DRAFT
Sony Pictures
Digital Productions
Mid-Range Plan
October 6, 2009
FY10 Mid-Range Plan
 Strategy
 Overview
 Sony Pictures Animation
 Imageworks
 Imageworks Interactive
 MRP Financial Projections
 Financial Appendix
Strategy
Overview
Digital Productions
Strategic Objectives

SPDP’s strategic objectives are:
 Produce financially successful CG
animated films at a significantly lower
cost than either Pixar/Disney or
Dreamworks
 Remain a VFX leader and serve as a ‘net
cost’ resource for Columbia
4
Digital Productions
Strategic Benefits to the Studio

Digital Productions benefits the studio’s:



Overall release strategy
 SPA’s family-oriented animated and hybrid films are critical to
SPE in a challenging industry environment (family constitutes 5
of the top 10 films to date in 2009)
 Cloudy’s box office success indicates the potential for these
films
Profitability
 Imageworks’ 3rd party VFX business lowers production cost and
increases quality for SPA and Columbia
Marketing
 Imageworks Interactive continues to deliver industry-leading
sites and digital campaigns to internal clients at below market
costs
5
Digital Productions
Overview

Challenges for SPDP include:
Achieving consistent level of SPA output, while
managing pre-greenlight costs
 Continued price pressure on Imageworks as
studios seek to contain costs
 Continue to shift Imageworks’ workforce to
lower cost satellite facilities

6
Sony Pictures Animation
Why Family and Why Animation?




Family is one of the most popular global genres in the
theatrical and DVD markets
In success, CG animated films retain the upside
CG animated family films lend themselves to theatrical or
DVD sequels, which tend to have high margins
Live-action hybrids can also have significant, high-margin
revenue upside (e.g., Alvin & the Chipmunks)
8
Sony Pictures Animation
Strategy & Progress
Strategic Focus
Create diverse production slate featuring:
 High-end CG films
 Mid-tier CG films
 Live-action hybrids
 Direct-to-Video (DTV)
Progress To-Date



Season 3

Considering ideas for Cloudy sequel
Identifying other films from several promising projects currently in
priority development
Completed significant development deals

Arthur Christmas and Pirates! have been greenlit


Shepard Aardman relationship


Mitigate risk of titles in production by
seeking 3rd party financing
Develop ancillary revenue opportunities
Released high-end CG Cloudy to early box office success; Hotel
Transylvania in pre-production
Live-action hybrid Smurfs in pre-production
Released DTV financially successful Open Season 2; fast-tracked Open


Aardman has been collaborating closely with SPA and Imageworks in
pre-production on Arthur Christmas
Developing future projects to be brought to the U.S. with Nick Park,
creator of Wallace & Gromit
Continuing to explore financing opportunities
Working closely with Marketing to identify significant consumer
products licensing opportunities
9
Strategy – Franchises
OPEN SEASON FRANCHISE
OPEN SEASON
OPEN SEASON
2 (DTV)
SUBTOTAL
OSE & OSE2
OPEN SEASON
3 (DTV)
TOTAL
FRANCHISE





Even modestly successful
theatrical CG animated films can
become profitable franchises:
Open Season 2 has a 39% profit
margin ($23.8MM Gross Profit), the
best by percentage of any SPE title in
2009
Direct to Videos (DTVs) can be
opportunistically released theatrically
overseas, which also enhances their
home entertainment performance
Open Season 2 & 3 lifts the overall
profitability of the franchise to 10.9%
($48MM Gross Profit)
DTV also provides an excellent
training ground for emerging creative
talent
Cloudy is the next property to be
considered for DTV or theatrical
release
10
Sony Pictures Animation
Diversified Slate

SPA is focused on these following films in production and
pre-production:

Open Season 3: DTV



Smurfs: Hybrid (under discussion for 3D)




In pre-production
Director: Jill Culton; Producer: Michelle Murdocca
Arthur Christmas: Aardman, CG-animated (3D)



