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Dish TV India Limited Investor Presentation Disclaimer Dish TV India Limited Investor Presentation Disclaimer Some of the statements made in this presentation are forward-looking statements and are based on the current beliefs, assumptions, expectations, estimates, objectives and projections of the directors and management of Dish TV India Limited about its business and the industry and markets in which it operates. These forward-looking statements include, without limitation, statements relating to revenues and earnings. The words “believe”, “anticipate”, “expect”, “estimate", "intend”, “project” and similar expressions are also intended to identify forward looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the control of the Company and are difficult to predict. Consequently, actual results could differ materially from those expressed or forecast in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, changes in the regulatory environment and other business and operational risks. Dish TV India Limited does not undertake to update these forward-looking statements to reflect events or circumstances that may arise after publication. 2 Indian M&E Industry Snapshot M&E industry composition & size (INR bn.) Broadcasting industry Distribution industry 2019 976 , 50% 387 , 20% 204 ,10% 397 , 20% Multiple broadcasters INR 976 Bn Analog 2019 TV industry size producing content in Cable CAGR of ~ 15.5% 15 languages Digital 2014 475 , 46% 263 , 26% 126 ,12%161 , 16% (2014-2019E) across 52% Cable 7 genres 20% 2014 INR 475 Bn beaming TV industry size DTH 2009 257 , 44% 175 , 30% 89 ,15% 66 ,11% ~800 channels 28% TV Print Films Others Indian television market statistics (HHs mn.) 2014 2019 301 270 231 Total households 270 Mn 301 Mn 197 169 169 134 140 Total TV households 169 Mn 197 Mn 101 TV penetration (of total HHs) 62% 66% C&S penetration (of TV HHS) 83% 86% 2009 2014 2019 Total HHs TV HHs C&S HHs 3 Source: M&E industry composition & size: FICCI-KPMG 2015, Indian television statistics & broadcasting and distribution industry : MPA Report 2014 Distribution Industry 4 Digital Addressable Systems - DAS Phase I Phase III/IV Digital Penetration of Total Pay-TV Phase II Delhi, Mumbai, Subscribers in India is Amongst the 38 notified cities Calcutta & Chennai Rest of India Lowest * 31-Mar-2013 30-June-2012 31-Dec-2015/2016 India 52% Korea 74% Bulk of the potential DAS converts Cable Sri Lanka 91% Land grab seeding at throw away prices Limited coverage by large MSOs due to Indonesia 100% dispersed population No addressability/KYC Japan 100% Very high DTH recognition Working backwards to fill in the critical gaps; packaging, billing New Zealand 100% and dunning DTH best suited considering terrain Singapore DTH 100% Key target markets with more than 60% Opening up of cable stronghold markets Malaysia 100% incremental potential for DTH Hong Kong 100% Bonus additions for the sector Dish TV Australia 100% Higher incremental net adds; positive shift in subscriber 0% 50% 100% distribution 5 Source: *MPA Report 2014 Distribution Industry - Cable 3 Tiered Structure MSOs Distributors LCOs (at least 1 in each (more than 115 ) (more than locality) 50,000) Pre-DAS Analog signal - limited carrying capacity, broadcasters jostling for PCS Placement & Carriage fees - bulk of MSOs top- line Post-DAS Digital signal - fatter pipe, larger carrying Massive under declaration – ignored to maintain capacity MSOs ‘reach.’ Reason behind LCOs prosperity Placement fees mindset No incentive to raise ARPUs B2B billing 100% postpaid. Element of bad debts? Impairment of Set-Top-Box (STB)? Increasing content cost 6 Distribution Industry - DTH DTH Players in India Dish TV: 2003 Industry pioneer. Started operations in 2003. Part of 100% digital the ‘Zee’ stable, largest producer and aggregator of Hindi programming in Owns last mile subscribers TATA Sky: the world Subscription driven top-line Launched in 2006. JV between the TATA Group 2006 and News Corp Fully prepaid, no bad debts Sun Direct: 2007 Fully tax compliant Launched in 2007. JV between Sun Network and DTH contributes ~ 60% of the Astro, Malaysia Reliance Digital: broadcaster’s domestic subscription 2008 revenue; scope for rationalization vs. Part of Reliance cable Communication Ltd, a subsidiary of Reliance ADA group Airtel Digital: Heavily taxed: 2008 Launched in 2008. Part of • License fees – 8% AGR instead of 10% the telecom major Bharti GR (TRAI recommendations on issues Videocon D2h: Airtel. related to new DTH licenses) Launched in 2009. Part of • Entertainment tax & Service tax - to be