2nd Quarter FY20 Results€¦ · This presentation has been prepared by Astro. The information in...
Transcript of 2nd Quarter FY20 Results€¦ · This presentation has been prepared by Astro. The information in...
2nd Quarter FY20 Results
12 September 2019
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
obligation 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
or expenses howsoever arising out of or in connection with this presentation.
Disclaimer
1 | 2QFY20 results
NB:
(1) 2Q FY20 vs 2Q FY19
(2) Normalised PATAMI excludes post-tax impact unrealised forex gain/(loss) 2Q FY20: RM 1mn, 2Q FY19: (RM 30mn) due to mark-to-market
revaluation of transponder-related finance lease liabilities
2Q FY20 key performance highlights
2 | 2QFY20 results
EBITDA (1)
Normalised PATAMI (1)(2)
FCF of RM346mn
Revenue (1)
Commerce (1)
YoY Key Highlights
Adex (1)
RM1.4bn → RM1.2bn
RM161mn → RM158mn
Capturing market share across TV,
radio and digital
RM94mn→ RM91mn
Revenue resilient
RM289mn → RM437mn
Healthy EBITDA margin of 35%
RM46mn→ RM168mn
Normalised PATAMI margin of 14%
205% of PATAMI,
2.0 sen dividend declared
• Normalised PATAMI up >100%
• ARPU up 10 sen to RM100
• Announced new broadband
bundles with higher speed of
100mbps
• New Astro experience on Astro
GO
• Unveiled world’s first iQIYI linear
channel
• Launch of Syok, a multilingual
entertainment and lifestyle
platform
NB
(1) TV household data sourced from the Department of
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 provided by GfK
(5) Average monthly unique visitors to Astro’s digital assets in
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) 1H FY20: (RM 7mn), 1H FY19: (RM 34mn)
due to mark-to-market revaluation of transponder-related
finance lease liabilities
(8) Numbers may not add up due to rounding differences
3 | 2QFY20 results
1H FY20 year to date overview
Scaling reach… 1H FY19 1H FY20 Growth
Total TV households in Malaysia (000s)(1) 7,380 7,495 2%
TV household penetration(2) 76% 76% -
TV customer base (000s) 5,635 5,690 1%
Pay TV ARPU (RM) 99.9 100.0 0.1%
Astro TV viewership share(3) 75% 75% -
Radio listenership (mn) (4) 16.9 16.7 -1%
Average monthly unique visitors (mn)(5) 7.0 10.1 44%
Connected STBs (000s) (6) 920 1,021 11%
1H FY19 1H FY20 Growth
Revenue (RM mn) 2,727 2,471 -9%
Adex (RM mn) 312 302 -3%
EBITDA (RM mn) 750 881 17%
EBITDA margin 28% 36% 8 p.p.
Normalised PATAMI (RM mn) (7) 225 353 57%
FCF (RM mn) 691 597 -14%
EPS (RM sen) 3.7 6.6 78%
…enabling resilient results
Digital Brands
• Largest Pay-TV
operator in SEA
• Serving 5.7mn
households
• 76% household
penetration
• 44% TV adex share
• 1mn connected STBs
• 10.1mn monthly
unique viewers
across over
25 digital brands
• Gempak is the No. 1
digital
entertainment
portal in Malaysia
• 4% digital adex share
• 24/7 multilanguage
shopping experience
• Multiplatform: TV &
