true at a glance - 3q13 261113.ppt
TRANSCRIPT
True Corporation Plc
Disclaimer: This presentation contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. For these statements, we claim the protection of the
At a GlanceNovember 2013
True Corporation Plc.
g jsafe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Discussion of factors that may affect future results is contained in our recent filings with the Securities and Exchange Commission.
1
True Group – Thailand’s convergence lifestyle leader 1
P bli Fo eign 13 5%CP Group Public
shareholders
62.5% 37.5%
- Foreign 13.5%- Local 24.0%
100.0%99.41/% 100.0%2/
Mobile Group Pay TV Wireline/Online
• Fixed-line operator with 1.7 mn• 22.4 mn subs • Thailand’s leading nationwide Fixed line operator with 1.7 mnsubs in Greater Bangkok area
• Broadband leadership with 1.7 mn broadband Internet customers via FTTx , DOCSIS 3.0,
22.4 mn subs• 25.2% subscriber market share• 4G LTE 2100 MHz• 3G+ 850, 2100 MHz• 2G 1800 MHz
Thailand s leading nationwide pay TV provider
• 2.4 mn subs (91.7% DsTV; 8.3% cable TV)
• Enhanced, secure HD
and xDSL• Over 100,000 WiFi hotspots• 36.2% broadband subscriber
market share
• International call services: 006 (TDM), 00600 (VoIP)
broadcasting system with MPEG-4 & secure silicon
Note: 1/ Holds 100.0% in Real Future Co., Ltd.; indirectly holds 99.3% in True Move Co., Ltd. and 99.4% in Real Move Co., Ltd.2/ Indirectly holds 100.0% in True Visions Group Co., Ltd. (which holds 99.3% in True Visions PLC and 99.0% in True Visions Cable PLC) 3/ Market share and subscriber figures are as at September 30, 2013 (source: Company) 4/ Estimated shareholding figures are as at August 8 2013
• Convergence/bundled packages
4/ Estimated shareholding figures are as at August 8, 2013
Key strategic milestonesTransformation from a fixed-line concessionaire to a quad-play operator
2
Transformation from a fixed line concessionaire to a quad play operator
1995: Launched cable TV service 2013: Launched under UTV; merged with IBC in 1998 to form UBC
2007: Launched the first bundled package “True Life Freeview”which offered popular
2011: Completed Hutch acquisition; started rolling out commercial 3G
Thailand’s first 4G LTE services while achieving over 93% population coverage on the 850 MHz; acquired
2003: Launched Broadband services
which offered popular convergence package of TrueMove and TrueVisions
commercial 3G services; launched DOCSIS 3.0 Cable Modem network
850 MHz; acquired broadcasting TV service and network licenses
2002: TA Orange launched its cellular service underthe “Orange” brand
2006: Achieved nationwide mobile coverage (92%) on the 1800 MHz- Completed UBC tender offer; rebranded as “TrueVisions’; expand pay TV services to mass market
2009: First Thai operator to launch Apple’s iPhone 3G; offered 3G 850 MHz trial service
2012: Acquired the 2.1 GHz spectrum license; achieved extensive 3G+ coverage nationwide; offered the
1991: Started fixed-line telephone service under a B-T-O concession with TOT (first 2 mn lines)
market- Introduced first public WiFi service
