annual general meeting 29 october 2003. current year performance
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ANNUAL GENERAL MEETING
29 OCTOBER 2003
70
90
110
130
150
170
BASE SKY.NZ BASE NZSE40.NZ
Current Year Performance
70
90
110
130
150
170
190
210
BASE SKY.NZ BASE NZSE40.NZ
Annual Performance
Subscribers
0
100,000
200,000
300,000
400,000
500,000
Ju
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2
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UHF DBS (Satellite) Wholesale
• Australia 22%• France 32%• New Zealand 39%• United Kingdom 41%• Finland 45%• Germany 70%• Switzerland 83%• United States 85%• BeNeLux 95%
Pay Television Penetration
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
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
1.00%
1.50%
2.00%
2.50%
2001 2002 2003 2004
Churn
0
2,000
4,000
6,000
8,000
YE 2003 YE 2004
Net Gain
$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%
$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
$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
$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%
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
$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%
$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)
-$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)
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
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
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
Satellite Renewal
New LNB Technology
Existing LNB Dual LNBSatellite 1
Redundant Satellite
1 November 2003
1 December 2003
24 December 2003
• At our results announcement in August we provided the following
guidance: NZ$m
EBITDA 175 - 180
NPAT 28 - 35
Capex 65 - 70
2004 Guidance
ANNUAL GENERAL MEETING
29 OCTOBER 2003
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