ECMC
• 1.9mn registered
customers
• 11 radio brands
• #1 in every language-
English, Malay,
Chinese, Tamil
• 16.7mn weekly
listeners & 3.1mn
monthly unique
streaming users
• 80% radex share
Leading content & consumer company
RADIO
• #1 premium content
creator & aggregator
• Investing in content
verticals with
regional reach
• Produced 13k hours
of content in FY19
4 | 2QFY20 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 COMMERCECONTENT
Radio Brands
TV
163 207
1H FY19 1H FY20
746
815
1H FY19 1H FY20
25%
75%
TV Viewership Share (1)
3:36 3:262:06 2:09
1H FY19 1H FY20
Avg. Time Spent/Day (hrs)
12.9 12.47.2 6.7
1H FY19 1H FY20
Avg. Daily Viewers (mn)
Astro FTA
1.9 2.3
1H FY19 1H FY20
Avg. Weekly Viewing (mins)Registered Users (2) (mn) Avg. Monthly Active Users (4) (’000)
9%
19%
27%
NB:
(1) Target Audience: Kantar Media, Dynamic TV Audience Measurement (DTAM). All Astro Pay-TV viewers
(2) Cumulative count 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 31 July
920 1,021
1H FY19 1H FY20
Total Connected STBs (2)(3)
(000s)
11%
2433
1H FY19 1H FY20
Total Video Downloads (mn)
38%
415 462
1H FY19 1H FY20
Avg. Weekly Viewing (mins)
11%
TV
On Demand
OTT
3.9%
4.6%
5 | 2QFY20 results
6.9%
2.4%
Customers watch over 4 hours of Astro daily
Vernacular content underpins viewership share
6 | 2QFY20 results
FTA 25%
Vernacular content
64%
Others36%
Astro 75%
1H FY20 TV Viewership Share (2)
TV viewership
3.2mn 2.6mn 2.4mn
Setelah
Terlafaznya Akad
2000 Prime Talk Evening Edition Seithigal
198channels
73Astro-branded
channels
29free channels
NB
(1) Number of channels as at 2QFY20
(2) Target Audience: Kantar Media, Dynamic TV Audience Measurement (DTAM). All Astro Pay-TV viewers
Curi-Curi Cinta Sweet Dreams
(1)
TV viewership
339k 311k 71k
Key non-Malay language IPs
Key Malay language IPs
77HD channels
>30prepaid channels
1,076 1,162 1,107 1,073
1,005 987
151
161179 196
145 158
84
9498 99
84 91
99.60 99.90 99.90 99.90 100.40 100.00
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 FY19 2Q FY19 3Q FY19 4Q FY19 1Q FY20 2Q FY20
GoShop (-2%)
Adex (-3%)
Subscriptions/Others (-11%)
ARPU (+0.1%)
1,3681,417
1,311
1,384
1,2361,234
(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 6 months ended 31 July
(3) Numbers may not add up due to rounding differences
(1)
YTD growth (2)
7 | 2QFY20 results
Steady ARPU in a challenging market
YTD growth
4% 4%
1H FY19 1H FY20
NB
(1) Advertising income is net of commissions and discounts
(2) YTD refers to 6 months ended 31 July
(3) Audience measurement is provided by GfK. Share of radex is based on Astro and IPG’s estimates (with Nielsen gross adex as base) since Q3FY19, prior to
which share of radex is based on internal estimates.
(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) since
Q3FY19, prior to which share of TV adex is based on Astro and Group M’s estimates.