;fastest consumer Broadband experience at 200 Mbps; activated the new broadcasting system (MPEG-4 )( )
Thai telecom industry’s competitive landscape3
NTC/NBTCNTC/NBTC
M bil liWire-line license
Industry regulator
TOTTOT TrueMoveTrueMove
Mobile license
TUCTUC Real Future(TrueMove H brand)
Real Future(TrueMove H brand)
TrueVisionsGroup
TrueVisionsGroup
Television license Temporary measure
CATCAT
Mobile 2GconcessionMobile 2Gconcession
Mobile 3GTOT’s Thai Mobile
Mobile 3GTOT’s Thai Mobile
Mobile 2GconcessionsMobile 2G
concessionsMobile 3G
CAT TelecomMobile 3G
CAT Telecom
AIS’s DPCAIS’s DPC
Fixed-line concessionsFixed-line
concessions
AISAIS BFKTBFKT
co cess o sco cess o s CAT TelecomCAT Telecom
Equipment lease
Real Move (TrueMove H brand)
Real Move (TrueMove H brand)
DTACDTACTrueTrue
TT&TTT&T
MVNO
and O&M
C iC iC iT 3 T 3 t ld MVNO/Reseller
ConcessionMVNO/Reseller
ConcessionConcessionType-3 telecom license
Type-3 telecom license and
2.1 GHz IMT Spectrum License
BroadcastingTV service and
network licenses
Group long-term financial trendsService Revenue NIOGO
4
8.4 8.9 9.4 9.5 9.6 9.7
10.5
41.5 50.5 51.8
51.9 52.6 52.6 56.8 61.9
Bt bn
Service Revenue NIOGO
(1.6)(3 0)
(1.2)0.1 (0.5) (1.4)
Bt bn
18.1 20.1 22.6 22.6 22.8 23.0 24.0 24.5 26.0 26.4 26.0 26.9 28.1
1.7 4.5 8.2 19.6 22.3 23.8
22.8 23.6 23.3 27.2 31.2
18.1 20.1 24.2 27.0
30.4 (5.0) (4.3) (4.5)(3.0) (3.8)
(6.0) (5.4)(6.6)
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12TrueOnline True Mobile TrueVisions
*Segment results are presented before intersegment elimination
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12TrueOnline True Mobile TrueVisions Group
2 4 2.5 2.7 2.6 2.3 2 2 2 0
15.7 17.3
19.8 18.5 19.6 18.4 17.1 16.7
Bt bn 49%44%
38% 42% 40% 36% 33% 37% 35% 35% 33%27%
%
EBITDA EBITDA margin*
9.5 9.0 11.8 11.9 11.5 10.7 9.9 9.7 10.2 9.8 9.8 10.0 10.1
1.8 5.1 5.1 7.6 5.7 7.2 6.2 5.0 4.9 2.4 2.2 2.0
9.5 9.0 9.8 11.6 12.9 22%
9.0
(1.9) (0.3)'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12
TrueOnline True Mobile TrueVisions'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12
TrueOnline True Mobile TrueVisions Group* on total revenue excluding IC and network rental revenue
Key investment & growth strategy5
Lead mobile Internet arena via Thailand’s first 4G LTE services and best 3G network;leverage on perfect combination of the 2100 MHz and the 850 MHz frequencies as well
tt ti b dli k ith id f d i f ll t
1
as attractive bundling packages with a wide range of devices for all segments
Secure Broadband leadership with an expanding network coverage, mainly via2DOCSIS 3.0, superior service quality as well as competitive and unique broadbandInternet offerings
HDTV i DOCSIS 3 0 th i TV k t ith h dHDTV via DOCSIS 3.0; secure the premium pay TV market with an enhancedbroadcasting system, quality content and technology improvement; capture advertisinggrowth potential by further expanding into the mass and free-to-air markets
3
Further strengthen convergence platform by developing content and applications toenhance customer loyalty and reduce churn as well as simplifying convergence
4
