Ztélé (formerly Canal Z)

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
205421572 Ztélé (formerly Canal Z) 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 8,550,980 8,956,932 4.75 9,201,636 2.73 9,721,320 5.65 9,375,147 -3.56 2.3
DTH revenue 2,953,014 3,012,501 2.01 2,978,488 -1.13 3,434,550 15.31 3,591,347 4.57 5.0
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 9,028,459 11,391,771 26.18 11,428,770 0.32 13,728,909 20.13 13,015,555 -5.20 9.6
Other revenue 0 0 n/a 0 n/a 0 n/a 0 n/a
Total Revenue 20,532,453 23,361,204 13.78 23,608,894 1.06 26,884,779 13.88 25,982,049 -3.36 6.1

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 8,794,988 10,781,210 22.58 12,760,433 18.36 10,120,389 -20.69 11,519,769 13.83 7.0
Technical 824,225 857,137 3.99 869,104 1.40 941,995 8.39 474,276 -49.65 -12.9
Sales and Promotion 1,306,444 1,648,172 26.16 1,705,819 3.50 4,092,595 139.92 3,231,757 -21.03 25.4
Administration and General 1,538,911 1,907,730 23.97 1,946,429 2.03 2,169,216 11.45 1,806,238 -16.73 4.1
Total Expenses 12,464,568 15,194,249 21.90 17,281,785 13.74 17,324,195 0.25 17,032,040 -1.69 8.1

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 8,067,885 8,166,955 6,327,109 9,560,584 8,950,009
Depreciation 95,682 90,728 -5.18 93,909 3.51 221,306 135.66 424,373 91.76 45.1
P.B.I.T. 7,972,203 8,076,227 6,233,200 9,339,278 8,525,636
Interest Expense 0 0 n/a 0 n/a 0 n/a 74,184 n/a
Adjustments - Gain (Loss) 0 0 n/a 0 n/a 0 n/a 5,881 n/a
Pre-tax Profit 7,972,203 8,076,227 6,233,200 9,339,278 8,457,333

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 5,192,220 7,016,060 35.13 8,905,861 26.94 5,675,944 -36.27 5,787,339 1.96 2.8
Script & concept 1,000 0 -100.00 0 n/a 0 n/a 0 n/a -100.0
Filler Programming + Program Production 1,441,757 1,604,720 11.30 1,700,178 5.95 1,798,819 5.80 2,233,242 24.15 11.6
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 6,634,977 8,620,780 29.93 10,606,039 23.03 7,474,763 -29.52 8,020,581 7.30 4.9
Canadian Programming/Revenue (%) 32.31 36.90 44.92 27.80 30.87

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 2,824,281 2,891,140 2.37 3,082,446 6.62 2,961,651 -3.92 2,278,769 -23.06 -5.2
Total Staff Count 27 26 -3.70 27 3.85 27 0.00 25 -7.41
Avg Remuneration 104,603 111,198 6.30 114,165 2.67 109,691 -3.92 91,151 -16.90 -3.4

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 2,037,199 2,067,689 1.50 2,039,560 -1.36 2,024,663 -0.73 2,331,986 15.18 3.4

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 39.3 35.0 26.8 35.6 34.4
P.B.I.T. Margin 38.8 34.6 26.4 34.7 32.8
Pre-tax Margin 38.8 34.6 26.4 34.7 32.6
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