Pay and Specialty - MTV2 (formerly Razer)

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
405424037 MTV2 (formerly Razer) Bell Media Inc. BCE Inc. Specialty (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 1,826,368 1,961,686 7.41 2,006,405 2.28 2,048,564 2.10 2,395,116 16.92 7.0
DTH revenue 2,488,102 2,552,731 2.60 2,718,536 6.50 2,906,568 6.92 2,971,283 2.23 4.5
Local advertising revenue 0 0 0 0 0
National advertising revenue 312,387 169,307 -45.80 54,938 -67.55 122,920 123.74 165,002 34.24 -14.8
Other revenue 0 0 0 0 0
Total Revenue 4,626,857 4,683,724 1.23 4,779,879 2.05 5,078,052 6.24 5,531,401 8.93 4.6

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 3,801,365 1,849,412 -51.35 2,098,135 13.45 2,400,135 14.39 1,993,787 -16.93 -14.9
Technical 513,027 493,407 -3.82 521,071 5.61 500,865 -3.88 471,618 -5.84 -2.1
Sales and Promotion 84,268 71,578 -15.06 36,520 -48.98 13,424 -63.24 12,231 -8.89 -38.3
Administration and General 315,661 241,818 -23.39 248,194 2.64 245,627 -1.03 347,467 41.46 2.4
Total Expenses 4,714,321 2,656,215 -43.66 2,903,920 9.33 3,160,051 8.82 2,825,103 -10.60 -12.0

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income -87,464 2,027,509 1,875,959 1,918,001 2,706,298
Depreciation 370,824 169,585 -54.27 73,013 -56.95 79,702 9.16 95,200 19.44 -28.8
P.B.I.T. -458,288 1,857,924 1,802,946 1,838,299 2,611,098
Interest Expense 410,061 358,547 -12.56 319,711 -10.83 273,677 -14.40 219,630 -19.75
Adjustments - Gain (Loss) -135,720 -318,596 134.75 -328,518 3.11 -331,956 1.05 -135,047 -59.32
Pre-tax Profit -1,004,069 1,180,781 1,154,717 1,232,666 2,256,421

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 22,533 0 -100.00 0 530,195 497,642 -6.14 116.8
Script & concept 0 0 0 0 0
Filler Programming + Program Production 2,246,248 548,666 -75.57 513,954 -6.33 0 -100.00 0 -100.0
Investment in Programming 0 0 0 0 0
Total Canadian Programming 2,268,781 548,666 -75.82 513,954 -6.33 530,195 3.16 497,642 -6.14 -31.6
Canadian Programming/Revenue (%) 49.04 11.71 10.75 10.44 9.00

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 104,758 60,226 -42.51 13,546 -77.51 0 -100.00 0 -100.0
Average Staff Count 1 1 0.00 0.25 -75.00 0 -100.00 0
Avg Remuneration ($) 104,758 60,226 -42.51 54,184 -10.03

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 803,195 869,496 8.25 962,471 10.69 1,020,623 6.04 1,029,171 0.84 6.4

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin -1.9 43.3 39.2 37.8 48.9
P.B.I.T. Margin -9.9 39.7 37.7 36.2 47.2
Pre-tax Margin -21.7 25.2 24.2 24.3 40.8

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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