Pay and Specialty - MuchVibe

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
305426521 MuchVibe 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 374,538 311,246 -16.90 307,870 -1.08 277,936 -9.72 216,826 -21.99 -12.8
DTH revenue 267,657 459,055 71.51 490,957 6.95 392,274 -20.10 102,692 -73.82 -21.3
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 642,195 770,301 19.95 798,827 3.70 670,210 -16.10 319,518 -52.33 -16.0

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 93,724 89,674 -4.32 73,366 -18.19 52,831 -27.99 30,968 -41.38 -24.2
Technical 14,439 15,516 7.46 14,979 -3.46 12,124 -19.06 4,556 -62.42 -25.1
Sales and Promotion 13,555 9,054 -33.21 3,503 -61.31 718 -79.50 244 -66.02 -63.4
Administration and General 101,933 77,509 -23.96 84,755 9.35 93,309 10.09 74,267 -20.41 -7.6
Total Expenses 223,651 191,753 -14.26 176,603 -7.90 158,982 -9.98 110,035 -30.79 -16.3

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 418,544 578,548 622,224 511,228 209,483
Depreciation 113,515 78,474 -30.87 10,982 -86.01 9,556 -12.98 5,077 -46.87 -54.0
P.B.I.T. 305,029 500,074 611,242 501,672 204,406
Interest Expense 0 0 0 0 0
Adjustments - Gain (Loss) -18,838 -52,397 178.15 -54,903 4.78 -42,917 -21.83 -3,988 -90.71
Pre-tax Profit 286,191 447,677 556,339 458,755 200,418

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 64,169 61,060 -4.85 45,376 -25.69 24,222 -46.62
Investment in Programming 0 0 0 0 0
Total Canadian Programming 0 64,169 61,060 -4.85 45,376 -25.69 24,222 -46.62
Canadian Programming/Revenue (%) 0.00 8.33 7.64 6.77 7.58

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 49,304 13,353 -72.92 0 -100.00 0 0 -100.0
Average Staff Count 1 1 0.00 0 -100.00 0 0
Avg Remuneration ($) 49,304 13,353 -72.92

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 481,876 481,876 0.00 394,362 -18.16 350,592 -11.10 126,080 -64.04 -28.5

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 65.2 75.1 77.9 76.3 65.6
P.B.I.T. Margin 47.5 64.9 76.5 74.9 64.0
Pre-tax Margin 44.6 58.1 69.6 68.4 62.7

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

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