(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
41% 44%
1H FY19 1H FY20
7.0 10.1
1H FY19 1H FY20
80 80100 107
80 86
63 69
64
73
56 60
8 12
14
16
9
12 151
161
178
196
145 158
1Q FY19 2Q FY19 3Q FY19 4Q FY19 1Q FY20 2Q FY20
TV Radio Digital Total
16.9 16.7
1H FY19 1H FY20
Outperforming industry adexAdvertising income (RM mn)
(2)(1)
Total Malaysia
gross ADEX YTD
growth
OVERALL ADEX
-5%
DIGITAL
+13%
RADIO
-17%
TV
-7%
(2)(5)
77%
75%
1H FY19 1H FY20
74% 80%
1H FY19 1H FY20
Share of radex
Share of TV adex
Radio listeners (mn) (3)
TV viewership share (4)
-3%
Share of digital adex
Avg monthly unique
visitors (mn)
8 | 2QFY20 results
75%
-12%
+4%
+7%
352
602418 429 343 375
665
693
663 737
609 596
35%
20%
34%
28%
36% 35%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
0
500
1000
1500
2000
1Q FY19 2Q FY19 3Q FY19 4Q FY19 1Q FY20 2Q FY20
EBITDA margin
Content cost/TV
revenue
Other expenses
Content costs
Relentless focus on operational efficienciesTotal 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) Higher content cost due to 2018 FIFA World Cup in Q2FY19
(4) Normalised EBITDA margin of 34% excluding one-off employee separation scheme cost in Q4FY19
(5) Numbers may not add up due to rounding differences
30% 48% 34% 36%
9 | 2QFY20 results
(RM mn)
1,017
1,295
1,0811,166
(3)
(4)
952
31% 35%
971
NB
(1) Data presented are for 3 months ended 30 April
(2) Numbers may not add up due to rounding differences
Disciplined capex spend
as % of
revenue
(RM mn)
88 64
3%
3%
1H FY19 1H FY20
as % of
revenue
Key capex investments in FY20 include:
▪ Technology infrastructure
▪ 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
▪ RM575mn of vendor financing recorded in payables, of
which RM251mn is current and RM324mn is non-current
63 77
2%
3%
1H FY19 1H FY20
10 | 2QFY20 results
(RM mn)Set-top box (STB) capex
Strong cash generation capabilities
929 825
238
228
691 597
Cash fromoperations
Cash frominvesting
Free cash flow Cash fromoperations
Cash frominvesting
Free cash flow(2) (3) (3)(2)
362% 173%as % of PATAMI
(RM mn)
1H FY19 1H FY20
Free cash flow
…enabling significant flexibility on capital management and dividend policy
NB
(1) Data presented are for 6 months ended 31 July
(2) Excludes investments, disposals and maturities of unit trust and money market funds
(3) Excludes repayments of vendor financing and payments of finance leases, which are categorised as cash from
financing for consistency with Bursa disclosure
(4) Numbers may not add up due to rounding differences
11 | 2QFY20 results
▪ Leveraging on invested capital, AMH continues to be highly cash generative
▪ The Board of Directors of AMH has declared a quarterly dividend of 2.0 sen per share for 2Q FY20
▪ Quarterly dividend entitlement and payment dates 30 September 2019 and 11 October 2019 respectively
Quarterly dividend announcement
12 | 2QFY20 results
Strengthen Core Business
FY20 Key Focus Areas
13 | 2QFY20 results
PREMIUM
• Reinvigorate Customer
Experience
• Reset Customer Service
• Refresh Content
• Reward Customers
Activate NJOI prepaid
buys with more
content options and
easier purchasing Commerce
Strategic OTT partnerships
Leverage data for
addressable TV advertising
Broadband
Driving Value
FREEMIUM
DTH IPTV
Value and convenience with broadband bundles
Content delivery
through Internet
Protocol (IP)
Content delivery
through satellite
(Direct-to-home)
Higher speeds of up to 100mbps introduced across both
DTH and IPTV bundles
• Driving OD viewing via connected boxes and Astro GO
• Over 50,000 OD shows for customers to enjoy
Broadband & …
14 | 2QFY20 results
15 | 2QFY20 results
Entertainment for everyone
Local vernacular International
SportsRegional
Championing local vernacular
content that is gaining in popularity
• Box office: BoBoiBoy Movie 2,
Sangkar, Wira
• Key signature IPs: Curi-curi Cinta,
Setelah Terlafaznya Akad, Evening
Edition
Fresh regional content
• Strategic partnership with iQIYI –
China’s No. 1 streaming platform
bringing up to 28 hours of fresh