In pre-production
Director: Raja Gosnell; Producer: Jordan Kerner (Charlotte’s Web); Script: J.
David Stern, David N. Weiss (Shrek 2, Jimmy Neutron); Polish: Audrey Wells
(George of the Jungle)
Hotel Transylvania: High-End, CG animated (3D)


In production
Voice Talent: Mike Epps returning as voice for “Boog” (Tentative)
In pre-production
Directors: Sarah Smith, Barry Cook; Script: Peter Baynham (Academy Award
nominee for Borat)
Pirates!: Aardman, Stop-Motion (3D)
11
Sony Pictures Animation
Diverse Slate Development

Changelings: CG animated
Director: Brian Pimental, Producers: Kevin Lima &
Chris Chase
Dark Samurai: CG animated
 Director: Jerome Chen, Producer: Michelle Murdocca,
Executive Producer: Avi Arad, Writer: Mark Frost
Familiars: CG animated
 Executive Producers: Sam Raimi, Josh Donen
Hip Hop: Hybrid
 Producers: Peter Abrams & Andrew Panay (Wedding





Crashers)
Going South: CG animated

Adam Sandler project
Cloudy 2: CG animated DTV

12
Sony Pictures Animation
Development Relationships

Development relationships focus on identifying
future films from which other franchises can
emerge:
 First look deal with Gotham Group
 First look deal with Fred Seibert
 Development deal with Avi Arad (1 project, 2
pending)
 Discussions with Henry Selick
 Discussions with Peter Baynham on an exclusive
animation writing deal
13
Sony Pictures Animation Release Schedule

Q2
Q4
Q2
Cloudy with a
Chance of Meatballs
FY12
FY11
FY10

Open Season 3 DTV
(Jan 2011)
(09/18/09)

Smurfs (Hybrid) (7/29/11)

Hotel T (9/20/11)
Q3

Arthur Christmas (11/11/11)
Q4

Q2

TBD Animation FY13
(9/28/12)
Q3


TBD Hybrid FY14 (Hybrid)
(5/15/13)
Q2
Pirates (Fall 2012)
Q4

TBD DTV FY13 (Jan 2013)


TBD Animation FY14
(9/20/13)
TBD DTV FY14 (Jan 2014)
TBD Aardman FY15 (5/16/14)

Q2

Q4

Q2
Q1
Q1
FY16
FY15
FY14
FY13
TBD DTV FY12 (Jan 2012)
TBD Animation FY15 (9/19/14)
Q3
 TBD Hybrid FY15 (Fall 2014)
Q4
 TBD DTV FY15 (Jan 2015)
TBD Animation FY16
(9/18/15)
Q3

TBD Hybrid FY16 (Fall
2015)
Q4

TBD DTV FY16 (Jan 2016)
14
Development Spending
FY10-FY13

Holding development spend within historic levels while supporting
an expanded and diversified slate
FY10-FY13 Development Spending Budget ($000)
30,000
20,000
20,000
20,000
20,000
FY11*
FY12*
FY13*
18,000
10,000
FY10*
*FY10-13 are estimates
15
Imageworks
Strategy



Serve SPA and Columbia as a dependable source of
digital animation and VFX expertise
Maintain industry leadership in quality
Become even more price competitive:





Bring down overall labor costs further through minimizing artist
gap time
Simplify production technology and standardize software tools to
increase efficiency
Reduce real estate cost through more efficient use of
Imageworks’ space
Continue to shift work to satellites in tax and cost advantaged
areas (New Mexico and India) while exploring Vancouver in
depth as an additional satellite location
Continue to use 3rd party work as a means to reduce SPA
and Columbia production cost
17
Imageworks
Strategic Objectives – Columbia Resource

Continue to focus on renewed relationship with Columbia
as a critical resource for VFX expertise







