Pay and Specialty - Investigation Discovery (formerly Court TV Canada)

Individual Pay, Pay-per-view, Video-on-demand and Specialty Services - Financial Summary 2011-2015

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
405425613 Investigation Discovery (formerly Court TV Canada) Bell Media Inc. BCE Inc. Specialty (category B service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 1,840,754 2,398,042 30.27 3,152,921 31.48 4,556,608 44.52 4,774,763 4.79 26.9
DTH revenue 1,880,589 2,113,503 12.39 2,356,466 11.50 2,831,312 20.15 2,571,123 -9.19 8.1
Local advertising revenue 0 0 0 0 0
National advertising revenue 643,064 1,174,667 82.67 1,846,140 57.16 2,308,401 25.04 3,720,016 61.15 55.1
Other revenue 0 0 0 0 0
Total Revenue 4,364,407 5,686,212 30.29 7,355,527 29.36 9,696,321 31.82 11,065,902 14.12 26.2

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 2,076,509 1,632,252 -21.39 1,825,663 11.85 2,258,477 23.71 2,222,919 -1.57 1.7
Technical 330,311 438,020 32.61 539,268 23.11 771,659 43.09 732,655 -5.05 22.0
Sales and Promotion 468,249 402,962 -13.94 418,798 3.93 440,733 5.24 459,225 4.20 -0.5
Administration and General 315,973 380,753 20.50 477,029 25.29 525,250 10.11 637,364 21.34 19.2
Total Expenses 3,191,042 2,853,987 -10.56 3,260,758 14.25 3,996,119 22.55 4,052,163 1.40 6.2

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 1,173,365 2,832,225 4,094,769 5,700,202 7,013,739
Depreciation 280,689 71,295 -74.60 101,119 41.83 138,245 36.72 175,845 27.20 -11.0
P.B.I.T. 892,676 2,760,930 3,993,650 5,561,957 6,837,894
Interest Expense 0 0 -349 0 -100.00 0
Adjustments - Gain (Loss) 0 -386,787 -1,278,835 230.63 -1,333,444 4.27 -924,993 -30.63
Pre-tax Profit 892,676 2,374,143 2,715,164 4,228,513 5,912,901

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 245,895 21,367 -91.31 18,048 -15.53 0 -100.00 0 -100.0
Script & concept 0 0 0 0 0
Filler Programming + Program Production 249,981 528,234 111.31 351,324 -33.49 447,423 27.35 477,920 6.82 17.6
Investment in Programming 0 0 0 0 0
Total Canadian Programming 495,876 549,601 10.83 369,372 -32.79 447,423 21.13 477,920 6.82 -0.9
Canadian Programming/Revenue (%) 11.36 9.67 5.02 4.61 4.32

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 187,823 209,114 11.34 158,659 -24.13 147,420 -7.08 150,191 1.88 -5.4
Average Staff Count 2.5 2.5 0.00 2.17 -13.20 2.17 0.00 2.17 0.00
Avg Remuneration ($) 75,129 83,646 11.34 73,115 -12.59 67,935 -7.08 69,212 1.88 -2.0

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 956,863 1,035,359 8.20 1,405,963 35.79 1,457,597 3.67 1,425,647 -2.19 10.5

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 26.9 49.8 55.7 58.8 63.4
P.B.I.T. Margin 20.5 48.6 54.3 57.4 61.8
Pre-tax Margin 20.5 41.8 36.9 43.6 53.4

CAGR = Compound Annual Growth Rate

DTH = Direct-to-Home

SMATV = Satellite Master Atenna Television

P.B.I.T. = Profit Before Interest and Tax

Var = Variation

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