Bravo!

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
315413740 Bravo! 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 18,922,319 18,694,579 -1.20 19,171,914 2.55 19,495,674 1.69 20,676,717 6.06 2.2
DTH revenue 5,898,239 5,884,024 -0.24 6,043,809 2.72 6,157,681 1.88 6,115,676 -0.68 0.9
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 17,823,066 13,771,454 -22.73 16,950,060 23.08 24,964,152 47.28 26,497,875 6.14 10.4
Other revenue -45,660 58 -100.13 40,629 >999± 71,415 75.77 12,105 -83.05
Total Revenue 42,597,964 38,350,115 -9.97 42,206,412 10.06 50,688,922 20.10 53,302,373 5.16 5.8

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 21,843,140 17,821,912 -18.41 17,657,301 -0.92 19,116,413 8.26 18,394,919 -3.77 -4.2
Technical 1,264,577 1,280,724 1.28 1,267,840 -1.01 1,380,523 8.89 1,385,600 0.37 2.3
Sales and Promotion 2,286,729 1,713,818 -25.05 1,557,447 -9.12 2,237,992 43.70 2,100,827 -6.13 -2.1
Administration and General 3,414,287 3,732,804 9.33 3,224,122 -13.63 3,266,004 1.30 3,917,376 19.94 3.5
Total Expenses 28,808,733 24,549,258 -14.79 23,706,710 -3.43 26,000,932 9.68 25,798,722 -0.78 -2.7

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 13,789,231 13,800,857 18,499,702 24,687,990 27,503,651
Depreciation 2,411,026 2,625,818 8.91 967,835 -63.14 792,556 -18.11 850,498 7.31 -22.9
P.B.I.T. 11,378,205 11,175,039 17,531,867 23,895,434 26,653,153
Interest Expense 55,904 0 -100.00 61 n/a 365 498.36 117 -67.95
Adjustments - Gain (Loss) -1,220,626 -43,124,923 >999± -2,868,201 -93.35 -3,477,650 21.25 -4,053,440 16.56
Pre-tax Profit 10,101,675 -31,949,884 14,663,605 20,417,419 22,599,596

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 4,571,691 4,061,537 -11.16 4,126,561 1.60 7,496,207 81.66 5,849,501 -21.97 6.4
Script & concept 50,000 25,000 -50.00 50,001 100.00 64,000 28.00 23,232 -63.70 -17.4
Filler Programming + Program Production 2,781,514 3,783,562 36.03 3,581,658 -5.34 804,742 -77.53 146,550 -81.79 -52.1
Investment in Programming 0 776,410 n/a 0 -100.00 0 n/a 0 n/a n/a
Total Canadian Programming 7,403,205 8,646,509 16.79 7,758,220 -10.27 8,364,949 7.82 6,019,283 -28.04 -5.0
Canadian Programming/Revenue (%) 17.38 22.55 18.38 16.50 11.29

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 2,201,165 4,463,107 102.76 2,003,623 -55.11 576,652 -71.22 293,584 -49.09 -39.6
Total Staff Count 27 42 55.56 18 -57.14 5 -72.22 3 -40.00
Avg Remuneration 81,525 106,264 30.35 111,312 4.75 115,330 3.61 97,861 -15.15 4.7

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 7,180,061 7,019,783 -2.23 6,811,736 -2.96 6,755,640 -0.82 6,602,264 -2.27 -2.1

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 32.4 36.0 43.8 48.7 51.6
P.B.I.T. Margin 26.7 29.1 41.5 47.1 50.0
Pre-tax Margin 23.7 -83.3 34.7 40.3 42.4
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