True Group - True Corporation Public Company Limited

Ad revenue offset declines in Pay TV subscription revenueService revenuesBt mn8,866 9,431 9,533 9,585 9,66913 74 482 707865992 910 769 8318,001 8,426 8,549 8,334 8,1314,781 4,840283 369348 5294,150 3,942AdvertisingMusic entertainment& OthersSubscription &installation674Bt mn1,0071,1669831,097 1,130 1,020516NIOGO354 309294(56)219 (57)282007 2008 2009 2010 20112,527 2,666 2,622 2,322 2,2361H11EBITDA & EBITDA margin1H1225.9% 26.1% 27.0% 23.7% 22.7% 24.9% 19.8%Bt mn 26.1% 23.7%1,201 9642007 2008 2009 2010 2011 1H11 1H12EBITDA EBITDA margin w/o TVS extra itemNote: 2009 includes the reversal of over-accrued content-related costs (Bt207mn)Bt mn2007 2008 2009 2010 2011 1H11 1H12NIOGO excl. deferred income tax NIOGOFree cash flow2,0781,494 1,5201,4779118645521,4301,180614 681232284-6602007 2008 2009 2010 2011 1H11 1H12Cash flow from operations Capex%FY08 %FY09 %FY10 %FY11 %YoYService revenue +6.4% +1.1% +0.5% +0.9% +1.2%EBITDA +5.5% -1.7% -11.5% -3.7% -19.8%