All services provided internally are at ‘net cost’
Providing early support for Spiderman 4, including access to
character models, pre-visualization and 3D tests
Providing emrgency post-production services for This Is It
Produced test for Battle LA
Provided resources for Columbia to more effectively evaluate
external VFX bids for Green Hornet
Serving the studio – and company – as the “go to” resource on
3D through availability of key staff, technology and facilities
Key collaborator on the studio’s digital backbone project
18
Imageworks
Strategic Objectives – Clients and Technology


Strengthen relationship with large studio clients – Disney
and Warner Bros. – increasing the amount of business
from these sources as well as improving overall facility
utilization
Use innovative technology and partnerships to increase
efficiency, reduce development costs, and position
Imageworks’ technology as the industry standard


Imageworks’ Open Source initiative, the first of its kind for a
major VFX house, has already seen significant adoption
Prospective partnership with the Foundry, an industry-leading
VFX software developer, creates immediate savings from free or
significantly reduced access to their suite of software as well as
shared development
19
Imageworks
Strategic Objectives – Satellite Production

Aggressively utilize satellite production to further reduce
overall cost and become more price competitive on
internal and third party bids

India is well-positioned to do increasing amount of 3D work

Revenues have increased 32% in FY10 while costs have been held
flat from prior year
Note: Prior management negotiated what is expected to be a $2.5-$4.5MM total
payout to minority partners occurring in FY11 & FY12

New Mexico has been fully integrated into bids, taking full
advantage of the state tax credit



Substantial share of recent 3rd party bids for Zookeeper and Green
Lantern were based in New Mexico
SPA productions are also relying on the facility more heavily
Explore creation of a satellite facility in Vancouver to take
advantage of 50% effective tax credit on labor and deep local
talent pool
20
Imageworks Cost Savings
FY08-FY13


Imageworks has dramatically reduced non-billable costs by
increasing production efficiency and also trimmed non-essential
overhead
$3MM ahead of plan in FY10
FY08-FY13 Non Billable Costs Budget vs. Actuals, ($000)
50,000
46,152
CAGR, Non-Billable Costs excl OH (FY08-FY12) = -33%
40,000
32,664
30,000
22,755
20,000
12,007
10,000
6,311
6,171
FY12 MRP
FY13 MRP
0
FY08 Actual
FY09 Actual
FY10 Forecast
FY11 MRP
21
Imageworks Revenue Mix
FY10-FY13

Over MRP period, Imageworks becomes less dependent
on VFX work relative to prior years
FY0-FY13 Imageworks Composition of Revenues, $(000)
150,000
134,856
100,000
90,000
75,000
90,000
80,000
65,000
50,000
65,000
39,569
FY10
FY11
FY12
SPA
VFX
FY13
22
Imageworks Interactive
Strategy

Deliver industry-leading support to internal
clients at below market rates:



