VRAK.TV

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
214301111 VRAK.TV 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 15,505,145 15,678,859 1.12 15,406,926 -1.73 15,941,743 3.47 15,072,296 -5.45 -0.7
DTH revenue 4,820,304 5,537,634 14.88 6,536,241 18.03 6,169,147 -5.62 6,152,281 -0.27 6.3
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 5,548,413 6,638,973 19.66 5,841,903 -12.01 6,485,335 11.01 5,411,604 -16.56 -0.6
Other revenue 0 0 n/a 0 n/a 0 n/a 0 n/a
Total Revenue 25,873,862 27,855,466 7.66 27,785,070 -0.25 28,596,225 2.92 26,636,181 -6.85 0.7

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 11,155,868 12,059,204 8.10 12,444,596 3.20 12,665,426 1.77 14,438,467 14.00 6.7
Technical 945,643 933,319 -1.30 853,156 -8.59 959,665 12.48 385,104 -59.87 -20.1
Sales and Promotion 1,473,400 1,727,313 17.23 1,856,483 7.48 2,590,980 39.56 2,579,854 -0.43 15.0
Administration and General 1,460,482 1,714,225 17.37 1,757,566 2.53 1,986,125 13.00 2,191,621 10.35 10.7
Total Expenses 15,035,393 16,434,061 9.30 16,911,801 2.91 18,202,196 7.63 19,595,046 7.65 6.9

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 10,838,469 11,421,405 10,873,269 10,394,029 7,041,135
Depreciation 95,629 90,681 -5.17 93,869 3.52 221,238 135.69 448,083 102.53 47.1
P.B.I.T. 10,742,840 11,330,724 10,779,400 10,172,791 6,593,052
Interest Expense 0 0 n/a 0 n/a 0 n/a 61,672 n/a
Adjustments - Gain (Loss) 65,355 254,798 289.87 234,797 -7.85 166,583 -29.05 5,878 -96.47
Pre-tax Profit 10,808,195 11,585,522 11,014,197 10,339,374 6,537,258

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 6,825,108 7,539,246 10.46 8,169,890 8.36 7,946,878 -2.73 8,662,211 9.00 6.1
Script & concept 106,849 165,567 54.95 81,750 -50.62 151,408 85.21 238,061 57.23 22.2
Filler Programming + Program Production 1,770,830 1,829,175 3.29 1,637,048 -10.50 1,901,632 16.16 3,015,602 58.58 14.2
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 8,702,787 9,533,988 9.55 9,888,688 3.72 9,999,918 1.12 11,915,874 19.16 8.2
Canadian Programming/Revenue (%) 33.64 34.23 35.59 34.97 44.74

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 2,974,435 3,085,993 3.75 3,043,413 -1.38 3,166,811 4.05 2,357,267 -25.56 -5.7
Total Staff Count 26 26 0.00 29 11.54 29 0.00 23 -20.69
Avg Remuneration 114,401 118,692 3.75 104,945 -11.58 109,200 4.05 102,490 -6.15 -2.7

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 2,553,392 2,504,363 -1.92 2,381,782 -4.89 2,200,643 -7.61 2,051,898 -6.76 -5.3

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 41.9 41.0 39.1 36.3 26.4
P.B.I.T. Margin 41.5 40.7 38.8 35.6 24.8
Pre-tax Margin 41.8 41.6 39.6 36.2 24.5
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