Pay and Specialty - Viewer's Choice Canada (PPV)

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
315405639 Viewer's Choice Canada (PPV) Viewer's Choice Canada Inc. BCE Inc. Pay-per-view programming 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 17,118,056 13,710,763 -19.90 12,456,669 -9.15 10,106,861 -18.86 0 -100.00 -100.0
DTH revenue 0 0 0 0 0
Local advertising revenue 0 0 0 0 0
National advertising revenue 0 0 0 0 0
Other revenue 0 0 0 0 331,981
Total Revenue 17,118,056 13,710,763 -19.90 12,456,669 -9.15 10,106,861 -18.86 331,981 -96.72 -62.7

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 12,006,025 9,622,580 -19.85 9,021,048 -6.25 7,408,229 -17.88 136,630 -98.16 -67.3
Technical 1,100,198 1,066,213 -3.09 999,028 -6.30 2,580,590 158.31 58,519 -97.73 -52.0
Sales and Promotion 189,855 207,608 9.35 176,061 -15.20 216,596 23.02 0 -100.00 -100.0
Administration and General 909,144 755,210 -16.93 640,170 -15.23 499,642 -21.95 81,536 -83.68 -45.3
Total Expenses 14,205,222 11,651,611 -17.98 10,836,307 -7.00 10,705,057 -1.21 276,685 -97.42 -62.6

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 2,912,834 2,059,152 1,620,362 -598,196 55,296
Depreciation 87,722 59,426 -32.26 157 -99.74 101,394 >999± 9,375 -90.75 -42.8
P.B.I.T. 2,825,112 1,999,726 1,620,205 -699,590 45,921
Interest Expense 0 0 0 0 -4,989
Adjustments - Gain (Loss) 75,136 16,336 -78.26 13,234 -18.99 20,566 55.40 0 -100.00
Pre-tax Profit 2,900,248 2,016,062 1,633,439 -679,024 50,910

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 193,833 18,812 -90.29 23,653 25.73 145,254 514.10 0 -100.00 -100.0
Script & concept 0 0 0 0 15,543
Filler Programming + Program Production 406,872 406,872 0.00 406,872 0.00 463,297 13.87 0 -100.00 -100.0
Investment in Programming 855,903 685,538 -19.90 621,794 -9.30 506,382 -18.56 0 -100.00 -100.0
Total Canadian Programming 1,456,608 1,111,222 -23.71 1,052,319 -5.30 1,114,933 5.95 15,543 -98.61 -67.9
Canadian Programming/Revenue (%) 8.51 8.10 8.45 11.03 4.68

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 410,117 313,072 -23.66 271,931 -13.14 246,613 -9.31 22,557 -90.85 -51.6
Average Staff Count 4.75 4 -15.79 3.5 -12.50 2.75 -21.43 0.25 -90.91
Avg Remuneration ($) 86,340 78,268 -9.35 77,695 -0.73 89,677 15.42 90,228 0.61 1.1

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 2,276,479 2,314,089 1.65 2,354,869 1.76 2,521,105 7.06 0 -100.00 -100.0

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 17.0 15.0 13.0 -5.9 16.7
P.B.I.T. Margin 16.5 14.6 13.0 -6.9 13.8
Pre-tax Margin 16.9 14.7 13.1 -6.7 15.3

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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