Pay and Specialty - Canal D/Investigation

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
535433411 Canal D/Investigation Bell Media Inc. BCE Inc. Specialty (category B service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 110,673 2,156,023 >999±
DTH revenue 130,037 1,064,666 718.74
Local advertising revenue 0 0
National advertising revenue 364,270 1,199,389 229.26
Other revenue 0 0
Total Revenue 604,980 4,420,078 630.62

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 5,076,490 3,855,105 -24.06
Technical 108,461 76,447 -29.52
Sales and Promotion 637,189 784,612 23.14
Administration and General 253,113 220,506 -12.88
Total Expenses 6,075,253 4,936,670 -18.74

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income -5,470,273 -516,592
Depreciation 6,122 124,838 >999±
P.B.I.T. -5,476,395 -641,430
Interest Expense 0 11,723
Adjustments - Gain (Loss) 0 0
Pre-tax Profit -5,476,395 -653,153

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 659,889 1,673,840 153.65
Script & concept 0 14,300
Filler Programming + Program Production 459,369 678,405 47.68
Investment in Programming 0 0
Total Canadian Programming 1,119,258 2,366,545 111.44
Canadian Programming/Revenue (%) 185.01 53.54

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 383,610 592,162 54.37
Average Staff Count 5 6 20.00
Avg Remuneration ($) 76,722 98,694 28.64

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 259,760 533,682 105.45

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin -904.2 -11.7
P.B.I.T. Margin -905.2 -14.5
Pre-tax Margin -905.2 -14.8

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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