proposition to make it more appeal to the Thai audience
Seek regional business opportunities5
True Mobile shines in the non-voice& postpaid segments6
True Mobile Group continued its robust growth while capturing more shares in the non-voice and postpaid segments, mainly on rising mobile Internet usageKey strengths: TrueMove H’s best 3G and 4G LTE services, attractive device-bundling packages, and innovative content and applications
Thailand mobile non-voice market size* Thailand mobile postpaid market size*
12 2% 14.1% 14.6%
20.3%23.6% 22.9% 26.1%
12.8%14.9% 13.5%
15.1%17.9% 17.4% 19.6%
12.2%
Bt mnBt mn
40,535 41,218 43,310 49,052 57,879 42,056 52,378
2008 2009 2010 2011 2012 9M12 9M13
20,962 21,021 26,148 35,220 50,407 35,986 49,907
2008 2009 2010 2011 2012 9M12 9M13
* Consisting of TrueMove, TrueMove H, Hutch (CDMA service was officially shut down in April’13), AIS and DTAC
Postpaid market value % TrueMobile's market shareNon-voice market value % TrueMobile's market share
True Mobile Group Structure
7
Officially launched on Aug 30 2011
TrueMove H dominates mobile Internet arenaTrue Mobile Group StructureOfficially launched on Aug 30, 2011
High-value postpaid subscribers dominatedcustomer base
TRUE CorpTRUE Corp
b lb lcustomer base
Well-positioned to capture growth in mobiled t /I t t k t
True Mobile GroupTrue Mobile Group
2.1 GHz licenseeReal Future
data/Internet market
• Thailand’s best 3G+ nationwide coverage (>93% population coverage) Lease Agreement
BFKTBFKT850 MHz equipment
BITCOBITCOHolding Company
99.40%100.00%
(>93% population coverage)
• Thailand’s first 4G LTE services
• Competitive device bundling packages with
Lease Agreement
CATCATRealMove (TrueMove H brand)RealMove (TrueMove H brand)
3G 850 MHz (reseller)
Wholesale Agreement
99.99% 99.92%
TrueMoveTrueMove2G 1800 MHz
Network O&M
• Competitive device-bundling packages with a wide array of devices for all segments
• Innovative content and applications
92.5%
3G 850 MHz (reseller)
HWMHHWMH73 92%Innovative content and applications
• over 100,000 WiFi hotspots
• Excellent after-sale services
Marketing Contract HCATHCATCDMA
73.92%
* CDMA service was officially shut down in April’13Excellent after-sale services
True Mobile Group targets & strategic outlook8
Maintain mobile Internet leadership through the largest coverage and highest network quality, using 3G and 4G LTE technologies
Launch more competitive device-bundling promotions as well as innovative applications and content
Leverage on True Group’s rich content and strong convergence platform
9leads the broadband market
Offered the most competitive ULTRA hi-speed Internet packages (10-200 Mbps) with attractive value-added services
DOCSIS 3.0 and FTTx technologies enabled TrueOnline to offer Thailand’s fastest consumer download speed of 200 MbpsMbps
Enhanced customers’ experience with superior service quality and greater network coverage with 4.0 mn homepasses in 61 provincesConducted localized marketing activities to raise awareness of TrueOnline’s brand and competitive offerings
DOCSIS 3.0 facilitates subscriber and ARPU growth10
