annual general meeting 29 october 2003. current year performance
TRANSCRIPT
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ANNUAL GENERAL MEETING
29 OCTOBER 2003
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70
90
110
130
150
170
BASE SKY.NZ BASE NZSE40.NZ
Current Year Performance
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70
90
110
130
150
170
190
210
BASE SKY.NZ BASE NZSE40.NZ
Annual Performance
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Subscribers
0
100,000
200,000
300,000
400,000
500,000
Ju
n-9
1
Ju
n-9
2
Ju
n-9
3
Ju
n-9
4
Ju
n-9
5
Ju
n-9
6
Ju
n-9
7
Ju
n-9
8
Ju
n-9
9
Ju
n-0
0
Ju
n-0
1
Ju
n-0
2
Ju
n-0
3
UHF DBS (Satellite) Wholesale
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• Australia 22%• France 32%• New Zealand 39%• United Kingdom 41%• Finland 45%• Germany 70%• Switzerland 83%• United States 85%• BeNeLux 95%
Pay Television Penetration
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Subscriber Growth
503.2
7.2
75.4
284.3
136.3
2002
(13.6%)117.7UHF Residential
Total Subscribers
Commercial
DBS Wholesale
DBS (Satellite) Residential
‘000
7.9%542.9
12.5%8.1
1.7%76.7
19.7%340.3
% Change2003
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10%12%14%16%18%20%22%24%26%28%30%32%
Jun-98
Oct-98
Feb-99
Jun-99
Oct-99
Feb-00
Jun-00
Oct-00
Feb-01
Jun-01
Oct-01
Feb-02
Jun-02
Oct-02
Feb-03
Jun-03
Moving Annual Churn
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1.00%
1.50%
2.00%
2.50%
2001 2002 2003 2004
Churn
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0
2,000
4,000
6,000
8,000
YE 2003 YE 2004
Net Gain
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$188
$236 $262$300
$345
$391
$0
$50
$100
$150
$200
$250
$300
$350
$400
$NZ
mil
lion
s
1998 1999 2000 2001 2002 2003Year End 30 June
Subscriber Revenue
CAGR 15.8%
CAGR 15.8%
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$48.79
$50.14
$51.83
$47.00
$48.00
$49.00
$50.00
$51.00
$52.00
$N
Z
2001 2002 2003
Total ARPU
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$54.41$56.56
$59.35
$42.55
$42.06
$40.36
$37.36
$36.09
$36.94
$20.00
$30.00
$40.00
$50.00
$60.00
$NZ
Satellite UHF Wholesale
2001 2002 2003
ARPU
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$8.6$10.7 $11.6
$12.6$16.5 $19.6
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
$20
$NZ
mil
lion
s
1998 1999 2000 2001 2002 2003Year End 30 June
Advertising Revenue
CAGR 17.9%
CAGR 17.9%
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Programming Costs % Revenue
46%43%
49%50%
48%
43%
38%
40%
42%
44%
46%
48%
50%
52%
1998 1999 2000 2001 2002 2003Year End 30 June
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$48.3$73.7 $74.1
$75.7
$108.2$150.8
$0.0
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
$140.0
$160.0
$NZ
mill
ions
1998 1999 2000 2001 2002 2003
Year End 30 June
EBITDA
CAGR 25.6%
CAGR 25.6%
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$63.8
$114.7 $103.3
$153.3
$105.9$86.1
$0
$20
$40
$60
$80
$100
$120
$140
$160
$NZ
mil
lion
s
1998 1999 2000 2001 2002 2003Year End 30 June
Capital Expenditure
(excluding transponders)
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-$6.1
$4.5
-$27.0
-$42.3
-$30.2
$0.7
-$45.0
-$40.0
-$35.0
-$30.0
-$25.0
-$20.0
-$15.0
-$10.0
-$5.0
$0.0
$5.0
$NZ
mill
ions
1998 1999 2000 2001 2002 2003
Year End 30 June
Net Profit/(Loss)
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Results Summary
(30.2)
(1.3)
26.7
(4.8)
113.0
108.2
236.4
344.6
2002
53.8%(2.0)Other
13.6%391.3Revenue
Net Profit/(Loss) after Tax
Interest
EBIT
Depn & Amort
EBITDA
Operating Expenses
$NZ million
102.3%0.7
4.9%28.0
656.3%26.7
9.8%124.1
39.4%150.8
1.7%240.5
% Change2003
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Revenue Analysis
344.6
36.4
16.5
6.1
19.6
266.0
2002
16.2%309.1Residential
Total Revenue
Installation, programming sales & other
Advertising
Sky Watch
Commercial
$NZ million
13.6%391.3
(8.0)%33.5
18.8%19.6
11.5%6.8
13.8%22.3
% Change2003
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Expense Analysis
347.9
113.1
48.6
6.9
12.7
166.6
2002
0.9%168.1Programming
Total Operating Expenses
Depreciation & Amortisation
Selling, General & Administration
Transmission
Subscriber Management
$ million
4.2%362.6
9.7%124.1
2.3%49.7
1.4%7.0
7.9%13.7
% Change2003
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Satellite Renewal
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New LNB Technology
Existing LNB Dual LNBSatellite 1
Redundant Satellite
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1 November 2003
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1 December 2003
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24 December 2003
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• At our results announcement in August we provided the following
guidance: NZ$m
EBITDA 175 - 180
NPAT 28 - 35
Capex 65 - 70
2004 Guidance
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ANNUAL GENERAL MEETING
29 OCTOBER 2003