Viewer's Choice Canada (PPV)

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
315405639 Viewer's Choice Canada (PPV) Viewer's Choice Canada Inc. BCE Inc. Pay-per-view programming 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 16,140,904 17,118,056 6.05 13,710,763 -19.90 12,456,669 -9.15 10,106,861 -18.86 -11.0
DTH revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other revenue 0 0 n/a 0 n/a 0 n/a 0 n/a
Total Revenue 16,140,904 17,118,056 6.05 13,710,763 -19.90 12,456,669 -9.15 10,106,861 -18.86 -11.0

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 11,199,981 12,006,025 7.20 9,622,580 -19.85 9,021,048 -6.25 7,408,229 -17.88 -9.8
Technical 1,094,585 1,100,198 0.51 1,066,213 -3.09 999,028 -6.30 2,580,590 158.31 23.9
Sales and Promotion 211,252 189,855 -10.13 207,608 9.35 176,061 -15.20 216,596 23.02 0.6
Administration and General 906,909 909,144 0.25 755,210 -16.93 640,170 -15.23 499,642 -21.95 -13.9
Total Expenses 13,412,727 14,205,222 5.91 11,651,611 -17.98 10,836,307 -7.00 10,705,057 -1.21 -5.5

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 2,728,177 2,912,834 2,059,152 1,620,362 -598,196
Depreciation 96,706 87,722 -9.29 59,426 -32.26 157 -99.74 101,394 >999± 1.2
P.B.I.T. 2,631,471 2,825,112 1,999,726 1,620,205 -699,590
Interest Expense 0 0 n/a 0 n/a 0 n/a 0 n/a
Adjustments - Gain (Loss) 12,411 75,136 505.40 16,336 -78.26 13,234 -18.99 20,566 55.40
Pre-tax Profit 2,643,882 2,900,248 2,016,062 1,633,439 -679,024

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 41,855 193,833 363.11 18,812 -90.29 23,653 25.73 145,254 514.10 36.5
Script & concept 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Filler Programming + Program Production 416,175 406,872 -2.24 406,872 0.00 406,872 0.00 463,297 13.87 2.7
Investment in Programming 807,045 855,903 6.05 685,538 -19.90 621,794 -9.30 506,382 -18.56 -11.0
Total Canadian Programming 1,265,075 1,456,608 15.14 1,111,222 -23.71 1,052,319 -5.30 1,114,933 5.95 -3.1
Canadian Programming/Revenue (%) 7.84 8.51 8.10 8.45 11.03

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 392,050 410,117 4.61 313,072 -23.66 271,931 -13.14 246,613 -9.31 -10.9
Total Staff Count 5.5 4.75 -13.64 4 -15.79 3.5 -12.50 2.75 -21.43
Avg Remuneration 71,282 86,340 21.13 78,268 -9.35 77,695 -0.73 89,677 15.42 5.9

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 2,082,460 2,276,479 9.32 2,314,089 1.65 2,354,869 1.76 2,521,105 7.06 4.9

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 16.9 17.0 15.0 13.0 -5.9
P.B.I.T. Margin 16.3 16.5 14.6 13.0 -6.9
Pre-tax Margin 16.4 16.9 14.7 13.1 -6.7
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