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Videocon D2H to Merge with Dish TV Creating a Leading Cable & Satellite Distribution Platform

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Videocon D2H to Merge with Dish TV Creating a Leading Cable & Satellite Distribution Platform 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 TV industry size (INR Bn.) Broadcasting industry Distribution industry 2021P 771 394 Multiple broadcasters INR 771 Bn. Analog 2021 TV subscription producing content in revenues 15 languages Cable Digital 2017P 426 225 CAGR of ~ 16% across 38% Cable (2017-2021P) 7 genres 29% INR 426 Bn. beaming 2017 DTH 2012 245 125 TV subscription ~880 channels revenues 33% Subscription revenues Advertising revenues Indian television market statistics (HHs Mn.) 2016 2020 306 284 239 Total households 284 Mn. 306 Mn. 202 181 173 141 152 113 Total TV households 181 Mn. 202 Mn. TV penetration (of total HHs) 64% 66% C&S penetration (of TV HHS) 84% 85% 2010 2016P 2020P Total HHs TV HHs C&S HHs 3 Source: TV industry size : FICCI-KPMG 2017, Indian television market statistics & broadcasting and distribution industry : MPA Report 2016 Distribution Industry 4 Digital Addressable Systems - DAS Phase III Phase I Phase IV 7,709 urban areas Delhi, Mumbai, Phase II Rest of India 31-Dec-2015 Calcutta & Chennai 38 notified cities 31-Dec-2016 31-Jan-2017 30-June-2012 31-Mar-2013 31-March-2017 Cable Bulk of the potential DAS converts Land grab seeding at throw away prices Limited coverage by large MSO’s due to dispersed population No addressability/KYC Very high DTH recognition; DTH best suited considering terrain Working backwards to fill critical gaps; packaging-billing- dunning Key target markets with more than 60% incremental potential for DTH DTH Seeding ground for High-Definition Phase III - Close to 100% seeding achieved* Potential subscribers for upselling – high value packs Phase IV - HH’s to be covered ~ 40 Mn. Total number of HH’s in Phase IV~ 70 Mn. ~40% seeding has been achieved in Phase 4 markets 5 689 districts to be covered across the country Source: * Ministry of Information and Broadcasting Annual Report, 2017 Distribution Industry - Cable 3 Tiered Structure MSOs Distributors LCOs (at least 1 in each (more than 1,500) (more than locality) 60,000) Pre-DAS Analog signal - limited carrying capacity, broadcasters jostling for PCS Placement & Carriage fees - bulk of MSOs top-line Post-DAS Massive under declaration; ignored, to maintain MSOs ‘reach’ Digital signal - fatter pipe, larger carrying capacity No incentive to raise ARPUs Placement fees mindset B2B Net billing 100% postpaid. Element of bad debts? Net Content Cost (per sub p.m.) Impairment of Set-Top-Box (STB)? MSOs DTH ~ Rs.14 ~ Rs.65 Net Content Cost (per sub p.m.) MSOs DTH ~ Rs.14 ~ Rs.65 Game Changer? 6 Tariff Order.. Distribution Industry - DTH DTH Players in India Dish TV*: 2003 Industry pioneer. Started operations in 2003. Part of 100% digital the Essel Group Owns last mile subscribers TATA Sky: Subscription driven top-line Launched in 2006. JV between the TATA Group 2006 and News Corp Fully prepaid subscription; no bad debts Sun Direct: 2007 Tax compliant Launched in 2007. JV between Sun Network and DTH contributes ~ 60% of broadcaster’s Astro, Malaysia Reliance Digital: domestic subscription revenues 2008 Part of Reliance Communication Ltd, a subsidiary of Reliance ADA group Airtel Digital: 2008 Launched in 2008. Part of the telecom major Bharti Videocon d2h*: Airtel. Launched in 2009. Part of the white goods 2009 manufacturing Videocon group 7 Notes: * As per the Scheme of Arrangement, Videocon d2h shall be merged into Dish TV, to form a combined entity to be renamed as Dish TV Videocon Limited 8 Many Firsts to its Credit First to launch Live TV for First DTH moving vehicles in India 2003 2007 First to achieve operational break-even in the Indian DTH 2009 industry First to negotiate content on a fixed First to fee basis 2010 launch High Definition First to initiate consolidation in the First to launch sector. Amalgamation of First to be PAT positive First to launch a sub- online TV for DTH brand targeting regional