2008

Inhabitants
Households
TV Households
Urban
Rural
Additional Penetration (Urban)
Additional Penetration (Rural)
Churn
Penetration (period-end)
penetration in urban
penetration in rural

2009

x
x
x

2010

x
x
x

2011 (e)

x
x
x

x
x
x

#DIV/0!

#DIV/0!

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Subscribers (period end)

(1,900)

delta

of which: Net adds

(2,600)

(3,500)

(6,000)

1,900

2,600

3,500

6,000

950
-

1,300
-

1,750
-

3,000
45

in urban
in rural

RGU Base (avg/period)

RGU Extra (avg/period)
extra take-out

click "+" to open

[ EUR k ]
Revenues
of which Carriage
CPE
Non-core
Direct Costs
of which Programing
Transponder
Non-core

1.50%

Summary
#DIV/0! #DIV/0!
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:
:
:
:
:
:

Gross Result
margin:
OPEX
EBITDA
margin:
Depreciation
EBIT
Interest
Tax
Net Profit
[ EUR ]
Revenues (Total)
20%
20%
20%

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n/a
#DIV/0!

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#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

n/a
#DIV/0!

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#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

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2008

2009

2010

2011 (f)

117,043

Retail (Total)
Carriage (I)
ARPU @ [ EUR ] :
Retail Price (MDL):
Carriage (II)

#DIV/0!
#DIV/0!
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58,810
6,016
4.5
81
-

129,420
69,420
69,420
4.45
80.1
-

153,450
93,450
93,450
4.45
80.1
-

286,402
161,402
160,200
4.45
80.1
1,202

ARPU @ [ EUR ] :
Retail Price (MDL):
CPE Activation Revenues

0.0
0
8,467

20%

2.23
40.05

2.23
40.05
-

2.23
40.05
-

take-out
price

CPE Set-up Revenues

44,327
take-out
price

Non-core (Total)
3rd Party Up-link
other (1)

Direct Costs
Programming costs

60,000
60,000
-

60,000
60,000
-

125,000
125,000
-

472,141
-

931,732
1,872

895,270
2,520

863,320
4,320

841,000

346,500
59,820

5,460
760,200
68,200

7,350
760,200
68,200

12,600
760,200
68,200

65,821

96,000

57,000

18,000

65,821
is included in line #64
-

96,000
-

57,000
-

18,000
-

(355,098)
(347,510)
(7,588)

Gross Core
Gross Non-Core
Gross Margin :

n/a

OPEX
Sales Related
0.2

(802,312)
(766,312)
(36,000)
n/a

n/a

289,226
131,726

73,662
44,327

1,540
65,000
6,248

24,000
54,367
8,411

24,000
93,200
14,526

875

1,500

130,678

99,442

Staff
Admin

(603,765)

EBITDA Margin :

n/a

Depreciation

EBIT
Interest

10%

Net profit
Net Margin :

(974,542)
n/a

0.5

0.5

156,000

156,000

120,000
36,000

120,000
36,000

(985,472)

(866,145)

n/a

n/a

(603,765)
-

(974,542)
-

(985,472)
-

(866,145)
-

15%

EBT

n/a

243,652
86,777

EBITDA

(576,919)
(683,919)
107,000

172,230
72,788

in EUR / sub / year

G&A (general & admin)

(741,820)
(744,820)
3,000

248,667
117,989

OPEX (other sub related)

Tax

0.12

835,750

Gross Result

total loans :

0.12

833,860

Up-link 3rd Party

Marketing
Subcontractors (spe sale+install)
Sales Related (collection)

0.12

406,320

UPC up Link fee

Transponder
Licenses, net admin, etc.
Fiber link Chisinau - Bucharest
Transponder Up-link
other (1)

58,233
58,233
-

Programming costs/sub

Total up-link

100%
23

(603,765)
-

(974,542)
-

(985,472)
-

(866,145)
-

(603,765)

(974,542)

(985,472)

(866,145)

n/a

n/a

n/a

n/a

2012 (f)

#DIV/0!
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2013 (f)

2014 (f)

2015 (f)

0.500%
0.50%
0.50%
#DIV/0!

1.00%
1.000%
0.50%
#DIV/0!

