Disclaimer Long Range Plan ne… · Disclaimer PricewaterhouseCoopers (PwC) has developed this...
Transcript of Disclaimer Long Range Plan ne… · Disclaimer PricewaterhouseCoopers (PwC) has developed this...
Disclaimer
PricewaterhouseCoopers (PwC) has developed this model for our client, TV1, to assist our client in considering a Long Range plan.
TV1 is responsible for all inputs in the model (including the sources and quality of information) and for all calculations in, outputs generated by and assumptions underlying the model (together, the specification). PwC developed the model according to the client’s specification. PwC has not verified the model inputs and is not responsible for any assumptions or methodologies in the model, or any outputs it generates (including any projections or valuations). PwC has not separately tested the model.
The model is confidential and our client may only share it with its professional advisers in connection with the Long Range plan on the basis that those professional advisers use the model at their own risk and have no recourse to PwC in connection with it. Although we may interact with those professional advisers in developing the model, we do so in their capacity as our client’s agent. In agreeing to interact with and provide the model to those professional advisers, we do not assume any responsibility or liability to them. To the extent permitted by law, PwC disclaims any responsibility or liability for any consequence of any use of or reliance on the model by anyone other than our client and for any use by our client other than for the purpose above.
Liability limited by a scheme approved under Professional Standards Legislation.
TV1 Proposed Offer - Five years performance (2014 to 2018)
Revenue report #DIV/0! #DIV/0! #DIV/0!$'000s
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! Err:502#DIV/0!
Years ending 31 Dec - $'000s
Subscriber numbers Monthly residential subscriber fee Line item 2012 2013 2014 2015 2016 2017 2018
TV1 - per subscriber Subscriber revenue - TV1 $ monthly fee: Residential - - - - - - -
Commercial - - - - - - -
Xbox - - - - - - - 0 ### ±$0.00 Tbox - - - - - - -
30c 34c 38c 42c 46c 50c 54c 58c 62c 66c 70c Mobile - - - - - - -
A La Carte - - - - - - -
First 3 months - - - - - - -
Sci Fi - per subscriber Total TV1 - - - - - - - $ monthly fee: Growth #DIV/0! #DIV/0!
Subscriber revenue - Sci Fi0.3 ### $0.30 Residential - - - - - - -
15c 19c 23c 27c 31c 35c 39c 43c 47c 51c 55c Commercial - - - - - - -
Xbox - - - - - - -
Tbox - - - - - - -
▲ Subscribers Mobile - - - - - - -
Advertising revenue - $'000s Ad rev growth % A La Carte - - - - - - - First 3 months - - - - - - -
Sci Fi - - - - - - -
2013 ### 100 -0.0% Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10%
Total subs revenue - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
2014 ### 130 +3.0% Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% % of total revenue #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
2015 ### 130 +3.0% Gross advertising revenue-10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% TV1 - - - - - - -
Sci Fi - - - - - - -
2016 ### 130 +3.0%-10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% Total ads revenue - - - - - - -
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
2017 ### 130 +3.0% % of total revenue #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10%
Total revenue - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
2018 ### 130 +3.0% Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Net revenue$m
EBITD$m
EBITDmargin %
EBITD + Licensing$m
Net profit$m
Net profitmargin %
2012 2013 2014 2015 2016 2017 2018$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
$0.90
$1.00
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
Lock
Lock
TV1 Five years performance (2014 to 2018)
Licence fees report #DIV/0! #DIV/0! #DIV/0!
$'000s#DIV/0! #DIV/0! #DIV/0!
#DIV/0! Err:502#DIV/0!
Years ending 30 Jun - $'000s
TV1 - hours of content per day Buy hours Licence fee $/hr Line item 2012 2013 2014 2015 2016 2017 2018
Hours per day Content amortisation
TV1 - - - - - - -
Sci Fi - - - - - - -
2013 ###### 700 2013 ### ### 11.1K0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 1.5 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 - - - - - - -
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
2014 ###### 700 2014 ### ### 11.0K Buy value by channel ($)
0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 1.5 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0
2015 ###### 700 2015 ### ### 11.0K
0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 1.5 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0
2016 ###### 700 2016 ### ### 11.0K
0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 1.5 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0
2017 ###### 700 2017 ### ### 11.0K
0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 1.5 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0
###### 700 2018 ### ### 11.0K
0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 1.5 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0
Sci Fi - hours of content per day Buy hours per year Licence fee $/hr Estimated 2013/14 buy value % by studio
Hours per day TV1 Sci Fi
2013 ###### 600 2013 ### ### 5.5K CBS 30% 25% 28.2%0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 1.5 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0
2014 ###### 600 2014 ### ### 5.5K CSI 27% 0% 17.4%0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 1.5 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0
2015 ###### 600 2015 ### ### 5.5K Sony 13% 15% 13.8%0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 1.5 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0
2016 ###### 600 2016 ### ### 5.5K NBC 28% 37% 31.2%0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 1.5 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0
2017 ###### 600 2017 ### ### 5.5K Non-studio 2% 23% 9.5%0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 1.5 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0
###### 600 2018 ### ### 5.5K Total 100% 100% 100%0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 1.5 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0
Buy value by studio:
Net revenue$m
EBITD$m
EBITDmargin %
EBITD + Licensing$m
Net profit$m
Net profitmargin %
$'000s ▲
Weighted average
Dec11
Jun12
Dec12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun16
Dec16
Jun17
Dec17
Jun18
Dec18
-
3.0
6.0
9.0
12.0
15.0
18.0
21.0
24.0
Dec11
Jun12
Dec12
Jun13
Dec13
Jun14
Dec14
Jun15
Dec15
Jun16
Dec16
Jun17
Dec17
Jun18
Dec18
-
3.0
6.0
9.0
12.0
15.0
18.0
21.0
24.0
Dec 12 Dec 13 Dec 14 Dec 15 Dec 16 Dec 17 Dec 18$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00 SF content buy
487774350% 238077850% 538483100% 163600000%300000000%
Locked
Locked
Locked
Locked
TV1 Five years performance (2014 to 2018)
Costs report #DIV/0! #DIV/0! #DIV/0!
$'000s#DIV/0! #DIV/0! #DIV/0!
#DIV/0! Err:502#DIV/0!
