The Movie Network

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
314600354 The Movie Network Bell Media Inc. BCE Inc. Pay-TV (category A service) 2014

Revenue ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Residential/bulk/smatv subscriber revenue 71,724,412 74,278,011 3.56 75,387,579 1.49 73,589,577 -2.39 68,801,498 -6.51 -1.0
DTH revenue 58,747,771 59,436,346 1.17 55,239,473 -7.06 54,177,318 -1.92 55,678,788 2.77 -1.3
Local advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
National advertising revenue 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Other revenue 6,063,911 5,033,707 -16.99 6,079,650 20.78 0 -100.00 0 n/a
Total Revenue 136,536,094 138,748,064 1.62 136,706,702 -1.47 127,766,895 -6.54 124,480,286 -2.57 -2.3

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 91,635,147 96,991,335 5.85 95,632,984 -1.40 89,563,224 -6.35 87,680,702 -2.10 -1.1
Technical 1,504,396 1,651,885 9.80 1,413,527 -14.43 1,010,318 -28.53 1,087,043 7.59 -7.8
Sales and Promotion 5,988,980 5,730,329 -4.32 5,877,476 2.57 4,989,104 -15.11 2,377,908 -52.34 -20.6
Administration and General 4,212,401 4,594,174 9.06 5,097,931 10.97 14,065,793 175.91 2,682,632 -80.93 -10.7
Total Expenses 103,340,924 108,967,723 5.44 108,021,918 -0.87 109,628,439 1.49 93,828,285 -14.41 -2.4

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 33,195,170 29,780,341 28,684,784 18,138,456 30,652,001
Depreciation 1,669,812 1,647,095 -1.36 1,114,071 -32.36 1,509,862 35.53 3,981,350 163.69 24.3
P.B.I.T. 31,525,358 28,133,246 27,570,713 16,628,594 26,670,651
Interest Expense 941,630 1,037,957 10.23 858,920 -17.25 642,843 -25.16 0 -100.00
Adjustments - Gain (Loss) -233,824 -200,000 -14.47 -200,000 0.00 -200,000 0.00 -91,244 -54.38
Pre-tax Profit 30,349,904 26,895,289 26,511,793 15,785,751 26,579,407

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 14,612,149 18,585,419 27.19 17,609,411 -5.25 16,587,714 -5.80 15,426,886 -7.00 1.4
Script & concept 1,603,196 1,551,950 -3.20 1,300,000 -16.23 1,300,000 0.00 1,809,751 39.21 3.1
Filler Programming + Program Production 3,601,421 3,273,558 -9.10 3,985,558 21.75 2,273,962 -42.94 474,893 -79.12 -39.7
Investment in Programming 6,585,888 2,737,151 -58.44 5,665,588 106.99 3,117,821 -44.97 664,000 -78.70 -43.7
Total Canadian Programming 26,402,654 26,148,078 -0.96 28,560,557 9.23 23,279,497 -18.49 18,375,530 -21.07 -8.7
Canadian Programming/Revenue (%) 19.34 18.85 20.89 18.22 14.76

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 12,495,770 14,111,652 12.93 14,135,158 0.17 12,633,096 -10.63 2,798,663 -77.85 -31.2
Total Staff Count 139 149 7.19 157 5.37 148 -5.73 44.66 -69.82
Avg Remuneration 89,898 94,709 5.35 90,033 -4.94 85,359 -5.19 62,666 -26.59 -8.6

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 1,220,869 1,226,465 0.46 1,187,520 -3.18 1,181,772 -0.48 1,152,851 -2.45 -1.4

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 24.3 21.5 21.0 14.2 24.6
P.B.I.T. Margin 23.1 20.3 20.2 13.0 21.4
Pre-tax Margin 22.2 19.4 19.4 12.4 21.4
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