1 st Quarter FY21 Results 18 June 2020 Disclaimer This document - - PowerPoint PPT Presentation
1 st Quarter FY21 Results 18 June 2020 Disclaimer This document - - PowerPoint PPT Presentation
1 st Quarter FY21 Results 18 June 2020 Disclaimer This document contains certain forward-looking statements with respect to Astro Malaysia Holdings Berhads (Astro) financial condition, results of operations and business, and
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 express forecasts, expectations and projections such as forecasts, expectations and projections in relation to new products and services, revenue, profit, cash flow, operational metrics etc. These statements (and all other forward-looking statements contained in this document) are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond Astro’s control, are difficult to predict and could cause actual results to differ materially from those expressed or implied or forecast in the forward-looking statements. These factors include, but are not limited to, the fact that Astro operates in a competitive environment that is subject to rapid change, the effects of laws and government regulation upon Astro’s activities, its reliance on technology which is subject to risk of failure, change and development, the fact that Astro is reliant on encryption and other technologies to restrict unauthorised access to its services, failure of key suppliers, risks inherent in the implementation of large-scale capital expenditure projects, and the fact that Astro relies on intellectual property and proprietary rights which may not be adequately protected under current laws or which may be subject to unauthorised use. All forward-looking statements in this presentation are based on information known to Astro on the date hereof. Astro undertakes no
- bligation publicly to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This presentation has been prepared by Astro. The information in this presentation, including forward-looking statements, has not been independently verified. Without limiting any of the foregoing in this disclaimer, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of such information. Astro and its subsidiaries, affiliates, representatives and advisers shall have no liability whatsoever (whether in negligence or otherwise) for any loss, damage, costs
- r expenses howsoever arising out of or in connection with this presentation.
Disclaimer
1 | 1Q FY21 results
NB: (1) Normalised PATAMI excludes post-tax impact unrealised forex gain/(loss) 1Q FY21: (RM 33mn), 1Q FY20: (RM 8mn) due to mark-to- market revaluation of transponder-related lease liabilities
1Q FY21 key performance highlights
2 | 1Q FY21 results
EBITDA Normalised PATAMI (1) FCF of RM323mn Revenue Commerce Adex
RM1.23bn → RM1.05bn RM145mn → RM90mn Resilient adex share for TV, Radio and Digital RM84mn→ RM95mn Increasing sales amid soft market RM444mn → RM330mn EBITDA margin of 31% RM184mn → RM107mn Normalised PATAMI margin of 10% 438% of PATAMI, 1.0sen dividend declared
1Q FY20 1Q FY21 Year-on-year financial highlights
NB (1) TV household data sourced from the Department
- f
Statistics Malaysia and Media Partners Asia (2) Household penetration comprises residential Pay-TV customers and NJOI customers (3) Viewership share is based on DTAM deployed by Kantar Media DTAM (4) Audience measurement is based on GfK (5) Digital monthly unique visitors (“MUV”) to Astro’s digital brands, averaged over the last 12 months as sourced from comScore (6) Connected set-top boxes (STBs) are internet-ready with recording functionality and have access to Astro’s On Demand library of content (7) Normalised PATAMI excludes post-tax impact of unrealised forex gain/(loss) YTD FY21: (RM 33mn), YTD FY20: (RM 8mn) due to mark-to-market revaluation of transponder-related lease liabilities (8) Numbers may not add up due to rounding differences
3 | 1Q FY21 results
FY21 year to date overview
Steady engagement across TV, radio and digital…
1Q FY20 1Q FY21 Change Total TV households in Malaysia (000s)(1) 7,470 7,589 2% TV household penetration(2) 77% 75%
- 2 p.p.
TV customer base (000s) 5,711 5,680
- 1%
Pay TV ARPU (RM) 100.4 99.1
- 1%
Astro TV viewership share(3) 73% 74% 1 p.p. Radio listenership (mn) (4) 16.7 16.9 1% Digital MUV (mn)(5) 9.3 12.3 32% Connected STBs (000s) (6) 1,024 1,003
- 2%
1Q FY20 1Q FY21 Change Revenue (RM mn) 1,234 1,053
- 15%
Adex (RM mn) 145 90
- 38%
EBITDA (RM mn) 444 330
- 26%
EBITDA margin 36% 31%
- 5 p.p.
