Canal Vie

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
205417381 Canal Vie 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 17,324,479 17,463,298 0.80 18,130,730 3.82 18,704,342 3.16 17,634,326 -5.72 0.4
DTH revenue 5,702,397 5,876,338 3.05 6,138,237 4.46 6,672,820 8.71 6,569,240 -1.55 3.6
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 18,609,107 18,565,136 -0.24 18,501,568 -0.34 23,609,218 27.61 23,337,289 -1.15 5.8
Other revenue 0 0 n/a 0 n/a 0 n/a 0 n/a
Total Revenue 41,635,983 41,904,772 0.65 42,770,535 2.07 48,986,380 14.53 47,540,855 -2.95 3.4

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 20,176,448 22,487,113 11.45 21,019,613 -6.53 21,134,486 0.55 20,582,449 -2.61 0.5
Technical 1,290,269 1,313,227 1.78 1,125,530 -14.29 964,346 -14.32 281,446 -70.81 -31.7
Sales and Promotion 1,941,799 2,307,873 18.85 2,785,146 20.68 6,619,703 137.68 4,907,996 -25.86 26.1
Administration and General 1,269,623 2,041,923 60.83 2,065,564 1.16 2,255,393 9.19 1,895,502 -15.96 10.5
Total Expenses 24,678,139 28,150,136 14.07 26,995,853 -4.10 30,973,928 14.74 27,667,393 -10.68 2.9

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 16,957,844 13,754,636 15,774,682 18,012,452 19,873,462
Depreciation 95,682 90,728 -5.18 93,909 3.51 221,306 135.66 648,701 193.12 61.4
P.B.I.T. 16,862,162 13,663,908 15,680,773 17,791,146 19,224,761
Interest Expense 0 0 n/a 0 n/a 0 n/a 61,668 n/a
Adjustments - Gain (Loss) 65,374 254,874 289.87 234,868 -7.85 166,633 -29.05 5,881 -96.47
Pre-tax Profit 16,927,536 13,918,782 15,915,641 17,957,779 19,168,974

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 16,199,354 18,078,191 11.60 16,826,163 -6.93 17,265,449 2.61 16,283,999 -5.68 0.1
Script & concept 105,120 218,158 107.53 152,075 -30.29 174,446 14.71 93,593 -46.35 -2.9
Filler Programming + Program Production 2,732,551 2,958,591 8.27 2,531,212 -14.45 2,125,014 -16.05 2,486,284 17.00 -2.3
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 19,037,025 21,254,940 11.65 19,509,450 -8.21 19,564,909 0.28 18,863,876 -3.58 -0.2
Canadian Programming/Revenue (%) 45.72 50.72 45.61 39.94 39.68

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 3,484,776 3,888,608 11.59 3,631,504 -6.61 3,893,012 7.20 2,504,806 -35.66 -7.9
Total Staff Count 34 35 2.94 34 -2.86 35 2.94 25 -28.57
Avg Remuneration 102,493 111,103 8.40 106,809 -3.87 111,229 4.14 100,192 -9.92 -0.6

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 2,316,241 2,342,640 1.14 2,353,879 0.48 2,347,188 -0.28 2,331,986 -0.65 0.2

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 40.7 32.8 36.9 36.8 41.8
P.B.I.T. Margin 40.5 32.6 36.7 36.3 40.4
Pre-tax Margin 40.7 33.2 37.2 36.7 40.3
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