Chinese content weekly
Home of live sports
• Live coverage of all matches of
2019/20 Premier League
• Live coverage of Rugby World Cup
2019 on Astro SuperSport
Best and latest international content
• Strategic partnership with HBO to
launch HBO GO app exclusively in
Malaysia, adding over 3,000 hours of
HBO content to our library
Boboiboy Movie 2
Local movies continue to outperform
16 | 2QFY20 results
First Malaysian
animated film released
in five countries
simultaneously across
Malaysia, Singapore,
Indonesia, Brunei and
Vietnam
Sangkar
Malaysia’s first ever
Mixed Martial Arts film
Released across
cinemas in Malaysia,
Brunei and Singapore
GBO:
RM29mn and counting
GBO:
RM9mn and counting
Malaysia’s all-time highest
grossing animated moviebeating all Hollywood animation
Released across 134 cinemas
on 29 August 2019 in Malaysia, Singapore and Brunei
17 | 2QFY20 results
Gempak is now on TV
• Driven by popular demand, Gempak – the No.1 digital
entertainment brand in Malaysia is now available on TV
• Gempak TV features popular Gempak’s digital
infotainment, news, content, gossips and viral topics on
live TV
• Engaging digital natives and the millennials across both
platforms
2.5 mDigital views(1)
910kTV viewership (1)
NB
(1) Data presented for 6 months ended 31 July
18 | 2QFY20 results
• Launched world’s first iQIYI branded linear
channel
• Over 28 hours of fresh content weekly including
Same Day as China titles in HD
• Available on TV, OD and Astro GO
Enriching Chinese content choice
Engaging the young
19 | 2QFY20 results
Omar & Hana cements Telkomsel deal
• Elevating our relationship with Indonesia’s
Telkomsel through production and distribution of
content IPs
• Our faith-inspired singalong kids IP is now licensed
to Telkomsel’s video streaming app, MAXstream
Didi & Friends first ever live theatre
Experience @ Quill City Mall
• 9 live ticketed shows over 4 days
• Attended by over 9,000 concert-goers
7.7mnunique viewers watched
Kisah Omar & Hana since its TV premiere in April 2019
7.9mnunique viewers watched
Cerita-Cerita Didi & Friends S2since its TV premiere in March 2019
A fresh new experience on Astro GO
20 | 2QFY20 results
New Astro experience launched on Astro GO in July 2019
Features include:
• Personalised recommendations based on users’ content preference
• Enhanced search capabilities
• Content centric categorisation for better content discovery
Coming to TV screens soon
Rewarding Astro Pay customers
21 | 2QFY20 results
Exclusive for Astro Pay customers:
• First dibs on money-can’t-buy
experiences
• Priority booking and exclusive
discounts for popular concert
tickets and event passes
• Lifestyle deals including travel,
wellness, beauty, sports
NJOI: Our freemium proposition
22 | 2QFY20 results
• Contract-free featuring 29 free TV channels including all free-
to-air channels
• Offering a wide selection of prepaid channels including kids,
learning, movies, news, sports and vernacular titles allowing
customers the flexibility to purchase premium content when
desired
FREEMIUM
29 free TV
channels
>30 NJOI prepaid
channels for
purchase
20free radio
channels
Radio: Winning the trust of Malaysians
23 | 2QFY20 results
Radio (64%)in terms of Authenticity
Radio (61%)in terms of Trustworthiness
2. TV (55%)
3. Newspaper/Magazines (31%)
4. Online (29%)
2. TV (58%)
3. Newspaper/Magazines (40%)
4. Online (32%)
NB (1) 2018 GfK Radio Insights Malaysia, Peninsular Malaysia among aged 15 to 49 years with a sample size of 1,000
in every
language
weekly
listeners
16.7million
radex
share
80%Malaysians trust radio the most
(1)
Multilanguage
radio brands
11
Radio: Solidifying our reach with Syok
24 | 2QFY20 results
NB
(1) Based on average three months (May-July 2019), Radio Active, Google Analytics
(2) Audience measurement provided by GfK
Launched in June, Syok aggregates all our
radio brands under one roof and serves a
comprehensive selection of podcast, original
videos and live radio for all your
entertainment needs.
