First Half Results 2015 Jeremy Darroch

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1 First Half Results 2015 Jeremy Darroch

2 This document contains certain forward looking statements with respect to the Group s financial condition, results of operations and business and our strategy, plans and objectives for the Group. These statements include, without limitation, those that express forecasts, expectations and projections, such as forecasts, expectations and projections in relation to new products and services, the potential for growth of free-to-air and pay television, fixed line telephony, broadband and bandwidth requirements, advertising growth, DTH and OTT customer growth, Multiscreen, On Demand, NOW TV, Sky Go, Sky Go Extra, Mobile, Sky+HD and other products and services penetration, revenue, administration costs and other costs, advertising growth, churn, profit, cash flow, product penetration, our broadband network footprint, content, wholesale, marketing and capital expenditure. These statements (and all other forward-looking statements contained in this document) are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Group's control, are difficult to predict and could cause actual results to differ materially from those expressed or implied or forecast in the forward-looking statements. These factors include, but are not limited to, the fact that the Group operates in a highly competitive environment and faces competition from a broad range of organisations, the effects of laws and government regulation upon the Group's activities, the fact that the Group s business is based on a subscription model and its future success relies on building long-term relationships with its customers, its reliance on a complex technical infrastructure which is subject to risk of failure, change and development, failure of key suppliers, ensuring the effective management of the Group s financial exposures, the fact that the Group must protect its customer and corporate data and prevent breaches of security, risks inherent in the implementation of large-scale capital expenditure projects, the fact that the Group relies on intellectual property and proprietary rights which may not be adequately protected under current laws or which may be subject to unauthorised use and the fact that people at Sky are critical to the Group s ability to meet the needs of its customers and achieve its goals as a business. Information on the significant risks and uncertainties are described in the "Principal risks and uncertainties" section of Sky's Annual Report for the full year ended 30 June 2014 and Interim Report for the half year ended 31 December Copies of the Annual Report and Interim Report are available from the Sky plc web page at All forward-looking statements in this presentation are based on information known to the Group on the date hereof. The Group undertakes no obligation publicly to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 2

3 First half highlights Financials Plans for

4 Excellent first half of the year Strong financial performance Good growth in products and customers Increasing customer loyalty in all markets 4

5 Creating the new Sky Completed Sky Deutschland and Sky Italia transaction Good progress with integration planning Clear set of priority workstreams Sharing expertise and best practice Opening up expanded growth opportunity 5

6 Q2 customer growth Q2 product growth 448k 1.5m 6

7 Group revenue EBIT EPS +5% +16% +3% 5,604m 675m 27.1p Group revenues and Group EBIT on an adjusted basis assumes contribution from Italy and Germany from 1 July to 31 December Adj EPS assumes contribution from 13 Nov to 31 Dec 2014 All measures are from continuing operations and adjusted for exceptional items 7

8 More than 1 million products added TV growth more than doubled to 202,000 Strong performance in broadband Monthly ARPU up to 47 Strong operational delivery across the board Q2 11/12 Q2 12/13 Q2 13/14 Q2 14/15 8

9 Highest rate of growth in nine years Segmented approach to market is paying off Good quality metrics Q2 11/12 Q2 12/13 Q2 13/14 Q2 14/15 9

10 Best performance since 2003 Investment in connected home paying dividends Focus on acquisition quality 10/11 11/12 12/13 13/14 14/15 Quarterly annualised churn 10

11 12/13 13/14 14/15 12/13 13/14 14/15 12/13 13/14 14/15 12 month rolling churn 11

12 12/13 13/14 14/15 12/13 13/14 14/15 12/13 13/14 14/15 12 month rolling churn 12

13 Summary Excellent start to the year Significant outperformance in UK business Germany and Italy performing well Strong financial results Clear set of plans for 2015

14 Financial Results Andrew Griffith

15 Summary Excellent financial results Strong revenue growth Good performance on costs Double digit growth in profit and cash flow Scandal 15

16 Enlarged group reporting Aligning calculation and definition of KPI s Moving to the same accounting periods Aligning accounting policies Sky De will report locally under pre-existing basis How to Train your Dragon 2 16

