ANNUAL REPORT
2021
Contents
1 Trust Profile
40 Corporate Governance Statement
2 Trust Structure
61 Financial Statements
3 Financial Highlights
139 Statistics of Unitholdings
4 Chair's Statement
7 Asset Portfolio
141 Additional Singapore Exchange Securities Trading Limited Listing Manual Disclosure Requirements
8 Sustainability Report
142 Notice of Annual General Meeting
28 Operational and Financial Review
147 Proxy Form
36 Board of Directors and Executive Officers of the Trustee-Manager
IBC Disclaimers
39 Corporate Information
PRC Investor Notice
Investors should note that there are limitations on the rights of certain investors to own units in Asian Pay Television Trust ("APTT") under applicable Taiwan laws and regulations (the "Relevant Restrictions"). Such investors include individuals or certain corporate entities in the People's Republic of China ("PRC"), the Taiwan Government and political entities and other restricted entities and restricted persons (collectively, the "Restricted Persons"). Investors should note that the deed of trust constituting APTT dated 30 April 2013 (the "Trust Deed") provides that APTT Management Pte. Limited, as trustee-manager of APTT (the "Trustee-Manager") may, in the case of a breach of the Relevant Restrictions, take all steps and do all things as it may in its absolute discretion deem necessary to ensure that the Relevant Restrictions are complied with. In particular, the Trust Deed provides that the Trustee-Manager has the power to require the relevant Restricted Person to dispose of their units in APTT and, if such request is not complied with within 21 days after such request (or such shorter period as the Trustee-Manager shall consider reasonable), to arrange for the sale of the relevant units in APTT. The Trustee-Manager is not required to provide any reason for, and is not liable or responsible for any losses incurred as a result of, exercising such power under the Trust Deed. For further information, investors should refer to the prospectus dated 16 May 2013 issued by APTT and the Trust Deed.
TRUST PROFILE
Asian Pay Television Trust ("APTT" or the "Trust") is the first listed business trust in Asia focused on pay-TV and broadband businesses. APTT has an investment mandate to acquire controlling interests in and to own, operate and maintain mature, cash generative pay-TV and broadband businesses in Taiwan, Hong Kong, Japan and Singapore.
APTT's sole investment, Taiwan Broadband Communications Group ("TBC"), is a leading cable operator in Taiwan which is owned and managed by APTT Management Pte. Limited (the "Trustee-Manager"), in its capacity as the Trustee-Manager of APTT, since 2013.
APTT Management Pte. Limited is a wholly owned subsidiary of Dynami Vision Pte. Ltd. ("Dynami") which is a Singapore-incorporated company fully owned by Mr Lu Fang-Ming, the former Chairman of Asia Pacific Telecom Co., Ltd. The Trustee-Manager is led by an executive management team that has extensive experience in the pay-TV and broadband industries and complementary skill sets in acquisition, asset and capital management.
The Trustee-Manager has the dual responsibility of safeguarding the interests of unitholders and managing the business conducted by APTT. The Trustee-Manager manages APTT's business with an objective of providing unitholders with stable and sustainable distributions.
ASIAN PAY TELEVISION TRUST
TRUST STRUCTURE
Ownership of AssetsOffshore CompaniesIncomefrom Assets
Trust Deed
Onshore (Taiwan) Companies and System Operators
FINANCIAL HIGHLIGHTS
DISTRIBUTIONPER UNIT
1.0
SINGAPORE
CENT
TOTAL REVENUE(S$)
299.7
MILLION
EBITDA MARGIN
61.1%
TOTAL ASSETS (S$)
3,022.6NET PROFIT (S$)
MILLION
EBITDA (S$)
20.3183.1
MILLION
MILLION
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Asian Pay Television Trust published this content on 01 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 April 2022 02:12:05 UTC.