Pay and Specialty - The Movie Network

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
314600354 The Movie Network Bell Media Inc. BCE Inc. Pay-TV (category A service) 2015

Revenue ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Residential/bulk/SMATV subscriber revenue 74,278,011 75,387,579 1.49 73,589,577 -2.39 68,801,498 -6.51 63,731,171 -7.37 -3.8
DTH revenue 59,436,346 55,239,473 -7.06 54,177,318 -1.92 55,678,788 2.77 56,828,375 2.06 -1.1
Local advertising revenue 0 0 0 0 0
National advertising revenue 0 0 0 0 0
Other revenue 5,033,707 6,079,650 20.78 0 -100.00 0 4,307 -82.9
Total Revenue 138,748,064 136,706,702 -1.47 127,766,895 -6.54 124,480,286 -2.57 120,563,853 -3.15 -3.5

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 96,991,335 95,632,984 -1.40 89,563,224 -6.35 87,680,702 -2.10 99,814,552 13.84 0.7
Technical 1,651,885 1,413,527 -14.43 1,010,318 -28.53 1,087,043 7.59 2,529,218 132.67 11.2
Sales and Promotion 5,730,329 5,877,476 2.57 4,989,104 -15.11 2,377,908 -52.34 5,174,135 117.59 -2.5
Administration and General 4,594,174 5,097,931 10.97 14,065,793 175.91 2,682,632 -80.93 3,448,144 28.54 -6.9
Total Expenses 108,967,723 108,021,918 -0.87 109,628,439 1.49 93,828,285 -14.41 110,966,049 18.27 0.5

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 29,780,341 28,684,784 18,138,456 30,652,001 9,597,804
Depreciation 1,647,095 1,114,071 -32.36 1,509,862 35.53 3,981,350 163.69 5,493,163 37.97 35.1
P.B.I.T. 28,133,246 27,570,713 16,628,594 26,670,651 4,104,641
Interest Expense 1,037,957 858,920 -17.25 642,843 -25.16 0 -100.00 89,747
Adjustments - Gain (Loss) -200,000 -200,000 0.00 -200,000 0.00 -91,244 -54.38 0 -100.00
Pre-tax Profit 26,895,289 26,511,793 15,785,751 26,579,407 4,014,894

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 18,585,419 17,609,411 -5.25 16,587,714 -5.80 15,426,886 -7.00 21,464,612 39.14 3.7
Script & concept 1,551,950 1,300,000 -16.23 1,300,000 0.00 1,809,751 39.21 2,389,120 32.01 11.4
Filler Programming + Program Production 3,273,558 3,985,558 21.75 2,273,962 -42.94 474,893 -79.12 611,166 28.70 -34.3
Investment in Programming 2,737,151 5,665,588 106.99 3,117,821 -44.97 664,000 -78.70 3,298,955 396.83 4.8
Total Canadian Programming 26,148,078 28,560,557 9.23 23,279,497 -18.49 18,375,530 -21.07 27,763,853 51.09 1.5
Canadian Programming/Revenue (%) 18.85 20.89 18.22 14.76 23.03

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 14,111,652 14,135,158 0.17 12,633,096 -10.63 2,798,663 -77.85 610,362 -78.19 -54.4
Average Staff Count 149 157 5.37 148 -5.73 44.66 -69.82 9 -79.85
Avg Remuneration ($) 94,709 90,033 -4.94 85,359 -5.19 62,666 -26.59 67,818 8.22 -8.0

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 1,226,465 1,187,520 -3.18 1,181,772 -0.48 1,152,851 -2.45 1,132,667 -1.75 -2.0

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 21.5 21.0 14.2 24.6 8.0
P.B.I.T. Margin 20.3 20.2 13.0 21.4 3.4
Pre-tax Margin 19.4 19.4 12.4 21.4 3.3

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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