Normalised PATAMI (RM mn) (7) 184 107
- 42%
FCF (RM mn) 252 323 28% EPS (RM sen) 3.4 1.4
- 58%
… underpinning resilient performance
Easing the stay@home experience for Malaysians
4 | 1Q FY21 results
- Complimentary access to 24
channels and 13,000 On Demand titles on Astro GO for all Malaysians
- Complimentary viewing of News,
Learning, Asian Movies and Stay Home Concert channels
- Complimentary viewing of all
channels* for Sports Pack customers
- RM40 special rebate over the
next two bills for Sports Pack customers
NB * For residential customers only, excludes Pay Per View movies and events
- Complimentary viewing of KIX,
Nat Geo Wild, Celestial Movies and Cartoon Network channels
- Round the clock news coverage
- n the COVID-19 pandemic
- Assisting the government to
disseminate important updates and discredit false news
- Aired over 128,000 PSAs across
all stations
- 3,000 hours of PSAs airtime
allocated across Astro channels
- Produced 106 Public Service
Announcements (PSAs) and carried 18 government PSAs across 4 languages Doing our part for the community during MCO and CMCO Easing Malaysians’ stay@home during MCO and CMCO
- Featured over 2,000 community
articles across digital brands
Business impact of COVID-19 and MCO
5 | 1Q FY21 results
- No new installations allowed (Pay-TV,NJOI
and broadband)
- Package upsell impacted due to
complimentary viewing offered
- Advertisers pull back on advertising spends
- No shooting of new commercials
- Supply chain disruptions
- Cancellation/reduced frequency of live shows
- Deferment/cancellation of key sporting and
live events globally
- Productions with live audiences not allowed
- Cinemas closed
- Launched new channels and new content formats
- Sports Packs rebate
- Premiering local movies directly to home cinemas
- Installations resumed during CMCO
- To alleviate customers’ financial burden, temporarily
suspended disconnections and offered flexible subscription and payment plans to eligible customers
- Actively engaging residential and commercial
customers to manage receivables
- Raised provisions for doubtful debt
- Integrating TV, radio and digital team to provide
total advertising solutions to clients
- New ad formats introduced
- Expanded offerings to include fresh and frozen
food, fruits and ready meal options and health- related products
- Daily social media live streams
Our response
Content TV Adex Commerce
Business impact
Digital Brands
- Largest Pay-TV
- perator in SEA
- Serving 5.7mn
households
- 75% household
penetration
- 39% TV adex share
- 1mn connected STBs
- 12.3mn digital MUV
across over 25 digital brands
- Gempak is the #1
Malaysian digital entertainment brand
- 2% digital adex share
- 24/7 multilanguage
shopping experience
- Multiplatform: TV &
ECMC
- 2.4mn registered
customers
- 11 radio brands
- #1 in every language-
English, Malay, Chinese, Tamil
- 16.9mn weekly
listeners & 3.0mn monthly digital radio users
- 84% radex share
Entertainment destination for Malaysians
RADIO
- Leading content
creator, producer & aggregator
- Produced and
commissioned 11,300 hours of homegrown content in FY20
- Rich On Demand library
- f over 51,000 titles
6 | 1Q FY21 results
NB: Connected set-top boxes (STBs) are internet-ready with recording functionality and have access to Astro’s On Demand library of content
DIGITAL COMMERCE CONTENT
Radio Brands
TV
- 2.8mn Astro GO registered
users
- 12.3mn digital MUV
- 16.9mn weekly radio listeners
- 3.0mn monthly digital radio
users
- 2.4mn registered Go Shop
customers
- 75% household penetration
- 5.7mn households
- 1mn connected STBs
- 11,300 hours of content
produced in FY20
- 35mn On Demand shows
streamed in Q1 FY21
Gateway to homes and individuals
7 | 1Q FY21 results
Strategy Assets Products Key Focus Areas
Deepening Home engagement Broadening reach to Individuals