Years ending 31 Dec - $'000s
Advertising costs Line item 2012 2013 2014 2015 2016 2017 2018
TV1
Shared Cost Contribution - - - - - - -
Advertising Agency Fee - - - - - - -
Foxtel advertising revenue recharge - - - - - - -
Other Ad Costs - - - - - - -
Foxtel advertising proceeds subsidisation - - - - - - -
Total TV1 - - - - - - -
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Sci Fi
Shared Cost Contribution - - - - - - -
Advertising Agency Fee - - - - - - -
Foxtel advertising revenue recharge - - - - - - -
Other Ad Costs - - - - - - -
Foxtel advertising proceeds subsidisation - - - - - - -
Total Sci Fi - - - - - - -
Operating expenses Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total advertising costs - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Operating expenditure
Controllable expenses - - - - - - -
Non-controllable expenses - - - - - - -
Total operating expenses - - - - - - -
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Net revenue$m
EBITD$m
EBITDmargin %
EBITD + Licensing$m
Net profit$m
Net profitmargin %
2012 2013 2014 2015 2016 2017 2018 -
0
0
0
0
0
0
0
0
0
0
- - - - - - - - - - - - - -
2012 2013 2014 2015 2016 2017 2018 -
0
0
0
0
0
0
0
0
0
0
- - - - - - - - - - - - - - - - - - - - - - - - - - - -
Shared cost contribution
Advertising agency fee
Foxtel ad revenue
Other ad costs
Foxtel advertising proceeds
Non-controllable expenses
Controllable expenses
TV1 Five years performance (2014 to 2018)
Profit & loss statement #DIV/0! #DIV/0! #DIV/0!
For the years ending 31 Dec#DIV/0! #DIV/0! #DIV/0!
$'000s
#DIV/0! Err:502#DIV/0!
Years ending 31 Dec - $'000s
2011 2012 2013 2014 2015 2016 2017 2018
Subscriber revenue
TV1
Residential - - - - - - -
Commercial Subs TV1_Commercial - - - - - - -
Xbox Subs TV1_Xbox - - - - - - -
Tbox Subs TV1_Tbox - - - - - - -
Mobile Subs TV1_Foxtel - Mobile - - - - - - -
A La Carte Subs TV1_Foxtel - A La Carte - - - - - - -
First 3 months Subs TV1_First 3 months - - - - - - -
Total TV1 subscriber revenue - - - - - - -
Sci Fi
Residential - - - - - - -
Commercial Subs SciFi_Commercial - - - - - - -
Xbox Subs SciFi_Xbox - - - - - - -
Tbox Subs SciFi_Tbox - - - - - - -
Mobile Subs SciFi_Foxtel - Mobile - - - - - - -
A La Carte Subs SciFi_Foxtel - A La Carte - - - - - - -
First 3 months Subs SciFi_First 3 months - - - - - - -
Total Sci Fi subscriber revenue - - - - - - -
Total subscriber revenue - - - - - - -
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Gross advertising revenue
TV1 Ads_TV1 - Gross Advertising Revenue - - - - - - -
Sci Fi Ads_SF - Gross Advertising Revenue - - - - - - -
Total gross advertising revenue - - - - - - -
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total revenue - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Advertising costs
TV1
Shared Cost Contribution Ads_TV1 - Shared Cost Contribution - - - - - - -
Advertising Agency Fee Ads_TV1 - Advertising Agency Fee - - - - - - -
Foxtel advertising revenue recharge Ads_TV1 - Foxtel advertising revenue recharge - - - - - - -
Other Ad Costs Ads_TV1 - Other Ad Costs - - - - - - -
Foxtel advertising proceeds subsidisation Ads_TV1 - Foxtel advertising proceeds subsidisation - - - - - - -
Total TV1 - - - - - - -
Sci Fi
Shared Cost Contribution Ads_SF - Shared Cost Contribution - - - - - - -
Advertising Agency Fee Ads_SF - Advertising Agency Fee - - - - - - -
Foxtel advertising revenue recharge Ads_SF - Foxtel advertising revenue recharge - - - - - - -
Other Ad Costs Ads_SF - Other Ad Costs - - - - - - -
Foxtel advertising proceeds subsidisation Ads_SF - Foxtel advertising proceeds subsidisation - - - - - - -
Total Sci Fi - - - - - - -
Total advertising costs - - - - - - -
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Net revenue - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Licensing fees
TV1 - content amortisation Content_Amortisation - TV1 - - - - - - -
Sci Fi - content amortisation Content_Amortisation - SF - - - - - - -
Total licensing fees - - - - - - -
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Net revenue$m
EBITD$m
EBITDmargin %
EBITD + Licensing$m
Net profit$m
Net profitmargin %
Years ending 31 Dec - $'000s
2011 2012 2013 2014 2015 2016 2017 2018
Operating expenditure
Controllable expenses OPEX_Controllable operating expenses - - - - - - -
Non-controllable expenses OPEX_Non-controllable operating expenses - - - - - - -
Total operating expenses - - - - - - -
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Local content Content_Local content purchasing - - - - - - -
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total costs - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
EBITD - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
EBITD % #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Less:
Depreciation expense OPEX_Depreciation expense - - - - - - -
Other income/expenses OPEX_Other income/expenditure - - - - - - -
Net profit/(loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Net profit % #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Net present value calculations
All net profit from 1 Jan 2013 to 31 Dec 2018 back to 1 Jan 2013 (6 years) Err:504
TV1Profit & loss statement - by channel
For the years ending 30 Jun$'000s
Years ending 30 Jun - $'000s
2012 2013 2014 2015 2016 2017 2018
TV1
Subscriber revenue - - - - - - -
Gross advertising revenue - - - - - - -
Advertising costs - - - - - - -
Net advertising revenue - - - - - - -
Net revenue - - - - - - -
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Content amortisation - - - - - - -