B db d l d hi i h 1 75 b ib b 3Q13Broadband leadership with 1.75 mn subscribers by 3Q13Successful expansion of DOCSIS 3.0 to new territories and excellent market response to bundled packages fueled subscriber and APRU growthDOCSIS 3.0 facilitated real triple-play offerings with the launch of better-valued convergence packages
“S kX3” bi i b db d I t t bil ’ i d d t ll “SookX3”, combining broadband Internet, mobile’s voice and data usage as well as pay TV services through the same cable network
Broadband Subscribers & ARPU
‘ b b
728 701 707 699 710 722
927 1 026 1,175 1,335 1,335 1,570 98 150 160
235 186 179
1,026 1,175 1,335 1,570 1,521
1,749 ‘000 subscribers
927 1,026 1,175
2009 2010 2011 2012 9M12 9M13
Previous subs Net adds
targets & strategic outlook 11
Outperform the broadband market by continuing to offer market’s most competitive and unique packagesStrengthen broadband leadership position by expanding coverage to reach all 77 Strengthen broadband leadership position by expanding coverage to reach all 77 provinces by mid 2014Continue to enhance customers’ experience and service quality at all touch pointsLeverage content within the Group by introducing more convergence packages
Thailand broadband penetrationBroadband penetration by household
107% 103% 99%
75%
Thailand broadband penetrationBroadband penetration by household
18 721.2
6 0
8.0 Subscribers (mn)Penetration rate (%)
75%
26% 21% 20% 4.4 6.4 10.2
12.9 15.7
18.7
2.0
4.0
6.0
Source: NBTC (subscriber) NESDB (household)Source: BuddeComm
-2006 2007 2008 2009 2010 2011 2012
Source: NBTC (subscriber), NESDB (household) Source: BuddeComm
12penetrates into all market segments
Enhanced viewing experience via Thailand’s highest HD offering of 50 channels
Secured exclusive partnership with world’s leading content providers
Equipped portfolio with a wide array of top international and local quality content
L h d t i d d k t t th i th Launched customized and convergence packages to capture growth in the untapped segments
Revitalized True Knowledge package to include more quality content at an affordable price
Introduced new services (i.e. TrueVisions Anywhere, Thailand’s first 3D service) to better match consumers’ changing lifestylesbetter match consumers changing lifestyles
Partnered with leading satellite and cable TV operators
13’ ARPU and customers continue solid YoY growth
b b Subscribers & ARPUBt/sub/mo
988 806 744 765 870 843 927
143199 256 290
735 529
881 1,469 1,663 1,705 1,642
2,042 1,791
2,368
‘000 subs
479 459 455 430 435 428 360
320 470 475 396 308 330 387
527 536 520 526 564 504 741 143 290
Blended ARPUFreeview Free-to-air boxPremium (Platinum, Gold, Silver) Standard (Knowledge)
2008 2009 2010 2011 2012 9M12 9M13
ARPU grew YoY due to continued positive momentum from the successful activation of the new broadcasting system (MPEG-4) in July 2012
Blended ARPUFree to air box
Customer base increased to 2.4 mn, driven by partnership with leading satellite operator through the launch of PSI-True TV set-top boxes
Advertising offers strong growth opportunities for14
Advertising spending
