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

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
535419338 Bell TV On Demand (formerly Vu! On Demand) Bell ExpressVu Limited Partnership BCE Inc. Video-on-Demand 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 1,736,883 4,688,310 169.93 9,018,897 92.37 13,162,525 45.94 15,257,853 15.92 72.2
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 0
Total Revenue 1,736,883 4,688,310 169.93 9,018,897 92.37 13,162,525 45.94 15,257,853 15.92 72.2

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 2,183,740 5,884,206 169.46 11,248,447 91.16 16,265,575 44.60 18,975,716 16.66 71.7
Technical 86,844 471,307 442.71 809,068 71.66 1,174,977 45.23 1,204,946 2.55 93.0
Sales and Promotion 0 65,356 469,855 618.92 461,379 -1.80 307,462 -33.36
Administration and General 0 211,448 1,933,814 814.56 704,351 -63.58 561,247 -20.32
Total Expenses 2,270,584 6,632,317 192.10 14,461,184 118.04 18,606,282 28.66 21,049,371 13.13 74.5

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income -533,701 -1,944,007 -5,442,287 -5,443,757 -5,791,518
Depreciation 0 0 0 0 0
P.B.I.T. -533,701 -1,944,007 -5,442,287 -5,443,757 -5,791,518
Interest Expense 0 0 0 0 0
Adjustments - Gain (Loss) 0 0 0 0 0
Pre-tax Profit -533,701 -1,944,007 -5,442,287 -5,443,757 -5,791,518

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 0 152,811 367,017 140.18 437,839 19.30 584,179 33.42
Script & concept 0 0 0 0 0
Filler Programming + Program Production 0 125,703 259,576 106.50 342,000 31.75 451,106 31.90
Investment in Programming 0 0 0 0 0
Total Canadian Programming 0 278,514 626,593 124.98 779,839 24.46 1,035,285 32.76
Canadian Programming/Revenue (%) 0.00 5.94 6.95 5.92 6.79

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 0 211,351 1,551,097 633.90 582,165 -62.47 477,008 -18.06
Average Staff Count 0 5 25 400.00 11.99 -52.04 18 50.13
Avg Remuneration ($) 42,270 62,044 46.78 48,554 -21.74 26,500 -45.42

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin -30.7 -41.5 -60.3 -41.4 -38.0
P.B.I.T. Margin -30.7 -41.5 -60.3 -41.4 -38.0
Pre-tax Margin -30.7 -41.5 -60.3 -41.4 -38.0

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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