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Announcement:

Moody's: MNC Sky Vision's 2013 results support its B1 rating despite currency pressures

03 Apr 2014

Hong Kong, April 03, 2014 -- Moody's Investors Service says that the operating results of P.T. MNC Sky Vision (Sky Vision, B1 stable) for the full-year ended 31 December 2013 were in line with Moody's expectations, and continue to support its B1 rating and stable outlook, despite currency pressures.

"Sky Vision's market leadership and continued subscriber growth drove the company's revenue growth of 26% year-on-year in 2013 and rise in reported EBITDA of 21%, despite the margin pressure arising from the depreciation of the Indonesian rupiah," says Annalisa Di Chiara, a Moody's Vice President and Senior Analyst.

"Because approximately 70% of Sky Vision's content costs are denominated in US dollars, the company's reported EBITDA margin contracted to 40% in 2013 from 42% in 2012. Nonetheless, we expect Sky Vision's margins to recover in 2014, as the company introduces price hikes in pay-TV offerings to mitigate the impact of local currency depreciation," adds Di Chiara.

In addition, Sky Vision has continued to demonstrate strong subscriber growth, increasing its base by 34% in 2013 to 2.3 million subscribers.

Furthermore, the company achieved a year-on-year 2% expansion in its market share to 73% according to Media Partners Asia, further strengthening its leading market position in the Indonesian pay-TV market.

However, Moody's expects competition in the pay-TV sector to increase over the next two years, as new entrants and telecommunications providers looking to boost their bundled product offerings across voice, broadband, TV and mobile enter the market.

In fact, four new players have entered the market since the beginning of 2013, including Big TV (unrated, launched by First Media), Viva Sky (unrated, launched by Visi Media Asia Tbk PT), and K-Vision (unrated, launched by Kompas Gramedia Group).

An increasing level of competition will continue to exert pressure on Sky Vision's operating margins, as evidenced by the recent slowdown in subscriber growth and declining average rate per user (ARPU) trends.

Still, the number of channels it offers is around twice that of its closest competitor and it has the most widely available and comprehensive content offerings, which benefits from access to its sister company, Media Nusantara Citra's (Ba3 stable) proprietary content library. These factors will continue to support Sky Vision's leading market position over the next 12-18 months.

The stable outlook reflects Moody's expectation that Sky Vision's leading market share and product offering will continue to support significant organic growth over the next 12-18 months, and support EBITDA margins of about 40%.

However, downward pressure on Sky Vision's rating could develop if competition intensifies, resulting in a decline in the company's market share and operating profit margins.

In particular, Moody's would consider downgrading the rating or revising the outlook to negative, if operating margins deteriorate below 35%, or if the company's cash cushion deteriorates materially, such that it would need to rely on additional external funds to support growth.

Sustained negative free cash flow generation over the longer term or more aggressive shareholder initiatives, including sizeable dividends, would also be negative for the rating.

The principal methodology used in this rating was the Global Pay Television - Cable and Direct-to-Home Satellite Operators published in April 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Headquartered in Jakarta, Sky Vision is a provider of direct-to-home, pay-TV services.

The company is 66.47% owned by PT Global Mediacom Tbk (unrated), a diversified media company, and which is 53.47% owned by PT MNC Investama Tbk (B1 stable). Global Mediacom and MNC Investama are publicly listed in Indonesia.

Annalisa Di Chiara
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Laura Acres
Senior Vice President
Corporate Finance Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's: MNC Sky Vision's 2013 results support its B1 rating despite currency pressures
No Related Data.
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