The Comedy Network

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
305417215 The Comedy Network 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 19,439,973 19,109,633 -1.70 19,653,390 2.85 18,952,684 -3.57 20,018,569 5.62 0.7
DTH revenue 6,287,252 6,471,643 2.93 6,756,722 4.41 7,065,673 4.57 7,158,900 1.32 3.3
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 29,539,029 30,956,652 4.80 29,186,880 -5.72 34,758,191 19.09 30,948,404 -10.96 1.2
Other revenue 238,184 70,460 -70.42 258,956 267.52 27,192 -89.50 505,280 >999±
Total Revenue 55,504,438 56,608,388 1.99 55,855,948 -1.33 60,803,740 8.86 58,631,153 -3.57 1.4

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 29,190,685 23,214,736 -20.47 21,106,057 -9.08 21,005,603 -0.48 20,846,851 -0.76 -8.1
Technical 1,073,259 1,136,797 5.92 1,149,459 1.11 1,449,745 26.12 1,484,751 2.41 8.5
Sales and Promotion 2,987,362 1,713,147 -42.65 2,719,011 58.71 3,325,335 22.30 3,007,857 -9.55 0.2
Administration and General 3,667,973 5,501,861 50.00 3,344,219 -39.22 2,917,405 -12.76 3,370,906 15.54 -2.1
Total Expenses 36,919,279 31,566,541 -14.50 28,318,746 -10.29 28,698,088 1.34 28,710,365 0.04 -6.1

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 18,585,159 25,041,847 27,537,202 32,105,652 29,920,788
Depreciation 0 782,612 n/a 1,044,382 33.45 835,529 -20.00 835,813 0.03 n/a
P.B.I.T. 18,585,159 24,259,235 26,492,820 31,270,123 29,084,975
Interest Expense 0 0 n/a 19 n/a 81 326.32 32 -60.49
Adjustments - Gain (Loss) 1,261,829 -1,986 -100.16 0 -100.00 4,073 n/a -1,059,708 >999±
Pre-tax Profit 19,846,988 24,257,249 26,492,801 31,274,115 28,025,235

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 14,441,832 12,596,913 -12.77 7,960,905 -36.80 10,492,022 31.79 10,113,913 -3.60 -8.5
Script & concept 100,000 190,000 90.00 200,001 5.26 200,000 0.00 76,543 -61.73 -6.5
Filler Programming + Program Production 1,261,448 1,382,249 9.58 2,353,462 70.26 0 -100.00 125,258 n/a -43.9
Investment in Programming 422,595 201,137 -52.40 0 -100.00 0 n/a 0 n/a -100.0
Total Canadian Programming 16,225,875 14,370,299 -11.44 10,514,368 -26.83 10,692,022 1.69 10,315,714 -3.52 -10.7
Canadian Programming/Revenue (%) 29.23 25.39 18.82 17.58 17.59

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 574,087 691,400 20.43 375,694 -45.66 462,069 22.99 157,920 -65.82 -27.6
Total Staff Count 8 8 0.00 4 -50.00 6 50.00 2 -66.67
Avg Remuneration 71,761 86,425 20.43 93,924 8.68 77,012 -18.01 78,960 2.53 2.4

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 6,315,977 6,149,333 -2.64 5,947,278 -3.29 5,849,682 -1.64 5,692,195 -2.69 -2.6

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 33.5 44.2 49.3 52.8 51.0
P.B.I.T. Margin 33.5 42.9 47.4 51.4 49.6
Pre-tax Margin 35.8 42.9 47.4 51.4 47.8
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