Pay-TV: Protect Premium Pay NJOI: Win remaining market Streaming Services: Activating partnerships Broadband: Connectivity for homes Radio and digital: Engaging customers Commerce: Redefine home shopping
- Reinvigorate customer experience
- Refresh content
- Reset customer service
- Reward customers
- Ease prepaid path to purchase
- Increase content choices
- Astro GO enhancement
- Standalone OTT offerings
- Leverage record listenership
- Digitalising terrestrial radio
- Growing digital brands
- Content differentiation
- Harness production capabilities
- Diversify and deepen product portfolio
- Drive broadband penetration
YTD FY21 Progress report
Pay TV Reinvigorate Customer Experience ✓ Complimentary viewing of selected channels during MCO and CMCO ✓ Rebate for Sports Pack customers Refresh Content ✓Activating home cinemas and premiered first run movies on Astro First ✓Launched new channels Astro Rania and Astro Aura offering up to 480 hours of fresh content monthly Reward Customers ✓Ongoing privileges for customers NJOI ✓ Added new a-la- carte channels and packs for purchase ✓ 60 prepaid channels
- ffered for purchase
✓ Complimentary viewing of four premium channels during MCO and CMCO Broadband ✓Launched content- broadband bundle with Allo in Alor Gajah and Cyberjaya ✓ Expanded 4K UHD Ultra Box to IPTV customers Streaming Services ✓ Launched HBO GO standalone subscription to all Malaysians ✓ Complimentary access to selected content on Astro GO for all Malaysians during MCO and CMCO Radio & Digital Brands ✓ Launch BONDHU, a 24-hour digital radio app serving the Bangladeshi community in Malaysia Commerce ✓ Expanded product
- fferings to include
fresh food and more health related products to meet rising demand ✓ Launched Ramadhan e-Bazaar, to assist SMEs in marketing their goods during Ramadhan ✓ Launched special edition channel - Ramadan & Raya Edisi Khas in conjunction with Raya 2020
Please refer to slide: #17 to #19 & #21 Please refer to slide: #22 Please refer to slide: #20 to #21 Please refer to slide: #23 Please refer to slide: #24 to #25 Please refer to slide: #26
8
748 900
YTD FY20 YTD FY21
171 191
1Q FY20 1Q FY21
907 1,186
1Q FY20 1Q FY21
26% 74%
TV Viewership Share (1)
3:20 3:43
2:14 2:11
YTD FY20 YTD FY21
- Avg. Time Spent/Day (hrs)
12.3 12.8
6.8 7.5
YTD FY20 YTD FY21
- Avg. Daily Viewers (mn)
- Avg. Weekly Viewing (mins)
Linked Customers (5) (’000) Monthly Active Users (4) (’000) 31% 20% 12%
NB: (1) Target Audience: Kantar Media, Dynamic TV Audience Measurement (DTAM). All Astro Pay-TV viewers (2) Cumulative since inception (3) Connected set-top boxes (STBs) are internet-ready with recording functionality and have access to Astro’s On Demand library of content (4) Source: App Annie as at 30 Apr 2020 at device level (5) Pay-TV customers who have linked their account to Astro GO for seamless viewing
1,024 1,003
YTD FY20 YTD FY21
Total Connected STBs (2)(3) (’000) 2%
16 35
1Q FY20 1Q FY21
On Demand Shows Streamed (mn) 119%
482 556
1Q FY20 1Q FY21
- Avg. Weekly Viewing (mins)
15% 4.1% 11.5%
9 | 1Q FY21 results
10.3% 2.2%
Jump in reach and engagement seen in 1Q FY21
On Demand
2000 Prime Talk Venpa
Vernacular content underpins viewership share
10 | 1Q FY21 results
FTA 26% Vernacular content 57% Others 43% Astro 74%
1Q FY21 TV Viewership Share (2)
TV viewership
2.5mn 1.3mn 1.2mn
Dansa Dan Sing Evening Edition
204
channels
74
Astro-branded channels
28
free channels NB (1) Number of channels as at 1Q FY21 (2) Target Audience: Kantar Media, Dynamic TV Audience Measurement (DTAM). All Astro Pay-TV viewers
Sepahtu Reunion LIVE 2020 BOBOIBOY MOVIE 2
(1)
TV viewership
526k 507k 368k
Key Malay language IPs 106
HD channels
>60
prepaid channels
3
Ultra HD channels
Key non-Malay language IPs
1,005 987 955 953 868 145 158 167 172 90 84 91 93 100 95 100.40 100.00 99.90 100.00 99.10 20 30 40 50 60 70 80 90 100 110 120
200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000
1Q FY20 2Q FY20 3Q FY20 4Q FY20 1Q FY21
