Premiere AG - H1 2005 presentation - Sky Deutschland AG
Premiere AG - H1 2005 presentation - Sky Deutschland AG
Premiere AG - H1 2005 presentation - Sky Deutschland AG
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1st Half Year <strong>2005</strong><br />
<strong>Premiere</strong>. Fernsehen erster Klasse. 1
<strong>H1</strong> <strong>2005</strong>: Positive net income for the<br />
first time<br />
Net income jumps to € 3.3 m from net loss of € 61.2 m:<br />
An improvement of € 64.6 m<br />
EBITDA more than doubled from € 20.7 m to € 49.3 m<br />
EBITDA of € 58.3 m before one time costs for the IPO<br />
Total revenues up 6% to € 506.1 m<br />
Core business strong: Revenues from core business<br />
(Programming subscription, PPV, Advertising) up 12% to<br />
€ 478.8 m<br />
Subscriber numbers up 14.5% to 3,313,140<br />
Operating costs stable at € 456.8 m<br />
<strong>Premiere</strong>. Fernsehen erster Klasse. 2
Net subscriber additions of 66,000<br />
in <strong>H1</strong> <strong>2005</strong><br />
Net subscriber additions<br />
(End of <strong>H1</strong> in ‘000) 000)<br />
(14)<br />
66<br />
<strong>H1</strong> 2004 <strong>H1</strong> <strong>2005</strong><br />
Net subscriber additions<br />
(End of Q2 in ‘000) 000)<br />
(62)<br />
14<br />
Q2 2004 Q2 <strong>2005</strong><br />
<strong>Premiere</strong>. Fernsehen erster Klasse. 3
3.313 million subscribers at 30 June<br />
<strong>2005</strong>, healthy package mix<br />
Subscribers<br />
(At 30 June in ‘000) 000)<br />
2,894<br />
+15%<br />
3,313<br />
<strong>H1</strong> 2004 <strong>H1</strong> <strong>2005</strong><br />
Package structure<br />
(At 30 June in %)<br />
100% 100%<br />
15%<br />
74%<br />
11%<br />
PREMIERE<br />
KOMPLETT<br />
Other<br />
Premium-<br />
Packages 61%<br />
PREMIERE<br />
START<br />
27%<br />
12%<br />
<strong>H1</strong> 2004 <strong>H1</strong> <strong>2005</strong><br />
<strong>Premiere</strong>. Fernsehen erster Klasse. 4
Churn rate down,<br />
Full year outlook: 13 – 14 %<br />
Q2 <strong>2005</strong>: 12 month rolling churn rate down to 11.5%<br />
FY <strong>2005</strong>: 12 month rolling churn rate of 13% - 14%<br />
expected<br />
12.9%<br />
16.0% 16.0%<br />
13.6%<br />
13.8%<br />
11.5%<br />
Q1 2004 Q2 2004 Q3 2004 Q4 2004 Q1 <strong>2005</strong> Q2 <strong>2005</strong><br />
<strong>Premiere</strong>. Fernsehen erster Klasse. 5
ARPU up 3% from Q1 to Q2<br />
ARPU from core business<br />
(Annualized in €)<br />
295 292<br />
9<br />
14<br />
272<br />
PPV<br />
Advertising<br />
Program<br />
Subscription<br />
10<br />
10<br />
272<br />
<strong>H1</strong> 2004 <strong>H1</strong> <strong>2005</strong><br />
ARPU from core business<br />
(Annualized in €)<br />
287<br />
10<br />
7<br />
271<br />
+ 3%<br />
PPV<br />
Advertising<br />
Program<br />
Subscription<br />
295<br />
9<br />
13<br />
272<br />
Q1 <strong>2005</strong> Q2 <strong>2005</strong><br />
<strong>Premiere</strong>. Fernsehen erster Klasse. 6
Total revenues up 6%,<br />
Revenues from core business up 12%<br />
Total revenues<br />
(€m) m)<br />
478<br />
+ 6%<br />
506<br />
<strong>H1</strong> 2004 <strong>H1</strong> <strong>2005</strong><br />
Revenues from core business –<br />
Program subscription, pay-per pay per-<br />
view, advertising<br />
(€m) m)<br />
428<br />
+12%<br />
479<br />
<strong>H1</strong> 2004 <strong>H1</strong> <strong>2005</strong><br />
<strong>Premiere</strong>. Fernsehen erster Klasse. 7
Operating costs remain stable, more<br />
efficiencies in subscriber acquisition<br />
Total Costs (excl. depreciation)<br />
(€m) m)<br />
457 0% 457<br />
<strong>H1</strong> 2004 <strong>H1</strong> <strong>2005</strong><br />
Subscriber Acquisition Costs<br />
(€m) m)<br />
64<br />
(9%)<br />
58<br />
<strong>H1</strong> 2004 <strong>H1</strong> <strong>2005</strong><br />
<strong>Premiere</strong>. Fernsehen erster Klasse. 8
Decrease in costs per subscriber<br />
SAC per Subscriber<br />
(€)<br />
293<br />
(17%)<br />
243<br />
<strong>H1</strong> 2004 <strong>H1</strong> <strong>2005</strong><br />
Current Costs per Subscriber w/o<br />
receiver costs and depreciation<br />
(Annualized in €)<br />
294<br />
(11%)<br />
261<br />
<strong>H1</strong> 2004 <strong>H1</strong> <strong>2005</strong><br />
<strong>Premiere</strong>. Fernsehen erster Klasse. 9
EBITDA more than doubled,<br />
Net Income up by € 64.6 million<br />
EBITDA<br />
(End of half year in €m) m)<br />
21<br />
>100%<br />
58<br />
9<br />
49<br />
<strong>H1</strong> 2004 <strong>H1</strong> <strong>2005</strong><br />
IPO-<br />
Costs<br />
Net income<br />
(End of half year in €m) m)<br />
(61)<br />
>100%<br />
<strong>H1</strong> 2004 <strong>H1</strong> <strong>2005</strong><br />