1.00%
1.00%
0.50%
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

graph
graph

graph

graph

3,000
5,000

1.75%

2.00%

2.50%

2.50%

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#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
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#DIV/0!
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#DIV/0!

2012 (f)

2013 (f)

2014 (f)

2015 (f)

187,500

250,000

375,000

375,000

4.45
80.1
-

4.95
89.1
-

4.95
89.1
-

4.95
89.1
-

2.25
40.5
-

2.50
45
-

2.80
50.4
-

2.80
50.4
-

0%

0%

0%

0%

0%

0%

0%

supported by company

0%

supported by subcontractors

187,500
187,500
-

250,000
250,000
-

375,000
375,000
-

375,000
375,000
-

846,400
-

846,400
-

846,400
-

846,400
-

0.12

0.15

0.25

0.3

828,400

828,400

828,400

828,400

760,200
68,200

760,200
68,200

760,200
68,200

760,200
68,200

18,000

18,000

18,000

18,000

18,000
-

18,000
-

18,000

18,000

(658,900)
(828,400)
169,500
n/a

(596,400)
(828,400)
232,000
n/a

(471,400)
(828,400)
357,000
n/a

(471,400)
(828,400)
357,000
n/a

43,733
(112,267)

186,000
30,000

234,000
30,000

270,000
30,000

12,000
(124,267)
-

30,000
-

30,000
-

30,000
-

1.5

0.5

0.9

156,000

156,000

204,000

240,000

120,000
36,000

120,000
36,000

144,000
60,000

180,000
60,000

(702,633)

(782,400)

(705,400)

(741,400)

n/a

n/a

n/a

n/a

(702,633)
180,000

(782,400)
165,000

(705,400)
116,250

(741,400)
-

1,200,000

1,100,000

775,000

(882,633)
-

(947,400)
-

(821,650)
-

(741,400)
-

(882,633)

(947,400)

(821,650)

(741,400)

n/a

n/a

n/a

n/a

Cash Flow
[ EUR k ]

Net Profit
+ Depreciation
+/- WC Adjust
+ "Operational Debt"
- Inventory

2008

2009

2010

(604)
30
381

(975)
94
92
1,000
7

(985)
112
95
270
41

(866)
160
96
(664)
319

(883)
188
74

(947)
188
86

(822)
128
90

(741)
111
93

-23

52

19

2011 (e)

2012 (f)

2013 (f)

2014 (f)

2015 (f)

606 remain as ST debt to suppliers

CF From Ops

(212)

205

(549)

(1,593)

(621)

(651)

(604)

(589)

CF From CAPEX

(460)
104

(192)
130

(238)
158

(335)
203

54.8

50.0

45.0

33.9

33.9

36.0

34.5

32.0

56

25

30

45

Card Price

10.3

9.5

8.5

7.5

7.5

6.5

6.0

6.0

102

38

51

87

Kit Price

14.53

14.53

14.4

14.4

14.4

14.2

14.0

14.0

198

700
700

1,750
550

(100)
-100

(200)
-200

(650)
-650

STBs
Kit Price

Smart Cards
LNC sets
Other CAPEX

CF From Finance
Loans & Similar
Shareholders' loan
Equity

681
581
100

EF CF

Cash at b-o-p
25
Cash at e-o-p (calculated) 34.48
Cash at e-o-p (actual)
4.82

Depreciation
Annual CPE
Annual Other

6
12

30
44
16

(300)
-300 xxxxx

1200
12

1000

(87)

(178)

(721)

(851)

(1,254)

(889)

34
47
5

5
(82)
2

2
(176)
13.42

13
(707)

(707)
(1,558)

(1,558)
(2,812)

(2,812)
(3,701)

94
32
0

112
40
0

160
56
0

188
0
0

188
0
0

128
0
0

111
0
0

Paying Subscribers
10.0%

70,000

9.0%
60,000
8.0%
50,000

7.0%
6.0%

40,000

5.0%
30,000

4.0%

penetration in urban
penetration in rural

3.0%

20,000

2.0%
10,000
1.0%
0.0%

Subscribers (period
end)
of which: Net adds

1,900

2,600

3,500

6,000
-