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Half Year Report December 2002 19 February 2003. Subscriber Count. Total Revenue. CAGR 16%. $345. Pay Television Penetration. Australia22% France 32% New Zealand37% United Kingdom41% Finland45% Germany 70% Switzerland 83% United States85% - PowerPoint PPT Presentation
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Half Year ReportHalf Year Report
December 2002December 2002
19 February 200319 February 2003
Half Year ReportHalf Year Report
December 2002December 2002
19 February 200319 February 2003
Subscriber CountSubscriber Count
0
100,000
200,000
300,000
400,000
500,000
Jun
-91
Jun
-92
Jun
-93
Jun
-94
Jun
-95
Jun
-96
Jun
-97
Jun
-98
Jun
-99
Jun
-00
Jun
-01
Jun
-02
UHF Satellite Wholesale
Total RevenueTotal Revenue
$188
$236 $263$300
$167$186
$0
$50
$100
$150
$200
$250
$300
$350
NZ
$ in
mil
lion
s
1998 1999 2000 2001 2002 2003Year End 30 June
CAGR 16%
CAGR 16%
$345$345
Pay Television PenetrationPay Television Penetration
AustraliaAustralia 22%22%
FranceFrance 32%32%
New ZealandNew Zealand 37%37%
United KingdomUnited Kingdom 41%41%
FinlandFinland 45%45%
GermanyGermany 70%70%
Switzerland Switzerland 83%83%
United StatesUnited States 85%85%
BeNeLuxBeNeLux 95%95%
Moving Annual Moving Annual Gross ChurnGross Churn
10%12%14%16%18%20%22%24%26%28%30%32%
Jun-98
Sep-98
Dec-98
Mar-99
Jun-99
Sep-99
Dec-99
Mar-00
Jun-00
Sep-00
Dec-00
Mar-01
Jun-01
Sep-01
Dec-01
Mar-02
Jun-02
Sep-02
Dec-02
Subscriber ChurnSubscriber Churn
1.00%
1.50%
2.00%
2.50%
2001 2002 Actual
Average Revenue per Unit (ARPU)Average Revenue per Unit (ARPU)
$56.62$59.06
$42.67
$40.45
$46.74$36.42
$5.00
$15.00
$25.00
$35.00
$45.00
$55.00
NZ$
Satellite UHF Wholesale
2001 2002
Average Revenue per Unit (ARPU)Average Revenue per Unit (ARPU)
$51.08
$50.85
$50.20
$50.70
$51.20
NZ$
Total
2001 2002
SkyBetSkyBet
SKY BetSKY Bet
Advertising RevenueAdvertising Revenue
$8.6
$10.7 $11.6$12.6
$7.3 $8.6
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
NZ
$ in
mil
lion
s
1998 1999 2000 2001 2002 2003Year End 30 June
CAGR 22%
CAGR 22%
$16.5$16.5
The Effect of RugbyThe Effect of Rugby
SKY’s Top Ten Rating Programmes in SKY Homes (%)SKY’s Top Ten Rating Programmes in SKY Homes (%)
Source: AC Neilson McNair
Source: AC Neilson McNair
20012001
Tri Nations Rugby LiveTri Nations Rugby Live Tri Nations Rugby LiveTri Nations Rugby Live Inter Rugby LiveInter Rugby Live Tri Nations LiveTri Nations Live Inter Rugby LiveInter Rugby Live Super 12 Final LiveSuper 12 Final Live Inter Rugby LiveInter Rugby Live Super 12 Rugby LiveSuper 12 Rugby Live Super 12 Rugby LiveSuper 12 Rugby Live Inter Rugby LiveInter Rugby Live
20022002
Tri Nations Rugby LiveTri Nations Rugby Live NRL Pre FinalNRL Pre Final NRL Final Live LiveNRL Final Live Live Tri Nations LiveTri Nations Live Tri Nations LiveTri Nations Live Inter Rugby LiveInter Rugby Live Inter Rugby LiveInter Rugby Live NPC Final LiveNPC Final Live Super 12 Final LiveSuper 12 Final Live Inter Rugby LiveInter Rugby Live
20002000
Tri Nations Rugby LiveTri Nations Rugby Live Tri Nations Rugby LiveTri Nations Rugby Live NPC Rugby LiveNPC Rugby Live Bledisloe Cup LiveBledisloe Cup Live Super 12 LiveSuper 12 Live NPC Rugby LiveNPC Rugby Live International Rubgy LiveInternational Rubgy Live NPC Rugby LiveNPC Rugby Live Tri Nations LiveTri Nations Live NPC Rugby LiveNPC Rugby Live
Programming CostsProgramming Costsas a percentage of revenueas a percentage of revenue
46%
43%
49%50%
48%
42%
36%
38%
40%
42%
44%
46%
48%
50%
52%
% o
f Pro
gram
min
g
1998 1999 2000 2001 2002 2003
Year End 30 June
49%49%
0.3800
0.4300
0.4800
0.5300
0.5800
0.6300
0.6800
0.730031
.12.