GoShop (14%) Adex (-38%) Subscriptions/ Others (-14%) ARPU (-1%) 1,226 1,236 1,234 1,215 1,053
(RM mn) Total revenue
NB (1) Disclosed as Subscription revenue and Other revenue in our financial statements, includes revenue streams such as TV subscription, licensing income, programme sales, NJOI revenue and theatrical revenue (2) YTD refers to 3 months ended 30 April (3) Numbers may not add up due to rounding differences
(1)
YTD Growth (2)
11 | 1Q FY21 results
Revenue impacted by challenging conditions
(1)
YTD growth
YTD FY20 YTD FY21
NB (1) Advertising income is net of commissions and discounts (2) YTD growth refers to 3 months ended 30 April (3) Audience measurement is provided by GfK. Share of radex is based on Astro and IPG’s estimates (with Nielsen gross adex as base) (4) Viewership share is based on DTAM deployed by Kantar. Share of TV adex is based on Astro and IPG’s estimates (with Nielsen gross adex as base) (5) Malaysia gross adex figures (covering TV, print, radio, cinema, in store media, outdoor and digital) are based on Nielsen gross adex and IPG’s estimates (6) Numbers may not add up due to rounding differences
YTD FY20 YTD FY21 YTD FY20 YTD FY21 80 86 88 84 49 56 60 67 72 33 9 12 12 16 8 145 158 167 172 90
1Q FY20 2Q FY20 3Q FY20 4Q FY20 1Q FY21
TV Radio Digital Total YTD FY20 YTD FY21
Advertising income (RM mn)
(2) (1)
Total Malaysia gross ADEX YTD growth OVERALL ADEX
- 14%
DIGITAL 24% RADIO
- 41%
TV
- 30%
(2)(5)
77% YTD FY20 YTD FY21 YTD FY20 YTD FY21
Share of radex Share of TV adex Radio listeners (mn) (3) TV viewership share
(4)
- 38%
Share of digital adex Digital MUV (mn)
12 | 1Q FY21 results
73%
- 41%
- 39%
- 11%
Suppressed adex due to weak consumer sentiment
80% 84% 16.7 16.9 39% 47% 74% 3% 2% 9.3 12.3
343 375 341 375 309 609 596 586 626 559 36% 35% 38% 31% 31%
- 50%
- 40%
- 30%
- 20%
- 10%
0% 10% 20% 30% 40% 50% 500 1000 1500 2000
1Q FY20 2Q FY20 3Q FY20 4Q FY20 1Q FY21 EBITDA margin Content cost/TV revenue Other expenses Content costs 1,001
Relentless focus on operational efficiencies
Total cost
NB (1) Content costs are disclosed as part of cost of sales in our financial statements (2) Other expenses include marketing and distribution costs, administrative expenses, STB installation and smartcard costs, depreciation and amortisation, as well as maintenance costs (3) Numbers may not add up due to rounding differences
13 | 1Q FY21 results
(RM mn)
952 31% 35% 971 36% 927 32% 34% 868
NB (1) Numbers may not add up due to rounding differences
Disciplined capex spend
as % of revenue (RM mn)
22 10
YTD FY20 YTD FY21
as % of revenue Key capex investments in FY21 include: ▪ Technology infrastructure across linear, VOD, OTT & digital ▪ Customer experience ▪ Product and service upgrading Cash capex ▪ STBs/ODUs are owned by Astro, and are capitalised ▪ STBs/ODUs are conservatively amortised over 3 years; note that actual useful life is typically greater than 5
years ▪ Discretionary 36 month bullet payment vendor financing is available for Astro for STB/ODU purchases ▪ RM500mn of vendor financing recorded in payables, of which RM220mn is current and RM280mn is non-current
35 28
YTD FY20 YTD FY21
14 | 1Q FY21 results
(RM mn) Set-top box (STB) capex 3% 3% 2% 1%
Strong cash generation capabilities
358 409 106 86 252 323 Cash from
- perations
Cash from investing Free cash flow Cash from
- perations
Cash from investing Free cash flow
(1) (2) (2) (1)
143% 438% as % of PATAMI (RM mn) YTD FY20 YTD FY21 Free cash flow
…enabling significant flexibility on capital management and dividend policy
NB (1) Excludes investments, disposals and maturities of unit trust and money market funds (2) Excludes repayments of vendor financing and payments of finance leases, which are categorised as cash from financing for consistency with Bursa disclosure (3) Numbers may not add up due to rounding differences
15 | 1Q FY21 results
▪ Leveraging on invested capital, AMH continues to be highly cash generative ▪ The Board of Directors of AMH has declared a quarterly dividend of 1.0 sen per share for 1Q FY21 ▪ Quarterly dividend entitlement and payment dates 3 July 2020 and 17 July 2020 respectively
Quarterly dividend announcement
16 | 1Q FY21 results
Gamechanger: Movies premiere direct to homes
17 | 1Q FY21 results
- With cinemas closed nationwide, local producers
are premiering their movies directly to homes via Astro First, our pay-per-view home cinema channel
- Bypassing theatrical releases, Manap Karaoke was
the first Malaysian film to premiere directly to homes, grossing RM1.1mn to date
- Syif Malam Raya grossed RM3.7mn to date, placing
it among the highest grossing local films in 2020
- Romance drama Ada Apa Dengan Dosa premiered
- n June 4, grossing over RM300k to date and horror
film Town Mall will be coming soon
First-run movies on Astro First
Grossing over
RM 1.1mn
and counting
Grossing over
RM 3.7mn
and counting
Grossing over
RM 300k
and counting
Coming Soon
Content: Live sports returns
18 | 1Q FY21 results
LIVE 16 May 2020 LIVE 12 June 2020 LIVE 9 May 2020 LIVE 18 June 2020 Season to complete by August 2020
Football
LIVE 8 May 2020
Golf
LIVE 11 June 2020 Returning 30 July 2020
Baseball
LIVE Game now on
eSports
LIVE Game now on
Basketball
LIVE Game now on
Motorsports
Returning 5 July 2020 Returning July 2020
Mixed Martial Arts
Returning 23 July 2020 LIVE Game now on
Content: Premiering new channels on
19 | 1Q FY21 results
- In partnership with EMTEK Group, Indonesia’s largest
media conglomerate
- Up to 480 hours of fresh content monthly
- Showcasing the best of Indonesian entertainment for
families, music and dangdut lovers Bringing the newest and best of Indonesian entertainment to Malaysians Introducing three new Tamil HD channels
- Rajinikanth fans can catch 70 movies starring the
legendary superstar on Rajini70 HD (Ch 100) channel, available until 30 June
- Fans can enjoy more local Tamil content including
new series on Astro Vaanavil HD (Ch 201) and top- ranked Tamil shows on Zee Tamil HD (Ch 235)
Broadband: Connectivity beyond urban areas
20 | 1Q FY21 results
Direct-To-Home (DTH) IPTV
Delivery of content through satellite Delivery of content through Internet Protocol Speeds up to 1 Gbps Speeds up to 100 Mbps
In partnership with: In partnership with:
- Expanded content-broadband bundles offerings to serve
suburban areas through our partnership with Allo
- Allo plans to expand fibre footprint across Melaka,
Perak, Johor, Kedah, Selangor and Pulau Pinang, targeting 150,000 home-passes by 2022
Expanding broadband beyond urban areas
Ultra Box: Extending the experience to IPTV
21 | 1Q FY21 results Play From Start
Missed the start? Just restart
Search
Search faster and easier
Multi-Screen
Stream seamlessly across any device
Stop Here, Continue There
Stop on one screen and continue
- n another device
Discover the new Astro Experience
New Home Screen
Everything you see is yours
Discover VOD
51,000 videos on demand
4K UHD
Crystal clear picture quality, 4x clearer than HD
Cloud Recording
Record all the programmes you want at the same time
Ultra Box is now available on IPTV
- Available to IPTV customers with speeds of 30Mbps
and above
- Enjoy seamless and unified interface across both
Ultra Box and Astro GO
NJOI: Content buys up 20% during MCO
28
free TV channels
>60
prepaid channels for purchase
20
free radio channels
22 | 1Q FY21 results
Top-up at your convenience
Supermarket Shopee e-pay kiosk Ch 200 Online banking Whatsapp Boost
New ala-carte channels and packs for purchase
23 | 1Q FY21 results
Streaming Services: Forging streaming partnerships
- Seamless and unified interface
across both Ultra Box and Astro GO
- Access to On Demand library with
- ver 51,000 titles from Hollywood,
Korea, Japan, China, Hong Kong, India, Sports, blockbusters, kids and popular local vernacular programmes
- Stream on 4 devices simultaneously
anytime, anywhere
- Over 4,000 hours of premium
content featuring HBO Originals, Hollywood blockbusters, documentaries, stand-up comedies, kids content and more
- Complimentary for Movies Pack
customers and available as add-on by other Astro customers
- Also available to all Malaysians as a
standalone subscription
- iQIYI’s 1st App partner outside
China
- Exclusive rights to deliver iQIYI
content on TV, On Demand and Streaming services to Malaysians
- App features Astro originals-
increasing visibility of local content and talent globally
1.1mn
app downloads
1.0mn
shows streamed
1.2mn
monthly active users
NB (1) Source: App Annie as at 30 Apr 2020
(1)
- People rely on radio for up-to-date news, music, entertainment
and companionship
NB (1) Based on an online study conducted by Gfk of people aged 15 to 49 in Peninsular Malaysia from 3 May to 10 May 2020 (2) Audience measurement is based on GfK (3) Based on average three months (Feb 2020 - Apr 2020), Radio Active, Google Analytics
Radio: Leadership through our 11 radio brands
24 | 1Q FY21 results
#1
In every language
84%
Radex share
318k
Monthly Active Users
16m
Monthly Digital Streams
16.9m
Weekly listeners monthly digital radio users
3.0m
(3) (2)
- Launched BONDHU in April 2020 in collaboration
with Radio Today, Bangladeshi radio and digital audio content provider
- First-ever 24-hour digital radio app serving the
Bangladeshi community in Malaysia featuring music, PSAs and specially curated Bengali content including latest news from Malaysia and Bangladesh
- Offering advertising and sponsorship opportunities
for local businesses to reach and engage over 700,000 individuals online
- Gfk survey during MCO period shows 97% of radio listeners
continue to listen to radio
NB
(1) Annual Review of the Reuters Digital News Studies Institute 2020
(2) Source: Digital monthly unique visitors (“MUV”) to Astro’s digital brands, averaged over 3 months (Feb – Apr 2020) based on Google Analytics
25 | 1Q FY21 results
Digital: Building a loyal vernacular fanbase
4.2mn
Digital MUVs
0.9mn
Digital MUVs
No.1
Malaysian digital entertainment brand
No.1
Malaysian Indian digital brand
No.1
Malaysian Chinese digital entertainment brand
8.2mn
Digital MUVs
0.8mn
Digital MUVs
0.6mn
Digital MUVs
Fastest growing Chinese news portal Entertainment News Malaysia’s Most Trusted News Brand 2020 (1)
Commerce: Record RM40mn+ revenue in April
NB (1) Data presented for YTD FY21 ended 30 April (2) Cumulative as of 30 April
Revenue(1) (RM mn)
1.8 2.4 YTD FY20 YTD FY21
Registered Customers(2) (mn) 84 95
YTD FY20 YTD FY21 www.goshop.com.my
and Free-to-Air (“FTA”)
Ramadan & Raya Edisi Khas channel
Special edition channel focusing on home improvement tips, muslimah fashion and cooking ideas from celebrity chefs Launched Ramadan e-Bazaar Supporting over 100 local F&B and SME businesses through Go Shop’s multiplatform reach
Available across all platforms:
26 | 1Q FY21 results
Leveraging social media Increasing digital reach and driving sales through daily live streams on Facebook Introducing fresh food options Offering fresh and frozen food, fruits and ready meal options
14% 28%
Appendix
(RM mn) 1Q FY20 1Q FY21 EBITDA 444 330 Margin % 36% 31% Depreciation and amortisation (159) (145) EBIT 285 186 Margin % 23% 18% Finance income 7 7 Finance cost (65) (96) PBT 227 97 Tax expense (57) (24) Tax rate % 25% 25% PAT 169 73 PATAMI 176 74 Margin % 14% 7% Normalised PATAMI 184 107 Margin % 15% 10%
NB (1) Depreciation and amortisation excludes the amortisation
- f
film library and programme rights which is expensed as part of content costs (cost of sales) (2) Normalised PATAMI excludes post-tax impact of unrealised forex gain/(loss) YTD FY21: (RM 33mn), YTD FY20: (RM 8mn) due to mark-to-market revaluation
- f
transponder-related lease liabilities (3) Numbers may not add up due to rounding differences
(2) (1)