Continue close collaboration with SPE’s Digital
Marketing to assist in development of digital strategy
and execute on best of breed sites and campaigns
Investigate shifting an appropriate share of workforce
to Canada in tandem with Imageworks’ evaluation of
building an additional satellite facility
Further develop 3rd party business to reduce
overall cost for internal clients while serving as a
source of innovation, mirroring Imageworks
model
24
MRP Financial Projections &
Headcount Summary
SONY PICTURES DIGITAL PRODUCTIONS
FY 2010 MID-RANGE PLAN
REVENUE & EBIT SUMMARY
($000's)
FY 2010
Q2 FORECAST
NET REVENUE
SPI
Interactive
Imageworks
Animation
TOTAL NET REVENUE
$175,390
525
175,915
221,745
$397,660
0
FY 2011
10/09 MRP
$155,000
500
155,500
84,992
$240,492
10/08 MRP
$150,000
750
150,750
252,896
$403,646
0
Variance
$5,000
(250)
4,750
(167,904)
($163,154)
FY 2012
10/09 MRP
10/08 MRP
0
Variance
$155,000
750
155,750
506,681
$662,431
$150,000
1,000
151,000
551,477
$702,477
$5,000
(250)
4,750
(44,796)
($40,046)
$0
141
141
(71,271)
($71,130)
$0
235
235
(28,635)
($28,400)
$0
(94)
(94)
(42,636)
($42,730)
FY 2013
10/09 MRP
$155,000
1,000
156,000
513,096
$669,096
EBIT
SPI
Interactive
Imageworks
Animation
TOTAL EBIT
$0
1,350
1,350
(29,700)
($28,350)
$0
91
91
5,119
$5,210
$0
184
184
(6,384)
($6,200)
$0
(94)
(94)
11,503
$11,409
$0
190
190
(190)
$0
26
SONY PICTURES DIGITAL PRODUCTIONS
FY 2010 MID-RANGE PLAN
MRP PLAN TO PLAN EBIT RECONCILIATION
($000's)
FY11
EBIT PER 10/08 MRP
Variances
Imageworks
• Increased revenue ($150M to $155M)
• Lower salary & fringe driven by aggressive cost mitigation efforts
(lower average salaries, reduced fringe, improved utilization/lower gap costs)
FY12
($6,200)
($28,400)
5,000
5,000
867
1,134
• Current plan opportunity - EBIT tracking at ($4.5M) vs. ($8M)
• Current plan challenge - EBIT tracking at ($2M) vs. break-even
• Prior plan general challenge removed
(3,500)
(718)
2,000
(5,688)
• Albuquerque rebate - 100 hc vs 200 in prior plan
• Depreciation
• Overhead cost reductions (rent, maintenance, outside services, advertising, materials & supplies, refreshments, etc)
(1,926)
(861)
1,138
(1,956)
(1,753)
1,263
(94)
(94)
(94)
(94)
17,265
(5,000)
(16,809)
• Interactive - driven by lower 3rd party work and associated margin
Subtotal Imageworks
Animation
• Smurfs - release shift from FY11 to FY12 (net of Columbia share)
• Arthur Christmas - pre-release marketing
• Arthur Christmas - reduction in ultimate from PY MRP
• Hotel T - pre-release marketing
• Hotel T - reduction in ultimate from PY MRP
• Cloudy - timing of PPV, DTV, ITV offset by lower WHE ultimate
• Open Season 3 - higher ultimate than PY MRP
• Pirates - pre-release marketing spend
• Animation TBD - pre-release marketing spend
• Other, net
Subtotal Animation
(16,540)
(5,000)
(2,341)
4,618
(380)
11,503
2,774
(4,680)
(4,680)
(360)
(42,636)
TOTAL VARIANCE
11,409
(42,730)
EBIT PER 10/09 MRP
$5,210
0
($71,130)
0
27
SONY PICTURES DIGITAL PRODUCTIONS
FY 2010 MID-RANGE PLAN
RECEIPTS & CASH FLOW SUMMARY
