Business News Network (BNN) (formerly ROBTV)

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
305417273 Business News Network (BNN) (formerly ROBTV) 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 14,763,899 15,169,075 2.74 16,661,282 9.84 17,183,494 3.13 18,417,079 7.18 5.7
DTH revenue 6,263,381 6,536,720 4.36 6,554,553 0.27 6,664,079 1.67 6,545,970 -1.77 1.1
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 9,122,496 10,124,082 10.98 8,715,548 -13.91 7,900,441 -9.35 6,808,790 -13.82 -7.1
Other revenue 0 3,482 n/a 28,677 723.58 85,348 197.62 79,534 -6.81
Total Revenue 30,149,776 31,833,359 5.58 31,960,060 0.40 31,833,362 -0.40 31,851,373 0.06 1.4

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 15,009,110 15,242,251 1.55 13,140,705 -13.79 13,125,202 -0.12 15,176,177 15.63 0.3
Technical 534,374 419,443 -21.51 1,059,541 152.61 1,015,320 -4.17 994,769 -2.02 16.8
Sales and Promotion 1,554,975 1,302,852 -16.21 1,123,761 -13.75 817,649 -27.24 502,852 -38.50 -24.6
Administration and General 1,749,621 2,286,271 30.67 1,965,839 -14.02 2,000,616 1.77 2,082,619 4.10 4.5
Total Expenses 18,848,080 19,250,817 2.14 17,289,846 -10.19 16,958,787 -1.91 18,756,417 10.60 -0.1

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 11,301,696 12,582,542 14,670,214 14,874,575 13,094,956
Depreciation 444,696 917,692 106.36 1,092,885 19.09 865,833 -20.78 859,168 -0.77 17.9
P.B.I.T. 10,857,000 11,664,850 13,577,329 14,008,742 12,235,788
Interest Expense 0 0 n/a 0 n/a 12 n/a 10,314 >999±
Adjustments - Gain (Loss) 1,566,088 18,411 -98.82 0 -100.00 0 n/a 0 n/a
Pre-tax Profit 12,423,088 11,683,261 13,577,329 14,008,730 12,225,474

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Script & concept 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Filler Programming + Program Production 13,800,060 15,105,251 9.46 13,088,258 -13.35 12,915,452 -1.32 14,969,217 15.90 2.1
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 13,800,060 15,105,251 9.46 13,088,258 -13.35 12,915,452 -1.32 14,969,217 15.90 2.1
Canadian Programming/Revenue (%) 45.77 47.45 40.95 40.57 47.00

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 9,492,730 7,970,025 -16.04 7,005,326 -12.10 6,631,082 -5.34 7,652,238 15.40 -5.3
Total Staff Count 115 94 -18.26 84 -10.64 77 -8.33 84 9.09
Avg Remuneration 82,545 84,788 2.72 83,397 -1.64 86,118 3.26 91,098 5.78 2.5

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 6,153,477 6,290,699 2.23 6,454,946 2.61 6,358,008 -1.50 6,205,366 -2.40 0.2

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 37.5 39.5 45.9 46.7 41.1
P.B.I.T. Margin 36.0 36.6 42.5 44.0 38.4
Pre-tax Margin 41.2 36.7 42.5 44.0 38.4
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