Reaching over
80% (2)
Average monthly
unique streaming
users
3.1 million
(1)
Average monthly
streaming
sessions
13 million
(1)
Average monthly
web users
6.5 million
(1)
of Malaysiansacross all age groups
Available across
all platforms:
Revenue (1)
(RM mn)
Go Shop: Integrating into Malaysians’ daily lives
25 | 2QFY20 results
177 174
YTD FY19 YTD FY20
• Expanded celebrity-anchored programmes, differentiating Go Shop from other
commerce platforms
• Greater engagement and relevance to customers through lifestyle centric programmes
including sharing of local recipes by celebrity chefs and festive promotions
NB
(1) Data presented for 6 months ended 31 July
(2) Cumulative as of 31 July
Revenue(1) (RM mn)
1.5
1.9
YTD FY19 YTD FY20
Registered Customers(2) (’000)
Contributing to the local community
26 | 2QFY20 results
Lifelong
Learning
Environment
Sports
Community
Development
Championing local sports
Participants underwent the Astro Kem
Badminton KL Intensive Training
Programme here in KL on Aug 2019,
moving closer to realising their
dreams of training overseas with the
renowned Nippon Badminton
Association (NBA) in Tokyo, Japan.
Over 2000 players participated in the
2019 Astro Kem Badminton selection
camps
Tutor TV – Malaysia’s first and only
dedicated exam revision channel
• Refreshed content to keep pace
with changes in curriculum and
syllabus to aid Malaysian students
in their daily studies and exam
revisions
• Available on both Astro and NJOI
Appendix
(RM mn) 1H FY19 1H FY20
EBITDA 750 881
Margin % 28% 36%
Depreciation and amortisation (329) (328)
EBIT 421 553
Margin % 15% 22%
Finance income 20 13
Finance cost (178) (119)
Share of post tax results from investments 1 0
PBT 264 447
Tax expense (76) (110)
Tax rate % 29% 25%
PAT 189 337
PATAMI 191 346
Margin % 7% 14%
Normalised PATAMI 225 353
Margin % 8% 14%
NB
(1) Depreciation and amortisation excludes
the amortisation of 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)
1HFY20: (RM 7mn), 1HFY19: (RM 34mn)
due to mark-to-market revaluation of
transponder-related finance lease
liabilities
(3) Numbers may not add up due to rounding
differences
(2)
(1)
PAT reconciliation
28 | 2QFY20 results
(RM mn) FY19 1H FY20
Non-current assets 4,718 4,572
Property, plant and equipment 2,233 2,154
Other non-current assets 2,485 2,418
Current assets 1,542 1,789
Receivables and prepayments 818 669
Cash and bank balances(1) 632 1,031
Other current assets 92 89
6,260 6,361
(RM mn) FY19 1H FY20
Non-current liabilities 3,601 3,696
Payables 412 324
Borrowings 3,096 3,281
Other non-current liabilities 93 91
Current liabilities 1,980 1,823
Payables 1,467 1,283
Borrowings 475 471
Other current liabilities 38 69
Shareholders’ equity 679 841
6,260 6,361
Net debt / LTM EBITDA: 1.6x
NB
(1) Includes money market unit trusts
(2) Numbers may not add up due to rounding differences
Balance sheet overview
29 | 2QFY20 results
1,588
615
307
831
411
2QFY20
Total borrowings:
RM3,752mn*
Debt profile
RM term loan
Finance lease
(primarily
satellite
transponders)
▪ As at 31 July 2019, outstanding principal stood at USD99mn
▪ 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 twelfth principal repayment of USD24.75mn (RM74.72mn) paid on 10 June 2019 and next repayment (of the
same amount) will be paid on 9 December 2019
▪ As at 31 July, total outstanding principal stood at RM830mn
▪ A total of RM150mn out of the RM830mn 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 4.86% p.a. The twelfth principal
repayment of RM37.5mn paid on 21 May 2019 and next repayment (of the same amount) will be paid on 19
November 2019.
▪ Finance lease 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 finance lease related to M3B is USD169mn
▪ 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
30 | 2QFY20 results
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 4.95% as at 31 July 2019, 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 RM18.6mn
and net of debt issuance costs of
RM5.3mn. USD term loan converted at
quarter end rate of USD/RM4.1270
Thank you
astro.com.my