($000's)
FY 2010
Q2 FORECAST
NET RECEIPTS
SPI
Interactive
Imageworks
Animation
TOTAL NET RECEIPTS
NET CASH FLOW
SPI
Interactive
Imageworks
Animation
TOTAL NET CASH FLOW
0
FY 2011
10/09 MRP
10/08 MRP
0
Variance
FY 2012
10/09 MRP
10/08 MRP
0
Variance
FY 2013
10/09 MRP
$175,390
22,137
197,527
0
$197,527
$155,000
25,854
180,854
0
$180,854
$150,000
25,492
175,492
0
$175,492
$5,000
362
5,362
0
$5,362
$155,000
27,693
182,693
0
$182,693
$150,000
27,977
177,977
0
$177,977
$5,000
(284)
4,716
0
$4,716
$155,000
30,837
185,837
0
$185,837
$5,684
545
6,229
(152,574)
($146,345)
($4,163)
477
(3,686)
(232,814)
($236,500)
$1,732
260
1,992
(239,811)
($237,819)
($5,895)
217
(5,678)
6,997
$1,319
($257)
440
183
(267,383)
($267,200)
$1,829
151
1,980
(262,896)
($260,916)
($2,086)
289
(1,797)
(4,487)
($6,284)
$2,725
570
3,295
(260,795)
($257,500)
28
SONY PICTURES DIGITAL PRODUCTIONS
FY 2010 MID-RANGE PLAN
MRP PLAN TO PLAN CASH FLOW RECONCILIATION
($000's)
CASH FLOW PER 10/08 MRP
Variances
Imageworks
• Increased receipts
• Lower salary & fringe driven by aggressive cost mitigation efforts
FY11
FY12
($237,819)
($260,916)
5,000
867
5,000
1,820
• Current plan opportunity - SPI load to SPA tracking at ($4.5M) vs. ($8M)
• Current plan challenge - SPI load to SPA tracking at ($2M) vs. $0
• Prior plan challenge removed
(3,500)
(718)
2,000
(5,688)
• Albuquerque rebate - 100 headcount vs. 200 in prior plan
(3,058)
(2,136)
• FY11 Imageworks India put option - ($1.2M EBIT x 8 x 49.9% x 33%)
• FY12 Imageworks India put option - ($1.2M EBIT x 8 x 49.9% x 67%)
(1,518)
• Capital expenditures
(3,175)
• Interactive
• Other
Subtotal Imageworks
217
207
(5,678)
Animation
• Hotel T timing shift
• Arthur Christmas timing shift
• Increase development for Aardman
• Reduced overhead headcount
• Other, net
Subtotal Animation
TOTAL VARIANCE
CASH FLOW PER 10/09 MRP
(3,082)
2,627
6,553
(2,000)
289
(1,797)
(183)
6,997
(4,565)
(2,658)
(2,000)
4,629
107
(4,487)
1,319
(6,284)
($236,500)
($267,200)
29
SONY PICTURES DIGITAL PRODUCTIONS
FY 2010 MID-RANGE PLAN
ESTIMATED HEADCOUNT AT YEAR END
FY 2010
Q2
FORECAST
SPI
Interactive [A]
Imageworks [B]
Animation [C]
Exec Management & Marketing
TOTAL
630
125
755
90
12
857
0
FY 2011
10/09 MRP
890
144
1,034
113
12
1,159
10/08 MRP
708
140
848
110
12
970
Variance
10/09 MRP
(182)
(4)
(186)
(3)
0
(189)
0
FY 2012
800
149
949
128
12
1,089
10/08 MRP
Variance
690
146
836
138
12
986
FY 2013
10/09 MRP
(110)
(3)
(113)
10
0
(103)
800
161
961
114
12
1,087
SPI AVERAGE HC:
Q2
FORECAST
Average Headcount [B]
712
10/09 MRP
714
10/08 MRP
708
Variance
10/09 MRP
(6)
709
10/08 MRP
Variance
690
10/09 MRP
(19)
709
[A] Interactive headcount supports studio clients and is based on website production needs. Costs are 100% absorbed by clients.
[B] SPI headcount fluctuations are driven by production timing. MRP headcount reflects year-end levels and varies from prior year due to timing of production needs.
Average headcount is essentially flat as the pipeline of work remains fairly constant over the MRP period compared to prior year.
