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Q1 2012 Results

Business accelerating, key rights secured

15 May 2012


Bundesliga rights renewed

All games, all goals, all Sky

• Extended live and exclusive Bundesliga and

2. Bundesliga pay-TV rights

• All 612 matches per season

• All platforms

• Adding IPTV and mobile to the existing rights

on satellite, cable and web

• 4 years from 2013/14 to 2016/17

2


Strategic partnership

Unitymedia and Kabel BW

• Long-term cooperation agreement

• Extending HD reach to 7m cable customers

• Unitymedia: up to 15 HD channels

• Kabel BW: up to 18 HD channels

• Sky Atlantic HD available from launch

3


Revenues up 18%

(in €m)

4


Strong customer growth

Total subscribers (in `000)

Net additions (in `000)

Die Muppets © The Muppets Studio, LLC. All rights reserved. 5


Gross additions up

(in '000)

The Tourist © CPT Holdings, Inc. All Rights Reserved.

6


Churn down

12 month rolling churn rate (in %)

Q1 quarterly annualised churn rate (in %)

Brautalarm © 2011 Universal Studios. All Rights Reserved.

7


Sky+

Over half a million customers

Sky+ customers at end of period (in '000)

Sky+ penetration rate (in %)

8


Sky Premium HD

Breaking through 1 million

HD Welt Customers

Premium HD subscribers

at end of period (in '000)

Premium HD penetration

rate (in %)

Pirates of the Caribbean – Fremde Gezeiten © 2011 Disney Enterprises, INC. All Rights Reserved

9


Sky Go

Germany’s leading OTT pay-TV platform

Viewer sessions (in m)

Xbox

iPhone/iPod

iPad

Web

10


EBITDA

(in €m)

• Including €11m phasing

impact from broughtforward

football match

days

11


ARPU

(In €, monthly)

Die Abenteuer von Tim und Struppi – Das Geheimnis der Einhorn © 2011 Sony Pictures Releasing GmbH

12


Costs

(in €m, excluding depreciation)

13

Formel 1 – GP Australia

13


Cash flow and net debt

• €22.0m cash used for operating activities

• €30.5m cash used for investing activities

• €50.1m cash from financing measures

• Net debt €452.1 at 31 March 2012

14


Outlook

• Full year 2012 EBITDA expected to be

significantly better than 2011

• Full year 2013 EBITDA to be positive

and to grow strongly thereafter

Der Clan der Erdmännchen © Telse Meyer/Dirk Blumbenberg/NDR Naturfilm

15


The future is now

16


Potential has always been there

(and is growing) …

Total and HD households

(Germany and Austria)

Number of TV households (in million)*

Number of HDTV households (in million)*

• Source: IHS Screen Digest January 2012.

TV viewing time Germany

(in minutes per day)

17


Demand has been

unlocked …

Gross additions

Multiroom

Sky+ / Sky Go

Sky Premium HD /

Sky Go

New customers

Game of Thrones © 2012 Home Box Office, Inc. All rights reserved. HBO and all related programs are the property of Home Box Office, Inc.

18


And is delivering strong

revenue growth

Subscribers by ARPU

Marmaduke ©2010 Twentieth Century Fox Film Corporation. All rights reserved.

19


What’s

changed?


Great content = more appeal

Sky viewing net reach

(in m)

Für immer Shrek ©2012 DreamWorks Animation LLC. All Rights Reserved.

Audience shares by package

(14-39 years, in m)

Sport /

Bundesliga

Film

Sky Welt

21


55 HD channels (more to come)

22


Sky Atlantic HD

• All HBO productions exclusive and in HD

• Best series from the most critically acclaimed

producers

• On all platform and all technologies

• Linear and on-demand

• For Sky Film HD customers

• Launching on 23 May

23


Content visibility secured

Renewed contracts in 2011 and 2012

2424


Exciting innovations = new potential

25


Sky Go

Great new features

• Next update adding great new features

• Sky Atlantic HD

• Blockbuster Films on iPhone and iPod Touch

• Enhanced interactive and social elements

• All launching on 23 May 2012

26


Enhancing Sky+

• Remote-record capability

• 2 TB hard disk option

• Doubling penetrationin 2012

27


Sky Anytime

Extending the service

• Additional content

• Series

• Documentaries

• Children’s programming

• Great success with customers

28


Better service = higher satisfaction and

recommendation

Satisfaction (in %)

Overall satisfaction

Program satisfaction

Recommendation (in %)

Willingness to recommend

New subs from recommendation

29


What’s next

• Maintain and accelerate growth

• Focus and expand on core strategic

areas

• Unlock new business opportunities

Die Schlümpfe © 2011 Columbia Pictures Industries, Inc. and Hemisphere - Culver Picture Partners I, LLC. All Rights Reserved. 30