First to offer Vd2h into Dish TV in in the Indian DTH viewers – ‘Dish 2012 process industry language markets– ‘Zing’ Online unlimited recording 2012 2013 2016 2015 2014 First to be FCF positive in the Indian DTH industry 9 Business Model P&L structure – 2QFY18 3% 2% Dish TV India Limited Subscription revenues 100% Prepaid.100% EPRS. 1% 0% Bandwidth income Consolidated Advertising income Upfront subsidy on Consumer Premises revenues Equipment (CPE) Lease rent Other income 94% Average ARPU of Rs.149 Programming and other costs 14% Other operating expenses (excluding Churn at 0.8% p.m. Prog. & Other cost) 5% Consolidated 34% expenses Employee benefit expenses Implied average subscriber life of 10 years 18% Other expenses (including S&D exp.) EBITDA margin – 28.9% 10 Notes: # EPRS– Electronic Payment Recharge System. *ARPU & Churn numbers are for 2QFY18. Key Metrics - Annual Market share # ARPU (Rs.) 300 5% 20% 11% 250 17% 200 172 21% 154 162 163 157 151 150 138 26% 150 100 50 Dish TV Tata Sky Sun Direct Big TV Airtel Digital Videocon D2h 0 FY17 FY16(R2) FY15(R1) FY14 FY13 FY12 FY11 FY10 Net subscriber base (Mn.) Hardware subsidy (Rs.) 20 2400 15.5 14.5 2000 15 12.9 1600 1,400 11.4 10.7 9.6 1,235 10 8.5 1200 1,100 5.7 800 5 400 0 0 FY17 FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY17 FY16 FY15 11 Notes: # Market share based on gross subscribers as on 31st Sept, 2017 as per market estimates. (R1): Restated post netting off collection charges. (R2): Restated post netting off Entertainment Tax Key Metrics - Annual Subscription revenues (Rs. Mn.) EBITDA (Rs. Mn.) 35,000 14000 12000 30,000 27,696 26,617 10,249 24,499 10000 9,728 25,000 22,681 7,331 19,228 8000 6,240 20,000 16,639 5,794 6000 4,960 15,000 11,927 4000 2,380 10,000 8,353 2000 1,117 5,000 0 - -2000 FY17 FY16(R2) FY15(R1) FY14 FY13 FY12 FY11 FY10 FY17 FY16 FY15 FY14 FY13 FY12 FY11 FY10 Programming and other costs as % of revenues Net profit/(loss) (Rs. Mn.) 60% 8500 6,924 * 50% 6500 40% 4500 40% 35% 31% 31% 30% 29.6% 30% 30% 2500 1,093 * 30% 500 31 20% -1500 (660) (1,576) (1,331) 10% (1,920) -3500 (2,622) 0% -5500 FY17 FY16(R2) FY15(R1) FY14 FY13 FY12 FY11 FY10 FY17 FY16 FY15 FY14 FY13 FY12 FY11 FY10 12 Notes: (R1) Restated, post netting off collection charges. (R2) Restated post netting off Entertainment Tax. * Including deferred tax assets of Rs. 740 and Rs. 4,360 mn. for FY17 and FY16 respectively Key Metrics - Quarter Net subscriber additions (Mn.) ARPU (Rs.) Subscription revenues (Rs. Mn.) 0.6 180 10000 170 8000 160 0.4 6000 7,288 150 162 7,049 6,917 140 149 148 4000 0.2 0.259 130 2000 0.188 0.186 120 0 110 0 2QFY18 1QFY18 2QFY17 2QFY18 1QFY18 2QFY17 2QFY18 1QFY18 2QFY17 EBITDA (Rs. Mn.) & EBITDA margin Net profit (Rs. Mn.) 3000 45.0% 43.0%44.0% 42.0% 4,500 2500 40.0%41.0% 38.0%39.0% 2000 37.0% 34.1% 35.0%36.0% # 3,000 33.0%34.0% 1500 2,657 32.0% 28.9% 27.2% 30.0%31.0% 1,500 1000 28.0%29.0% 690 2,161 2,012 26.0%27.0% 500 24.0%25.0% 0 22.0%23.0% (179) (139) 0 20.0%21.0% -1,500 2QFY18 1QFY18 2QFY17 2QFY18 1QFY18 2QFY17 13 Notes: *2QFY17 figures have been restated to comply with Ind-AS Strategy and Outlook 14 Strengthening the Core SD @ Rs. 8.50 (plus taxes) HD @ Rs. 17.00 (plus taxes) Tailor made packages, for easy transition, for first time digital (pay) subscribers Ala-carte offering across channels; first in the industry Rs. 169 plus taxes Separate communication of indirect taxes to the subscriber; first in the industry 15 *GST Extra DAS Phase III & IV Any of the ‘Hindi’ entertainment Across phase III & IV add-on packs @ Rs.54 (plus taxes) each p.m markets ‘Bharat Pack’ Movie Mix/Entertainment Mix/others Packs starting @ Rs. 85 (plus OR taxes) Marathi/Bengali/Oriya/others Mandatory subscription to any one of Regional / Hindi entertainment packs Any of the ‘Regional’ add-on packs @ Rs.34 (plus taxes) each p.m. 16 Strong Regional Focus Zing Kerala Packs; starting from Rs.85 (plus taxes) Zing West Bengal/Odisha/Tripura Packs starting from going up to Rs. 325 (plus taxes) Rs.85 (plus taxes) going up to Rs.384 (plus taxes) Mandatory subscription to one regional ala-carte at Rs.
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