Addendum: 2015 Financial Results for Canadian Conventional Television Stations

Foreword

The following data provides a combined analysis of revenue, operating expense and Profit before Interest and Tax (PBIT) for the broadcast years ended 31 August 2013, 2014 and 2015 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 ($)
2013 2014 2015
Revenue 1,944,297,312 1,803,682,152 1,757,058,607
Expenses 1,852,374,374 1,845,026,887 1,816,075,943
Operating Income 91,922,938 -41,344,735 -59,017,336
Depreciation 94,238,859 97,311,460 81,847,663
P.B.I.T. -2,315,921 -138,656,195 -140,864,999
P.B.I.T. Margin -0.1% -7.7% -8.0%

Pay, Pay-per-view, Video-on-Demand and Specialty Services ($)
2013 2014 2015
Revenue 4,090,993,551 4,216,391,842 4,254,592,917
Expenses 2,920,946,082 3,117,307,156 3,262,930,158
Operating Income 1,170,047,469 1,099,084,686 991,662,759
Depreciation 87,268,987 99,232,869 106,742,234
P.B.I.T. 1,082,778,482 999,851,817 884,920,525
P.B.I.T. Margin 26.5% 23.7% 20.8%

Total ($)
2013 2014 2015
Revenue 6,035,290,863 6,020,073,994 6,011,651,524
Expenses 4,773,320,456 4,962,334,043 5,079,006,101
Operating Income 1,261,970,407 1,057,739,951 932,645,423
Depreciation 181,507,846 196,544,329 188,589,897
P.B.I.T. 1,080,462,561 861,195,622 744,055,526
P.B.I.T. Margin 17.9% 14.3% 12.4%

Bell Media

Conventional Television ($)
2013 2014 2015
Revenue 776,148,984 736,404,000 724,453,000
Expenses 721,267,629 722,944,000 711,365,000
Operating Income 54,881,355 13,460,000 13,088,000
Depreciation 51,581,425 52,036,000 36,872,000
P.B.I.T. 3,299,930 -38,577,000 -23,784,000
P.B.I.T. Margin 0.4% -5.2% -3.3%

Pay, Pay-per-view, Video-on-Demand and Specialty Services ($)
2013 2014 2015
Revenue 1,640,490,445 1,596,265,749 1,548,624,780
Expenses 1,139,625,636 1,122,138,715 1,108,852,016
Operating Income 500,864,809 474,127,034 439,772,764
Depreciation 21,418,927 27,043,921 34,139,794
P.B.I.T. 479,445,882 447,083,113 405,632,970
P.B.I.T. Margin 29.20% 28.0% 26.2%

Total ($)
2013 2014 2015
Revenue 2,416,639,429 2,332,669,749 2,273,077,780
Expenses 1,860,893,265 1,845,082,715 1,820,217,016
Operating Income 555,746,164 487,587,034 452,860,764
Depreciation 73,000,352 79,079,921 71,011,794
P.B.I.T. 482,745,812 408,506,113 381,848,970
P.B.I.T. Margin 20.00% 17.50% 16.8%

Shaw Media

Conventional Television ($)
2013 2014 2015
Revenue 417,952,633 404,412,000 405,113,000
Expenses 421,032,724 425,469,000 429,507,000
Operating Income -3,080,091 -21,057,000 -24,394,000
Depreciation 3,415,449 3,816,000 4,224,000
P.B.I.T. -6,495,540 -24,872,000 -28,618,000
P.B.I.T. Margin -1.6% -6.2% -7.1%

Pay, Pay-per-view, Video-on-Demand and Specialty Services ($)
2013 2014 2015
Revenue 619,972,482 628,454,341 603,281,894
Expenses 332,588,365 329,401,523 327,115,465
Operating Income 287,384,117 299,052,818 276,166,429
Depreciation 16,987,072 17,146,947 15,546,800
P.B.I.T. 270,397,045 281,905,871 260,619,629
P.B.I.T. Margin 43.6% 44.9% 43.2%

Total ($)
2013 2014 2015
Revenue 1,037,925,115 1,032,866,341 1,008,394,894
Expenses 753,621,089 754,870,523 756,622,465
Operating Income 284,304,026 277,995,818 251,772,429
Depreciation 20,402,521 20,962,947 19,770,800
P.B.I.T. 263,901,505 257,033,871 232,001,629
P.B.I.T. Margin 25.4% 24.9% 23.0%

Québecor

Conventional Television ($)
2013 2014 2015
Revenue 249,111,000 229,351,000 214,074,000
Expenses 207,140,000 212,167,000 199,988,000
Operating Income 41,971,000 17,184,000 14,086,000
Depreciation 16,692,000 16,715,000 17,456,000
P.B.I.T. 25,279,000 469,000 -3,370,000
P.B.I.T. Margin 10.1% 0.2% -1.6%

Pay, Pay-per-view, Video-on-Demand and Specialty Services ($)
2013 2014 2015
Revenue 157,641,849 162,868,583 217,401,155
Expenses 167,941,600 171,897,985 237,918,508
Operating Income -10,299,751 -9,029,402 -20,517,353
Depreciation 16,059,955 14,937,889 16,464,029
P.B.I.T. -26,359,706 -23,967,291 -36,981,382
P.B.I.T. Margin -16.7% -14.7% -17.0%

Total ($)
2013 2014 2015
Revenue 406,752,849 392,219,583 431,475,155
Expenses 375,081,600 384,064,985 437,906,508
Operating Income 31,671,249 8,154,598 -6,431,353
Depreciation 32,751,955 31,652,889 33,920,029
P.B.I.T. -1,080,706 -23,498,291 -40,351,382
P.B.I.T. Margin 0.3% -6.0% -9.4%

Rogers

Conventional Television ($)
2013 2014 2015
Revenue 273,283,094 227,921,308 221,564,436
Expenses 307,936,793 295,723,455 289,105,604
Operating Income -34,653,699 -67,802,147 -67,541,168
Depreciation 14,644,973 17,049,340 15,923,682
P.B.I.T. -49,298,672 -84,851,487 -83,464,850
P.B.I.T. Margin -18.0% -37.2% -37.7%

Pay, Pay-per-view, Video-on-Demand and Specialty Services ($)
2013 2014 2015
Revenue 504,081,731 541,129,436 610,563,358
Expenses 389,035,749 450,031,458 521,745,327
Operating Income 115,045,982 91,097,978 88,818,031
Depreciation 31,307,450 7,977,029 10,006,626
P.B.I.T. 83,738,532 83,120,949 78,811,405
P.B.I.T. Margin 16.6% 15.4% 12.9%

Total ($)
2013 2014 2015
Revenue 777,364,825 769,050,744 832,127,794
Expenses 696,972,542 745,754,913 810,850,931
Operating Income 80,392,283 23,295,831 21,276,863
Depreciation 45,952,423 25,026,369 25,930,308
P.B.I.T. 34,439,860 -1,730,538 -4,653,445
P.B.I.T. Margin 4.4% -0.2% -0.6%

P.B.I.T. = Profit Before Interest and Tax

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