Pay and Specialty - MuchLoud

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
305426539 MuchLoud 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 359,322 355,441 -1.08 332,973 -6.32 357,092 7.24 259,694 -27.28 -7.8
DTH revenue 0 0 0 0 0
Local advertising revenue 0 0 0 0 0
National advertising revenue 0 0 0 0 0
Other revenue 0 0 0 0 0
Total Revenue 359,322 355,441 -1.08 332,973 -6.32 357,092 7.24 259,694 -27.28 -7.8

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 65,703 57,763 -12.08 39,394 -31.80 27,546 -30.08 26,133 -5.13 -20.6
Technical 8,079 7,160 -11.38 6,244 -12.79 6,460 3.46 3,703 -42.68 -17.7
Sales and Promotion 9,573 5,728 -40.17 1,774 -69.03 383 -78.41 198 -48.30 -62.1
Administration and General 83,548 62,006 -25.78 66,164 6.71 78,803 19.10 62,312 -20.93 -7.1
Total Expenses 166,903 132,657 -20.52 113,576 -14.38 113,192 -0.34 92,346 -18.42 -13.8

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 192,419 222,784 219,397 243,900 167,348
Depreciation 126,737 110,909 -12.49 4,577 -95.87 5,091 11.23 4,127 -18.94 -57.5
P.B.I.T. 65,682 111,875 214,820 238,809 163,221
Interest Expense 0 0 0 0 0
Adjustments - Gain (Loss) -10,540 -24,178 129.39 -22,885 -5.35 -22,867 -0.08 -3,242 -85.82
Pre-tax Profit 55,142 87,697 191,935 215,942 159,979

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 36,515 30,556 -16.32 23,167 -24.18 20,254 -12.57
Investment in Programming 0 0 0 0 0
Total Canadian Programming 0 36,515 30,556 -16.32 23,167 -24.18 20,254 -12.57
Canadian Programming/Revenue (%) 0.00 10.27 9.18 6.49 7.80

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 49,304 13,128 -73.37 0 -100.00 0 0 -100.0
Average Staff Count 1 1 0.00 0 -100.00 0 0
Avg Remuneration ($) 49,304 13,128 -73.37

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 164,724 149,292 -9.37 135,392 -9.31 120,480 -11.01 111,017 -7.85 -9.4

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 53.6 62.7 65.9 68.3 64.4
P.B.I.T. Margin 18.3 31.5 64.5 66.9 62.9
Pre-tax Margin 15.3 24.7 57.6 60.5 61.6

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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