Pay and Specialty - E! (formerly Star! TV)

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
3305417330 E! (formerly Star! TV) 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 12,534,812 13,624,182 8.69 13,388,515 -1.73 11,801,861 -11.85 12,281,339 4.06 -0.5
DTH revenue 5,540,242 3,723,306 -32.80 3,402,754 -8.61 3,153,245 -7.33 2,839,354 -9.95 -15.4
Local advertising revenue 0 0 0 0 0
National advertising revenue 9,049,855 11,223,517 24.02 13,979,104 24.55 14,217,359 1.70 14,430,077 1.50 12.4
Other revenue 0 18,662 17,877 -4.21 176,290 886.13 45,445 -74.22
Total Revenue 27,124,909 28,589,667 5.40 30,788,250 7.69 29,348,755 -4.68 29,596,215 0.84 2.2

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 16,433,955 13,850,838 -15.72 13,772,555 -0.57 17,955,291 30.37 15,101,565 -15.89 -2.1
Technical 1,179,221 1,209,998 2.61 1,223,936 1.15 1,165,296 -4.79 1,038,630 -10.87 -3.1
Sales and Promotion 885,839 1,077,348 21.62 1,901,553 76.50 1,567,831 -17.55 1,324,734 -15.51 10.6
Administration and General 1,979,917 2,512,399 26.89 1,994,248 -20.62 2,085,017 4.55 2,243,225 7.59 3.2
Total Expenses 20,478,932 18,650,583 -8.93 18,892,292 1.30 22,773,435 20.54 19,708,154 -13.46 -1.0

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 6,645,977 9,939,084 11,895,958 6,575,320 9,888,061
Depreciation 1,873,224 728,215 -61.13 540,507 -25.78 546,183 1.05 606,083 10.97 -24.6
P.B.I.T. 4,772,753 9,210,869 11,355,451 6,029,137 9,281,978
Interest Expense -141,297 283,463 -300.62 308,266 8.75 518,134 68.08 970,472 87.30
Adjustments - Gain (Loss) -795,656 -1,943,457 144.26 -2,128,382 9.52 -1,919,099 -9.83 -2,254,876 17.50
Pre-tax Profit 4,118,394 6,983,949 8,918,803 3,591,904 6,056,630

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 262,828 158,177 -39.82 823,472 420.60 3,988,277 384.32 3,314,818 -16.89 88.5
Script & concept 0 0 222,836 34,977 -84.30 0 -100.00
Filler Programming + Program Production 10,566,973 7,561,341 -28.44 5,199,825 -31.23 5,349,172 2.87 4,099,726 -23.36 -21.1
Investment in Programming 650 0 -100.00 0 0 0 -100.0
Total Canadian Programming 10,830,451 7,719,518 -28.72 6,246,133 -19.09 9,372,426 50.05 7,414,544 -20.89 -9.0
Canadian Programming/Revenue (%) 39.93 27.00 20.29 31.93 25.05

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 8,626,176 7,596,381 -11.94 7,412,125 -2.43 7,352,618 -0.80 5,799,488 -21.12 -9.5
Average Staff Count 81 71 -12.35 65 -8.45 69.11 6.32 55 -20.42
Avg Remuneration ($) 106,496 106,991 0.47 114,033 6.58 106,390 -6.70 105,445 -0.89 -0.3

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 6,460,210 6,880,039 6.50 7,114,520 3.41 7,136,382 0.31 7,068,626 -0.95 2.3

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 24.5 34.8 38.6 22.4 33.4
P.B.I.T. Margin 17.6 32.2 36.9 20.5 31.4
Pre-tax Margin 15.2 24.4 29.0 12.2 20.5

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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