sky half year results 2013 14 - skytv.co.nz · jun 08 qtr sep 08 qtr dec 08 qtr mar 09 qtr jun 09...
TRANSCRIPT
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INTERIM RESULTS
DECEMBER 2013
SUBSCRIBERS
|
Dec 2012Dec 2012Dec 2012Dec 2012 Dec Dec Dec Dec 2013201320132013 % Change% Change% Change% Change
Residential - Digital 264.8 198.6 -25.0%
Residential - MYSKY 424.0 486.3 14.7%
Wholesale 130.2 135.4 4.0%
Commercial & Other 28.0 36.9 31.8%
TOTAL SUBSCRIBERS 847.0 857.1 1.2%
THE INTERIM POSITION
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0
100
200
300
400
500
600
700
800
900
Jun-91
Jun-92
Jun-93
Jun-94
Jun-95
Jun-96
Jun-97
Jun-98
Jun-99
Jun-00
Jun-01
Jun-02
Dec-02
Jun-03
Dec-03
Jun-04
Dec-04
Jun-05
Jun-06
Dec-06
Jun-07
Dec-07
Jun-08
Dec-08
Jun-09
Dec-09
Jun-10
Dec-10
Jun-11
Dec-11
Jun-12
Dec-12
Jun-13
Dec-13
Su
bsc
rib
ers
in T
ho
usa
nd
s
UHF Std SKY Wholesale SKY mySKY Other
THE SKY JOURNEY SO FAR
|
5
0
5
10
15
20
25
30
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Thousands
Thousands
Thousands
Thousands
2009
2010
2011
2012
2013
2014
NET GAIN BY MONTH
PRODUCTS
|
2.65
2.7
2.75
2.8
2.85
2.9
2.95
Dec-12 Dec-13
Millions
Millions
Millions
Millions
HD Access Ticket
SKY PREMIUM PRODUCTS
|
TOTAL ARPU
$63.49
$67.35
$69.45
$71.81
$75.78 $77.51
$50.00
$55.00
$60.00
$65.00
$70.00
$75.00
$80.00
Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13
CHURN
|
MOVING ANNUAL
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
Jun-98
Dec-98
Jun-99
Dec-99
Jun-00
Dec-00
Jun-01
Dec-01
Jun-02
Dec-02
Jun-03
Dec-03
Jun-04
Dec-04
Jun-05
Dec-05
Jun-06
Dec-06
Jun-07
Dec-07
Jun-08
Dec-08
Jun-09
Dec-09
Jun-10
Dec-10
Jun-11
Dec-11
Jun-12
Dec-12
Jun-13
Dec-13
|
CHURNMONTHLY DEVICE
0.8%
0.9%
1.0%
1.1%
1.2%
1.3%
1.4%
1.5%
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
2011 2012 2013 2014
0.8%
0.9%
1.0%
1.1%
1.2%
1.3%
1.4%
1.5%
1.6%
1.7%
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
MYSKY SKY
FINANCIAL GRAPHS
|
REVENUE
443 456
659692
742797
843885
0
100
200
300
400
500
600
700
800
900
1000
2008 2009 2010 2011 2012 2013 Interim 2014
Millions
|
ADVERTISING REVENUE
35 38
67
5854
6367 68
0
10
20
30
40
50
60
70
80
2008 2009 2010 2011 2012 2013 Interim 2014
Millions
|
TOTAL TELEVISION ADVERTISING REVENUE(YOY QUARTERLY CHANGE)
-20%
-15%
-10%
-5%
0%
5%
10%
15%Jun 08 Qtr
Sep 08 Qtr
Dec 08 Qtr
Mar 09 Qtr
Jun 09 Qtr
Sep 09 Qtr
Dec 09 Qtr
Mar 10
Qtr
Jun 10 Qtr
Sep 10 Qtr
Dec 10 Qtr
Mar 11 Qtr
Jun 11 Qtr
Sep 11 Qtr
Dec 11 Qtr
Mar 12 Qtr
Jun 12 Qtr
Sept 12 Qtr
Dec 12 Qtr
Mar 13 Qtr
Jun 13 Qtr
Sept 13 Qtr
Dec 13 Qtr
|
PROGRAMING COSTS % REVENUE
32%
33%33%
32% 32%33%
30%
20%
22%
24%
26%
28%
30%
32%
2008 2009 2010 2011 2012 2013 Interim 2014
|
EBITDA
177.5 190.4
266.6 261.0
287.5
321.7 336.0
353.1
2008 2009 2010 2011 2012 2013 Interim 2014
Millions
|
NET PROFIT
67.4 82.1
97.7 88.1
103.0
120.3 123.7
137.2
0
20
40
60
80
100
120
140
160
2008 2009 2010 2011 2012 2013 Interim 2014
Millions
FINANCIAL DETAIL
