Pay and Specialty - FashionTelevisionChannel (formerly Fashion Television ...)

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
305423931 FashionTelevisionChannel (formerly Fashion Television ...) 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 1,938,652 1,862,934 -3.91 1,977,045 6.13 2,123,201 7.39 1,953,219 -8.01 0.2
DTH revenue 2,309,549 2,637,978 14.22 2,626,040 -0.45 2,388,529 -9.04 2,144,079 -10.23 -1.8
Local advertising revenue 0 0 0 0 0
National advertising revenue 276,905 287,998 4.01 254,931 -11.48 172,552 -32.31 121,796 -29.41 -18.6
Other revenue 72,369 30,870 -57.34 6,977 -77.40 2,396 -65.66 203,750 >999± 29.5
Total Revenue 4,597,475 4,819,780 4.84 4,864,993 0.94 4,686,678 -3.67 4,422,844 -5.63 -1.0

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 703,839 1,478,328 110.04 942,515 -36.24 2,313,767 145.49 1,139,119 -50.77 12.8
Technical 435,550 465,068 6.78 446,757 -3.94 439,741 -1.57 203,240 -53.78 -17.4
Sales and Promotion 79,490 75,073 -5.56 44,998 -40.06 22,564 -49.86 22,415 -0.66 -27.1
Administration and General 317,534 273,589 -13.84 284,779 4.09 294,031 3.25 315,338 7.25 -0.2
Total Expenses 1,536,413 2,292,058 49.18 1,719,049 -25.00 3,070,103 78.59 1,680,112 -45.28 2.3

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 3,061,062 2,527,722 3,145,944 1,616,575 2,742,732
Depreciation 431,719 194,767 -54.89 66,881 -65.66 66,814 -0.10 70,222 5.10 -36.5
P.B.I.T. 2,629,343 2,332,955 3,079,063 1,549,761 2,672,510
Interest Expense 0 0 0 0 0
Adjustments - Gain (Loss) -132,735 -314,247 136.75 -333,888 6.25 -503,748 50.87 3,698,889 -834.27
Pre-tax Profit 2,496,608 2,018,708 2,745,175 1,046,013 6,371,399

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 8,000 333 -95.84 0 -100.00 1,220,326 237,409 -80.55 133.4
Script & concept 0 0 0 0 0
Filler Programming + Program Production 287,307 1,074,495 273.99 444,836 -58.60 0 -100.00 0 -100.0
Investment in Programming 0 0 0 0 0
Total Canadian Programming 295,307 1,074,828 263.97 444,836 -58.61 1,220,326 174.33 237,409 -80.55 -5.3
Canadian Programming/Revenue (%) 6.42 22.30 9.14 26.04 5.37

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 143,105 72,177 -49.56 54,576 -24.39 51,442 -5.74 0 -100.00 -100.0
Average Staff Count 1 1 0.00 1 0.00 1 0.00 0 -100.00
Avg Remuneration ($) 143,105 72,177 -49.56 54,576 -24.39 51,442 -5.74

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 812,003 768,714 -5.33 766,638 -0.27 729,102 -4.90 681,015 -6.60 -4.3

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 66.6 52.4 64.7 34.5 62.0
P.B.I.T. Margin 57.2 48.4 63.3 33.1 60.4
Pre-tax Margin 54.3 41.9 56.4 22.3 144.1

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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