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You are here: Macquarie International Infrastructure Fund (MIIF) > Investment portfolio > TBC |
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Communications Infrastructure:
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| Investment | Description |
| Date of acquisition | 16 July 2007 |
| Cost of acquisition(1) | S$161.8 million |
| Valuation(2) | S$163.7 million |
| MIIF's ownership | 20.0% interest |
| % of MIIF portfolio | 14.3% |
(1) Post the return of capital from TBC of US$68.3 million (S$104.1 million) which was distributed to MIIF as a result of the refinancing of TBC's debt facilities shortly after MIIF's acquisition of its interest in TBC.
(2) Based on 30 June 2009 valuations.
TBC is one of the three leading television operators in Taiwan, which is the fourth-largest cable television market by revenue in Asia. Established in 1999, TBC owns five cable television networks located in adjacent service areas in northern and central Taiwan.
TBC is the sole licensee and provider of cable television services in its five operating regions. TBC is a key provider of integrated entertainment and communications services to more than one million homes reached by its cable network.
TBC's core business is the provision of cable television services. It also offers value-added services such as broadband internet access and cable telephony services as well as premium digital television programming, providing subscribers with improved picture and sound quality and extra channels.
| Financial highlights for the six months ended 30 June 2009 |
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| NT$m |
2009
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2008
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Variance Fav/(Adv)(1)
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|---|---|---|---|
| Revenue |
3,290.0
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3,163.8
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4.0%
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| EBITDA |
2,017.4
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1,933.5
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4.3%
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| EBITDA margin |
61.3%
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61.1%
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0.2%
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| Distributions to MIIF(2) (S$m) |
10.0
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10.2
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(2.0%)
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(1) Favourable/(Adverse)
(2) MIIF acquired its interest in TBC on 16 July 2007.
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