[C] Animation headcount increases are based on production.
30
Financial Appendix
SONY PICTURES ANIMATION
SUMMARY OF EBIT BY TITLE
2009 MRP
(In thousands)
FY11
Title
10-09 MRP
FY12
10-08 MRP
VAR TO MRP
10-09 MRP
FY13
10-08 MRP
VAR TO MRP
10-09 MRP
Open Season
Surf's Up
Open Season 2 DTV
Cloudy with a Chance of Meatballs
Open Season 3 DTV
Hotel Transylvania
Arthur Christmas
TBD DTV (FY12)
Smurfs
Pirates
TBD Animated (FY13)
TBD FY13 DTV
TBD Hybrid (FY14)
Development Reserve
EBIT Challenge
Overhead
$
1,213
1,279
1,798
22,248
3,431
(5,000)
(5,000)
(3,500)
(9,300)
(2,050)
$
1,133
2,256
656
17,630
2,969
(20,765)
(10,235)
(28)
$
80
(977)
1,142
4,618
462
(5,000)
(5,000)
17,265
935
(2,022)
$
925
(3)
922
12,056
3,638
(25,957)
(44,190)
3,426
(1,378)
(4,680)
(4,680)
(9,300)
(2,050)
$
780
288
790
11,176
864
(23,616)
(27,650)
2,969
15,431
(9,678)
11
$
145
(291)
132
880
2,774
(2,341)
(16,540)
457
(16,809)
(4,680)
(4,680)
378
(2,061)
$
736
2,181
504
2,312
505
25,715
27,683
3,638
2,145
(33,279)
(26,624)
3,426
(7,042)
(9,700)
9,660
(2,050)
Earnings Before Interest & Taxes
$
5,119
$
(6,384)
$
11,503
$
(71,271)
$
(28,635)
$
(42,636)
$
(190)
-
-
-
-
-
-
-
32
CLOUDY WITH A CHANCE OF MEATBALLS
Pre-Release
(WW Rights, PG Rating, Animated Model, Release Date 9/18/09)
Pre-Release Draft
8-13-09
-
Given $85M Target DBO per SPR
Var to Current
52%
Notes
0%
0
0
0
-
IBO:DBO Ratio at 150% per SPR
0
Per SPRI 9-17-09
78% of FY10 Animation PG Model Per SPHE 9-4-09
0
(1,110) 22% FY10 Model reduction
-
-
Per Marketing 9-11-09
-
Per Marketing 9-11-09
-
Per Marketing 9-11-09
-
-
4,178 prints @ $1,503/print
Per SPR (Digital Cinema Operations) 8-13-09
540.00
Per SPR (Digital Cinema Operations) 6-17-09
-
Per FY10 Model; includes IMAX shares
-
-
Per SPRI 9-17-09
-
Per SPRI 9-17-09
-
-
78% of FY10 Animation PG Model Per SPHE 9-4-09
(13,160)
78% of FY10 Animation PG Model Per SPHE 9-4-09
4,230
-
72% of FY10 Family PG Model Per SPHE 9-4-09
(9,030)
72% of FY10 Family PG Model Per SPHE 9-4-09
3,280
-
Starz/Encore License Fees
Per SPRI 9-17-09 - includes $50K for IMAX DCP
Per SPR (Digital Cinema Operations) 6-17-09
Per SPRI 9-17-09 - includes IMAX shares
(50) IMAX Intl Digital DCP
(220) IMAX Intl share
22% FY10 Model reduction
-
18% FY10 Model reduction
Per SPT 8-25-09
Per SPT 8-25-09
Per SPTI 9-9-09
(2,500) 25% FY10 Model reduction
Per SPT 8-25-09
-
$500K @ All Levels.
-
-
Per SPR (WW Non-Theatrical and Repertory Sales) 7-6-09
-
Per SPCP 6-18-09
-
WPF costs
-
Per SPCP 6-18-09
-
-
Per SPA 9-29-09
-
Per SPA 9-29-09
-
Reduced Residuals
330
DBO Bonuses
-
33
SMURFS
2009 MRP
Assumes co-production with Paramount, no 3D, $95M production cost
(WW Rights, PG Rating, Case 2, July 29, 2011 rel. date)
PY MRP
-
Given $90M Target DBO per FY11 Model
-
111% of FY11 Model - Family
-
Per Marketing - 8/14/09 - $90M DBO Target
-
4,500 Prints @ $1,484 per Print
-
133% IBO:DBO Ratio
-
111% of FY11 Model - Family
-
106% of FY11 Model - Family
-
Starz/Encore License Fees
-
