Pay and Specialty - CTV News Channel (formerly CTV Newsnet)

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
305417223 CTV News Channel (formerly CTV Newsnet) Bell Media Inc. BCE Inc. Specialty (category C service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 10,832,743 11,450,037 5.70 11,465,775 0.14 12,385,197 8.02 12,142,748 -1.96 2.9
DTH revenue 3,894,940 4,073,907 4.59 4,016,268 -1.41 3,995,805 -0.51 3,833,969 -4.05 -0.4
Local advertising revenue 0 0 0 0 0
National advertising revenue 8,984,818 10,334,145 15.02 10,560,629 2.19 10,206,159 -3.36 10,593,431 3.79 4.2
Other revenue 0 0 0 0 0
Total Revenue 23,712,501 25,858,089 9.05 26,042,672 0.71 26,587,161 2.09 26,570,148 -0.06 2.9

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 13,868,190 15,909,205 14.72 16,610,448 4.41 14,029,654 -15.54 12,221,777 -12.89 -3.1
Technical 1,467,771 1,420,841 -3.20 1,286,508 -9.45 1,150,847 -10.54 1,085,351 -5.69 -7.3
Sales and Promotion 923,592 904,077 -2.11 880,348 -2.62 973,206 10.55 921,731 -5.29 -0.1
Administration and General 1,479,756 1,249,446 -15.56 1,394,397 11.60 1,503,275 7.81 1,769,131 17.69 4.6
Total Expenses 17,739,309 19,483,569 9.83 20,171,701 3.53 17,656,982 -12.47 15,997,990 -9.40 -2.6

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 5,973,192 6,374,520 5,870,971 8,930,179 10,572,158
Depreciation 327,826 466,551 42.32 357,784 -23.31 379,065 5.95 422,217 11.38 6.5
P.B.I.T. 5,645,366 5,907,969 5,513,187 8,551,114 10,149,941
Interest Expense 0 550 2,548 363.27 1,137 -55.38 0 -100.00
Adjustments - Gain (Loss) 93,500 0 -100.00 0 -573,911 -167,226 -70.86
Pre-tax Profit 5,738,866 5,907,419 5,510,639 7,976,066 9,982,715

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 12,827,845 14,965,933 16.67 16,610,448 10.99 14,029,654 -15.54 12,221,777 -12.89 -1.2
Investment in Programming 0 0 0 0 0
Total Canadian Programming 12,827,845 14,965,933 16.67 16,610,448 10.99 14,029,654 -15.54 12,221,777 -12.89 -1.2
Canadian Programming/Revenue (%) 54.10 57.88 63.78 52.77 46.00

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 8,841,154 10,797,173 22.12 10,940,118 1.32 9,369,678 -14.35 6,903,459 -26.32 -6.0
Average Staff Count 70 81 15.71 89 9.88 82 -7.87 69.75 -14.94
Avg Remuneration ($) 126,302 133,298 5.54 122,923 -7.78 114,264 -7.04 98,974 -13.38 -5.9

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 8,612,204 8,694,480 0.96 8,440,427 -2.92 8,218,462 -2.63 7,941,886 -3.37 -2.0

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 25.2 24.7 22.5 33.6 39.8
P.B.I.T. Margin 23.8 22.8 21.2 32.2 38.2
Pre-tax Margin 24.2 22.8 21.2 30.0 37.6

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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