the white goods 2009 subsumed post rollout of GST manufacturing Videocon group 7 8 Key Managerial Personnel Dr. Subhash Chandra - Non Executive Chairman Promoter of the ‘Essel’ Group of companies India’s media mogul and founder of ‘Zee’, India’s first satellite television channel in 1992 & later India’s first private news channel, Zee News Shareholding pattern* A self-made man, has consistently demonstrated his ability to identify new businesses and lead them on the path to success Other business interests; education, theme parks, wellness 8% 13% Jawahar Lal Goel - Managing Director 3% Key architect in creation and expansion of Essel Group of Companies 65% 11% Key architect of cable TV services, established ‘Siti Cable’ in 1994 Pioneered the DTH services in India and has been instrumental in establishing Dish TV Past president of IBF for four consecutive years upto 2010 An active member on the Board of various committees set up by MIB, for addressing critical Promoters industry matters GDR; held by Apollo PE, USA FII R.C. Venkateish - CEO Fin. Inst., Banks & MF Other Investors India and South Asia MD of ESPN Star Sports prior to joining Dish as its CEO Past President of DTH Operators Association More than 27 years of experience & a successful track record in turning around businesses for brands like Oral-B, Nestle and Kellogg’s 9 *Shareholding pattern as on 31st March 2015 Many Firsts To Its Credit First to achieve operational First to offer First to launch First to break-even in unlimited online TV for negotiate the Indian DTH First to be PAT recording DTH viewers – content on a industry positive in the ‘Dish Online’ fixed fee basis Indian DTH industry First to launch Live TV for First to launch a First DTH in First to launch First to be FCF moving sub-brand High positive in the India vehicles targeting regional Definition Indian DTH language markets– industry ‘Zing’ 10 2014 2003 2007 2009 2010 2012 2013 2012 2015 Business Model P&L structure – FY15 Dish TV India Limited 3%3% Subscription revenues 1% 2% Lease rent Consolidated Bandwidth income revenues 100% prepaid Advertising income Other income 91% Upfront subsidy on consumer premises equipment (CPE) Programming and other cost 4% 4% Selling and distribution expenses 5% Average ARPU of Rs. 179 License fees 29% 6% Consolidated Other operating costs expenses Churn at 0.7% p.m. Transponder lease 10% Other expenses Implied average subscriber life of 12 years 15% Employee benefit expenses EBITDA margin - 26.4% 11 Dish TV vs. Competition Highest transponder capacity Maximum content tie-ups & true HD channels Widest dealer-distributor network 720 TP Bandwidth (MHz) Dish TV Dish TV 40 398 No. of 6 Zonal offices Transponders 16 14 Regional offices Videocon 29 368 432 Tata Sky 12 Airtel 25 352 432 Videocon 8 Tata Sky 27 321 Airtel 396 11 Rel. Digital 11 243 Reliance Digital 324 9 Sun Direct 12 215 Sun Direct 216 4+2 Linear Channels True HD Channels 12 Source: Company & market data as on 31st March 2015 Key Metrics - Annual Market share # ARPU* (Rs.) 250 2% 8% 20% 200 20% 23% 179 150 157 163 27% 150 151 100 138 131 132 50 Dish TV Tata Sky Sun Direct Big TV Airtel Digital Videocon D2h 0 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 Net subscriber base (mn.) SAC* (Rs.) 15 2800 12.9 2400 2,505 2,383 10 11.4 2000 10.7 2,224 2,127 2,035 1,996 9.6 1600 8.5 1,800 1,725 1200 5 5.7 800 4.3 400 2.5 0 0 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 13 Source: Company; Note : * ARPU & SAC taken as Q4 data for respective years. # Market share based on gross subscribers as on 31st March, 2015 as per market estimates Key Metrics - Annual Subscription revenue (Rs. mn.) EBITDA (Rs. mn.) 25,436 8000 25,000 22,681 6000 7,331 6,306 6,240 20,000 19,228 5,860 16,639 4000 3,607 15,000 11,927 2000 1,570 10,000 8,353 0 5,897 (2,050) (1,220) 5,000 3,288 -2000 - -4000 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 Programming and other costs as % of subscription revenues Net profit/(loss) (Rs. mn.) 70% 1500 71% 60% 500 31 50% 59% -500 (660) 52% (1,331) (1,576)* 40% -1500 (1,920) 42% (2,622) 30% 36% -2500 34% 34% 31% 20% -3500 (4,141) 10% -4500 (4,807) 0% -5500 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 14 Note : * Including prior period items Key Metrics - Quarterly Net subscriber additions (mn.) Subscription revenue (Rs. mn.) Net profit (Rs. mn.) 500 0.5 8000 350 0 0.4 0.416 6000 6,828 (29) 0.404 6,554 -500 0.3 5,488 4000 0.2 -1000 0.226 (1,490) 0.1 2000 -1500 0 0 -2000 4QFY14 3QFY15 4QFY15 4QFY14 3QFY15 4QFY15 4QFY14 3QFY15 4QFY15 ARPU (Rs.) EBITDA (Rs.
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