Pay and Specialty - TVA Sports

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
535429486 TVA Sports Groupe TVA inc. Les Placements Péladeau inc. Specialty (category C service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 5,418,437 8,718,098 60.90 10,128,863 16.18 41,618,016 310.89
DTH revenue 2,752,074 4,107,034 49.23 4,509,017 9.79 15,372,046 240.92
Local advertising revenue 0 0 0 0
National advertising revenue 2,170,240 1,985,084 -8.53 1,721,933 -13.26 21,123,586 >999±
Other revenue 515,259 209,947 -59.25 200,403 -4.55 3,672,498 >999±
Total Revenue 10,856,010 15,020,163 38.36 16,560,216 10.25 81,786,146 393.87

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 24,668,700 26,165,950 6.07 27,785,487 6.19 105,228,662 278.72
Technical 2,631,034 3,999,164 52.00 3,236,432 -19.07 5,298,786 63.72
Sales and Promotion 2,457,465 2,479,552 0.90 1,761,263 -28.97 6,381,645 262.33
Administration and General 1,262,526 993,112 -21.34 1,065,764 7.32 2,310,736 116.81
Total Expenses 31,019,725 33,637,778 8.44 33,848,946 0.63 119,219,829 252.21

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income -20,163,715 -18,617,615 -17,288,730 -37,433,683
Depreciation 300,000 300,000 0.00 1,500,000 400.00 1,500,000 0.00
P.B.I.T. -20,463,715 -18,917,615 -18,788,730 -38,933,683
Interest Expense 224,887 230,934 2.69 429,002 85.77 295,591 -31.10
Adjustments - Gain (Loss) 0 0 0 0
Pre-tax Profit -20,688,602 -19,148,549 -19,217,732 -39,229,274

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 6,709,864 5,686,972 -15.24 5,644,294 -0.75 73,724,655 >999±
Script & concept 0 0 0 0
Filler Programming + Program Production 17,068,236 19,368,854 13.48 20,656,674 6.65 28,759,244 39.22
Investment in Programming 0 0 0 0
Total Canadian Programming 23,778,100 25,055,826 5.37 26,300,968 4.97 102,483,899 289.66
Canadian Programming/Revenue (%) 219.03 166.81 158.82 125.31

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 7,576,429 6,317,762 -16.61 6,745,877 6.78 8,090,977 19.94
Average Staff Count 67 69 2.99 72 4.35 83 15.28
Avg Remuneration ($) 113,081 91,562 -19.03 93,693 2.33 97,482 4.04

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 1,639,336 1,523,946 -7.04 1,668,891 9.51 1,995,904 19.59

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin -185.7 -124.0 -104.4 -45.8
P.B.I.T. Margin -188.5 -125.9 -113.5 -47.6
Pre-tax Margin -190.6 -127.5 -116.0 -48.0

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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