Pay and Specialty - The Movie Network Encore (formerly Mpix)

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
315413716 The Movie Network Encore (formerly Mpix) 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 16,190,798 15,070,928 -6.92 14,491,607 -3.84 12,973,790 -10.47 11,280,019 -13.06 -8.6
DTH revenue 9,496,348 8,749,254 -7.87 8,627,296 -1.39 8,850,341 2.59 9,094,357 2.76 -1.1
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 25,687,146 23,820,182 -7.27 23,118,903 -2.94 21,824,131 -5.60 20,374,376 -6.64 -5.6

Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Programming and Production 7,430,290 8,269,750 11.30 7,494,895 -9.37 7,129,602 -4.87 5,586,643 -21.64 -6.9
Technical 1,425,129 1,436,330 0.79 1,433,219 -0.22 1,329,648 -7.23 1,643,547 23.61 3.6
Sales and Promotion 1,030,479 895,025 -13.14 730,304 -18.40 248,121 -66.02 164,214 -33.82 -36.8
Administration and General 1,384,795 1,431,644 3.38 1,377,471 -3.78 762,907 -44.62 662,547 -13.15 -16.8
Total Expenses 11,270,693 12,032,749 6.76 11,035,889 -8.28 9,470,278 -14.19 8,056,951 -14.92 -8.1

Performance ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Income 14,416,453 11,787,433 12,083,014 12,353,853 12,317,425
Depreciation 0 0 0 220,162 575,337 161.32
P.B.I.T. 14,416,453 11,787,433 12,083,014 12,133,691 11,742,088
Interest Expense 546,094 350,219 -35.87 331,007 -5.49 0 -100.00 0
Adjustments - Gain (Loss) 0 0 0 0 0
Pre-tax Profit 13,870,359 11,437,214 11,752,007 12,133,691 11,742,088

Canadian Programming Expenses ($)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Acquisition of rights 1,385,897 1,472,822 6.27 1,649,139 11.97 2,178,935 32.13 1,767,460 -18.88 6.3
Script & concept 0 0 0 0 0
Filler Programming + Program Production 903,646 1,208,984 33.79 966,093 -20.09 0 -100.00 0 -100.0
Investment in Programming 1,508,300 1,791,210 18.76 1,059,417 -40.85 528,000 -50.16 0 -100.00 -100.0
Total Canadian Programming 3,797,843 4,473,016 17.78 3,674,649 -17.85 2,706,935 -26.33 1,767,460 -34.71 -17.4
Canadian Programming/Revenue (%) 14.78 18.78 15.89 12.40 8.67

Staff
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Total Remuneration ($) 937,350 919,556 -1.90 946,390 2.92 194,060 -79.49 69,157 -64.36 -47.9
Average Staff Count 15 15 0.00 15 0.00 2.9 -80.67 1 -65.52
Avg Remuneration ($) 62,490 61,304 -1.90 63,093 2.92 66,917 6.06 69,157 3.35 2.6

Subscribers
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Subscribers 1,583,223 1,480,266 -6.50 1,401,247 -5.34 1,316,313 -6.06 1,225,426 -6.90 -6.2

Profitability (%)
2011 2012 Var % 2013 Var % 2014 Var % 2015 Var % CAGR (%)
Operating Margin 56.1 49.5 52.3 56.6 60.5
P.B.I.T. Margin 56.1 49.5 52.3 55.6 57.6
Pre-tax Margin 54.0 48.0 50.8 55.6 57.6

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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