Pay and Specialty - Much (formerly MuchMusic)

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
314600545 Much (formerly MuchMusic) 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 9,828,999 9,643,912 -1.88 10,001,784 3.71 14,497,378 44.95 11,669,619 -19.51 4.4
DTH revenue 4,302,107 4,171,984 -3.02 4,052,269 -2.87 3,795,013 -6.35 3,451,266 -9.06 -5.4
Local advertising revenue 0 0 0 0 0
National advertising revenue 29,936,543 23,548,003 -21.34 21,451,036 -8.91 17,980,975 -16.18 19,205,354 6.81 -10.5
Other revenue 1,778,235 2,856,347 60.63 2,168,910 -24.07 1,089,649 -49.76 581,007 -46.68 -24.4
Total Revenue 45,845,884 40,220,246 -12.27 37,673,999 -6.33 37,363,015 -0.83 34,907,246 -6.57 -6.6

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 21,979,479 27,754,547 26.27 29,040,186 4.63 27,859,983 -4.06 22,194,000 -20.34 0.2
Technical 1,422,191 1,173,149 -17.51 1,096,991 -6.49 1,077,755 -1.75 891,290 -17.30 -11.0
Sales and Promotion 3,974,876 3,813,391 -4.06 4,716,677 23.69 3,327,644 -29.45 2,374,811 -28.63 -12.1
Administration and General 5,019,384 4,089,845 -18.52 4,315,919 5.53 4,989,369 15.60 4,641,865 -6.96 -1.9
Total Expenses 32,395,930 36,830,932 13.69 39,169,773 6.35 37,254,751 -4.89 30,101,966 -19.20 -1.8

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 13,449,954 3,389,314 -1,495,774 108,264 4,805,280
Depreciation 3,827,311 1,610,344 -57.92 746,434 -53.65 751,584 0.69 771,030 2.59 -33.0
P.B.I.T. 9,622,643 1,778,970 -2,242,208 -643,320 4,034,250
Interest Expense 0 152 707 365.13 -6,294 -990.24 -5,633 -10.50
Adjustments - Gain (Loss) -848,914 -2,254,658 165.59 -1,594,812 -29.27 -2,274,230 42.60 -298,651 -86.87
Pre-tax Profit 8,773,729 -475,840 -3,837,727 -2,911,256 3,741,232

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 938,749 849,455 -9.51 1,556,806 83.27 211,467 -86.42 39,381 -81.38 -54.7
Script & concept 0 0 0 0 101,839
Filler Programming + Program Production 15,694,078 16,531,850 5.34 16,320,162 -1.28 15,294,276 -6.29 9,590,307 -37.29 -11.6
Investment in Programming 0 0 0 0 0
Total Canadian Programming 16,632,827 17,381,305 4.50 17,876,968 2.85 15,505,743 -13.26 9,731,527 -37.24 -12.5
Canadian Programming/Revenue (%) 36.28 43.22 47.45 41.50 27.88

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 6,181,646 6,261,453 1.29 6,608,785 5.55 4,087,723 -38.15 3,803,488 -6.95 -11.4
Average Staff Count 84 74 -11.90 75 1.35 56.73 -24.36 47.43 -16.39
Avg Remuneration ($) 73,591 84,614 14.98 88,117 4.14 72,056 -18.23 80,192 11.29 2.2

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 8,411,528 9,308,782 10.67 9,248,193 -0.65 9,239,706 -0.09 9,048,672 -2.07 1.8

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 29.3 8.4 -4.0 0.3 13.8
P.B.I.T. Margin 21.0 4.4 -6.0 -1.7 11.6
Pre-tax Margin 19.1 -1.2 -10.2 -7.8 10.7

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

Date modified: