Pay and Specialty - Canal D

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
215413790 Canal D 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 17,330,497 17,139,340 -1.10 17,339,744 1.17 16,229,788 -6.40 17,005,067 4.78 -0.5
DTH revenue 5,367,211 6,466,482 20.48 6,421,956 -0.69 6,134,450 -4.48 5,856,029 -4.54 2.2
Local advertising revenue 0 0 0 0 0
National advertising revenue 15,702,087 16,585,847 5.63 22,283,819 34.35 21,914,822 -1.66 18,804,989 -14.19 4.6
Other revenue 0 0 0 0 -26
Total Revenue 38,399,795 40,191,669 4.67 46,045,519 14.56 44,279,060 -3.84 41,666,059 -5.90 2.1

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 14,651,021 15,088,673 2.99 13,136,143 -12.94 14,995,628 14.16 16,048,438 7.02 2.3
Technical 1,001,692 903,757 -9.78 945,948 4.67 326,505 -65.48 405,713 24.26 -20.2
Sales and Promotion 1,489,021 1,647,948 10.67 5,534,722 235.86 4,259,340 -23.04 3,871,625 -9.10 27.0
Administration and General 2,008,617 2,020,129 0.57 2,233,515 10.56 1,897,582 -15.04 1,550,796 -18.28 -6.3
Total Expenses 19,150,351 19,660,507 2.66 21,850,328 11.14 21,479,055 -1.70 21,876,572 1.85 3.4

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 19,249,444 20,531,162 24,195,191 22,800,005 19,789,487
Depreciation 90,681 93,869 3.52 221,238 135.69 608,636 175.10 1,178,387 93.61 89.9
P.B.I.T. 19,158,763 20,437,293 23,973,953 22,191,369 18,611,100
Interest Expense 0 0 0 61,672 104,135 68.85
Adjustments - Gain (Loss) 254,798 234,797 -7.85 166,583 -29.05 5,878 -96.47 -335,470 >999±
Pre-tax Profit 19,413,561 20,672,090 24,140,536 22,135,575 18,171,495

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 10,556,970 10,939,796 3.63 9,817,556 -10.26 10,601,546 7.99 11,945,755 12.68 3.1
Script & concept 109,397 56,374 -48.47 63,802 13.18 76,293 19.58 268,141 251.46 25.1
Filler Programming + Program Production 1,997,569 1,890,666 -5.35 1,849,405 -2.18 2,290,510 23.85 2,081,061 -9.14 1.0
Investment in Programming 0 0 0 0 0
Total Canadian Programming 12,663,936 12,886,836 1.76 11,730,763 -8.97 12,968,349 10.55 14,294,957 10.23 3.1
Canadian Programming/Revenue (%) 32.98 32.06 25.48 29.29 34.31

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 3,277,278 3,097,950 -5.47 3,393,948 9.55 2,349,187 -30.78 2,822,976 20.17 -3.7
Average Staff Count 31 32 3.23 33 3.13 25 -24.24 27 8.00
Avg Remuneration ($) 105,719 96,811 -8.43 102,847 6.23 93,967 -8.63 104,555 11.27 -0.3

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 2,611,310 2,599,858 -0.44 2,549,210 -1.95 2,512,377 -1.44 2,488,473 -0.95 -1.2

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 50.1 51.1 52.5 51.5 47.5
P.B.I.T. Margin 49.9 50.8 52.1 50.1 44.7
Pre-tax Margin 50.6 51.4 52.4 50.0 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

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