Asian Pay Television Trust · SGX:S7OU
Asian Pay Television Trust — Q2 2013 Earnings Presentation
19 slides from Asian Pay Television Trust's earnings presentation, Aug 13, 2013
Slide 1: June Quarter 2013 Results Presentation
JUNE QUARTER 2013 RESULTS PRESENTATION 13 August 2013
Slide 2: Important Notice and Disclaimer
IMPORTANT NOTICE AND DISCLAIMER This presentation and the information contained herein (the "Presentation") are for information purposes only and do not constitute or form part of any offer or invitation for sale or the subscription or solicitation of any offer or invitation to purchase or subscribe
Slide 3: Agenda
AGENDA 1 A 1. HIGHLIGHTS 2. KEY OPERATING METRICS 3. FINANCIAL RESULTS 4. FINANCIAL POSITION 5. GROWTH INITIATIVES 6. APTT UNIT PRICE 7. APTT OUTLOOK 2
Slide 4: Highlights
HIGHLIGHTS 3
Slide 5: Highlights
HIGHLIGHTS TBC performance in line with expectations, APTT declares June 2013 distribution as per guidance and re-affirms future distribution guidance – SGX main board listing on 29 May 2013 – Acquisition of Taiwan Broadband Communications (“TBC”) – Distribution of 4.80 cents per unit (cpu) declared
Slide 6: Key Operating Metrics
KEY OPERATING METRICS 5
Slide 7: Key Operating Metrics
KEY OPERATING METRICS Subscriber households have grown, average revenue per subscriber is constant, penetration rates have increased, all leading to growth in TBC earnings Actual as at Prospectus forecast as at Actual as at 30 Jun 2013 31 Dec 2013 31 Dec 2012 Subscribers1 ARPU2 Subscribers1 ARPU2 Su
Slide 8: Financial Results
FINANCIAL RESULTS 7
Slide 9: Financial Results
FINANCIAL RESULTS TBC earnings on track to perform in line with forecasts for FY2013 Group Group Group 1 Jan – 29 May 20131 30 May – 30 Jun 2013 Six months ended 30 Jun 2013 SGD’000 SGD’000 SGD’000 Revenue Basic cable TV 100,552 22,129 122,681 Premium digital cable TV 5,195 1,152 6,347 Broadband 20,
Slide 10: Financial Position
FINANCIAL POSITION 9
Slide 11: Financial Position: Balance Sheet
FINANCIAL POSITION: BALANCE SHEET APTT’s balance sheet remains strong and in a position to support ongoing growth initiatives of TBC and at the same time continuing to pay distributions in line with forecast Group1 Trust1 as at 30 Jun 13 as at 30 Jun 13 SGD’000 SGD’000 Assets Current assets – Deprec
Slide 12: Financial Position: Borrowings
FINANCIAL POSITION: BORROWINGS There is sufficient leverage to fund future organic and inorganic growth initiatives As of 30 June 2013 Total Size SGD1,142 million Total Drawn SGD945 million All-in Hedge Rate c.4% per annum Gross Debt / EBTIDA (Drawn) 4.8x – Interest rate swaps have been entered into
Slide 13: Growth Initiatives
GROWTH INITIATIVES 12
Slide 14: Growth Initiatives
GROWTH INITIATIVES APTT and TBC remain focused on driving penetration rates across all three of TBC’s services, and at the same time are considering a number of inorganic growth initiatives Growth in penetration rates: – Basic cable TV to increase in line with household growth and general economic t
Slide 15: Other Initiatives
OTHER INITIATIVES APTT remains focused on concluding several other initiatives at TBC Upgrade of the network from 750MHz to 870MHz – Upgrade program progressing in line with expectations (time and cost) – Expected to be completed by mid 2014 Promotional digital set-top box initiative – On track to r
Slide 16: APTT Unit Price
APTT UNIT PRICE 15
Slide 17: APTT Unit Price
APTT UNIT PRICE APTT remains on track to pay distributions in line with guidance % Total Return Millions 110 50 45 100 40 35 90 30 25 80 20 15 70 10 5 60 - 28-May-13 04-Jun-13 11-Jun-13 18-Jun-13 25-Jun-13 02-Jul-13 09-Jul-13 16-Jul-13 23-Jul-13 30-Jul-13 Volume APTT STI Index REIT Index Comp 1 Comp
Slide 18: APTT Outlook
APTT OUTLOOK 17
Slide 19: APTT Outlook
APTT OUTLOOK The outlook remains positive with no change in core strategy Distribution of 4.80 cents per unit declared – Ex-distribution date is 23 August 2013, books closure date is 27 August 2013, payment date is 24 September 2013 – Second half distribution of 4.13 cents per unit re-affirmed TBC o
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