Pay and Specialty - Ztélé (formerly Canal Z)

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
205421572 Ztélé (formerly Canal Z) 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 8,956,932 9,201,636 2.73 9,721,320 5.65 9,375,147 -3.56 9,115,006 -2.77 0.4
DTH revenue 3,012,501 2,978,488 -1.13 3,434,550 15.31 3,591,347 4.57 3,500,237 -2.54 3.8
Local advertising revenue 0 0 0 0 0
National advertising revenue 11,391,771 11,428,770 0.32 13,728,909 20.13 13,015,555 -5.20 12,944,951 -0.54 3.3
Other revenue 0 0 0 0 0
Total Revenue 23,361,204 23,608,894 1.06 26,884,779 13.88 25,982,049 -3.36 25,560,194 -1.62 2.3

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 10,781,210 12,760,433 18.36 10,120,389 -20.69 11,519,769 13.83 13,432,605 16.60 5.7
Technical 857,137 869,104 1.40 941,995 8.39 474,276 -49.65 504,002 6.27 -12.4
Sales and Promotion 1,648,172 1,705,819 3.50 4,092,595 139.92 3,231,757 -21.03 2,628,949 -18.65 12.4
Administration and General 1,907,730 1,946,429 2.03 2,169,216 11.45 1,806,238 -16.73 1,107,734 -38.67 -12.7
Total Expenses 15,194,249 17,281,785 13.74 17,324,195 0.25 17,032,040 -1.69 17,673,290 3.76 3.9

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 8,166,955 6,327,109 9,560,584 8,950,009 7,886,904
Depreciation 90,728 93,909 3.51 221,306 135.66 424,373 91.76 723,942 70.59 68.1
P.B.I.T. 8,076,227 6,233,200 9,339,278 8,525,636 7,162,962
Interest Expense 0 0 0 74,184 104,134 40.37
Adjustments - Gain (Loss) 0 0 0 5,881 -101,754 >999±
Pre-tax Profit 8,076,227 6,233,200 9,339,278 8,457,333 6,957,074

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 7,016,060 8,905,861 26.94 5,675,944 -36.27 5,787,339 1.96 7,946,592 37.31 3.2
Script & concept 0 0 0 0 0
Filler Programming + Program Production 1,604,720 1,700,178 5.95 1,798,819 5.80 2,233,242 24.15 2,007,321 -10.12 5.8
Investment in Programming 0 0 0 0 0
Total Canadian Programming 8,620,780 10,606,039 23.03 7,474,763 -29.52 8,020,581 7.30 9,953,913 24.10 3.7
Canadian Programming/Revenue (%) 36.90 44.92 27.80 30.87 38.94

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 2,891,140 3,082,446 6.62 2,961,651 -3.92 2,278,769 -23.06 2,876,833 26.25 -0.1
Average Staff Count 26 27 3.85 27 0.00 25 -7.41 30 20.00
Avg Remuneration ($) 111,198 114,165 2.67 109,691 -3.92 91,151 -16.90 95,894 5.20 -3.6

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 2,067,689 2,039,560 -1.36 2,024,663 -0.73 1,999,047 -1.27 1,880,214 -5.94 -2.4

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 35.0 26.8 35.6 34.4 30.9
P.B.I.T. Margin 34.6 26.4 34.7 32.8 28.0
Pre-tax Margin 34.6 26.4 34.7 32.6 27.2

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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