84
31.1
2.91
30.1
2.98
Dol
lars
Source: Reuters
Monthly Closes
NZ$/US$ (Dec'84-Dec'02)
Monthly Closes
NZ$/US$ (Dec'84-Dec'02)
EBITDAEBITDA
$48.3
$73.7 $74.1$75.3
$52.1$73.8
$0.0
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
NZ
$ in
mill
ions
1998 1999 2000 2001 2002 2003
Year End 30 June
CAGR 16%
CAGR 16%
$108.2$108.2
Net Profit/(Loss)Net Profit/(Loss)
-$6.1
$3.2
-$27.1
-$42.3
-$13.1
-$4.3
-$45.0
-$40.0
-$35.0
-$30.0
-$25.0
-$20.0
-$15.0
-$10.0
-$5.0
$0.0
$5.0
NZ
$ in
mill
ions
1998 1999 2000 2001 2002 2003
Year End 30 June
-$30.2
-$30.2
Subscriber GrowthSubscriber Growth
442.8442.8
6.76.7
30.430.4
267.1267.1
138.6138.6
20012001
(12%)(12%)121.6121.6UHF ResidentialUHF Residential
Total SubscribersTotal Subscribers
CommercialCommercial
DBS WholesaleDBS Wholesale
DBS ResidentialDBS Residential
‘‘000000
17%17%516.7516.7
13%13%7.67.6
154%154%77.277.2
16%16%310.3310.3
% Change% Change20022002
Results SummaryResults Summary
$ million$ million 20012001 20022002 % Change% Change
RevenueRevenue 166.8166.8 186.2186.2 11.6%11.6%
Operating ExpensesOperating Expenses 114.7114.7 112.4112.4 (2%)(2%)
EBITDAEBITDA 52.152.1 73.873.8 41.6%41.6%
Depn & AmortDepn & Amort 54.454.4 60.960.9 12%12%
EBITEBIT (2.3)(2.3) 12.912.9 660.9%660.9%
InterestInterest 12.612.6 14.414.4 14.3%14.3%
OtherOther (1.7)(1.7) 2.82.8 263.4%263.4%
Net Loss after TaxNet Loss after Tax (13.2)(13.2) (4.3)(4.3) (67.2%)(67.2%)
Expense AnalysisExpense Analysis
169.1169.1
54.454.4
24.224.2
3.43.4
6.26.2
80.980.9
20012001
(2.5%)(2.5%)78.978.9ProgrammingProgramming
Total Operating ExpensesTotal Operating Expenses
Depreciation & AmortisationDepreciation & Amortisation
Selling, General & AdministrationSelling, General & Administration
TransmissionTransmission
Subscriber ManagementSubscriber Management
$ million$ million
2.5%2.5%173.3173.3
12%12%60.960.9
(1.3%)(1.3%)23.923.9
1.7%1.7%3.53.5
(0.2%)(0.2%)6.16.1
% Change% Change20022002
Free Cash FlowFree Cash Flow
(17.1)(17.1)
(59.6)(59.6)
42.542.5
20012001
(0.2%)(0.2%)(59.5)(59.5)Net Investing Cash FlowsNet Investing Cash Flows
66.4%66.4%70.770.7Net Operating Cash FlowNet Operating Cash Flow
Free Cash FlowFree Cash Flow
$ million$ million
166%166%11.211.2
% Change% Change20022002
Foreign Currency HedgingForeign Currency Hedging
49% hedged for 0-12 months $US exposures @ .435449% hedged for 0-12 months $US exposures @ .4354
21% hedged for 12-24 months $US exposures @ .430321% hedged for 12-24 months $US exposures @ .4303
97% hedged for 0-12 months $A exposures @.850697% hedged for 0-12 months $A exposures @.8506
0% hedged for 12-24 months $A exposures 0% hedged for 12-24 months $A exposures
average payment rate for 6 mths to Dec 02 - 44.5caverage payment rate for 6 mths to Dec 02 - 44.5c
Capital Expenditure Capital Expenditure (excluding Transponders)(excluding Transponders)
$63.8
$114.7$103.3
$153.3
$51.8 $53.8
$0
$20
$40
$60
$80
$100
$120
$140
$160
$NZ
(m
illi
ons)
1998 1999 2000 2001 2002 2003Year End 30 June
$107.9$107.9
Average Direct Install CostsAverage Direct Install Costs
$822
$715
$540
$500
$600
$700
$800
NZ$
Total
2001 2002 Future
Inventory LevelsInventory Levels
25,270
22,190
31,477
10,000
15,000
20,000
25,000
30,000
35,000
NZ$
Total
Dec-01 Jun-02 Dec-02
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