Local content - - - - - - -
Allocated operating costs - - - - - - -
Total costs - - - - - - -
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
EBITD - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Allocated dep'n and other costs - - - - - - -
TV1 - Allocation of net profit / (loss) - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Allocated net profit margin % #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Sci Fi
Subscriber revenue - - - - - - -
Gross advertising revenue - - - - - - -
Advertising costs - - - - - - -
Net advertising revenue - - - - - - -
Net revenue #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Content amortisation - - - - - - -
Allocated operating costs - - - - - - -
Total costs - - - - - - -
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
EBITD - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Allocated dep'n and other costs - - - - - - -
Sci Fi - Allocation of net profit / (loss) - #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Allocated net profit margin % #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total net profit / (loss) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Allocated net profit margin % #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
General inputs
Units Year 1
General Assumptions
Model Start date Start 01 Jul 11
Forecast date Fstart 01 Jul 13
Constants
Period in Year PiY 2
Months in Period MiP 6
Discount rate Rate_Discount 12%
Subcription inputsCalendar year assumptions:
Subscription Growth rate Year 1
TV1 Subs_GrwRateTV1 +1.0%
Sci Fi Subs_GrwRateSF +1.0%
3 Months Free 0.0%
Tiered pricing structure: upper boundaries
TV1 Year 1
Residential tiers
Base Tiers_TV1 2,200,000
Tier 1 2,250,000
Tier 2 2,250,000
Tier 3
Sci Fi
Base Tiers_SF 1,500,000
Tier 1 1,550,000
Tier 2 1,550,000
Tier 3
Per subscriber monthly rate - from Foxtel ($)
Per subscriber monthly rate $
TV1 Subs_TV1 Year 1
Residential
Base 0.65
Tier 1 0.60
Tier 2 0.49
Tier 3 0.49
Commercial - 0.65
Xbox - 0.65
Tbox 0.60
Foxtel - Mobile 0.20
Foxtel - A La Carte - -
Sci Fi Subs_SF
Residential
Base 0.30
Defined range name
Tier 1 0.28
Tier 2 0.23
Tier 3 1.00 0.23
Commercial - 0.30
Xbox - 0.30
Tbox - 0.30
Foxtel - Mobile 0.15
Foxtel - A La Carte - 2.58
Advertising inputsYear 1
Ad Growth rate GrwRate_Ad -0.0%
TV1 shared cost contribution (SF = 100% - this) ShareCC_TV1 90%
Ad Agency fee AdFee 10%
Foxtel Ad revenue recharge - TV1 AdRecharge_TV1 0%
Foxtel Ad revenue recharge - SF AdRecharge_SF 0%
Rates Cost of Ads
TV1 +5.0%
SF +5.0%
Monthly salary estimate to reduce gross advertising revenue for Foxtel kickback
TV1 per month 150,000
Scifi per month 30,000
Content inputsBought hours Year 1
TV1 700
Less: Hours allocated to CSI CSIHours_TV1 (150)
Hours remaining for allocation BuyHours_TV1 550
Sci Fi BuyHours_SF 600
Rate card
TV1 3% RateCard_TV1 10,000
Sci Fi RateCard_SF 5,500
License fee relativities RateRelativityPremium 1.25
License fee amounts - TV1
Non Studio - TV1 7,000
Exclusive - TV1 25,000
License fee amounts - TV1
Non Studio - SF 8,300
Exclusive - SF 30,000
Year on Year Growth for Contribution GrwRate_YOY ±0.0%
Share of hours - TV1 ContentHrs_TV1Studio 100.0%
Premium 0.0%
Non Studio 0.0%
Exclusive 0.0%
Share of hours - Sci Fi ContentHrs_SF
Studio 62.0%
Premium 0.0%
Non Studio 28.0%
Exclusive 10.0%
Additional purchase of local content on top of standard content 10.0%
Operating expenses
Inflation - for all operating expenses Inflation +3.0%
Controllable cost saving % Rate_Con ±0.0%
Indexation factor for depreciation Rate_Depr ±0.0%
END
Year 2 Year 3 Year 4 Year 5 Year 6
Calendar year assumptions:
Year 2 Year 3 Year 4 Year 5 Year 6
+2.0% +2.0% +2.0% +2.0% +2.0%
+2.0% +2.0% +2.0% +2.0% +2.0%
0.0% 0.0% 0.0% 0.0% 0.0%
Tiered pricing structure: upper boundaries
Year 2 Year 3 Year 4 Year 5 Year 6
2,200,000 2,200,000 2,200,000 2,200,000 2,200,000
2,250,000 2,250,000 2,250,000 2,250,000 2,250,000
2,250,000 2,250,000 2,250,000 2,250,000 2,250,000
1,500,000 1,500,000 1,500,000 1,500,000 1,500,000
1,550,000 1,550,000 1,550,000 1,550,000 1,550,000
1,550,000 1,550,000 1,550,000 1,550,000 1,550,000
Per subscriber monthly rate $
Year 2 Year 3 Year 4 Year 5 Year 6
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
0.30 0.30 0.30 0.30 0.30
0.30 0.30 0.30 0.30 0.30
0.30 0.30 0.30 0.30 0.30
0.30 0.30 0.30 0.30 0.30
0.30 0.30 0.30 0.30 0.30
0.30 0.30 0.30 0.30 0.30
0.30 0.30 0.30 0.30 0.30
0.15 0.15 0.15 0.15 0.15
2.58 2.58 2.58 2.58 2.58
Year 2 Year 3 Year 4 Year 5 Year 6
+3.0% +3.0% +3.0% +3.0% +3.0%
90% 90% 90% 90% 90%
10% 10% 10% 10% 10%
0% 0% 0% 0% 0%
0% 0% 0% 0% 0%
Ad Subsidies
+5.0%
+5.0%
Year 2 Year 3 Year 4 Year 5 Year 6
700 700 700 700 700
(150) (150) (150) (150) (150)
550 550 550 550 550
600 600 600 600 600
11,000 11,330 11,670 12,020 12,381
5,500 5,665 5,835 6,010 6,190
1.25 1.25 1.25 1.25 1.25
8,300 8,549 8,805 9,070 9,342
25,000 25,750 26,523 27,318 28,138
8,300 8,549 8,805 9,070 9,342
30,000 30,900 31,827 32,782 33,765
±0.0% ±0.0% ±0.0% ±0.0% ±0.0%
100.0% 100.0% 100.0% 100.0% 100.0%
0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0%
62.0% 62.0% 62.0% 62.0% 62.0%
0.0% 0.0% 0.0% 0.0% 0.0%
28.0% 28.0% 28.0% 28.0% 28.0%
10.0% 10.0% 10.0% 10.0% 10.0%
+3.0% +3.0% +3.0% +3.0% +3.0%
±0.0% ±0.0% ±0.0% ±0.0% ±0.0%
±0.0% ±0.0% ±0.0% ±0.0% ±0.0%
Check Flag Note TV1 100%
Period star date 01 Jul 11Period end date 31 Dec 11First forecast period 0Forecast periods 0Forecast period counter 0Forecast year counter 0Calendar year 2011Year Counter 1Counter for Check 1
