Pay and Specialty - MusiquePlus

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
214301129 MusiquePlus MusiquePlus inc. Remstar Diffusion inc. Specialty (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 6,339,328 6,460,865 1.92 6,745,895 4.41 6,604,615 -2.09 7,428,412 12.47 4.0
DTH revenue 2,286,404 2,178,531 -4.72 2,425,676 11.34 1,807,920 -25.47 1,718,168 -4.96 -6.9
Local advertising revenue 0 0 0 0 0
National advertising revenue 4,529,479 4,418,041 -2.46 4,364,218 -1.22 3,627,991 -16.87 3,730,107 2.81 -4.7
Other revenue 0 0 0 0 1,352,857
Total Revenue 13,155,211 13,057,437 -0.74 13,535,789 3.66 12,040,526 -11.05 14,229,544 18.18 2.0

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 10,247,425 9,832,975 -4.04 9,289,018 -5.53 9,623,162 3.60 6,303,352 -34.50 -11.4
Technical 519,652 520,513 0.17 545,518 4.80 532,995 -2.30 2,587,358 385.44 49.4
Sales and Promotion 1,481,902 1,397,835 -5.67 337,638 -75.85 370,656 9.78 2,300,022 520.53 11.6
Administration and General 1,441,248 1,435,289 -0.41 2,054,523 43.14 1,239,837 -39.65 1,951,482 57.40 7.9
Total Expenses 13,690,227 13,186,612 -3.68 12,226,697 -7.28 11,766,650 -3.76 13,142,214 11.69 -1.0

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income -535,016 -129,175 1,309,092 273,876 1,087,330
Depreciation 496,691 447,867 -9.83 442,566 -1.18 453,956 2.57 268,162 -40.93 -14.3
P.B.I.T. -1,031,707 -577,042 866,526 -180,080 819,168
Interest Expense -8,890 14,462 -262.68 -1,325 -109.16 -14 -98.94 -62,072 >999±
Adjustments - Gain (Loss) 0 0 0 0 750,000
Pre-tax Profit -1,022,817 -591,504 867,851 -180,066 1,631,240

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 5,080,362 3,573,888 -29.65 2,442,841 -31.65 2,132,754 -12.69 4,030,011 88.96 -5.6
Script & concept 410,844 447,276 8.87 443,952 -0.74 460,212 3.66 0 -100.00 -100.0
Filler Programming + Program Production 3,422,956 4,360,901 27.40 4,892,146 12.18 5,707,281 16.66 0 -100.00 -100.0
Investment in Programming 0 0 0 0 0
Total Canadian Programming 8,914,162 8,382,065 -5.97 7,778,939 -7.20 8,300,247 6.70 4,030,011 -51.45 -18.0
Canadian Programming/Revenue (%) 67.76 64.19 57.47 68.94 28.32

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 7,495,877 7,684,502 2.52 7,428,533 -3.33 6,631,241 -10.73 4,596,595 -30.68 -11.5
Average Staff Count 94 89 -5.32 89 0.00 88 -1.12 60.5 -31.25
Avg Remuneration ($) 79,743 86,343 8.28 83,467 -3.33 75,355 -9.72 75,977 0.83 -1.2

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 2,468,545 2,362,688 -4.29 2,264,746 -4.15 2,515,132 11.06 2,370,877 -5.74 -1.0

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin -4.1 -1.0 9.7 2.3 7.6
P.B.I.T. Margin -7.8 -4.4 6.4 -1.5 5.8
Pre-tax Margin -7.8 -4.5 6.4 -1.5 11.5

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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