Pay and Specialty - Movie Central

Individual Pay, Pay-per-view, Video-on-demand and Specialty Services - Financial Summary 2011-2015

Table of Contents

Undertaking # Service Name Licensee Licensee Ultimate Owner Type Year
435101126 Movie Central Movie Central Ltd. Corus Entertainment Inc. Pay-TV (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 73,713,319 61,893,929 -16.03 60,770,002 -1.82 52,677,186 -13.32 52,268,906 -0.78 -8.2
DTH revenue 36,785,207 34,163,111 -7.13 34,052,295 -0.32 32,360,097 -4.97 29,465,405 -8.95 -5.4
Local advertising revenue 0 0 0 0 0
National advertising revenue 0 0 0 0 0
Other revenue 0 0 0 0 0
Total Revenue 110,498,526 96,057,040 -13.07 94,822,297 -1.29 85,037,283 -10.32 81,734,311 -3.88 -7.3

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 71,021,224 66,496,719 -6.37 64,160,905 -3.51 62,579,566 -2.46 76,037,727 21.51 1.7
Technical 2,139,654 1,724,348 -19.41 1,698,572 -1.49 1,590,202 -6.38 1,538,138 -3.27 -7.9
Sales and Promotion 3,926,344 3,685,923 -6.12 3,627,007 -1.60 3,201,543 -11.73 2,691,969 -15.92 -9.0
Administration and General 14,079,203 13,942,826 -0.97 10,997,540 -21.12 9,876,799 -10.19 7,030,851 -28.81 -15.9
Total Expenses 91,166,425 85,849,816 -5.83 80,484,024 -6.25 77,248,110 -4.02 87,298,685 13.01 -1.1

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 19,332,101 10,207,224 14,338,273 7,789,173 -5,564,374
Depreciation 0 1,841,748 2,029,820 10.21 1,376,056 -32.21 1,256,198 -8.71
P.B.I.T. 19,332,101 8,365,476 12,308,453 6,413,117 -6,820,572
Interest Expense 2,558,534 2,644,929 3.38 2,978,070 12.60 3,070,986 3.12 4,063,066 32.30
Adjustments - Gain (Loss) 7,442,294 20,344,462 173.36 18,039,609 -11.33 27,916,744 54.75 26,893,845 -3.66
Pre-tax Profit 24,215,861 26,065,009 27,369,992 31,258,875 16,010,207

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 12,116,263 11,853,119 -2.17 12,156,367 2.56 13,204,280 8.62 13,905,059 5.31 3.5
Script & concept 1,670,677 813,390 -51.31 844,046 3.77 576,974 -31.64 376,032 -34.83 -31.1
Filler Programming + Program Production 448,927 613,610 36.68 740,257 20.64 635,733 -14.12 910,512 43.22 19.3
Investment in Programming 3,416,531 1,306,582 -61.76 458,872 -64.88 -118,549 -125.83 9,166,589 >999± 28.0
Total Canadian Programming 17,652,398 14,586,701 -17.37 14,199,542 -2.65 14,298,438 0.70 24,358,192 70.36 8.4
Canadian Programming/Revenue (%) 15.98 15.19 14.97 16.81 29.80

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 4,104,964 3,024,715 -26.32 2,903,419 -4.01 2,020,748 -30.40 1,373,519 -32.03 -23.9
Average Staff Count 41 38 -7.32 32 -15.79 34 6.25 46 35.29
Avg Remuneration ($) 100,121 79,598 -20.50 90,732 13.99 59,434 -34.50 29,859 -49.76 -26.1

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 983,663 976,152 -0.76 995,496 1.98 926,923 -6.89 885,509 -4.47 -2.6

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 17.5 10.6 15.1 9.2 -6.8
P.B.I.T. Margin 17.5 8.7 13.0 7.5 -8.3
Pre-tax Margin 21.9 27.1 28.9 36.8 19.6

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

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