l
Subscription calculations - TV1Actual results
Foxtel subcriber numbersResidential 2,183,373
Commercial 41,595
Xbox 9,840
Tbox 6,321
Foxtel - Mobile 75,000
Foxtel - A La Carte -
Foxtel Revenue ($)Residential 8,477,479
Commercial 130,212
Xbox 18,050
Tbox 10,402
Foxtel - Mobile 54,907
Foxtel - A La Carte -
Foxtel - Live to Air 1,275
3 Month Free (252,655)
Calculation of subcriber numbers
Subscription Growth rate ±0.0%
Balance of subscibers (at each period end)Residential 2,183,373
Commercial 41,595
Xbox 9,840
Tbox 6,321
Foxtel - Mobile 75,000
Foxtel - A La Carte -
O Subscribers Total 2,316,130
Monthly fee per subscriberResidential
1 Base #NAME?
1 Tier 1 #NAME?
1 Tier 2 #NAME?
1 Tier 3 #NAME?11 Commercial #NAME?
1 Xbox #NAME?
1 Tbox #NAME?
1 Foxtel - Mobile #NAME?
1 Foxtel - A La Carte #NAME?
Residential subscribers - across tiersBase 2,183,373
Tier 1 -
Tier 2 -
Tier 3 -
Other subscribersCommercial 41,595
Xbox 9,840
Tbox 6,321
Foxtel - Mobile 75,000
Foxtel - A La Carte -
Total subscribers 2,316,130
First 3 months free % 0.0%
Subsciber revenueResidential
F Base Base 8,477,479
F Tier 1 Tier 1 -
F Tier 2 Tier 2 -
F Tier 3 Tier 3 - Total residential 8,477,479
F Commercial Commercial 130,212
F Xbox Xbox 18,050
F Tbox Tbox 10,402
F Foxtel - Mobile Foxtel - Mobile 54,907
F Foxtel - A La Carte Foxtel - A La Carte -
F First 3 months First 3 months (252,655)
Total subscriber revenue 8,438,395
END
01 Jan 12 01 Jul 12 01 Jan 13 01 Jul 13 01 Jan 14 01 Jul 14 01 Jan 1530 Jun 12 31 Dec 12 30 Jun 13 31 Dec 13 30 Jun 14 31 Dec 14 30 Jun 15
0 0 0 1 0 0 00 0 0 1 1 1 10 0 0 1 2 3 40 0 0 1 1 2 2
2012 2012 2013 2013 2014 2014 20152 2 3 3 4 4 51 2 2 3 3 4 4
2,183,373 2,183,373 2,232,385
41,595 41,595 56,665
9,840 9,840
6,321 6,321
75,000 75,000 82,360
- - -
8,498,247 8,567,801 8,635,579
204,967 214,892 218,965
18,576 21,730 25,837
34,219 58,551 72,637
45,937 86,398 100,578
- - -
1,167 1,173 1,173
(235,280) (141,636) (247,050)
±0.0% ±0.0% ±0.0% +0.5% +0.5% +1.0% +1.0%
2,183,373 2,183,373 2,232,385 2,243,547 2,254,765 2,277,312 2,300,085
41,595 41,595 56,665 56,948 57,233 57,805 58,383
9,840 9,840 - - - - -
6,321 6,321 - - - - -
75,000 75,000 82,360 82,772 83,186 84,018 84,858
- - - - - - -
2,316,130 2,316,130 2,371,410 2,383,267 2,395,183 2,419,135 2,443,327
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
2,183,373 2,183,373 2,232,385 2,200,000 2,200,000 2,200,000 2,200,000
- - - 43,547 50,000 50,000 50,000
- - - - - - -
- - - - 4,765 27,312 50,085
41,595 41,595 56,665 56,948 57,233 57,805 58,383
9,840 9,840 - - - - -
6,321 6,321 - - - - -
75,000 75,000 82,360 82,772 83,186 84,018 84,858
- - - - - - -
2,316,130 2,316,130 2,371,410 2,383,267 2,395,183 2,419,135 2,443,327
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
8,498,247 8,567,801 8,635,579 #NAME? #NAME? #NAME? #NAME?
- - - #NAME? #NAME? #NAME? #NAME?
- - - #NAME? #NAME? #NAME? #NAME?
- - - #NAME? #NAME? #NAME? #NAME?
8,498,247 8,567,801 8,635,579 #NAME? #NAME? #NAME? #NAME?
204,967 214,892 218,965 #NAME? #NAME? #NAME? #NAME?
18,576 21,730 25,837 #NAME? #NAME? #NAME? #NAME?
34,219 58,551 72,637 #NAME? #NAME? #NAME? #NAME?
45,937 86,398 100,578 #NAME? #NAME? #NAME? #NAME?
- - - #NAME? #NAME? #NAME? #NAME?
(235,280) (141,636) (247,050) #NAME? #NAME? #NAME? #NAME?
8,566,666 8,807,736 8,806,546 #NAME? #NAME? #NAME? #NAME?
01 Jul 15 01 Jan 16 01 Jul 16 01 Jan 17 01 Jul 17 01 Jan 18 01 Jul 1831 Dec 15 30 Jun 16 31 Dec 16 30 Jun 17 31 Dec 17 30 Jun 18 31 Dec 18
0 0 0 0 0 0 01 1 1 1 1 1 15 6 7 8 9 10 113 3 4 4 5 5 6
2015 2016 2016 2017 2017 2018 20185 6 6 7 7 8 85 5 6 6 7 7 8
+1.0% +1.0% +1.0% +1.0% +1.0% +1.0% +1.0%
2,323,086 2,346,317 2,369,780 2,393,478 2,417,413 2,441,587 2,466,003
58,967 59,557 60,153 60,754 61,362 61,975 62,595
- - - - - - -
- - - - - - -
85,706 86,563 87,429 88,303 89,186 90,078 90,979
- - - - - - -
2,467,760 2,492,437 2,517,362 2,542,535 2,567,961 2,593,640 2,619,577
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
2,200,000 2,200,000 2,200,000 2,200,000 2,200,000 2,200,000 2,200,000
50,000 50,000 50,000 50,000 50,000 50,000 50,000
- - - - - - -
73,086 96,317 119,780 143,478 167,413 191,587 216,003
58,967 59,557 60,153 60,754 61,362 61,975 62,595
- - - - - - -
- - - - - - -
85,706 86,563 87,429 88,303 89,186 90,078 90,979
- - - - - - -
2,467,760 2,492,437 2,517,362 2,542,535 2,567,961 2,593,640 2,619,577
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?###
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?###
Check Flag Note SF 200%
Period star date 01 Jul 11Period end date 31 Dec 11First forecast period 0Forecast periods 0Forecast period counter 0Forecast year counter 0Calendar year 2011Year Counter 1Counter for Check 1
