Pay and Specialty - Bell TV On Demand and Vu! (formerly Bell)

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
205421499 Bell TV On Demand and Vu! (formerly Bell) Bell ExpressVu Limited Partnership BCE Inc. Pay-per-view Direct-to-Home 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 0 0 0 0 0
DTH revenue 56,318,752 48,440,828 -13.99 36,801,401 -24.03 36,555,302 -0.67 34,069,391 -6.80 -11.8
Local advertising revenue 0 0 0 0 0
National advertising revenue 0 0 0 0 0
Other revenue 0 0 0 0 0
Total Revenue 56,318,752 48,440,828 -13.99 36,801,401 -24.03 36,555,302 -0.67 34,069,391 -6.80 -11.8

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 38,003,024 32,527,661 -14.41 25,219,000 -22.47 25,602,813 1.52 21,498,159 -16.03 -13.3
Technical 5,865,092 5,465,755 -6.81 3,301,382 -39.60 3,263,177 -1.16 2,690,534 -17.55 -17.7
Sales and Promotion 970,326 1,076,421 10.93 462,565 -57.03 473,217 2.30 309,623 -34.57 -24.8
Administration and General 7,075,523 7,511,810 6.17 5,487,839 -26.94 5,034,775 -8.26 4,633,187 -7.98 -10.0
Total Expenses 51,913,965 46,581,647 -10.27 34,470,786 -26.00 34,373,982 -0.28 29,131,503 -15.25 -13.5

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 4,404,787 1,859,181 2,330,615 2,181,320 4,937,888
Depreciation 0 0 0 0 0
P.B.I.T. 4,404,787 1,859,181 2,330,615 2,181,320 4,937,888
Interest Expense 0 0 0 0 0
Adjustments - Gain (Loss) 0 0 0 0 0
Pre-tax Profit 4,404,787 1,859,181 2,330,615 2,181,320 4,937,888

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 1,476,729 958,686 -35.08 704,622 -26.50 1,028,964 46.03 226,882 -77.95 -37.4
Script & concept 0 0 0 0 0
Filler Programming + Program Production 874,115 524,130 -40.04 500,942 -4.42 639,545 27.67 125,596 -80.36 -38.4
Investment in Programming 0 0 0 0 0
Total Canadian Programming 2,350,844 1,482,816 -36.92 1,205,564 -18.70 1,668,509 38.40 352,478 -78.87 -37.8
Canadian Programming/Revenue (%) 4.17 3.06 3.28 4.56 1.03

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 2,008,358 2,498,477 24.40 2,600,483 4.08 2,701,523 3.89 2,954,770 9.37 10.1
Average Staff Count 21 23 9.52 25 8.70 25.99 3.96 29 11.58
Avg Remuneration ($) 95,636 108,629 13.59 104,019 -4.24 103,945 -0.07 101,889 -1.98 1.6

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 1,968,540 0 -100.00 0 0 0 -100.0

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 7.8 3.8 6.3 6.0 14.5
P.B.I.T. Margin 7.8 3.8 6.3 6.0 14.5
Pre-tax Margin 7.8 3.8 6.3 6.0 14.5

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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