Pay and Specialty - MuchRetro (formerly MuchMoreRetro)

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
305426597 MuchRetro (formerly MuchMoreRetro) 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 744,860 823,633 10.58 792,241 -3.81 745,083 -5.95 634,796 -14.80 -3.9
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 744,860 823,633 10.58 792,241 -3.81 745,083 -5.95 634,796 -14.80 -3.9

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 102,338 92,538 -9.58 75,188 -18.75 61,727 -17.90 63,664 3.14 -11.2
Technical 16,747 16,591 -0.93 14,856 -10.46 13,479 -9.27 9,051 -32.85 -14.3
Sales and Promotion 12,769 8,164 -36.06 3,164 -61.24 799 -74.75 484 -39.42 -55.9
Administration and General 102,794 81,274 -20.94 87,440 7.59 98,853 13.05 85,598 -13.41 -4.5
Total Expenses 234,648 198,567 -15.38 180,648 -9.02 174,858 -3.21 158,797 -9.19 -9.3

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 510,212 625,066 611,593 570,225 475,999
Depreciation 76,317 45,285 -40.66 10,891 -75.95 10,623 -2.46 10,087 -5.05 -39.7
P.B.I.T. 433,895 579,781 600,702 559,602 465,912
Interest Expense 0 0 0 0 0
Adjustments - Gain (Loss) -21,849 -56,025 156.42 -54,450 -2.81 -47,712 -12.37 -7,924 -83.39
Pre-tax Profit 412,046 523,756 546,252 511,890 457,988

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 70,268 61,718 -12.17 53,087 -13.98 54,405 2.48
Investment in Programming 0 0 0 0 0
Total Canadian Programming 0 70,268 61,718 -12.17 53,087 -13.98 54,405 2.48
Canadian Programming/Revenue (%) 0.00 8.53 7.79 7.12 8.57

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 267,103 273,684 2.46 256,684 -6.21 251,534 -2.01 247,182 -1.73 -1.9

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 68.5 75.9 77.2 76.5 75.0
P.B.I.T. Margin 58.3 70.4 75.8 75.1 73.4
Pre-tax Margin 55.3 63.6 69.0 68.7 72.1

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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