CablePulse 24 (CP24)

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
305417348 CablePulse 24 (CP24) 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 1,906,420 1,903,278 -0.16 1,876,748 -1.39 1,988,128 5.93 2,784,352 40.05 9.9
DTH revenue 1,650,501 1,697,326 2.84 1,670,293 -1.59 1,684,932 0.88 1,753,915 4.09 1.5
Local advertising revenue 0 8,880,333 n/a 9,635,400 8.50 9,663,757 0.29 10,446,658 8.10 n/a
National advertising revenue 15,145,662 9,164,147 -39.49 9,680,270 5.63 11,112,225 14.79 11,790,225 6.10 -6.1
Other revenue 39,106 30,000 -23.29 71,416 138.05 30,000 -57.99 883 -97.06
Total Revenue 18,741,689 21,675,084 15.65 22,934,127 5.81 24,479,042 6.74 26,776,033 9.38 9.3

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 12,281,961 12,639,457 2.91 14,031,505 11.01 15,484,205 10.35 17,239,733 11.34 8.9
Technical 506,510 753,543 48.77 614,408 -18.46 596,516 -2.91 627,368 5.17 5.5
Sales and Promotion 1,580,394 1,533,946 -2.94 1,635,169 6.60 1,793,207 9.66 1,527,796 -14.80 -0.8
Administration and General 1,605,935 2,324,982 44.77 1,667,375 -28.28 1,868,052 12.04 2,060,846 10.32 6.4
Total Expenses 15,974,800 17,251,928 7.99 17,948,457 4.04 19,741,980 9.99 21,455,743 8.68 7.7

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 2,766,889 4,423,156 4,985,670 4,737,062 5,320,290
Depreciation 2,664,928 3,055,871 14.67 2,079,846 -31.94 1,189,420 -42.81 1,093,857 -8.03 -20.0
P.B.I.T. 101,961 1,367,285 2,905,824 3,547,642 4,226,433
Interest Expense 476 0 -100.00 0 n/a 1,665 n/a 749 -55.02
Adjustments - Gain (Loss) -937,041 -634,916 -32.24 -1,555,167 144.94 -1,673,013 7.58 -1,714,558 2.48
Pre-tax Profit -835,556 732,369 1,350,657 1,872,964 2,511,126

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 9,829,060 9,851,048 0.22 14,031,505 42.44 15,484,205 10.35 17,239,733 11.34 15.1
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 9,829,060 9,851,048 0.22 14,031,505 42.44 15,484,205 10.35 17,239,733 11.34 15.1
Canadian Programming/Revenue (%) 52.44 45.45 61.18 63.25 64.38

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 8,227,204 8,630,473 4.90 8,095,831 -6.19 7,831,853 -3.26 7,898,476 0.85 -1.0
Total Staff Count 94 100 6.38 94 -6.00 87 -7.45 87 0.00
Avg Remuneration 87,523 86,305 -1.39 86,126 -0.21 90,021 4.52 90,787 0.85 0.9

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 2,905,076 2,988,042 2.86 3,033,805 1.53 3,556,237 17.22 3,582,650 0.74 5.4

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 14.8 20.4 21.7 19.4 19.9
P.B.I.T. Margin 0.5 6.3 12.7 14.5 15.8
Pre-tax Margin -4.5 3.4 5.9 7.7 9.4
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