FY11 Model - PG rating
-1%
0
0
Per Marketing - 8/14/09 - $90M DBO Target
Per Marketing - 8/14/09 - $90M DBO Target
Per FY11 Model - incl. 3D Cost
Per FY11 Model
Per FY11 Model (addtl. Dubbing for Animation)
Per FY11 Model - incl 3D Costs
111% of FY11 Model - Family
106% of FY11 Model - Family
FY11 Animation Model - Per SPT 6/29/09
FY11 Model - 7.75% of First Window
FY11 Model (Pay and Free)
FY11 Model - Animation
Fixed Allocation
Incl Payments From / (To) Paramount
-
Variance
53%
9.0% of Production Cost
Full Residuals
34
HOTEL TRANSYLVANIA
2009 MRP
(WW Rights, PG Rating, Animated Model, Q2 2012 rel. date)
PY MRP
-
Given $75M Target DBO per FY11 Model
-
100% of FY11 Model - Animation
-
Current Estimate - $75M DBO Target
-
4,200 Prints @ $1,467 per Print
-
130% IBO:DBO Ratio
-
100% of FY11 Model - Animation
-
100% of FY11 Model - Family
-
Starz/Encore License Fees
-
FY11 Model - PG rating
-
Includes 3D conversion
Variance
53%
-3%
Current Estimate - $75M DBO Target
Current Estimate - $75M DBO Target
Per SPR Estimates (Digital Cinema Operations)
Per FY11 Model
Per FY11 Model
Per FY11 Model (addtl. Dubbing for Animation)
Per SPR Estimates (Digital Cinema Operations)
Per FY11 Model (addtl. Dubbing for Animation)
100% of FY11 Model - Animation
100% of FY11 Model - Family
First Window sale per FY11 Model
FY11 Model - 7.75% of First Window
75% FY11 Model (Pay and Free)
FY11 Model - Animation
Fixed Allocation
No Merchandising, Sndtrck Assumed
25.0% of Production Cost
Reduced Residuals
DBO Bonuses
35
ARTHUR CHRISTMAS
2009 MRP
(WW Rights, PG Rating, Animation Model, Nov. 11, 2011 Release)
PY MRP
-
Per SPR 5/19/09
-
FY10 Anim Model
-
Per Marketing 6-1-09
-
4,200 Prints @ $1,661 per Print
-
160% OF DBO Per SPR 5/19/09
-
FY10 Anim Model
-
90% of FY10 Family Model
-
Starz/Encore License Fees
-
FY10 Model
Variance
-1%
Per Marketing 6-1-09
Per Marketing 6-1-09
Per SPR (Digital Cinema Ops) 8-25-09
Per Marketing 6-1-09
Per SPRI 6-1-09
Per SPRI 6-1-09
Per SPR (Digital Cinema Ops) 8-25-09
Per SPRI 6-1-09
FY10 Anim Model
90% of FY10 Family Model
FY10 Model
FY10 Model
68% of FY10 Model due to UK share
FY10 Model
$500K @ All Levels.
No Merchandising, Sndtrck Assumed
-
53%
15.0% of Production Cost
Reduced Residuals
Aardman gross participation, DBO bonuses
36
PIRATES
2009 MRP
(WW Rights, PG Rating, Animation Model, Sept. 28, 2012 Release)
-
Per SPR 11/20/08
-
FY11 Anim Model
-
Per Marketing 11/20/08
-
4,300 Prints @ $1,593 per Print
-
150% OF DBO Per SPRI 11/20/08
-
FY11 Anim Model
-
FY11 Anim Model
-
Starz/Encore ASSUMES 2012 RELEASE
-
Per Airline 11/4/08
Per Marketing 11/20/08
Per Marketing 11/20/08
Per SPR (Digital Cinema Operations)
Per FY10 Model
Per SPRI 11/20/08
Per SPRI 11/20/08 (inc Anim Dubbing Exp)
Per SPR (Digital Cinema Operations)
Per SPRI 11/20/08
FY11 Anim Model
FY11 Anim Model
FY10 Model per SPT 11/14/08
FY10 Model per SPT 11/14/08
Per SPTI 11/11/08
FY10 Model per SPT 11/14/08
$500K @ All Levels.
No Merchandising, Sndtrck Assumed
-
10.0% of Production Cost
Full Residuals
37