M3

Individual Discretionary and On-Demand Services - Statistical and Financial Summaries 2012-2016

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
305417364 M3 Bell Media Inc. BCE Inc.                                                    Specialty (category A service) 2016
Revenue ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 4,807,039 4,450,591 -7.42 5,345,424 20.11 5,147,928 -3.69 5,316,559 3.28 2.6
DTH subscriber revenue 1,549,314 1,749,979 12.95 1,836,134 4.92 1,878,646 2.32 1,764,639 -6.07 3.3
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 11,135,083 11,299,450 1.48 12,590,589 11.43 12,190,202 -3.18 9,143,142 -25.00 -4.8
Other revenue 8,000 0 -100.00 58,500 n/a 10,787 -81.56 0 -100.00 -100.0
Total Revenue 17,499,436 17,500,020 0.00 19,830,647 13.32 19,227,563 -3.04 16,224,340 -15.62 -1.9
Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Programming and Production 8,413,505 8,050,551 -4.31 13,337,503 65.67 12,745,836 -4.44 11,392,664 -10.62 7.9
Technical 770,767 759,702 -1.44 779,240 2.57 675,286 -13.34 583,121 -13.65 -6.7
Sales and Promotion 1,012,207 1,447,194 42.97 1,309,950 -9.48 1,131,422 -13.63 1,071,481 -5.30 1.4
Administration and General 1,221,759 1,280,005 4.77 1,388,146 8.45 1,476,988 6.40 851,883 -42.32 -8.6
Total Expenses 11,418,238 11,537,452 1.04 16,814,839 45.74 16,029,532 -4.67 13,899,149 -13.29 5.0
Performance ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Income 6,081,198 5,962,568 - 3,015,808 - 3,198,031 - 2,325,191 - -
Depreciation 413,975 240,370 -41.94 305,120 26.94 339,104 11.14 314,207 -7.34 -6.7
P.B.I.T. 5,667,223 5,722,198 - 2,710,688 - 2,858,927 - 2,010,984 - -
Interest Expense 0 0 n/a 0 n/a 0 n/a 0 n/a -
Adjustments - Gain (Loss) -1,189,803 -1,201,723 1.00 -1,560,850 29.88 -3,365,879 115.64 -14,726,740 337.53 -
Pre-tax Profit 4,477,420 4,520,475 - 1,149,838 - -506,952 - -12,715,756 - -
Canadian Programming Expenses ($)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Acquisition of rights 162,725 38,117 -76.58 3,112,951 >999± 2,492,571 -19.93 2,879,250 15.51 105.1
Script & concept 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Filler Programming + Program Production 3,249,838 3,538,039 8.87 1,821,862 -48.51 720,680 -60.44 282,469 -60.81 -45.7
Investment in Programming 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Total Canadian Programming 3,412,563 3,576,156 4.79 4,934,813 37.99 3,213,251 -34.89 3,161,719 -1.60 -1.9
Canadian Programming/Revenue (%) 19.50 20.44 - 24.88 - 16.71 - 19.49 - -
Staff
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Total Remuneration ($) 605,951 878,293 44.94 829,303 -5.58 122,680 -85.21 0 -100.00 -100.0
Total Staff Count 6 16 166.67 13 -18.75 1.79 -86.23 0 -100.00 -
Average Remuneration ($) 100,992 54,893 -45.65 63,793 16.21 68,536 7.44 n/a n/a n/a
Subscribers
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
6,344,010 6,137,846 -3.25 6,043,115 -1.54 5,830,980 -3.51 5,560,614 -4.64 -3.2
Profitability (%)
2012 2013 Var % 2014 Var % 2015 Var % 2016 Var % CAGR (%)
Operating Margin 34.8 34.1 - 15.2 - 16.6 - 14.3 - -
P.B.I.T. Margin 32.4 32.7 - 13.7 - 14.9 - 12.4 - -
Pre-tax Margin 25.6 25.8 - 5.8 - -2.6 - -78.4 - -

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

Date modified: