Pay and Specialty - Vivid TV (formerly Vanessa)

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
535426169 Vivid TV (formerly Vanessa) Télévision Sex-Shop inc. Trudeau, Marc Pay-TV (category B service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 305,538 581,836 90.43 523,711 -9.99 554,632 5.90 675,585 21.81 21.9
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 394,358 231,955 -41.18 72,157 -68.89 97,231 34.75 170,152 75.00 -19.0
Total Revenue 699,896 813,791 16.27 595,868 -26.78 651,863 9.40 845,737 29.74 4.9

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 646,361 895,539 38.55 291,267 -67.48 154,473 -46.97 175,568 13.66 -27.8
Technical 365,306 193,573 -47.01 210,346 8.66 228,800 8.77 272,285 19.01 -7.1
Sales and Promotion 504,418 206,404 -59.08 22,301 -89.20 39,177 75.67 63,233 61.40 -40.5
Administration and General 596,279 374,888 -37.13 96,529 -74.25 120,664 25.00 156,339 29.57 -28.4
Total Expenses 2,112,364 1,670,404 -20.92 620,443 -62.86 543,114 -12.46 667,425 22.89 -25.0

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income -1,412,468 -856,613 -24,575 108,749 178,312
Depreciation 16,705 22,168 32.70 15,744 -28.98 4,742 -69.88 2,425 -48.86 -38.3
P.B.I.T. -1,429,173 -878,781 -40,319 104,007 175,887
Interest Expense 19,690 73,502 273.30 50,160 -31.76 51,353 2.38 36,705 -28.52
Adjustments - Gain (Loss) 5,086 98 -98.07 0 -100.00 0 1,200
Pre-tax Profit -1,443,777 -952,185 -90,479 52,654 140,382

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 22,389 70,517 214.96 95,348 35.21 31,293 -67.18 90,735 189.95 41.9
Script & concept 0 0 0 0 0
Filler Programming + Program Production 472,989 678,783 43.51 0 -100.00 0 0 -100.0
Investment in Programming 0 0 123,449 71,454 -42.12 32,327 -54.76
Total Canadian Programming 495,378 749,300 51.26 218,797 -70.80 102,747 -53.04 123,062 19.77 -29.4
Canadian Programming/Revenue (%) 70.78 92.08 36.72 15.76 14.55

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 842,058 723,388 -14.09 106,216 -85.32 125,932 18.56 171,198 35.94 -32.9
Average Staff Count 9 6 -33.33 3 -50.00 3.25 8.33 3.5 7.69
Avg Remuneration ($) 93,562 120,565 28.86 35,405 -70.63 38,748 9.44 48,914 26.23 -15.0

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 6,790 6,120 -9.87 5,402 -11.73 6,413 18.72 8,420 31.30 5.5

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin -201.8 -105.3 -4.1 16.7 21.1
P.B.I.T. Margin -204.2 -108.0 -6.8 16.0 20.8
Pre-tax Margin -206.3 -117.0 -15.2 8.1 16.6

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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