l
Subscription calculations - SFActual results
Foxtel subcriber numbersResidential 1,487,895
Commercial 785
Xbox 3,429
Tbox 1,796
Foxtel - Mobile 75,000
Foxtel - A La Carte 6,845
Foxtel Revenue ($)Residential 2,612,573
Commercial 1,966
Xbox 3,599
Tbox 1,159
Foxtel - Mobile 82,349
Foxtel - A La Carte 107,352
Foxtel - Live to Air -
3 Month Free (56,690)
Calculation of subcriber numbers
Subscription Growth rate ±0.0%
Balance of subscibers (at each period end)Residential 1,487,895
Commercial 785
Xbox 3,429
Tbox 1,796
Foxtel - Mobile 75,000
Foxtel - A La Carte 6,845
O Subscribers Total 1,575,750
Monthly fee per subscriberResidential
1 Base #NAME?
1 Tier 1 #NAME?
1 Tier 2 #NAME?
1 Tier 3 #NAME?
1 Commercial #NAME?
1 Xbox #NAME?
1 Tbox #NAME?
1 Foxtel - Mobile #NAME?
1 Foxtel - A La Carte #NAME?
Residential subscribers - across tiersBase 1,487,895
Tier 1 -
Tier 2 -
Tier 3 -
Other subscribersCommercial 785
Xbox 3,429
Tbox 1,796
Foxtel - Mobile 75,000
Foxtel - A La Carte 6,845
Total subscribers 1,575,750
First 3 months free % 0.0%
Subsciber revenueResidential
F Base Base 2,612,573
F Tier 1 Tier 1 -
F Tier 2 Tier 2 -
F Tier 3 Tier 3 - Total residential 2,612,573
F Commercial Commercial 1,966
F Xbox Xbox 3,599
F Tbox Tbox 1,159
F Foxtel - Mobile Foxtel - Mobile 82,349
F Foxtel - A La Carte Foxtel - A La Carte 107,352
F First 3 months First 3 months (56,690)
Total subscriber revenue 2,752,308
END
01 Jan 12 01 Jul 12 01 Jan 13 01 Jul 13 01 Jan 14 01 Jul 14 01 Jan 1530 Jun 12 31 Dec 12 30 Jun 13 31 Dec 13 30 Jun 14 31 Dec 14 30 Jun 15
0 0 0 1 0 0 00 0 0 1 1 1 10 0 0 1 2 3 40 0 0 1 1 2 2
2012 2012 2013 2013 2014 2014 20152 2 3 3 4 4 51 2 2 3 3 4 4
1,487,895 1,487,895 1,556,530 1,556,530
785 785 4,209 4,209
3,429 3,429
1,796 1,796
75,000 75,000 75,000
6,845 6,845 6,838 6,805
2,587,292 2,586,685 2,650,070
2,047 6,664 8,392
3,476 3,782 5,429
3,899 6,416 9,482
68,895 57,949 67,466
104,089 103,929 104,519
- - -
(58,379) (23,568) (17,936)
±0.0% ±0.0% ±0.0% +0.5% +0.5% +1.0% +1.0%
1,487,895 1,487,895 1,556,530 1,564,313 1,572,134 1,587,856 1,603,734
785 785 4,209 4,230 4,251 4,294 4,337
3,429 3,429 - - - - -
1,796 1,796 - - - - -
75,000 75,000 75,000 75,375 75,752 76,509 77,274
6,845 6,845 6,838 6,872 6,907 6,976 7,045
1,575,750 1,575,750 1,642,577 1,650,790 1,659,044 1,675,634 1,692,391
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
1,487,895 1,487,895 1,556,530 1,500,000 1,500,000 1,500,000 1,500,000
- - - 50,000 50,000 50,000 50,000
- - - - - - -
- - - 14,313 22,134 37,856 53,734
785 785 4,209 4,230 4,251 4,294 4,337
3,429 3,429 - - - - -
1,796 1,796 - - - - -
75,000 75,000 75,000 75,375 75,752 76,509 77,274
6,845 6,845 6,838 6,872 6,907 6,976 7,045
1,575,750 1,575,750 1,642,577 1,650,790 1,659,044 1,675,634 1,692,391
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2,587,292 2,586,685 2,650,070 #NAME? #NAME? #NAME? #NAME?
- - - #NAME? #NAME? #NAME? #NAME?
- - - #NAME? #NAME? #NAME? #NAME?
- - - #NAME? #NAME? #NAME? #NAME?
2,587,292 2,586,685 2,650,070 #NAME? #NAME? #NAME? #NAME?
2,047 6,664 8,392 #NAME? #NAME? #NAME? #NAME?
3,476 3,782 5,429 #NAME? #NAME? #NAME? #NAME?
3,899 6,416 9,482 #NAME? #NAME? #NAME? #NAME?
68,895 57,949 67,466 #NAME? #NAME? #NAME? #NAME?
104,089 103,929 104,519 #NAME? #NAME? #NAME? #NAME?
(58,379) (23,568) (17,936) #NAME? #NAME? #NAME? #NAME?
2,711,319 2,741,857 2,827,422 #NAME? #NAME? #NAME? #NAME?
01 Jul 15 01 Jan 16 01 Jul 16 01 Jan 17 01 Jul 17 01 Jan 18 01 Jul 1831 Dec 15 30 Jun 16 31 Dec 16 30 Jun 17 31 Dec 17 30 Jun 18 31 Dec 18
0 0 0 0 0 0 01 1 1 1 1 1 15 6 7 8 9 10 113 3 4 4 5 5 6
2015 2016 2016 2017 2017 2018 20185 6 6 7 7 8 85 5 6 6 7 7 8
+1.0% +1.0% +1.0% +1.0% +1.0% +1.0% +1.0%
1,619,771 1,635,969 1,652,329 1,668,852 1,685,541 1,702,396 1,719,420
4,380 4,424 4,468 4,513 4,558 4,603 4,649
- - - - - - -
- - - - - - -
78,047 78,828 79,616 80,412 81,216 82,028 82,849
7,116 7,187 7,259 7,331 7,405 7,479 7,554
1,709,315 1,726,408 1,743,672 1,761,108 1,778,720 1,796,507 1,814,472
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000
50,000 50,000 50,000 50,000 50,000 50,000 50,000
- - - - - - -
69,771 85,969 102,329 118,852 135,541 152,396 169,420
4,380 4,424 4,468 4,513 4,558 4,603 4,649
- - - - - - -
- - - - - - -
78,047 78,828 79,616 80,412 81,216 82,028 82,849
7,116 7,187 7,259 7,331 7,405 7,479 7,554
1,709,315 1,726,408 1,743,672 1,761,108 1,778,720 1,796,507 1,814,472
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?###
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?###
Check Flag Note
Period star date 01 Jul 11Period end date 31 Dec 11First forecast period 0Forecast periods 0Counter for Check 1Period 1Forecast year counter 0
l
Licence feesActual results
TV1Studio 5,528,973
Premium -
Non Studio -
Exclusive -
Hours bought 558
Total Amort 5,159,892
Sci FiStudio 3,604,350
Premium -
Non Studio 725,000
Exclusive 708,125
Hours bought 514
Total Amort 3,447,909
Rate relativities
0 Premium #NAME?
Calculation - TV1
TV1 Total buy hours 558
TV1 Rate card
1 Studio #NAME?
Premium #NAME?
