I don't think it has ever been disclosed anywhere. Seems to be a...

I don't think it has ever been disclosed anywhere. Seems to be a recent phenomenon that SXL is publishing how much revenue it hands over under affiliation agreements to Nine and SWM. I'd say next deal between PRT and SWM will be for 50%.

The impairment charge for these accounts is interesting. In FY17 AR (p34) management says a 0.5% CAGR decline in revenues would reduce the value-in-use value of the broadcast licences by $6.2m. The 1H18 impairment charge of $31m against the broadcast licence is equivalent to a CAGR reduction in revenue of 2.5pp (percentage points). If management's forecast of revenue declines has increased by 1pp in 1H18 impairment testing, everything else but programming fees has utilised the same assumptions as FY17, then affiliation fee assumptions have increased by ~1.5pp of revenue in the DCF model.

Problem with the current non-disclosure of the existing affiliation fee arrangement is you can't work out if the present impairment charge is to be the last one for a while or if another impairment charge will be required in the near future (especially as FY19 won't have the advertising benefits from Olympics/Commonwealth Games).