The Movie Network Encore (formerly Mpix)

Pay & Specialty – Financial Summary 2010-2014

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
315413716 The Movie Network Encore (formerly Mpix) 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 14,650,304 16,190,798 10.52 15,070,928 -6.92 14,491,607 -3.84 12,973,790 -10.47 -3.0
DTH revenue 9,405,183 9,496,348 0.97 8,749,254 -7.87 8,627,296 -1.39 8,850,341 2.59 -1.5
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 0 0 n/a 0 n/a 0 n/a 0 n/a
Total Revenue 24,055,487 25,687,146 6.78 23,820,182 -7.27 23,118,903 -2.94 21,824,131 -5.60 -2.4

Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Programming and Production 7,849,514 7,430,290 -5.34 8,269,750 11.30 7,494,895 -9.37 7,129,602 -4.87 -2.4
Technical 1,329,870 1,425,129 7.16 1,436,330 0.79 1,433,219 -0.22 1,329,648 -7.23 0.0
Sales and Promotion 996,998 1,030,479 3.36 895,025 -13.14 730,304 -18.40 248,121 -66.02 -29.4
Administration and General 1,266,188 1,384,795 9.37 1,431,644 3.38 1,377,471 -3.78 762,907 -44.62 -11.9
Total Expenses 11,442,570 11,270,693 -1.50 12,032,749 6.76 11,035,889 -8.28 9,470,278 -14.19 -4.6

Performance ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Income 12,612,917 14,416,453 11,787,433 12,083,014 12,353,853
Depreciation 0 0 n/a 0 n/a 0 n/a 220,162 n/a n/a
P.B.I.T. 12,612,917 14,416,453 11,787,433 12,083,014 12,133,691
Interest Expense 423,800 546,094 28.86 350,219 -35.87 331,007 -5.49 0 -100.00
Adjustments - Gain (Loss) 0 0 n/a 0 n/a 0 n/a 0 n/a
Pre-tax Profit 12,189,117 13,870,359 11,437,214 11,752,007 12,133,691

Canadian Programming Expenses ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Acquisition of rights 1,343,857 1,385,897 3.13 1,472,822 6.27 1,649,139 11.97 2,178,935 32.13 12.8
Script & concept 0 0 n/a 0 n/a 0 n/a 0 n/a n/a
Filler Programming + Program Production 931,619 903,646 -3.00 1,208,984 33.79 966,093 -20.09 0 -100.00 -100.0
Investment in Programming 1,850,750 1,508,300 -18.50 1,791,210 18.76 1,059,417 -40.85 528,000 -50.16 -26.9
Total Canadian Programming 4,126,226 3,797,843 -7.96 4,473,016 17.78 3,674,649 -17.85 2,706,935 -26.33 -10.0
Canadian Programming/Revenue (%) 17.15 14.78 18.78 15.89 12.40

Staff ($)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Total Remuneration 937,350 937,350 0.00 919,556 -1.90 946,390 2.92 194,060 -79.49 -32.6
Total Staff Count 16 15 -6.25 15 0.00 15 0.00 2.9 -80.67
Avg Remuneration 58,584 62,490 6.67 61,304 -1.90 63,093 2.92 66,917 6.06 3.4

Subscribers
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Subscribers 1,629,123 1,583,223 -2.82 1,480,266 -6.50 1,401,247 -5.34 1,316,313 -6.06 -5.2

Profitability (%)
2010 2011 Var % 2012 Var % 2013 Var % 2014 Var % CAGR (%)
Operating Margin 52.4 56.1 49.5 52.3 56.6
P.B.I.T. Margin 52.4 56.1 49.5 52.3 55.6
Pre-tax Margin 50.7 54.0 48.0 50.8 55.6
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