1 #NAME?
1 #NAME?
Spread of hours
TV1 Studio 1 -
TV1 Premium 2 -
TV1 Non Studio 3 -
TV1 Exclusive 4 -
Content TV1
1 Studio 5,528,973
1 Premium -
1 Non Studio -
1 Exclusive -
Non Studio - TV1
Exclusive - TV1
Mobile -
CSI
O TV1 Content Total content buy - TV1 5,528,973
F Amortisation - TV1 Total Amort - TV1 (5,159,892)
Calculation - SF
SF Total buy hours 514
SF Rate card
0 Studio #NAME?
Premium #NAME?
0 #NAME?
0 #NAME?
Spread of hours
SF Studio 1 -
SF Premium 2 -
SF Non Studio 3 -
SF Exclusive 4 -
Content SF
1 Studio 3,604,350
1 Premium -
1 Non Studio 725,000
1 Exclusive 708,125
Mobile -
O SF Content Total content buy - SF 5,037,475
F Amortisation - SF Total Amort - Sci Fi (3,447,909)
F Local content purchasing Local content 10% (706,522)
Bought hours run offTV1 #NAME?
4 #NAME?
#NAME?
1 #NAME? #NAME?
2 #NAME? #NAME?
3 #NAME? #NAME?
4 #NAME? #NAME?
5 #NAME? #NAME?
6 #NAME? #NAME?
7 #NAME? #NAME?
8 #NAME? #NAME?
9 #NAME? #NAME?
10 #NAME? #NAME?
11 #NAME? #NAME?
12 #NAME? #NAME?
Non Studio - SF
Exclusive - SF
Total hours #NAME?
Original hours per day 1.5 #NAME?
Sci fi #NAME?
Bought hours run off 4 #NAME?
#NAME?
1 #NAME? #NAME?
2 #NAME? #NAME?
3 #NAME? #NAME?
4 #NAME? #NAME?
5 #NAME? #NAME?
6 #NAME? #NAME?
7 #NAME? #NAME?
8 #NAME? #NAME?
9 #NAME? #NAME?
10 #NAME? #NAME?
11 #NAME? #NAME?
12 #NAME? #NAME?
Total hours #NAME?
Original hours per day 1.5 #NAME?
Dec11
01 Jan 12 01 Jul 12 01 Jan 13 01 Jul 13 01 Jan 14 01 Jul 14 01 Jan 1530 Jun 12 31 Dec 12 30 Jun 13 31 Dec 13 30 Jun 14 31 Dec 14 30 Jun 15
0 0 0 1 0 0 00 0 0 1 1 1 11 2 2 3 3 4 42 3 4 5 6 7 80 0 0 1 1 2 2
6,428,333 4,555,131 6,035,800 - - - -
- - - - - - -
60,000 20,000 2,000 - - - -
3,265,000 2,610,000 - - - - -
780 543 568 - - - -
5,733,101 7,227,959 7,272,375 - - - -
1,645,000 1,898,000 3,373,250 - - - -
- - - - - - -
566,450 603,960 672,262 - - - -
462,000 671,025 776,850 - - - -
290 246 452 - - - -
3,963,746 3,652,365 3,687,168 - - - -
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
780 543 568 275 275 275 275
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
- - - 100% 100% 100% 100%
- - - - - - -
- - - - - - -
- - - - - - -
6,428,333 4,555,131 6,035,800 #NAME? #NAME? #NAME? #NAME?
- - - #NAME? #NAME? #NAME? #NAME?
60,000 20,000 2,000 #NAME? #NAME? #NAME? #NAME?
3,265,000 2,610,000 - #NAME? #NAME? #NAME? #NAME?
- - - 100,000 100,000 100,000 100,000
1,500,000 1,500,000 1,500,000 1,500,000
9,753,333 7,185,131 6,037,800 #NAME? #NAME? #NAME? #NAME?
(5,733,101) (7,227,959) (7,272,375) #NAME? #NAME? #NAME? #NAME?
290 246 452 300 300 300 300
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
- - - 62% 62% 62% 62%
- - - - - - -
- - - 28% 28% 28% 28%
- - - 10% 10% 10% 10%
1,645,000 1,898,000 3,373,250 #NAME? #NAME? #NAME? #NAME?
- - - #NAME? #NAME? #NAME? #NAME?
566,450 603,960 672,262 #NAME? #NAME? #NAME? #NAME?
462,000 671,025 776,850 #NAME? #NAME? #NAME? #NAME?
- - - 40,000 40,000 40,000 40,000
2,673,450 3,172,985 4,822,362 #NAME? #NAME? #NAME? #NAME?
(3,963,746) (3,652,365) (3,687,168) #NAME? #NAME? #NAME? #NAME?
(592,493) 1,148,724 (633,792) #NAME? #NAME? #NAME? #NAME?
#NAME?
#NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME?
#NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Jun12
Dec12
Jun13
Dec13
Jun14
Dec14
Jun15
01 Jul 15 01 Jan 16 01 Jul 16 01 Jan 17 01 Jul 17 01 Jan 18 01 Jul 1831 Dec 15 30 Jun 16 31 Dec 16 30 Jun 17 31 Dec 17 30 Jun 18 31 Dec 18
0 0 0 0 0 0 01 1 1 1 1 1 15 5 6 6 7 7 89 10 11 12 13 14 153 3 4 4 5 5 6
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
275 275 275 275 275 275 275
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
100% 100% 100% 100% 100% 100% 100%
- - - - - - -
- - - - - - -
- - - - - - -
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
100,000 100,000 100,000 100,000 100,000 100,000 100,000
1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
300 300 300 300 300 300 300
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
62% 62% 62% 62% 62% 62% 62%
- - - - - - -
28% 28% 28% 28% 28% 28% 28%
10% 10% 10% 10% 10% 10% 10%
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
40,000 40,000 40,000 40,000 40,000 40,000 40,000
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME?