Q & A


Appendix

32

32


Subscribers and Key Metrics (quarterly)

'000 Q1 12 Q4 11 Q3 11 Q2 11 Q1 11

Direct subscribers at beginning 3,012 2,857 2,759 2,726 2,653

Gross additions 155 246 188 98 140

Churn -82 -91 -89 -65 -67

Net growth 73 155 98 33 73

Direct subscribers at end 3,085 3,012 2,857 2,759 2,726

Premium HD subscribers (in '000) 1,071 974 818 714 664

Premium HD penetration (in %) 34.7 32.3 28.6 25.9 24.4

Sky+ subscribers (in '000) 508 411 215 116 81

Sky+ penetration (in %) 16.5 13.6 7.5 4.2 3.0

Subscription ARPU (in €, monthly)* 31.76 31.29 30.94 30.69 30.57

Churn rate (in %, quarterly annualized) 10.8 12.4 12.7 9.4 9.9

Churn rate (in %, 12 month rolling) 11.3 11.0 11.0 12.4 13.8

Wholesale subscribers at end 130 131 131 131 133

33

Due to rounding differences of individual items, sums may not always add up.

33


Subscribers and Key Metrics (year-on-year)

'000 Q1 12 Q1 11

34

Due to rounding differences of individual items, sums may not always add up.

Change

(absolute)

Change

(in %)

Direct subscribers at beginning 3,012 2,653 359 13.5

Gross additions 155 140 15 11.1

Churn -82 -67 -16 -23.3

Net growth 73 73 0 -0.2

Direct subscribers at end 3,085 2,726 359 13.2

Premium HD subscribers (in '000) 1,071 664 407 61.3

Premium HD penetration (in %) 34.7 24.4 10.4 -

Sky+ subscribers (in '000) 508 81 427 >100

Sky+ penetration (in %) 16.5 3.0 13.5 -

Subscription ARPU (in €, monthly) 31.76 30.57 1.19 3.9

Churn rate (in %, quarterly annualized) 10.8 9.9 0.9 -

Churn rate (in %, 12 month rolling) 11.3 13.8 -2.6 -

Wholesale subscribers at end 130 133 -3 -2.5

34


Revenues and Costs

in €m

35

Due to rounding differences of individual items, sums may not always add up.

Q1 12 Q1 11

Change

(absolute)

Change

(in %)

Revenues

Subscription 290.4 246.6 43.8 17.8

Hardware 10.8 7.7 3.1 40.7

Wholesale 3.4 3.5 -0.1 -2.3

Advertising 6.3 4.1 2.1 51.3

Other 7.5 7.4 0.2 2.2

Total 318.4 269.3 49.1 18.3

Costs (including depreciation)

Program 220.7 192.1 28.7 14.9

Technology 38.9 41.4 -2.5 -6.0

Hardware 15.1 13.8 1.3 9.2

Customer service and other cost of sales 20.9 16.9 4.0 23.5

Selling expenses 54.1 49.6 4.5 9.1

General and administrative expenses 27.5 25.9 1.6 6.2

Other operating expenses/income -2.4 -2.4 0.0 -1.5

Total 374.7 337.2 37.5 11.1

Depreciation included 15.7 12.9 2.8 21.3

Costs (excluding depreciation)

EBITDA

359.0 324.2 34.7 10.7

-40.6 -55.0 14.4 26.2

35


Results

in €m Q1 12 Q1 11

Due to rounding differences of individual items, sums may not always add up.

Change

(absolute)

Change

(in %)

Revenues 318.4 269.3 49.1 18.3

Operating expenses 359.0 324.2 34.7 10.7

EBITDA -40.6 -55.0 14.4 26.2

Depreciation and amortisation 15.7 12.9 2.8 21.3

Amortisation of subscriber base 0.3 7.2 -6.8 -95.1

EBIT -56.6 -75.1 18.5 24.6

Financial result -16.2 -12.4 -3.7 -30.1

Result before taxes -72.8 -87.5 14.7 16.8

Income taxes -0.3 0.7 -0.9


Cash Flow and Net Debt

in €m Q1 12 Q1 11

Cash flow from operating activities -22.0 -28.6

Cash flow from investing activities -30.5 -12.9

Cash flow from financing activities 50.1 -115.9

Cash flow -2.5 74.3

in €m 31.03.12 31.12.11

Cash and cash equivalents 52.3 54.8

Net debt

452.1 525.2

Due to rounding differences of individual items, sums may not always add up.

37


Q1 2012 Results

Business accelerating, key rights secured

15 May 2012

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