PAT reconciliation
28 | 1Q FY21 results
(RM mn) FY20 1Q FY21 Non-current assets 4,455 4,391 Property, plant and equipment and right–of-use assets 2,036 1,931 Other non-current assets 2,419 2,460 Current assets 1,743 1,769 Receivables and contract assets 678 560 Cash and bank balances(1) 985 1,072 Other current assets 80 137 6,198 6,161 (RM mn) FY20 1Q FY21 Non-current liabilities 3,455 3,442 Payables 319 280 Borrowings 3,043 3,069 Other non-current liabilities 93 93 Current liabilities 1,805 1,756 Payables and contract liabilities 1,278 1,235 Borrowings 479 500 Other current liabilities 48 21 Shareholders’ equity 939 962 6,198 6,161
Net debt / LTM EBITDA: 1.6x (1QFY20: 1.8x)
NB (1) Includes money market unit trusts (2) Numbers may not add up due to rounding differences
Balance sheet overview
29 | 1Q FY21 results
1,530 615 304 794 326 1Q FY21 Total borrowings: RM3,569mn*
Debt profile
RM term loan Lease Liabilities
(primarily satellite transponders) ▪ As at 30 April 2020, outstanding principal stood at USD74.25mn. ▪ First drawdown date was on 8 June 2011, amortised repayment schedule with final maturity date on 8 June
- 2021. Average life: 7 years.
▪ Fully hedged via cross currency interest rate swap at an exchange rate of USD/RM3.0189 and an all-in interest rate of 4.19% p.a. ▪ The fourteenth principal repayment of USD24.75mn (RM74.72mn) paid on 9 June 2020 and next repayment (of the same amount) will be paid on 8 December 2020. ▪ As at 30 April 2020, total outstanding principal stood at RM792.5mn. ▪ A total of RM112.5mn out of the RM792.5mn has amortised repayment schedule with final maturity date on 19 May 2021(Average life: 7 years), at a floating rate (based on cost of funds) of 4.83% p.a. The fourteenth principal repayment of RM37.5mn paid on 19 May 2020 and next repayment (of the same amount) will be paid
- n 19 November 2020.
▪ Lease liabilities related to lease of Ku-band transponders on MEASAT-3, MEASAT-3A and MEASAT-3B. Payment arrangement for the remaining contractual years for M3 and M3A have been redenominated into Ringgit at USD/RM3.0445 w.e.f. 21 May 2013. The unhedged portion of the lease liabilities related to M3B is USD169.4mn. ▪ Effective interest rate: 6.2%, 4.6%, 12.5% and 5.6% p.a. for M3, M3-T11, M3A and M3B respectively, average life: 15 years.
Unrated MTN
▪ The first series of notes under the unrated medium-term notes (MTN) programme of up to RM3.0bn in nominal value of up to 15-year tenor was issued on 10 August 2017. The issuance was for RM300mn with a 5-year tenor at fixed rate of 5.30% p.a. with semi-annual coupon payment. ▪ Bullet repayment on 10 August 2022.
Synthetic Foreign Currency Loan (SFCL)
▪ The USD150mn SFCL facility of 4 years 11 months tenor amounted to RM612.7mn upon conversion at the agreed exchange rate of USD/RM4.0850. ▪ Drawn in 2 tranches of RM306.4mn each on 29 December 2017 and 28 February 2018 respectively, at a fixed rate of 4.80% p.a. with quarterly interest payment. ▪ Bullet repayment on 29 November 2022.
USD term loan
▪ The RM380mn is a term loan facility with a 5-year tenor secured and fully drawn down on 23 August 2018, at a fixed rate of 5.18% p.a. with quarterly interest payment. Repayment will be in 2 tranches i.e. RM50mn on 23 February 2023 and RM330mn on 23 August 2023. ▪ The balance RM300mn is a term loan with a 5-year tenor secured on 28 December 2018. ▪ Drawn down in 2 tranches of RM50mn on 28 March 2019 and RM250mn on 28 June 2019. Floating rate facility (based on cost of funds) of 4.27% p.a. as at 30 April 2020, with quarterly interest payment. Repayment will be in 5 equal semi-annual installments, commencing 36 months from the first drawdown i.e. 28 March 2022. *Includes accrued interest of RM15.5mn and net of debt issuance costs of RM4.11mn. USD term loan converted at quarter end rate of USD/ 4.3457
30 | 1Q FY21 results
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