3 3
3.8USD bn
0 91.1 1.1 1.1 1.2 1.2 1.1
1.2 1.31.6
1.1 1.11.5 1.6
1.92.2
2.5 2.6 2.7 2.8 2.7 2.73.1
3.3
2.6 2.7
0.8 0.8 0.9 1.0 1.1 1.3 1.4 1.5 1.6 1.6 1.5 1.6 1.8 2.0 2.21.6 1.70.4 0.4
0.6 0.6 0.70.9
1.2 1.21.5
'98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 9M12 9M13
TV OthersSource: AGB Nielsen
Rising eyeballs of TrueVisions’ content will facilitate TrueVisions’ advertising growth opportunity
15
targets & strategic outlook
Acquire more world-class quality content
Develop more bundled packages with other segments within True Group
Partner with leading TV manufacturers and selected retail stores
Increase customer base through an expansion of TrueVisions Anywhere
2013 targets & guidance16
High single-digit service revenue growth at True Group
Low double-digits growth at True Mobile Groupg g p
High single-digit growth at TrueOnline and TrueVisions
Group CAPEX of Bt 26 5 bn Group CAPEX of Bt 26.5 bn
Strengthen the Group’s convergence platform:
Continue to expand service coverage
Launch more competitive convergence offerings
Develop innovative applications and content
3Q/9M13 results3Q/9M13 results
Financial highlights – 3Q1318
(Units in millions of Baht unless otherwise indicated) TrueOnline1/ True Mobile1/ TrueVisions1/m Consolidated
Total Revenue (excl IC & network rental) 7,999 11,862 2,675 20,107 % growth Q‐o‐Q 3.0% ‐0.4% ‐4.7% 0.1% % growth Y‐o‐Y 8.1% 20.9% ‐1.8% 12.4%
Service Revenue 2/ 7,679 9,118 2,653 17,069 % growth Q‐o‐Q 2.7% 7.6% ‐3.7% 4.3%g Q Q % growth Y‐o‐Y 9.8% 17.7% 1.1% 10.6%
EBITDA 2,845 1,047 228 3,975 % growth Q‐o‐Q 4.4% ‐15.8% ‐50.5% ‐8.4% % growth Y‐o‐Y 10.2% 45.5% ‐48.4% 6.8%
Interest expense (635) (1,158) (231) (2,023) % growth Q‐o‐Q 3.3% 2.8% 4.7% 4.9% % growth Y‐o‐Y 10.5% 29.3% 1.1% 22.4%
Tax, net (272) (687) 155 (803) growth Q‐o‐Q 58 428 (231) 273 growth Q o Q 58 428 (231) 273
growth Y‐o‐Y (16) 498 (176) 381
NIOGO 3/ 72 (3,329) (221) (3,576)
growth Q‐o‐Q (144) (673) (55) (931) growth Y‐o‐Y (36) (1,059) (138) (1,420) g ( ) ( , ) ( ) ( , )
NIOGO excl. deferred tax 280 (2,679) (372) (2,870)
growth Q‐o‐Q (122) (265) (262) (690) growth Y‐o‐Y (31) (626) (307) (1,076)
Free Cash Flow (1,943) (1,220) (1,421) (4,568) ( , ) ( , ) ( , ) ( , ) growth Q‐o‐Q (2,069) (1,385) (1,343) (4,096) growth Y‐o‐Y (2,520) 787 (725) (2,443)
Capex 3,108 3,260 600 6,710 growth Q‐o‐Q 657 813 253 1,490
th Y Y (132) 2 170 (19) 1 807
1/ Before eliminating inter-company transactions; 2/ Revenue from telephone and other services excluding IC revenue and network rental revenue3/ NIOGO: Net income (loss) from ongoing operations
growth Y‐o‐Y (132) 2,170 (19) 1,807
Financial highlights – 9M1319
(Units in millions of Baht unless otherwise indicated) T O li 1/ T M bil 1/ T Vi i 1/ Consolidated(Units in millions of Baht unless otherwise indicated) TrueOnline / True Mobile / TrueVisions / Consolidated
Total Revenue (excl IC & network rental) 23,448 36,380 8,164 61,018% growth Y‐o‐Y 6.6% 17.6% 7.4% 12.1%
Service Revenue 2/ 22,499 26,093 8,063 49,784
% growth Y o Y 8 1% 14 1% 8 0% 9 5%% growth Y‐o‐Y 8.1% 14.1% 8.0% 9.5%
