Pay and Specialty - The Comedy Network

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
305417215 The Comedy Network Bell Media Inc. BCE Inc. Specialty (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 19,109,633 19,653,390 2.85 18,952,684 -3.57 20,018,569 5.62 18,471,997 -7.73 -0.8
DTH revenue 6,471,643 6,756,722 4.41 7,065,673 4.57 7,158,900 1.32 7,016,484 -1.99 2.0
Local advertising revenue 0 0 0 0 0
National advertising revenue 30,956,652 29,186,880 -5.72 34,758,191 19.09 30,948,404 -10.96 31,080,187 0.43 0.1
Other revenue 70,460 258,956 267.52 27,192 -89.50 505,280 >999± 25,462 -94.96 -22.5
Total Revenue 56,608,388 55,855,948 -1.33 60,803,740 8.86 58,631,153 -3.57 56,594,130 -3.47 0.0

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 23,214,736 21,106,057 -9.08 21,005,603 -0.48 20,846,851 -0.76 17,644,927 -15.36 -6.6
Technical 1,136,797 1,149,459 1.11 1,449,745 26.12 1,484,751 2.41 1,470,412 -0.97 6.6
Sales and Promotion 1,713,147 2,719,011 58.71 3,325,335 22.30 3,007,857 -9.55 2,665,954 -11.37 11.7
Administration and General 5,501,861 3,344,219 -39.22 2,917,405 -12.76 3,370,906 15.54 3,903,503 15.80 -8.2
Total Expenses 31,566,541 28,318,746 -10.29 28,698,088 1.34 28,710,365 0.04 25,684,796 -10.54 -5.0

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 25,041,847 27,537,202 32,105,652 29,920,788 30,909,334
Depreciation 782,612 1,044,382 33.45 835,529 -20.00 835,813 0.03 899,256 7.59 3.5
P.B.I.T. 24,259,235 26,492,820 31,270,123 29,084,975 30,010,078
Interest Expense 0 19 81 326.32 32 -60.49 0 -100.00
Adjustments - Gain (Loss) -1,986 0 -100.00 4,073 -1,059,708 >999± -3,062,000 188.95
Pre-tax Profit 24,257,249 26,492,801 31,274,115 28,025,235 26,948,078

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 12,596,913 7,960,905 -36.80 10,492,022 31.79 10,113,913 -3.60 5,476,810 -45.85 -18.8
Script & concept 190,000 200,001 5.26 200,000 0.00 76,543 -61.73 0 -100.00 -100.0
Filler Programming + Program Production 1,382,249 2,353,462 70.26 0 -100.00 125,258 0 -100.00 -100.0
Investment in Programming 201,137 0 -100.00 0 0 0 -100.0
Total Canadian Programming 14,370,299 10,514,368 -26.83 10,692,022 1.69 10,315,714 -3.52 5,476,810 -46.91 -21.4
Canadian Programming/Revenue (%) 25.39 18.82 17.58 17.59 9.68

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 691,400 375,694 -45.66 462,069 22.99 157,920 -65.82 0 -100.00 -100.0
Average Staff Count 8 4 -50.00 6 50.00 2 -66.67 0 -100.00
Avg Remuneration ($) 86,425 93,924 8.68 77,012 -18.01 78,960 2.53

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 6,149,333 5,947,278 -3.29 5,849,682 -1.64 5,692,195 -2.69 5,417,975 -4.82 -3.1

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 44.2 49.3 52.8 51.0 54.6
P.B.I.T. Margin 42.9 47.4 51.4 49.6 53.0
Pre-tax Margin 42.9 47.4 51.4 47.8 47.6

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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