#NAME? #NAME?
#NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME?
#NAME? #NAME?
#NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Dec15
Jun16
Dec16
Jun17
Dec17
Jun18
Dec18
Check Flag NotePeriod star date 01 Jul 11Period end date 31 Dec 11First forecast period 0Forecast periods 0Forecast period counter 0Forecast year counter 0Year 2011Year Counter 1Advertising Growth rate ±0.0%Year on Year growth rate ±0.0%Counter for Check 1
l
TV1Ad calculationsActual results
Advertising costsTotal Shared Cost Contribution 2,043,756
Ad Proceeds after change 9,640,857
TV1
Actuals
Gross Advertising Revenue 9,640,857
Shared Cost Contribution 1,839,379
Advertising Agency Fee 958,792
Advertising proceeds revenue 580,732
Other ad costs 489,164
Advertising Proceeds Subsidisation (46,464)
Sci Fi
Actuals
Gross Advertising Revenue 2,380,961
Shared Cost Contribution 204,377
Advertising Agency Fee 236,797
Advertising proceeds revenue 87,300
Other ad costs 103,972
Advertising Proceeds Subsidisation (5,914)
Ad Calculations
Shared Cost Contribution %
TV1 0%
Sci Fi 0%
Foxtel advertising revenue recharge %
1 TV1 #NAME?
1 SF #NAME?
Costs
Total Shared Cost Contribution 2,043,756
1 TV1
F TV1 - Gross Advertising Revenue Gross Advertising Revenue 9,640,857
Advertising Costs
F TV1 - Shared Cost Contribution Shared Cost Contribution (1,839,379)
F TV1 - Advertising Agency Fee Advertising Agency Fee (958,792)
F TV1 - Foxtel advertising revenue recharge Foxtel advertising revenue recharge 150,000 (580,732)
F TV1 - Other Ad Costs Other Ad Costs 5% (489,164)
F TV1 - Foxtel advertising proceeds subsidisation Foxtel advertising proceeds subsidisation 5% 46,464
Net advertising revenue 5,819,254
2 SF
F SF - Gross Advertising Revenue Gross Advertising Revenue 2,380,961
Advertising Costs
F SF - Shared Cost Contribution Shared Cost Contribution (204,377)
F SF - Advertising Agency Fee Advertising Agency Fee (236,797)
F SF - Foxtel advertising revenue recharge Foxtel advertising revenue recharge 30,000 (87,300)
F SF - Other Ad Costs Other Ad Costs 5% (103,972)
F SF - Foxtel advertising proceeds subsidisation Foxtel advertising proceeds subsidisation 5% 5,914
Net advertising revenue 1,754,429
END
01 Jan 12 01 Jul 12 01 Jan 13 01 Jul 13 01 Jan 14 01 Jul 14 01 Jan 1530 Jun 12 31 Dec 12 30 Jun 13 31 Dec 13 30 Jun 14 31 Dec 14 30 Jun 15
0 0 0 1 0 0 00 0 0 1 1 1 10 0 0 1 2 3 40 0 0 1 1 2 2
2012 2012 2013 2013 2014 2014 20151 2 2 3 3 4 4
±0.0% ±0.0% ±0.0% -0.0% +1.5% +1.5% +1.5%±0.0% ±0.0% ±0.0% ±0.0% ±0.0% ±0.0% ±0.0%
1 2 2 3 3 4 4
1,683,756 2,000,000 2,000,000 - - - - 8,597,020 8,836,644 8,836,644 - - - -
8,597,020 8,836,644 8,836,644 - - - - 1,515,378 1,800,000 1,800,000 - - - -
853,895 876,028 876,028 - - - - 604,726 682,804 682,804 - - - - 490,122 464,753 464,753 - - - - (53,930) (60,260) (60,260) - - - -
1,941,547 1,969,305 2,019,595 - - - - 168,378 200,000 200,000 - - - - 192,054 193,806 193,806 - - - -
94,745 116,056 116,056 - - - - 91,281 90,865 90,865 - - - - (7,262) (8,596) (8,596) - - - -
0% 0% 0% 90% 90% 90% 90%
0% 0% 0% 10% 10% 10% 10%
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
1,683,756 2,000,000 2,000,000 2,000,000 1,750,000 1,750,000 1,750,000
8,597,020 8,836,644 8,836,644 8,836,644 8,969,194 9,103,732 9,240,288
(1,515,378) (1,800,000) (1,800,000) (1,800,000) (1,575,000) (1,575,000) (1,575,000)
(853,895) (876,028) (876,028) (883,664) (896,919) (910,373) (924,029)
(604,726) (682,804) (682,804) (658,428) #NAME? #NAME? #NAME?
(490,122) (464,753) (464,753) (476,372) (488,281) (500,488) (513,000)
53,930 60,260 60,260 56,258 #NAME? #NAME? #NAME?
5,186,829 5,073,319 5,073,319 5,074,438 #NAME? #NAME? #NAME?
1,941,547 1,969,305 2,019,595 2,019,595 2,049,889 2,080,637 2,111,847
(168,378) (200,000) (200,000) (200,000) (175,000) (175,000) (175,000)
(192,054) (193,806) (193,806) (201,960) (204,989) (208,064) (211,185)
(94,745) (116,056) (116,056) (92,817) #NAME? #NAME? #NAME?
(91,281) (90,865) (90,865) (93,137) (95,465) (97,852) (100,298)
7,262 8,596 8,596 6,947 #NAME? #NAME? #NAME?
1,402,351 1,377,174 1,427,464 1,438,629 #NAME? #NAME? #NAME?