EBITDA 8,227 3,948 1,167 13,042% growth Y‐o‐Y 9.5% 23.3% ‐17.0% 8.7%
Depreciation & amortization (5,117) (7,114) (1,063) (13,223) % th Y Y 9 8% 30 4% 18 3% 20 7%% growth Y‐o‐Y 9.8% 30.4% 18.3% 20.7%
Interest expense (1,869) (3,359) (672) (5,791) % growth Y‐o‐Y 11.1% 28.7% ‐3.5% 19.6%
Tax, net (685) (1,220) 47 (1,846) Current tax (134) (72) (42) (248) growth Y‐o‐Y (117) 3 9 (105) Deferred income tax (551) (1,148) 89 (1,598) growth Y‐o‐Y (16) 620 (84) 698
3/ 501 (8 055) (481) (8 211)NIOGO 3/ 501 (8,055) (481) (8,211)
growth Y‐o‐Y 129 (2,548) (364) (3,124)
NIOGO excl. deferred tax 1,052 (6,907) (569) (6,613) growth Y‐o‐Y 113 (1,928) (449) (2,426)
( ) ( ) ( ) ( )Free Cash Flow (3,476) (2,249) (2,174) (8,406) growth Y‐o‐Y (3,627) 4,145 (1,699) (1,290)
Capex 8,236 7,178 1,241 16,312 growth Y‐o‐Y 2,843 (109) (557) 1,836
1/ Before eliminating inter-company transactions; 2/ Revenue from telephone and other services excluding IC revenue and network rental revenue3/ NIOGO: Net income (loss) from ongoing operations
True Mobile Group sustains robust revenue growthService revenue & market share NIOGO
20
Bt mn
Service revenue & market share14.4% 15.0% 14.1% 14.8% 15.4% 15.3% 16.0%
NIOGO
(2,883)(624) (1,314)
(1,411)
Bt mn
22,796 23,575 23,284 27,249 31,184 22,872 26,093
(4,811)
(6,550)
(4,979)
(6,907)
(3,244)(2,258)
(6,173)(7,308)
(5,507)
2008 2009 2010 2011 2012 9M12 9M13% revenue market share
(7,308)(8,055)
2008 2009 2010 2011 2012 9M12 9M13Service revenue NIOGONIOGO excl. deferred income tax
Bt mn
24.3% 27.7% 24.0% 15.1% 10.8% 10.4% 10.9%
Capex
15,954 Bt mn
EBITDA & EBITDA margin
5,691 7,226
6,233 4,974 4,852
3 203 3,948
Bt mn
3 880 4 929
4,232 2,637 3,429
8,643 7,287 7,178
3,203
2008 2009 2010 2011 2012 9M12 9M13Net IC (845) (32) +181 (98) (1,182) (761) (1,001)
3,880 2,762 3,667 2,419
-2,736894
4,929
2008 2009 2010 2011 2012 9M12 9M13
Cash flow from operations CapexEBITDA marginTrueMobile EBITDA Cash flow from operations CapexEBITDA marginTrueMobile EBITDA
%FY09 %FY10 %FY11 %FY12 %YoYService revenue +3.4% -1.2% +17.0% +14.4% +14.1%EBITDA +27.0% -13.7% -20.2% -2.4% +23.3%
Postpaid continues its strong momentumTr e Mobile s bscribers & market share
21
Prepaid s postpaid s bscribers24.3% 24.6% 24.5% 24.8% 25.3% 25.4% 25.2%
2,559 2 361 2,930 15 801 17,118
18,940 20,972 19,460
22,087 ‘000 subs
True Mobile subscribers & market share
88%Postpaid
87%
Prepaid vs. postpaid subscribers
13,786 14,575 15,805 17,127 18,414 17,983 19,465
971 1,226 1,313 1,814 2,559 2,361 14,757 15,801
12%Prepaid
13%
2008 2009 2010 2011 2012 9M12 9M13Prepaid Postpaid % market share
Net adds +2,677 +1,044 +1,317 +1,822 +2,032 +1,404 +1,422 (‘000) 9M12 9M13
True Mobile postpaid revenue True Mobile prepaid revenue
Bt mn
1 082 1 503 2,980
5,599 3,726
6,668
4,930 5,807 6,332
9,973
13,664
9,616
13,688 Bt mn
13 232 13 143
1,974 2,052 2,030 2,334 3,437 2,545 3,126
15,206 15,195 14,194 14,439 14,947 11,390 10,192
4,225 4,725 4,829 6,993 8,065 5,890 7,020 705 1,082 1,503
2008 2009 2010 2011 2012 9M12 9M13Voice Non voice Voice Non voice
13,232 13,143 12,164 12,105 11,511 8,845 7,066
2008 2009 2010 2011 2012 9M12 9M13