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INTERIM RESULTS SUMMARY
2012 2013 % Change
Revenue 443.3 456.4 3.0%
Operating Expenses 266.2 266.0 (0.1%)
EBITDA 177.1 190.4 7.4%
Depn & Amort 67.6 61.8 (8.6%)
EBIT 109.5 128.6 17.4%
Interest 15.9 14.4 (9.4%)
Tax 26.3 32.1 22.1%
Non-Controlling Interest -0.8 -1.4 75.0%
NET PROFIT after TAX and non-controlling interest
68.1 83.5 22.4%
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REVENUE ANALYSIS
2012 2013 % Change
Residential Satellite subscriptions
363.3 371.8 2.3%
Other subscriptions 31.0 31.7 2.3%
Installation 4.7 4.3 (8.5%)
Advertising 35.3 37.6 6.5%
Other Income 9.0 11.0 22.2%
TOTAL REVENUE 443.3 456.4 3.0%
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EXPENSE ANALYSIS
2012 2013 % Change
Programming rights 118.0 110.8 (6.1%)
Programme operations 33.2 26.9 (19.0%)
Subscriber management 30.9 33.1 7.1%
Sales and marketing 16.5 20.4 23.6%
Advertising 10.7 11.7 9.3%
Broadcasting and infrastructure
43.6 44.3 1.6%
Depreciation and amortisation
67.6 61.8 (8.6%)
Corporate 13.3 18.8 41.4%
TOTAL EXPENSE 333.8 327.8 (1.8%)
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CAPITAL EXPENSE ANALYSIS
2012 2013 % Change
Install 20.8 18.7 (13.5%)
Decoders 12.8 9.5 (25.8%)
Building Improvements 0.1 0.1 0.0%
Broadcasting and Technology equipment
2.4 4.1 70.8%
Other 7.0 15.2 117.1%
TOTAL CAPITAL EXPENSE 43.1 47.6 10.4%
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OPERATING CASHFLOW
2012 2013 % Change
Operating Cashflow 150.8 155.7 3.2%
Capex (43.0) (47.6) 10.7%
Net debt drawn/(repaid) 90.0 (45.0) (75.9%)
Dividends (174.0) (51.8) (70.2%)
Other (2.2) (2.2) 0.0%
NET CASHMOVEMENT 21.6 9.1 (57.9%)
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FUNDING PROFILE
FACILITY DRAWN MARGIN MATURITY
Bank Debt $400m $227m 180bp Jul 2018
Bond $200m $200m 65bp Oct 2016
SKY is considering offering a BOND to the value of $100m
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DIVIDEND
The Board has declared a fully imputed final dividend of 14.0 cps ($54.5m)
to be paid and a supplementary dividend of 2.4706 to be paid to non-
residents.
Record date is 10 March 2014.
Payment date is 17 March 2014.
2014201420142014 2013201320132013 2012201220122012 2011201120112011 2010201020102010 2009200920092009 2008200820082008
Interim 14.0 12.0 11.0 8.0 7.0 7.0 7.0
Final 12.0 11.0 10.5 7.0 7.0 7.0
Ordinary Total
24.0 22.0 18.5 14.0 14.0 14.0
Special 0 32.0 25.0 0 0 0
TOTAL 24.0 54.0 43.5 14.0 14.0 14.0
SKY HIGHLIGHTS
2014 YTD 2010 YTD
WINTER OLYMPICS 2014
SKY HOMES VIEWERHOURS
DAY 1 DAY 2
VIEWERHOURS
AVERAGE
AUDIENCE OF
113,000
TUNED IN TO
WATCH
WARRIORSWARRIORS
Oct
Guidance
$m
Analysts
Mean
New
Guidance
Revenue 890-900 905 895-905
EBITDA 355-360 360 360-370
Depreciation 115-120 120-125
NPAT 145-155 153 155-160
Capex 100-120 108 100-110
Subscribers – SKY 10 8.6 10
IGLOO 20 13.7 10
Analysts’ have the following mean FY14 forecasts for SKY:
GUIDANCE
INTERIM RESULTSDECEMBER 2013