin -17.0 -7.8 -4.5 6.4 -1.5
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