Voice Non-voice Voice Non-voice
Solid broadband performance fuels TrueOnline’s revenue and profitNIOGOService revenue
22
10,179 8,564 7,538 6,812 6,517
4,906 4,631
25,989 26,387 26,043 26,876 28,126
20,817 22,499
Bt mn
1,000 1,144 1,260 938 1,052
1,201 Bt mn
NIOGOService revenue
5,812 7,250 6,973 7,043 7,274 5,200 5,611
9,998 10,573 11,532 13,021 14,336 10,711 12,256
, ,
45 760
938
(101) 301 427 462 372 501
2008 2009 2010 2011 2012 9M12 9M13Convergence & othersBroadband & other Internet servicesTraditional voice (fixed-line, payphone, PCT)
2008 2009 2010 2011 2012 9M12 9M13NIOGO excl. deferred income tax NIOGO
9,011 Bt mn
EBITDA & EBITDA margin Free cash flow
38.1% 36.4% 36.5% 35.5% 33.7% 34.2% 35.1%
6,5585,392 5,104
6,2568,695
5,543 4 760
5,393
8,236
10,195 9,804 9,751 9,973 10,089
7,515 8,227
Bt mn
5,5 3 4,7602,408 2,551 3,397 3,087
2008 2009 2010 2011 2012 9M12 9M13
Cash flow from operations Capex
2008 2009 2010 2011 2012 9M12 9M13
EBITDA EBITDA i Cash flow from operations CapexEBITDA EBITDA margin
%FY09 %FY10 %FY11 %FY12 %YoYService revenue +1.5% -1.3% +3.2% +4.7% +8.1%EBITDA -3.8% -0.5% +2.3% +1.2% +9.5%
DOCSIS boosts strong broadband Internet growthBroadband revenue Broadband customers & ARPU
23
1,749
728 701 707 699 710 722 Bt/sub/mo
‘000 subs12,258
Bt mn
Broadband revenue Broadband customers & ARPU
927 1,026 1,175
1,335 1,570 1,521
1,749000 subs
8,117 8,531 9,262 10,659
9,116 10,775
2008 2009 2010 2011 2012 9M12 9M13Broadband customer Blended ARPU
2008 2009 2010 2011 2012 9M12 9M13
65%< 6 Mbps 62%
Nationwide Broadband market share
Others3%
Subscriber by speed*
15%4%
65%6 Mbps
7-9 Mbps
10 Mbps2%
6%21%
True37%
3BB28%
3%
15% 11%5%
9M12> 10 Mbps
9%2% 21%
9M13
TOT32%
By no. of subs*Connection speed for the standard package (Bt599/month) was upgraded from 7 Mbps t 10 Mb i O t 1 12Source: NBTC (as of 2Q13) to 10 Mbps in Oct.1,12( )
%FY09 %FY10 %FY11 %FY12 %YoYBroadband revenue +5.1% +8.6% +15.1% +15.0% +18.2%Broadband subscribers +10.6% +14.6% +13.6% +17.6% +15.0%
Subscription, sponsorship drives revenue YoYNIOGOService revenues
24
644 7,464 8,063
992 910 769 831 1,562 74 482 707
869 9,431 9,533 9,585 9,669 10,463 Bt mnBt mn
NIOGOService revenues
1 130
1,166 983
516
Bt mn
5,876 6,208
964 1,211 624 644
8,426 8,549 8,334 8,131 8,032
769 831 ,
Advertising
Music entertainment & Others
1,130 1,020 674
354
(4) (121) (569)
516 294
37
( )
2008 2009 2010 2011 2012 9M12 9M13
Subscription & installation
(117)(481)
2008 2009 2010 2011 2012 9M12 9M13NIOGO excl. deferred income tax NIOGO
26.1% 27.0% 23.7% 22.7% 18.4% 18.5% 14.3%Bt mn
EBITDA & EBITDA margin Free cash flow
2 078 2,329
Bt mn
2,666 2,622 2,322 2,236 1,966 1 406
24.8%Bt mn
1,494 1,520 552
2,078 1,862
1,323
614 232 681
1,430
1,799 1,241
1,406 1,167
2008 2009 2010 2011 2012 9M12 9M13EBITDA EBITDA margin w/o TVS extra item
(933)
232
2008 2009 2010 2011 2012 9M12 9M13
f fNote: 2009 includes the reversal of over-accrued content-related costs (Bt207mn) Cash flow from operations Capex
%FY09 %FY10 %FY11 %FY12 %YoYService revenue +1.1% +0.5% +0.9% +8.2% +8.0%EBITDA -1.7% -11.5% -3.7% -12.1% -17.0%