Pay and Specialty - ARGENT (formerly LCN Argent)

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
205424097 ARGENT (formerly LCN Argent) Groupe TVA inc. Les Placements Péladeau inc. Specialty (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 2,759,830 1,723,834 -37.54 1,296,591 -24.78 1,293,837 -0.21 1,428,290 10.39 -15.2
DTH revenue 1,326,626 1,384,270 4.35 1,233,858 -10.87 997,059 -19.19 700,524 -29.74 -14.8
Local advertising revenue 0 0 0 0 0
National advertising revenue 84,126 51,219 -39.12 76,673 49.70 52,014 -32.16 33,047 -36.47 -20.8
Other revenue 14,044 24,813 76.68 13,691 -44.82 11,405 -16.70 7,711 -32.39 -13.9
Total Revenue 4,184,626 3,184,136 -23.91 2,620,813 -17.69 2,354,315 -10.17 2,169,572 -7.85 -15.1

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 2,031,725 2,033,203 0.07 2,009,520 -1.16 1,857,775 -7.55 1,841,215 -0.89 -2.4
Technical 455,582 561,959 23.35 344,650 -38.67 184,625 -46.43 89,981 -51.26 -33.3
Sales and Promotion 135,320 55,986 -58.63 31,685 -43.41 38,806 22.47 35,687 -8.04 -28.3
Administration and General 523,780 425,795 -18.71 613,183 44.01 580,738 -5.29 452,166 -22.14 -3.6
Total Expenses 3,146,407 3,076,943 -2.21 2,999,038 -2.53 2,661,944 -11.24 2,419,049 -9.12 -6.4

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 1,038,219 107,193 -378,225 -307,629 -249,477
Depreciation 226,000 226,000 0.00 226,000 0.00 226,000 0.00 226,000 0.00 0.0
P.B.I.T. 812,219 -118,807 -604,225 -533,629 -475,477
Interest Expense 224,000 250,990 12.05 257,739 2.69 204,677 -20.59 141,026 -31.10
Adjustments - Gain (Loss) 0 0 0 0 0
Pre-tax Profit 588,219 -369,797 -861,964 -738,306 -616,503

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 1,747,906 0 -100.00 0 0 0 -100.0
Script & concept 0 0 0 0 0
Filler Programming + Program Production 0 2,023,394 2,004,566 -0.93 1,857,775 -7.32 1,841,215 -0.89
Investment in Programming 0 0 0 0 0
Total Canadian Programming 1,747,906 2,023,394 15.76 2,004,566 -0.93 1,857,775 -7.32 1,841,215 -0.89 1.3
Canadian Programming/Revenue (%) 41.77 63.55 76.49 78.91 84.87

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 1,553,567 1,688,095 8.66 1,549,393 -8.22 1,458,823 -5.85 1,461,718 0.20 -1.5
Average Staff Count 15 16 6.67 16 0.00 15 -6.25 14 -6.67
Avg Remuneration ($) 103,571 105,506 1.87 96,837 -8.22 97,255 0.43 104,408 7.36 0.2

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 950,027 655,594 -30.99 549,887 -16.12 551,942 0.37 501,915 -9.06 -14.7

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 24.8 3.4 -14.4 -13.1 -11.5
P.B.I.T. Margin 19.4 -3.7 -23.1 -22.7 -21.9
Pre-tax Margin 14.1 -11.6 -32.9 -31.4 -28.4

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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