Pay and Specialty - Le Réseau des Sports (RDS)

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
214301137 Le Réseau des Sports (RDS) Le Réseau des sports (RDS) inc. BCE Inc. Specialty (category C service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 41,691,031 75,557,599 81.23 89,911,769 19.00 88,210,437 -1.89 88,995,095 0.89 20.9
DTH revenue 16,014,025 29,148,638 82.02 27,297,493 -6.35 24,857,259 -8.94 22,700,805 -8.68 9.1
Local advertising revenue 0 0 0 0 0
National advertising revenue 63,265,918 62,730,891 -0.85 50,608,461 -19.32 64,524,513 27.50 50,781,113 -21.30 -5.4
Other revenue 8,995,100 0 -100.00 0 0 0 -100.0
Total Revenue 129,966,074 167,437,128 28.83 167,817,723 0.23 177,592,209 5.82 162,477,013 -8.51 5.7

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 71,965,077 115,318,741 60.24 90,699,466 -21.35 107,080,263 18.06 117,847,036 10.05 13.1
Technical 2,950,208 1,711,144 -42.00 997,080 -41.73 947,483 -4.97 1,012,349 6.85 -23.5
Sales and Promotion 11,956,020 12,127,659 1.44 12,395,973 2.21 10,399,511 -16.11 11,084,806 6.59 -1.9
Administration and General 11,705,864 11,217,502 -4.17 13,026,892 16.13 12,227,805 -6.13 11,050,784 -9.63 -1.4
Total Expenses 98,577,169 140,375,046 42.40 117,119,411 -16.57 130,655,062 11.56 140,994,975 7.91 9.4

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 31,388,905 27,062,082 50,698,312 46,937,147 21,482,038
Depreciation 1,869,040 1,944,398 4.03 1,553,004 -20.13 1,940,322 24.94 2,183,735 12.54 4.0
P.B.I.T. 29,519,865 25,117,684 49,145,308 44,996,825 19,298,303
Interest Expense 0 0 0 0 0
Adjustments - Gain (Loss) 622,888 592,722 -4.84 290,324 -51.02 410,945 41.55 578,906 40.87
Pre-tax Profit 30,142,753 25,710,406 49,435,632 45,407,770 19,877,209

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 34,561,262 36,432,039 5.41 27,965,648 -23.24 36,637,501 31.01 60,548,163 65.26 15.1
Script & concept 0 0 0 0 0
Filler Programming + Program Production 31,540,865 44,465,835 40.98 39,816,638 -10.46 46,335,112 16.37 46,795,693 0.99 10.4
Investment in Programming 0 0 0 0 0
Total Canadian Programming 66,102,127 80,897,874 22.38 67,782,286 -16.21 82,972,613 22.41 107,343,856 29.37 12.9
Canadian Programming/Revenue (%) 50.86 48.32 40.39 46.72 66.07

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 25,716,571 31,761,114 23.50 31,479,052 -0.89 23,028,577 -26.84 17,912,073 -22.22 -8.6
Average Staff Count 323 409 26.63 404 -1.22 303 -25.00 236 -22.11
Avg Remuneration ($) 79,618 77,656 -2.46 77,918 0.34 76,002 -2.46 75,899 -0.14 -1.2

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 3,445,734 3,514,326 1.99 3,334,671 -5.11 3,241,475 -2.79 3,149,012 -2.85 -2.2

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 24.2 16.2 30.2 26.4 13.2
P.B.I.T. Margin 22.7 15.0 29.3 25.3 11.9
Pre-tax Margin 23.2 15.4 29.5 25.6 12.2

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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