Pay and Specialty - CablePulse 24 (CP24)

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
305417348 CablePulse 24 (CP24) 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 1,903,278 1,876,748 -1.39 1,988,128 5.93 2,784,352 40.05 2,878,332 3.38 10.9
DTH revenue 1,697,326 1,670,293 -1.59 1,684,932 0.88 1,753,915 4.09 1,743,791 -0.58 0.7
Local advertising revenue 8,880,333 9,635,400 8.50 9,663,757 0.29 10,446,658 8.10 13,291,466 27.23 10.6
National advertising revenue 9,164,147 9,680,270 5.63 11,112,225 14.79 11,790,225 6.10 12,629,316 7.12 8.4
Other revenue 30,000 71,416 138.05 30,000 -57.99 883 -97.06 0 -100.00 -100.0
Total Revenue 21,675,084 22,934,127 5.81 24,479,042 6.74 26,776,033 9.38 30,542,905 14.07 9.0

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 12,639,457 14,031,505 11.01 15,484,205 10.35 17,239,733 11.34 18,058,590 4.75 9.3
Technical 753,543 614,408 -18.46 596,516 -2.91 627,368 5.17 616,205 -1.78 -4.9
Sales and Promotion 1,533,946 1,635,169 6.60 1,793,207 9.66 1,527,796 -14.80 1,785,283 16.85 3.9
Administration and General 2,324,982 1,667,375 -28.28 1,868,052 12.04 2,060,846 10.32 2,374,338 15.21 0.5
Total Expenses 17,251,928 17,948,457 4.04 19,741,980 9.99 21,455,743 8.68 22,834,416 6.43 7.3

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 4,423,156 4,985,670 4,737,062 5,320,290 7,708,489
Depreciation 3,055,871 2,079,846 -31.94 1,189,420 -42.81 1,093,857 -8.03 1,073,761 -1.84 -23.0
P.B.I.T. 1,367,285 2,905,824 3,547,642 4,226,433 6,634,728
Interest Expense 0 0 1,665 749 -55.02 0 -100.00
Adjustments - Gain (Loss) -634,916 -1,555,167 144.94 -1,673,013 7.58 -1,714,558 2.48 -381,260 -77.76
Pre-tax Profit 732,369 1,350,657 1,872,964 2,511,126 6,253,468

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 0 0 0 0 0
Script & concept 0 0 0 0 0
Filler Programming + Program Production 9,851,048 14,031,505 42.44 15,484,205 10.35 17,239,733 11.34 18,058,590 4.75 16.4
Investment in Programming 0 0 0 0 0
Total Canadian Programming 9,851,048 14,031,505 42.44 15,484,205 10.35 17,239,733 11.34 18,058,590 4.75 16.4
Canadian Programming/Revenue (%) 45.45 61.18 63.25 64.38 59.13

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 8,630,473 8,095,831 -6.19 7,831,853 -3.26 7,898,476 0.85 8,203,622 3.86 -1.3
Average Staff Count 100 94 -6.00 87 -7.45 87 0.00 87 0.00
Avg Remuneration ($) 86,305 86,126 -0.21 90,021 4.52 90,787 0.85 94,295 3.86 2.2

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 2,988,042 3,033,805 1.53 3,556,237 17.22 3,582,650 0.74 3,536,462 -1.29 4.3

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 20.4 21.7 19.4 19.9 25.2
P.B.I.T. Margin 6.3 12.7 14.5 15.8 21.7
Pre-tax Margin 3.4 5.9 7.7 9.4 20.5

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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