143,764
01 Jul 15 01 Jan 16 01 Jul 16 01 Jan 17 01 Jul 17 01 Jan 18 01 Jul 1831 Dec 15 30 Jun 16 31 Dec 16 30 Jun 17 31 Dec 17 30 Jun 18 31 Dec 18
0 0 0 0 0 0 01 1 1 1 1 1 15 6 7 8 9 10 113 3 4 4 5 5 6
2015 2016 2016 2017 2017 2018 20185 5 6 6 7 7 8
+1.5% +1.5% +1.5% +1.5% +1.5% +1.5% +1.5%±0.0% ±0.0% ±0.0% ±0.0% ±0.0% ±0.0% ±0.0%
5 5 6 6 7 7 8
- - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
90% 90% 90% 90% 90% 90% 90%
10% 10% 10% 10% 10% 10% 10%
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
1,750,000 1,750,000 1,750,000 1,750,000 1,750,000 1,750,000 1,750,000
9,378,892 9,519,575 9,662,369 9,807,304 9,954,414 10,103,730 10,255,286
(1,575,000) (1,575,000) (1,575,000) (1,575,000) (1,575,000) (1,575,000) (1,575,000)
(937,889) (951,958) (966,237) (980,730) (995,441) (1,010,373) (1,025,529)
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
(525,825) (538,971) (552,445) (566,256) (580,413) (594,923) (609,796)
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
2,143,525 2,175,677 2,208,313 2,241,437 2,275,059 2,309,185 2,343,822
(175,000) (175,000) (175,000) (175,000) (175,000) (175,000) (175,000)
(214,352) (217,568) (220,831) (224,144) (227,506) (230,918) (234,382)
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
(102,805) (105,376) (108,010) (110,710) (113,478) (116,315) (119,223)
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Check Flag NotePeriod star datePeriod end dateFirst forecast periodForecast periodsYearYear CounterForecast year counter
l
Operating expenses - actual results
Programming ExpensesProgramming Salaries Controllable
Interstitial Programming
Controllable Interstitial Programming Controllable
Non-Controllable Interstitial Programming Non-Controllable
Promotions ExpensesPromotions Dept Salaries Controllable
Interstitial Promotions Controllable
Other Promotion Expenses
Other Controllable Expenses Controllable
Other Non-Controllable Expenses Non-Controllable
MarketingMarketing Controllable
PublicityPublicity Controllable
General & Administrative ExpensesSalary Expenses Controllable
Operations Costs Non-Controllable
Occupancy Costs
Controllable Occupancy Costs Controllable
Non-Controllable Occupancy Costs Non-Controllable
Information Technology Expense
Controllable Information Technology Expense Controllable
Non-Controllable Information Technology Expense Non-Controllable
Other Administrative Expenses
Other Controllable Expenses Controllable
Other Non-Controllable Expenses Non-Controllable
Total of above: Controllable
Non-Controllable
Other income/expenditure and DepreciationDepreciation expense
Other income/expenditure
Controllable expenditureInflation %
Cost saving %
F Controllable operating expenses Controllable operating expenses
Non-controllable expenditureInflation %
F Non-controllable operating expenses Non-controllable operating expenses
DepreciationDepreciation indexation %
F Depreciation expense Depreciation expense
Other income/expenditureInflation %
F Other income/expenditure Other income/expenditure
END
01 Jul 11 01 Jan 12 01 Jul 12 01 Jan 13 01 Jul 13 01 Jan 14 01 Jul 1431 Dec 11 30 Jun 12 31 Dec 12 30 Jun 13 31 Dec 13 30 Jun 14 31 Dec 14
0 0 0 0 1 0 00 0 0 0 1 1 1
2011 2012 2012 2013 2013 2014 20141 1 2 2 3 3 40 0 0 0 1 1 2
408,440 521,555 412,763 415,787 - - -
218,503 217,000 124,662 120,223 - - -
117,673 89,373 85,443 83,250 - - -
640,848 740,893 565,068 521,219 - - -
377,725 215,300 311,346 336,465 - - -
- - 26,327 28,800 - - -
58,474 51,724 55,096 74,905 - - -
737,188 245,692 226,212 206,043 - - -
70,099 12,815 19,199 19,840 - - -
1,790,994 1,682,351 1,517,089 1,463,938 - - -
188,524 150,465 151,610 172,087 - - -
39,930 36,372 38,214 38,850 - - -
201,944 198,450 200,894 208,238 - - -
5,142 8,260 6,666 4,134 - - -
522,329 559,146 618,594 626,244 - - -
298,654 263,039 191,516 253,675 - - -
374,637 355,162 352,640 399,455 - - -
(4,587,523) (3,943,277) (3,439,062) (3,408,974) - - -
(1,463,581) (1,404,320) (1,464,277) (1,564,179) - - -
143,293 162,647 160,924 166,000 - - -
48,235 1,527,223 74,941 681,583 - - -
±0.0% ±0.0% ±0.0% ±0.0% +1.5% +1.5% +1.5%
±0.0% ±0.0% ±0.0% ±0.0% ±0.0% ±0.0% ±0.0%
1,450,000
(4,587,523) (3,943,277) (3,439,062) (3,408,974) (3,460,109) (2,062,010) (2,092,940)
±0.0% ±0.0% ±0.0% ±0.0% +1.5% +1.5% +1.5%
(1,463,581) (1,404,320) (1,464,277) (1,564,179) (1,587,642) (1,611,456) (1,635,628)
±0.0% ±0.0% ±0.0% ±0.0% ±0.0% ±0.0% ±0.0%
(143,293) (162,647) (160,924) (166,000) (166,000) (166,000) (166,000)
±0.0% ±0.0% ±0.0% ±0.0% +1.5% +1.5% +1.5%
600,000 (150,000)
(48,235) (1,527,223) (74,941) (681,583) (91,807) (243,184) (246,832)
01 Jan 15 01 Jul 15 01 Jan 16 01 Jul 16 01 Jan 17 01 Jul 17 01 Jan 1830 Jun 15 31 Dec 15 30 Jun 16 31 Dec 16 30 Jun 17 31 Dec 17 30 Jun 18
0 0 0 0 0 0 01 1 1 1 1 1 1
2015 2015 2016 2016 2017 2017 20184 5 5 6 6 7 72 3 3 4 4 5 5
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
+1.5% +1.5% +1.5% +1.5% +1.5% +1.5% +1.5%
±0.0% ±0.0% ±0.0% ±0.0% ±0.0% ±0.0% ±0.0%
(2,124,334) (2,156,200) (2,188,543) (2,221,371) (2,254,691) (2,288,512) (2,322,839)
+1.5% +1.5% +1.5% +1.5% +1.5% +1.5% +1.5%
(1,660,163) (1,685,065) (1,710,341) (1,735,996) (1,762,036) (1,788,467) (1,815,294)
±0.0% ±0.0% ±0.0% ±0.0% ±0.0% ±0.0% ±0.0%
(166,000) (166,000) (166,000) (166,000) (166,000) (166,000) (166,000)
+1.5% +1.5% +1.5% +1.5% +1.5% +1.5% +1.5%
(250,534) (254,292) (258,106) (261,978) (265,908) (269,896) (273,945)
01 Jul 1831 Dec 18
01
201886
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
+1.5%
±0.0%
(2,357,682)
+1.5%
(1,842,523)
±0.0%
(166,000)
+1.5%
(278,054)