Astro Malaysia Holdings Bhd. · MYX:ASTRO
Astro Malaysia Holdings Bhd — Q3 FY2015 Earnings Presentation
18 slides from Astro Malaysia Holdings Bhd's earnings presentation, Dec 11, 2014
Slide 1: 3rd quarter FY15 results
3rd quarter FY15 results 11th December 2014
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 3Q FY15 performance
Key highlights of 3Q FY15 performance 3.8mn to 4.3mn customers Revenue +10% GROW 55% to 62% HH penetration RM3.53bn → RM3.88bn 46% to 47% viewership EBITDA +11% 89% on B.yond STBs RM1.20bn → RM1.33bn LEAD Price increase for HD services Launch of 10 new channels Adex +4% RM425mn → RM440mn RM95.6 to R
Slide 4: 3Q FY15 snapshot
3Q FY15 snapshot Highlights FY14 FY15 Growth TV households (000s)(1) 6,863 6,955 1% TV household penetration(2) 55% 62% 13% TV household penetration (000s) 3,784 4,292 13% Pay TV households (000s) 3,402 3,479 2% NJOI households (000s) 382 813 113% Pay TV gross adds (000s) 373 307 (18%) MAT churn 9%
Slide 5: Key customer metrics highlight our premium and freemium market approach
Key customer metrics highlight our premium and freemium market approach Residential customers (000s) ARPU (RM) Churn (%) Pay-TV NJOI 9.9% 9.9% 9.9% 10.3% 678 813 8.5% 9.3% 382 442 526 98.5 314 98.0 97.1 96.0 95.6 94.9 3,359 3,400 3,442 3,470 3,486 3,479 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 2QFY
Slide 6: Upsell of value-added services a core strategy
Upsell of value-added services a core strategy (000s) (000s) (000s) 61% 60% 58% 60% 61% 62% 636 679 585 37 532 33 Penetration 468 29 1,877 1,917 414 26 1,675 1,780 20 1,518 1,611 16 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 Multiroom (000s) downloads (
Slide 7: Maintaining our leadership in content
Maintaining our leadership in content New package and channel launches, with more to come… 184 VOD PLATFORM & 2 NEW PACKS 8 HD CHANNELS & 2 SD CHANNELS DAY/DATE DEALS total Astro Plus channels 1,000 hours of Hollywood movies, 48 complete U.S. seasons and kids content HD channels 73 Astro-branded cha
Slide 8: Collaborations to enable scale and monetisation
Collaborations to enable scale and monetisation Hong Kong dramas Asian documentaries Secured perpetual licensed rights, Entered into a 3-party JV with ancillary rights and distribution SPARK GmbH and Moving Visuals rights inclusive of OTT rights for International to launch and co-own territories
Slide 9: Year on year revenue growth continues
Year on year revenue growth continues (2) Total revenue (RM mn) YoY growth 1,349 10% 1,260 1,280 1,254 100 76% 1,217 1,188 74 79 80 72 8% 44 69 67 68 53 93 66 64 1% 86 67 81 87 88 Other Radio TV adex TV subscription 1,054 1,084 1,053 8% 991 996 1,032 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 NB 8 |
Slide 10: Advertising income outperformance in challenging market conditions
Advertising income outperformance in challenging market conditions (2) Total Malaysia 2014 Advertising income (RM mn) YoY growth ADEX forecast (4) Share of Radex Radio listeners (mn) TV Radio Others (3) 168 OVERALL ADEX 60% 12.9 155 155 157 2 4% (2%) 150 12.1 2 3 3 2 (7%) 55% 122 72 66 64 68 2 67 RA
Slide 11: Cost management a key focus to optimise profit growth
Cost management a key focus to optimise profit growth Total operating expenditure (RM mn) Lower content cost compared to Q2FY15 due 32% 32% 32% 31% 38% 33% to impact of FIFA World Cup Content cost as % of TV revenue 1,138 1,004 1,020 1,079 1,053 1,072 111 125 130 137 120 109 123 138 147 126 132 137
Slide 12: Continued discipline in capex investments
Continued discipline in capex investments Cash capex (RM mn) Capitalised capex (RM mn) as % of 6% 5% as % of 15% 4% revenue revenue 206 200 16 13 21 45 541 85 85 165 85 FY14 FY15 57 Capitalised capex is significantly lower in 3QFY15 in line FY14 FY15 with completion of the Astro B.yond swapout exe
Slide 13: Consistently strong cash generation significantly exceeds PAT
Consistently strong cash generation significantly exceeds PAT (RM mn) Free cash flow as % of PAT 256% 279% 482 450 1,537 1,311 1,055 861 Cash from Cash from Free cash flow (3) Cash from Cash from Free cash flow (3) operations investing (2) operations investing (2) FY14 FY15 …enabling significant fle
Slide 14: Quarterly dividend announcement
Quarterly dividend announcement Leveraging on invested capital, AMH continues to be highly cash generative enabling the adoption of a progressive dividend policy Board of Directors of AMH is pleased to declare a quarterly dividend of 2.25 sen per share for 3QFY15 This represents a 12.5% increa
Slide 15: Appendix
Appendix
Slide 16: PAT reconciliation
PAT reconciliation (RM mn) FY14 FY15 EBITDA 1,203 1,331 Margin % 34.1% 34.3% Depreciation and amortisation(1) (613) (675) EBIT 590 656 Finance income 48 45 Finance cost (197) (186) Share of post tax results from investments 1 4 PBT 442 519 Tax expense (106) (143) Tax rate % 24% 28% PAT 336 376 Margi
Slide 17: Group balance sheet overview
Group balance sheet overview (RM mn) FY14 FY15 (RM mn) FY14 FY15 Non-current assets 4,072 4,188 Non-current liabilities 4,766 3,861 Property, plant and equipment 2,040 1,855 Payables 1,179 618 Other non-current assets 2,032 2,333 Borrowings 3,467 3,151 Other non-current liabilities 120 92 Current as
Slide 18: Debt profile
Debt profile Total borrowings (RM mn) Details of borrowings Finance lease RM term loan USD term loan As at 31 October 2014, outstanding US dollar term loan stood at US$313.5mn. The third principal repayment amounting to USD16.5mn (RM49.8mn) is scheduled to be paid on 8 December 2014 USD term Ful
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