Addendum: 2014 Financial Results for Canadian Conventional Television Stations

Foreword

The following pages provide a combined analysis of revenue, operating expense and Profit before Interest and Tax (PBIT) for the broadcast years ended 31 August 2012, 2013 and 2014 for Conventional Private Television and Pay Television, Pay-per View, Video-on-Demand and Specialty Services.

This analysis is provided on a total system basis and individually for four of the large television owners, namely Bell Media Inc., Rogers Communications Ltd., Shaw Media Inc., and Québecor Média Inc.

The information for conventional television for each of these owners has been compiled from the aggregate annual returns published on the CRTC website.

The information for Pay Television, Pay-per View, Video-on-Demand and Specialty Services is an aggregation of the individual services operated by each of the owners.

National Results

Conventional Television
($) 2012 2013 2014
Revenue 2,038,125,813 1,944,297,312 1,803,682,152
Expenses 1,919,927,957 1,852,374,374 1,845,026,887
Operating Income 118,197,856 91,922,938 -41,344,735
Depreciation 95,312,323 94,238,859 97,311,460
PBIT 22,885,533 -2,315,921 -138,656,195
PBIT Margin 1.1% -0.1% -7.7%

Pay, Pay-per-view, Video-on-Demand and Specialty Services
($) 2012 2013 2014
Revenue 3,967,586,559 4,090,993,551 4,216,391,842
Expenses 2,934,356,590 2,920,946,082 3,117,307,156
Operating Income 1,033,229,969 1,170,047,469 1,099,084,686
Depreciation 120,021,059 87,268,987 99,232,869
PBIT 913,208,910 1,082,778,482 999,851,817
PBIT Margin 23.0% 26.5% 23.7%

Total
($) 2012 2013 2014
Revenue 6,005,712,372 6,035,290,863 6,020,073,994
Expenses 4,854,284,547 4,773,320,456 4,962,334,043
Operating Income 1,151,427,825 1,261,970,407 1,057,739,951
Depreciation 215,333,382 181,507,846 196,544,329
PBIT 936,094,443 1,080,462,561 861,195,622
PBIT Margin 15.6% 17.9% 14.3%

Bell Media

Conventional Television
($) 2012 2013 2014
Revenue 810,834,370 776,148,984 736,404,000
Expenses 769,093,685 721,267,629 722,944,000
Operating Income 41,740,685 54,881,355 13,460,000
Depreciation 56,786,020 51,581,425 52,036,000
PBIT -15,045,335 3,299,930 -38,577,000
PBIT Margin -1.9% 0.4% -5.2%

Pay, Pay-per-view, Video-on-Demand and Specialty Services
($) 2012 2013 2014
Revenue 1,114,357,439 1,640,490,445 1,596,265,749
Expenses 834,831,482 1,139,625,636 1,122,138,715
Operating Income 279,525,957 500,864,809 474,127,034
Depreciation 24,880,951 21,418,927 27,043,921
PBIT 254,645,006 479,445,882 447,083,113
PBIT Margin 22.90% 29.20% 28.0%

Total
($) 2012 2013 2014
Revenue 1,925,191,809 2,416,639,429 2,332,669,749
Expenses 1,603,925,167 1,860,893,265 1,845,082,715
Operating Income 321,266,642 555,746,164 487,587,034
Depreciation 81,666,971 73,000,352 79,079,921
PBIT 239,599,671 482,745,812 408,506,113
PBIT Margin 12.40% 20.00% 17.50%

Shaw Media

Conventional Television
($) 2012 2013 2014
Revenue 446,813,289 417,952,633 404,412,000
Expenses 421,134,330 421,032,724 425,469,000
Operating Income 25,678,959 -3,080,091 -21,057,000
Depreciation 2,325,699 3,415,449 3,816,000
PBIT 23,353,260 -6,495,540 -24,872,000
PBIT Margin 5.2% -1.6% -6.2%

Pay, Pay-per-view, Video-on-Demand and Specialty Services
($) 2012 2013 2014
Revenue 602,927,950 619,972,482 628,454,341
Expenses 329,395,073 332,588,365 329,401,523
Operating Income 273,532,877 287,384,117 299,052,818
Depreciation 16,583,892 16,987,072 17,146,947
PBIT 256,948,985 270,397,045 281,905,871
PBIT Margin 42.6% 43.6% 44.9%

Total
($) 2012 2013 2014
Revenue 1,049,741,239 1,037,925,115 1,032,866,341
Expenses 750,529,403 753,621,089 754,870,523
Operating Income 299,211,836 284,304,026 277,995,818
Depreciation 18,909,591 20,402,521 20,962,947
PBIT 280,302,245 263,901,505 257,033,871
PBIT Margin 26.7% 25.4% 24.9%

Québecor

Conventional Television
($) 2012 2013 2014
Revenue 256,569,000 249,111,000 229,351,000
Expenses 215,759,000 207,140,000 212,167,000
Operating Income 40,810,000 41,971,000 17,184,000
Depreciation 15,475,000 16,692,000 16,715,000
PBIT 25,335,000 25,279,000 469,000
PBIT Margin 9.9% 10.1% 0.2%

Pay, Pay-per-view, Video-on-Demand and Specialty Services
($) 2012 2013 2014
Revenue 142,273,092 157,641,849 162,868,583
Expenses 154,944,008 167,941,600 171,897,985
Operating Income -12,670,916 -10,299,751 -9,029,402
Depreciation 15,977,327 16,059,955 14,937,889
PBIT -28,648,243 -26,359,706 -23,967,291
PBIT Margin -20.1% -16.7% -14.7%

Total
($) 2012 2013 2014
Revenue 398,842,092 406,752,849 392,219,583
Expenses 370,703,008 375,081,600 384,064,985
Operating Income 28,139,084 31,671,249 8,154,598
Depreciation 31,452,327 32,751,955 31,652,889
PBIT -3,313,243 -1,080,706 -23,498,291
PBIT Margin -0.8% 0.3% -6.0%

Rogers

Conventional Television
($) 2012 2013 2014
Revenue 290,696,101 273,283,094 227,921,308
Expenses 318,453,234 307,936,793 295,723,455
Operating Income -27,757,133 -34,653,699 -67,802,147
Depreciation 12,833,625 14,644,973 17,049,340
PBIT -40,590,758 -49,298,672 -84,851,487
PBIT Margin -14.0% -18.0% -37.2%

Pay, Pay-per-view, Video-on-Demand and Specialty Services
($) 2012 2013 2014
Revenue 436,637,601 504,081,731 541,129,436
Expenses 352,434,485 389,035,749 450,031,458
Operating Income 84,203,116 115,045,982 91,097,978
Depreciation 29,234,595 31,307,450 7,977,029
PBIT 54,968,521 83,738,532 83,120,949
PBIT Margin 12.6% 16.6% 15.4%

Total
($) 2012 2013 2014
Revenue 727,333,702 777,364,825 769,050,744
Expenses 670,018,143 696,972,542 745,754,913
Operating Income 57,315,559 80,392,283 23,295,831
Depreciation 42,068,220 45,952,423 25,026,369
PBIT 15,247,339 34,439,860 -1,730,538
PBIT Margin 2.1% 4.4% -0.2%
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