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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$177.3 million |
| Distribitions since acquisition | S$42.3 million |
| MIIF’s ownership | 20.0% interest |
| % of MIIF portfolio | 16.9% |
TBC is one of the three leading television operators in Taiwan, which is the fifth-largest cable television market by revenue in Asia. Established in 1999, TBC owns five cable television networks located in adjacent service areas in northern and central Taiwan.
TBC is the sole licensee and provider of cable television services in its five operating regions. TBC is a key provider of integrated entertainment and communications services to more than one million homes reached by its cable network.
TBC’s core business is the provision of cable television services. It also offers value-added services such as broadband internet access and cable telephony services as well as premium digital television programming, providing subscribers with improved picture and sound quality and extra channels.
| Financial highlights for the six months ended 30 June |
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| NT$m | 2010 | 2009 | Variance Fav/(Adv)(1) |
|---|---|---|---|
| Revenue | 3,417.5 | 3,290.0 | 3.9% |
| EBITDA | 2,017.4 | 2.017.4 | 5.4% |
| EBITDA margin | 61.3% | 61.3% | 0.9% |
| Distributions to MIIF (S$m) | 5.11 | 10.02 | (49.0%) |
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