Pay and Specialty - Canal Vie

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
205417381 Canal Vie 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 17,463,298 18,130,730 3.82 18,704,342 3.16 17,634,326 -5.72 17,227,323 -2.31 -0.3
DTH revenue 5,876,338 6,138,237 4.46 6,672,820 8.71 6,569,240 -1.55 6,139,827 -6.54 1.1
Local advertising revenue 0 0 0 0 0
National advertising revenue 18,565,136 18,501,568 -0.34 23,609,218 27.61 23,337,289 -1.15 22,297,016 -4.46 4.7
Other revenue 0 0 0 0 0
Total Revenue 41,904,772 42,770,535 2.07 48,986,380 14.53 47,540,855 -2.95 45,664,166 -3.95 2.2

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 22,487,113 21,019,613 -6.53 21,134,486 0.55 20,582,449 -2.61 21,703,618 5.45 -0.9
Technical 1,313,227 1,125,530 -14.29 964,346 -14.32 281,446 -70.81 380,879 35.33 -26.6
Sales and Promotion 2,307,873 2,785,146 20.68 6,619,703 137.68 4,907,996 -25.86 4,112,802 -16.20 15.5
Administration and General 2,041,923 2,065,564 1.16 2,255,393 9.19 1,895,502 -15.96 1,657,785 -12.54 -5.1
Total Expenses 28,150,136 26,995,853 -4.10 30,973,928 14.74 27,667,393 -10.68 27,855,084 0.68 -0.3

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 13,754,636 15,774,682 18,012,452 19,873,462 17,809,082
Depreciation 90,728 93,909 3.51 221,306 135.66 648,701 193.12 1,299,176 100.27 94.5
P.B.I.T. 13,663,908 15,680,773 17,791,146 19,224,761 16,509,906
Interest Expense 0 0 0 61,668 104,134 68.86
Adjustments - Gain (Loss) 254,874 234,868 -7.85 166,633 -29.05 5,881 -96.47 -94,023 >999±
Pre-tax Profit 13,918,782 15,915,641 17,957,779 19,168,974 16,311,749

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 18,078,191 16,826,163 -6.93 17,265,449 2.61 16,283,999 -5.68 18,078,101 11.02 0.0
Script & concept 218,158 152,075 -30.29 174,446 14.71 93,593 -46.35 176,394 88.47 -5.2
Filler Programming + Program Production 2,958,591 2,531,212 -14.45 2,125,014 -16.05 2,486,284 17.00 2,085,163 -16.13 -8.4
Investment in Programming 0 0 0 0 0
Total Canadian Programming 21,254,940 19,509,450 -8.21 19,564,909 0.28 18,863,876 -3.58 20,339,658 7.82 -1.1
Canadian Programming/Revenue (%) 50.72 45.61 39.94 39.68 44.54

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 3,888,608 3,631,504 -6.61 3,893,012 7.20 2,504,806 -35.66 2,831,736 13.05 -7.6
Average Staff Count 35 34 -2.86 35 2.94 25 -28.57 28 12.00
Avg Remuneration ($) 111,103 106,809 -3.87 111,229 4.14 100,192 -9.92 101,133 0.94 -2.3

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 2,342,640 2,353,879 0.48 2,347,188 -0.28 2,331,986 -0.65 2,231,617 -4.30 -1.2

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 32.8 36.9 36.8 41.8 39.0
P.B.I.T. Margin 32.6 36.7 36.3 40.4 36.2
Pre-tax Margin 33.2 37.2 36.7 40.3 35.7

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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