Pay and Specialty - Bravo!

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
315413740 Bravo! 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 18,694,579 19,171,914 2.55 19,495,674 1.69 20,676,717 6.06 20,037,637 -3.09 1.8
DTH revenue 5,884,024 6,043,809 2.72 6,157,681 1.88 6,115,676 -0.68 5,987,718 -2.09 0.4
Local advertising revenue 0 0 0 0 0
National advertising revenue 13,771,454 16,950,060 23.08 24,964,152 47.28 26,497,875 6.14 25,305,295 -4.50 16.4
Other revenue 58 40,629 >999± 71,415 75.77 12,105 -83.05 32,000 164.35 384.7
Total Revenue 38,350,115 42,206,412 10.06 50,688,922 20.10 53,302,373 5.16 51,362,650 -3.64 7.6

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 17,821,912 17,657,301 -0.92 19,116,413 8.26 18,394,919 -3.77 16,646,808 -9.50 -1.7
Technical 1,280,724 1,267,840 -1.01 1,380,523 8.89 1,385,600 0.37 1,133,172 -18.22 -3.0
Sales and Promotion 1,713,818 1,557,447 -9.12 2,237,992 43.70 2,100,827 -6.13 2,160,102 2.82 6.0
Administration and General 3,732,804 3,224,122 -13.63 3,266,004 1.30 3,917,376 19.94 4,169,602 6.44 2.8
Total Expenses 24,549,258 23,706,710 -3.43 26,000,932 9.68 25,798,722 -0.78 24,109,684 -6.55 -0.5

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 13,800,857 18,499,702 24,687,990 27,503,651 27,252,966
Depreciation 2,625,818 967,835 -63.14 792,556 -18.11 850,498 7.31 899,275 5.74 -23.5
P.B.I.T. 11,175,039 17,531,867 23,895,434 26,653,153 26,353,691
Interest Expense 0 61 365 498.36 117 -67.95 100 -14.53
Adjustments - Gain (Loss) -43,124,923 -2,868,201 -93.35 -3,477,650 21.25 -4,053,440 16.56 -3,940,749 -2.78
Pre-tax Profit -31,949,884 14,663,605 20,417,419 22,599,596 22,412,842

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 4,061,537 4,126,561 1.60 7,496,207 81.66 5,849,501 -21.97 3,519,984 -39.82 -3.5
Script & concept 25,000 50,001 100.00 64,000 28.00 23,232 -63.70 141,905 510.82 54.4
Filler Programming + Program Production 3,783,562 3,581,658 -5.34 804,742 -77.53 146,550 -81.79 0 -100.00 -100.0
Investment in Programming 776,410 0 -100.00 0 0 0 -100.0
Total Canadian Programming 8,646,509 7,758,220 -10.27 8,364,949 7.82 6,019,283 -28.04 3,661,889 -39.16 -19.3
Canadian Programming/Revenue (%) 22.55 18.38 16.50 11.29 7.13

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 4,463,107 2,003,623 -55.11 576,652 -71.22 293,584 -49.09 276,205 -5.92 -50.1
Average Staff Count 42 18 -57.14 5 -72.22 3 -40.00 2 -33.33
Avg Remuneration ($) 106,264 111,312 4.75 115,330 3.61 97,861 -15.15 138,103 41.12 6.8

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 7,019,783 6,811,736 -2.96 6,755,640 -0.82 6,602,264 -2.27 6,361,414 -3.65 -2.4

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 36.0 43.8 48.7 51.6 53.1
P.B.I.T. Margin 29.1 41.5 47.1 50.0 51.3
Pre-tax Margin -83.3 34.7 40.3 42.4 43.6

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

Date modified: