Pay and Specialty - CINÉPOP (formerly Cinémania)

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
205426720 CINÉPOP (formerly Cinémania) Bell Media Inc. BCE Inc. Pay-TV (category B service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 4,088,550 5,175,500 26.59 5,981,216 15.57 6,739,001 12.67 7,173,882 6.45 15.1
DTH revenue 2,862,805 3,174,530 10.89 3,377,923 6.41 3,563,104 5.48 4,165,671 16.91 9.8
Local advertising revenue 0 0 0 0 0
National advertising revenue 0 0 0 0 0
Other revenue 0 9,559 0 -100.00 0 0
Total Revenue 6,951,355 8,359,589 20.26 9,359,139 11.96 10,302,105 10.08 11,339,553 10.07 13.0

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 3,122,974 3,441,825 10.21 3,808,518 10.65 3,649,716 -4.17 3,793,036 3.93 5.0
Technical 702,118 745,422 6.17 772,142 3.58 549,029 -28.90 589,381 7.35 -4.3
Sales and Promotion 495,446 592,435 19.58 444,705 -24.94 113,240 -74.54 137,631 21.54 -27.4
Administration and General 155,584 215,047 38.22 159,773 -25.70 312,991 95.90 235,727 -24.69 11.0
Total Expenses 4,476,122 4,994,729 11.59 5,185,138 3.81 4,624,976 -10.80 4,755,775 2.83 1.5

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 2,475,233 3,364,860 4,174,001 5,677,129 6,583,778
Depreciation 19,906 7,600 -61.82 0 -100.00 106,519 320,209 200.61 100.3
P.B.I.T. 2,455,327 3,357,260 4,174,001 5,570,610 6,263,569
Interest Expense 0 0 0 0 35,170
Adjustments - Gain (Loss) 0 0 0 0 -15,783
Pre-tax Profit 2,455,327 3,357,260 4,174,001 5,570,610 6,212,616

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 422,422 502,930 19.06 571,089 13.55 838,641 46.85 814,136 -2.92 17.8
Script & concept 0 0 0 0 0
Filler Programming + Program Production 1,145,130 1,302,492 13.74 1,342,813 3.10 926,096 -31.03 1,021,334 10.28 -2.8
Investment in Programming 0 0 0 0 0
Total Canadian Programming 1,567,552 1,805,422 15.17 1,913,902 6.01 1,764,737 -7.79 1,835,470 4.01 4.0
Canadian Programming/Revenue (%) 22.55 21.60 20.45 17.13 16.19

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 387,130 360,896 -6.78 356,963 -1.09 255,354 -28.46 305,784 19.75 -5.7
Average Staff Count 5 5 0.00 5 0.00 4 -20.00 5 25.00
Avg Remuneration ($) 77,426 72,179 -6.78 71,393 -1.09 63,839 -10.58 61,157 -4.20 -5.7

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 881,155 995,206 12.94 1,092,007 9.73 1,180,445 8.10 1,241,441 5.17 9.0

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 35.6 40.3 44.6 55.1 58.1
P.B.I.T. Margin 35.3 40.2 44.6 54.1 55.2
Pre-tax Margin 35.3 40.2 44.6 54.1 54.8

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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