ABCDEFGHIJKLMNOPQRSTUVWXYZ
1
Assumptions
2
3
Revenue Assumptions
4
5
DTH Subscription RevenuesSubscribers
1,000,000 subscribers at end of FYE 2024
6
Increase of 20% in FY2025
7
Increase of 15% in FY2026
8
Increase of 5% thereafter
9
10
ARPU
$12.99 per month through to Q3 2025 with uplift to $13.99 at that time
11
$1.00 uplift in Q3 of each year thereafter
12
5.0% average discount on subscriptions
13
3.0% VAT applied to discounted subscription price
14
Based on average subscribers over the period
15
Registration Fees
$10.00 per new subscriber
16
Assume 60% of new subscibers pay registration fees
17
18
DTT Subscription RevenuesSubscribers
250,000 subscribers at end of FYE 2024
19
Increase of 22.5% in FY2025
20
Increase of 20% in FY2026
21
Increase of 7.5% thereafter
22
Increase each year phased in 25% in Q1, 0% in Q2, 50% in Q3, 25% in Q4
23
24
ARPU
$9.99 per month through to Q3 2025 with uplift to $10.99 at that time
25
$1.00 uplift in Q3 of every other year thereafter
26
3.0% average discount on subscriptions
27
3.0% VAT applied to discounted subscription price
28
Based on average subscribers over the period
29
Registration Fees
$10.00 per new subscriber
30
Assume 60% of new subscibers pay registration fees
31
32
WholesaleCompany A
Monthly ARPU of $1.50 per subscriber, increasing to $1.75 in Q3 2026
33
1.6m subscribers rising by 2% annually
34
Based on average subscribers over the period
35
36
Company B
Monthly ARPU of $1.25 per subscriber, increasing to $1.50 in Q3 2026
37
150,000 subscribers rising by 20% per year
38
Minimum guarantee payable on 200,000 subscribers
39
Based on average subscribers over the period
40
41
IPTV and Broadband
$3m in FY2024
42
Increase of 75% in FY2025
43
Increase of 50% in FY2026
44
Increase of 10% thereafter
45
46
Gross Cost Assumptions
47
48
Rights CostsLeague #1
$140m per year through to Q3 2026, 5% decrease thereafter
49
League #2
$50m per year through too Q3 2026, 5% increase thereafter
50
League #3
$30m per year through to Q3 2026, 15% increase thereafter
51
All other rights
$35m in FY2025, rising by 3% thereafter
52
53
All rights payments charged in equal monthly instalments each year though the P&L
54
Cash payments on three major contracts made bi-annually in Q1 and Q3 each year
55
(forward payment)
56
57
Conditional Access
$1.40 per month per DTH subscriber
58
$1.00 per month per DTT subscriber
59
60
Customer Management Charge
$1.00 per month per DTH and DTT subscriber
61
$0.75 on sign up of each new subscriber
62
63
Transmission
$15m in FY2024 throughout forecast period
64
65
ProCompany Bction
$25m in FY2024 rising by average increase in rights costs annually
66
67
Direct Staff
$7m in FY2024 rising by 3% annually
68
69
SG&A Assumptions
70
71
Marketing
$25m annually throughout forecast period
72
73
Indirect Staff
$5m in FY2024 rising by 3% annually
74
75
Depreciation & Amortisation Assumptions
76
77
Amortisation
Not applicable
78
Depreciation
$2m annually
79
80
Tax Assumptions
81
82
Corporate tax
Corporate tax at 9%
83
Tax losses carried forward
84
85
Cash Flow Assumptions
86
87
Rights Costs
All rights payments charged equally each year though the P&L
88
Cash payments on three major contracts made bi-annually in Q1 and Q3 each year
89
(forward payment)
90
91
Capital Expenditure
$2.5m per year
92
93
Working Capital
$20m in flow in Q1 and Q3, $20m out flow in Q2 and Q4
94
Neutral on an annual basis
95
96
Balance Sheet Assumptions
97
98
PIK Notes
12.5% non cash pay notes, redeemable in 2031
99
100
Bank Debt
LIBOR + 2.00% cash interest