Pay and Specialty - TV5

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
214301103 TV5 TV5 Québec Canada TV5 Québec Canada Specialty (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 8,609,805 8,723,159 1.32 8,505,772 -2.49 8,848,069 4.02 22,230,226 151.24 26.8
DTH revenue 2,073,225 2,387,501 15.16 2,479,616 3.86 2,758,868 11.26 9,274,735 236.18 45.4
Local advertising revenue 0 0 0 0 0
National advertising revenue 1,496,554 2,012,424 34.47 2,473,048 22.89 2,524,452 2.08 2,317,873 -8.18 11.6
Other revenue 6,404,010 5,168,264 -19.30 5,117,726 -0.98 4,858,758 -5.06 2,667,004 -45.11 -19.7
Total Revenue 18,583,594 18,291,348 -1.57 18,576,162 1.56 18,990,147 2.23 36,489,838 92.15 18.4

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 8,346,557 9,374,165 12.31 9,489,676 1.23 10,199,869 7.48 22,084,281 116.52 27.5
Technical 1,839,837 1,815,011 -1.35 1,955,821 7.76 2,037,135 4.16 3,362,030 65.04 16.3
Sales and Promotion 4,047,242 4,091,242 1.09 3,850,715 -5.88 4,440,795 15.32 4,396,438 -1.00 2.1
Administration and General 3,079,068 2,232,980 -27.48 2,369,973 6.13 3,124,060 31.82 3,270,673 4.69 1.5
Total Expenses 17,312,704 17,513,398 1.16 17,666,185 0.87 19,801,859 12.09 33,113,422 67.22 17.6

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 1,270,890 777,950 909,977 -811,712 3,376,416
Depreciation 844,016 790,229 -6.37 619,288 -21.63 657,603 6.19 644,557 -1.98 -6.5
P.B.I.T. 426,874 -12,279 290,689 -1,469,315 2,731,859
Interest Expense 25,682 18,968 -26.14 9,400 -50.44 54,718 482.11 597,026 991.10
Adjustments - Gain (Loss) 1,205 -25,314 >999± -35,446 40.03 95,524 -369.49 40,742 -57.35
Pre-tax Profit 402,397 -56,561 245,843 -1,428,509 2,175,575

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 6,188,374 7,108,336 14.87 6,762,611 -4.86 6,088,499 -9.97 16,968,774 178.70 28.7
Script & concept 334,000 148,728 -55.47 521,025 250.32 1,073,294 106.00 115,493 -89.24 -23.3
Filler Programming + Program Production 218,346 219,994 0.75 217,430 -1.17 225,054 3.51 477,189 112.03 21.6
Investment in Programming 0 0 0 0 0
Total Canadian Programming 6,740,720 7,477,058 10.92 7,501,066 0.32 7,386,847 -1.52 17,561,456 137.74 27.1
Canadian Programming/Revenue (%) 36.27 40.88 40.38 38.90 48.13

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 5,013,857 3,866,436 -22.88 4,252,978 10.00 5,094,541 19.79 6,110,721 19.95 5.1
Average Staff Count 71 50 -29.58 51 2.00 61 19.61 69 13.11
Avg Remuneration ($) 70,618 77,329 9.50 83,392 7.84 83,517 0.15 88,561 6.04 5.8

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 7,106,667 6,912,634 -2.73 6,914,529 0.03 7,027,248 1.63 10,289,859 46.43 9.7

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 6.8 4.3 4.9 -4.3 9.3
P.B.I.T. Margin 2.3 -0.1 1.6 -7.7 7.5
Pre-tax Margin 2.2 -0.3 1.3 -7.5 6.0

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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