Pay and Specialty - Le Canal Nouvelles (LCN)

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
205417406 Le Canal Nouvelles (LCN) Groupe TVA inc. Les Placements Péladeau inc. Specialty (category C service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 9,216,001 9,693,224 5.18 11,463,561 18.26 11,887,034 3.69 13,289,794 11.80 9.6
DTH revenue 3,135,580 3,594,519 14.64 4,883,304 35.85 5,558,279 13.82 3,556,901 -36.01 3.2
Local advertising revenue 0 0 0 0 0
National advertising revenue 15,204,635 16,005,919 5.27 15,407,225 -3.74 13,771,750 -10.61 12,106,712 -12.09 -5.5
Other revenue 1,128,740 1,089,839 -3.45 493,542 -54.71 411,318 -16.66 450,720 9.58 -20.5
Total Revenue 28,684,956 30,383,501 5.92 32,247,632 6.14 31,628,381 -1.92 29,404,127 -7.03 0.6

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 16,862,448 16,537,480 -1.93 18,327,281 10.82 19,181,270 4.66 18,002,467 -6.15 1.7
Technical 765,638 931,619 21.68 1,029,330 10.49 707,002 -31.31 888,657 25.69 3.8
Sales and Promotion 1,494,048 2,103,148 40.77 1,917,086 -8.85 1,566,491 -18.29 1,574,995 0.54 1.3
Administration and General 1,144,732 1,698,336 48.36 2,093,167 23.25 2,139,774 2.23 2,182,335 1.99 17.5
Total Expenses 20,266,866 21,270,583 4.95 23,366,864 9.86 23,594,537 0.97 22,648,454 -4.01 2.8

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 8,418,090 9,112,918 8,880,768 8,033,844 6,755,673
Depreciation 300,000 300,000 0.00 300,000 0.00 300,000 0.00 300,000 0.00 0.0
P.B.I.T. 8,118,090 8,812,918 8,580,768 7,733,844 6,455,673
Interest Expense 0 0 0 0 0
Adjustments - Gain (Loss) 0 0 0 0 0
Pre-tax Profit 8,118,090 8,812,918 8,580,768 7,733,844 6,455,673

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 16,064,773 16,532,067 2.91 18,323,221 10.83 19,181,270 4.68 18,002,467 -6.15 2.9
Investment in Programming 0 0 0 0 0
Total Canadian Programming 16,064,773 16,532,067 2.91 18,323,221 10.83 19,181,270 4.68 18,002,467 -6.15 2.9
Canadian Programming/Revenue (%) 56.00 54.41 56.82 60.65 61.22

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 7,076,412 7,923,696 11.97 8,011,467 1.11 7,865,609 -1.82 6,997,435 -11.04 -0.3
Average Staff Count 68 74 8.82 83 12.16 82 -1.20 72 -12.20
Avg Remuneration ($) 104,065 107,077 2.89 96,524 -9.86 95,922 -0.62 97,187 1.32 -1.7

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 2,263,742 2,432,684 7.46 2,482,223 2.04 2,661,790 7.23 2,561,661 -3.76 3.1

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 29.3 30.0 27.5 25.4 23.0
P.B.I.T. Margin 28.3 29.0 26.6 24.5 22.0
Pre-tax Margin 28.3 29.0 26.6 24.5 22.0

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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