3<br />
<strong>Premiere</strong>. Fernsehen erster Klasse. 10
Launching a new innovation cycle<br />
1. Programming: More exclusivity, more choice<br />
Fresh <strong>presentation</strong>: <strong>Premiere</strong> Sports Portal<br />
More sport, new theme channels, new series<br />
More interactivity: PREMIERE WIN<br />
2. New package structure<br />
PREMIERE FOOTBALL LIVE as a new add-on<br />
subscription for €14.90 per month<br />
Standard packages redefined: PREMIERE<br />
THEMA and PREMIERE SPORT (€ 19.90<br />
each), PREMIERE FILM (€ 24.90)<br />
3. Technology<br />
Video on demand: PREMIERE DIREKT+ via<br />
<strong>Premiere</strong> Digital Recorder<br />
High Definition TV: PREMIERE HD<br />
<strong>Premiere</strong>. Fernsehen erster Klasse. 11
PREMIERE WIN: The new brand for<br />
betting and gaming<br />
Interactive channel with betting on live horse-racing,<br />
gaming and sports news in co-operation with<br />
Magna Entertainment and Betandwin<br />
Range of programming and betting options will be<br />
gradually extended, in the lead up to the FIFA World<br />
Cup in 2006<br />
New triple-play betting: TV, internet, betting agencies<br />
<strong>Premiere</strong> well positioned to enter betting business with<br />
customer base of 3.3 million subscribers and nearly<br />
5,000 hours of live sports<br />
Forecast 2008: Over € 1 billion in betting receipts.<br />
Revenues for <strong>Premiere</strong> between 5% and 15%.<br />
<strong>Premiere</strong>. Fernsehen erster Klasse. 12
Full year <strong>2005</strong> outlook<br />
Net subscriber additions: 300,000 – 350,000<br />
> 3.4 million subscribers as of 30 September <strong>2005</strong><br />
3.55 – 3.60 million subscribers as of 31 December <strong>2005</strong><br />
Churn between 13% and 14%<br />
Double digit percentage revenue growth:<br />
Revenues > € 1.1 billion<br />
EBITDA € 120 – 150 million<br />
<strong>Premiere</strong>. Fernsehen erster Klasse. 13
Reiterating mid- and long-term<br />
targets<br />
Mid Term (End 2007/<strong>H1</strong> 2008):<br />
> 4 million subscribers<br />
ARPU > € 350<br />
EBITDA margin > 20%<br />
Long Term (2011 -> 2014)<br />
> 7 million subscribers<br />
ARPU > € 400<br />
EBITDA margin > 25%<br />
<strong>Premiere</strong>. Fernsehen erster Klasse. 14
Disclaimer<br />
This <strong>presentation</strong> contains forward forward-looking looking statements based on the currently held beliefs and assum assumptions ptions<br />
of the management of <strong>Premiere</strong> <strong>AG</strong>, which are expressed in good fa faith ith and, in their opinion, reasonable.<br />
Forward Forward-looking looking statements involve known and unknown risks, uncertaintie uncertainties s and other factors, which may<br />
cause the actual results, financial condition, performance, or aachievements<br />
chievements of <strong>Premiere</strong> <strong>AG</strong>, or media<br />
industry results, to differ materially from the results, financi financial al condition, performance or achievements<br />
expressed or implied by such forward forward-looking looking statements. Given these risks, uncertainties and other ffactors,<br />
actors,<br />
recipients of this document are cautioned not to place undue rel reliance iance on these forward forward-looking looking statements.<br />
<strong>Premiere</strong> <strong>AG</strong> disclaims any obligation to update these forward forward-looking looking statements to reflect future events or<br />
developments.<br />
Whilst all reasonable care has been taken to ensure that the inf information ormation and facts stated herein are<br />
accurate and that the opinions and expectations contained herein are fair and reasonable, no re<strong>presentation</strong><br />
or warranty, express or implied, is made by <strong>Premiere</strong> <strong>AG</strong> with res respect pect to the fairness, completeness,<br />
correctness, reasonableness or accuracy of any information and oopinions<br />
pinions contained herein. It is pointed out<br />
that the existing <strong>presentation</strong> may be incomplete or condensed, aand<br />
nd it may not contain all material<br />
information concerning <strong>Premiere</strong> <strong>AG</strong> or the <strong>Premiere</strong> group.<br />
<strong>Premiere</strong> <strong>AG</strong> reserves the right to change and complete the inform information ation in this <strong>presentation</strong> without notice.<br />
<strong>Premiere</strong>. Fernsehen erster Klasse. 15
1st Half Year <strong>2005</strong><br />
Questions & Answers<br />
<strong>Premiere</strong>. Fernsehen erster Klasse. 16
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