Astro Malaysia Holdings Bhd. · MYX:ASTRO
Astro Malaysia Holdings Bhd — Q3 FY2014 Earnings Presentation
18 slides from Astro Malaysia Holdings Bhd's earnings presentation, Dec 5, 2013
Slide 1: 3rd quarter FY14 results
3rd quarter FY14 results 5th December 2013
Slide 2: Disclaimer
Disclaimer This document contains certain forward-looking statements with respect to Astro Malaysia Holdings Berhad’s (“Astro”) financial condition, results of operations and business, and management’s strategy, plans and objectives for Astro. These statements include, without limitation, those that
Slide 3: Key highlights of Q3 FY14 performance
Key highlights of Q3 FY14 performance GROW 50% to 55% Revenue +13% HH penetration RM3.13bn to RM3.53bn 80% on B.yond STBs, 60% on HD LEAD Price Increase EBITDA +15% Launch of A-List and Vinmeen HD RM1.04bn to RM1.20bn RM92.3 to RM95.6 ARPU MONETISE 26% to 30% TV adex Adex +17% RM362mn to RM425mn 53%
Slide 4: Q3'FY14 snapshot — executing on growth strategy
Q3’FY14 snapshot — executing on growth strategy Highlights FY13 FY14 Growth TV households (000s)(1) 6,701 6,863 2% TV household penetration(2) 50% 55% 5pp TV household penetration (000s) 3,345 3,784 13% Pay TV households (000s) 3,213 3,402 6% NJOI households (000s) 132 382 189% Pay TV gross adds (00
Slide 5: Key customer metrics continue to be on track
Key customer metrics continue to be on track Residential customers (000s) ARPU (RM) Pay-TV NJOI 95.6 382 94.2 94.9 264 314 91 209 93.2 132 91.8 92.3 3,213 3,276 3,316 3,359 3,402 3,166 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 Customers with B.yond STBs (000
Slide 6: Upsell of value-added products and services highlights ongoing success of Astro B.yond swapout strategy
Upsell of value-added products and services highlights ongoing success of Astro B.yond swapout strategy (000s) (000s) (000s) 68% 65% 64% 64% 61% 60% 414 468 Penetration 20 299 343 16 1,397 1,518 1,611 13 1,081 1,151 1,264 197 227 9 11 7 2QFY133QFY134QFY131QFY142QFY143QFY14 2QFY133QFY134QFY131QFY142Q
Slide 7: Focused content differentiation offers choice and value to customers
Focused content differentiation offers choice and value to customers Price increase A-List channel Vinmeen HD channel 171 total channels +RM2 Family Pack 39 +RM6 Sports Pack HD channels Valuepack and Superpack 3 68 customers price protected Awarded and acclaimed South East Asia’s first Tamil General
Slide 8: Astro is the home of sports
is the home of sports Live coverage of world class sporting All BPL and World Cup 2014 events and up-to-date sports news, matches available on AOTG including major global sporting leagues, ON THE Sports news, scores and HD LIVE F1, Moto GP, golf, and badminton fantasy football available GO 2
Slide 9: Adex continues to outperform the industry
Adex continues to outperform the industry (2) Adex revenue (RM mn) YoY growth Share of radex Radio listeners (mn) TV Radio Others 17% 55% 12.3 155 155 12.2 143 2 3 -7% 141 2 3 53% 126 3 115 66 64 15% 57 59 2 FY13 FY14 FY13 FY14 55 49 Astro TV Share of TV adex viewership share 46% 82 81 87 88 20% 30%
Slide 10: Increasing value proposition underpins double digit revenue growth
Increasing value proposition underpins double digit revenue growth (2) Total revenue (RM mn) YoY growth 1,188 1,217 13% 1,131 1,125 44 69 77% 1,070 1,079 32 66 64 15% 39 29 37 59 49 20% 57 55 87 88 81 64 82 68 Other Radio TV adex 959 973 991 996 10% TV subscription 902 919 2QFY13 3QFY13 4QFY13 1QFY1
Slide 11: Operating expenses will peak in FY14 as we focus on reinvesting for growth
Operating expenses will peak in FY14 as we focus on reinvesting for growth Total operating expenditure (RM mn) Continuous investment in content offerings 33% 31% 34% 32% 32% 32% to provide an enriching experience for our Content cost as % of TV revenue customers whilst managing content costs 1,004 1
Slide 12: Disciplined capex to drive growth; peaks in FY15
Disciplined capex to drive growth; peaks in FY15 Cash capex (RM mn) Capitalised capex (RM mn) as % of 6% 6% as % of 14% 15% revenue revenue 200 14 206 16 43 41 52 85 430 541 91 65 FY13 FY14 FY13 FY14 Revenue growth Expansion Capitalised capex will peak in FY14 as we complete the Operational effici
Slide 13: Consistently strong free cash generation exceeds PAT
Consistently strong free cash generation exceeds PAT… Free cash flow (RM mn) as % of PAT 163% 211% (357) (383) 1,067 930 710 547 Cash from Cash from Free cash flow Cash from Cash from (2) Free cash flow operations investing operations investing FY13 FY14 FY12 FY13 …enabling significant flexibility o
Slide 14: Quarterly dividend announcement
Quarterly dividend announcement Leveraging on invested capital, AMH will continue to be highly cash generative enabling the adoption of a progressive dividend policy AMH Board of Directors is pleased to declare a quarterly dividend of 2.0 sen per share Entitlement and payment dates: 20 Decembe
Slide 15: Appendix
Appendix
Slide 16: PAT reconciliation
PAT reconciliation (RM mn) FY13 FY14 EBITDA 1,042 1,203 Margin % 33.2% 34.1% Depreciation and amortisation (424) (613) Increase in D&A due to increased cumulative STBs/ODUs capitalised and EBIT 618 590 depreciated Finance income 46 48 Finance cost (208) (197) Reduction in finance cost due to lower i
Slide 17: Group balance sheet overview
Group balance sheet overview (RM mn) FY13 FY14 (RM mn) FY13 FY14 Non-current assets 3,874 4,072 Non-current liabilities 4,444 4,766 Property, plant and equipment 1,829 2,040 Payables 602 1,179 Other non-current assets 2,045 2,032 Borrowings 3,629 3,467 Other non-current liabilities 213 120 Current a
Slide 18: Debt profile
Debt profile Total borrowings (RM mn) Details of borrowings US dollar term loan of US$330mn swapped into Ringgit (c.RM1.0bn), fully Finance lease RM term loan USD term loan drawn on 10 June 2011 and maturing on 8 June 2021 Fully hedged at exchange rate of USD/RM3.0189 USD term All-in interest
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