Pay and Specialty - Juicebox (formerly PunchMuch)

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
5405426322 Juicebox (formerly PunchMuch) 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 351,472 308,293 -12.29 317,095 2.86 353,570 11.50 236,650 -33.07 -9.4
DTH revenue 266,513 262,649 -1.45 275,209 4.78 269,638 -2.02 73,784 -72.64 -27.5
Local advertising revenue 0 0 0 0 0
National advertising revenue 0 0 0 0 0
Other revenue 100,033 22,208 -77.80 -5,000 -122.51 -5,000 0.00 0 -100.00 -100.0
Total Revenue 718,018 593,150 -17.39 587,304 -0.99 618,208 5.26 310,434 -49.78 -18.9

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 93,931 79,351 -15.52 59,974 -24.42 48,315 -19.44 30,450 -36.98 -24.5
Technical 13,894 11,501 -17.22 11,107 -3.43 11,274 1.50 4,426 -60.74 -24.9
Sales and Promotion 11,397 6,602 -42.07 2,545 -61.45 668 -73.75 237 -64.52 -62.0
Administration and General 60,600 37,861 -37.52 31,425 -17.00 31,800 1.19 30,602 -3.77 -15.7
Total Expenses 179,822 135,315 -24.75 105,051 -22.37 92,057 -12.37 65,715 -28.61 -22.3

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 538,196 457,835 482,253 526,151 244,719
Depreciation 148,193 108,197 -26.99 8,143 -92.47 8,885 9.11 4,933 -44.48 -57.3
P.B.I.T. 390,003 349,638 474,110 517,266 239,786
Interest Expense 0 0 0 0 0
Adjustments - Gain (Loss) -18,127 -38,837 114.25 -40,709 4.82 -39,907 -1.97 -3,875 -90.29
Pre-tax Profit 371,876 310,801 433,401 477,359 235,911

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 0 0 0 0 0
Script & concept 0 0 0 0 0
Filler Programming + Program Production 0 42,862 48,105 12.23 40,979 -14.81 23,759 -42.02
Investment in Programming 0 0 0 0 0
Total Canadian Programming 0 42,862 48,105 12.23 40,979 -14.81 23,759 -42.02
Canadian Programming/Revenue (%) 0.00 7.23 8.19 6.63 7.65

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 49,304 20,925 -57.56 0 -100.00 0 0 -100.0
Average Staff Count 1 1 0.00 0 -100.00 0 0
Avg Remuneration ($) 49,304 20,925 -57.56

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 282,795 283,352 0.20 271,893 -4.04 253,102 -6.91 114,220 -54.87 -20.3

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 75.0 77.2 82.1 85.1 78.8
P.B.I.T. Margin 54.3 58.9 80.7 83.7 77.2
Pre-tax Margin 51.8 52.4 73.8 77.2 76.0

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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