17 +6% Flat +9% 3,628m 3,831m 1,079m 1,079m 635m 694m Excludes revenue from Sky Italia box sales, Sky Bet and ESPN. 17

18 m Change UK & Ireland 3,091 3,251 +5% Good customer growth Added over 3 million products Benefit from September price rise Germany & Austria % Strong customer growth Italy % Increased products Small decrease in customers Total 4,616 4,842 +5% Excludes revenue from ESPN 18

19 Accelerating growth +16% CAGR 75m NOW TV transactions trebled 56m 62m Buy & Keep revenue up over 100% Future opportunities across the wider group UK and Ireland Italy Germany Transactional revenue from continuing operations and excludes the Froch Groves PPV events in 2014 and 2015 NOW TV year on year growth; Buy & Keep quarter on quarter growth 19

20 +12% growth + 15m + 8m Benefit direct from content investment + 9m Must have channels for customers 232m 260m Negotiated increased carriage fees 2014 Broader distribution Improved rates in wholesale deals Higher international programme sales 2015 International sales of Gomorrah and Fortitude 2014 and 2015 excludes revenue received from Mediaset for wholesaling the Champions League rights in Italy 20

21 325m +5% growth 342m Second largest revenue stream UK continues to take share AdSmart revenue up 20% Fast growth in Germany and Italy UK and Ireland Italy Germany TG24 moved to free-to-air Adsmart growth is quarter on quarter 21

22 Costs

23 m Change Change as % of rev Programming 2,271 2,378 +5% +10bps Direct Network costs % Flat Marketing % Costs to serve % (170)bps General and Administration % Operating costs 2,095 2,103 0% Margin 10.9% 12.5% +1.6% (160)bps Like for like using constant currency of 1.26: 1, from continuing operations and excluding exceptional items. Italy excludes net est. 25 million relating to the broadcasting of the FIFA World Cup 23

24 m Change Change as % of rev Programming 2,271 2,378 +5% +10bps Direct Network costs % Flat Marketing % Costs to serve % (170)bps General and Administration % Operating costs 2,095 2,103 0% Margin 10.9% 12.5% +1.6% (160)bps Like for like using constant currency of 1.26: 1, from continuing operations and excluding exceptional items. Italy excludes net est. 25 million relating to the broadcasting of the FIFA World Cup 24

25 m Change Change as % of rev Programming 2,271 2,378 +5% +10bps Direct Network costs % Flat Marketing % Costs to serve % (170)bps General and Administration % Operating costs 2,095 2,103 0% Margin 10.9% 12.5% +1.6% (160)bps Like for like using constant currency of 1.26: 1, from continuing operations and excluding exceptional items. Italy excludes net est. 25 million relating to the broadcasting of the FIFA World Cup 25

26 m Change Change as % of rev Programming 2,271 2,378 +5% +10bps Direct Network costs % Flat Marketing % Costs to serve % (170)bps General and Administration % Operating costs 2,095 2,103 0% Margin 10.9% 12.5% +1.6% (160)bps Like for like using constant currency of 1.26: 1, from continuing operations and excluding exceptional items. Italy excludes net est. 25 million relating to the broadcasting of the FIFA World Cup 26

27 m Change Change as % of rev Programming 2,271 2,378 +5% +10bps Direct Network costs % Flat Marketing % Costs to serve % (170)bps General and Administration % Operating costs 2,095 2,103 0% Margin 10.9% 12.5% +1.6% (160)bps Like for like using constant currency of 1.26: 1, from continuing operations and excluding exceptional items. Italy excludes net est. 25 million relating to the broadcasting of the FIFA World Cup 27

28 Good progress on integration Production and commissioning Back office, IT and procurement Synergies on-track Agreed common product roadmap Leveraging scale in procurement Product and set top box development New revenue opportunities 28

29 m Change Operating profit % JVs and Associates Strong Nickelodeon performances Finance costs (62) (85) Increased debt due to acquisition Tax (121) (132) Higher UK and Ireland profit Effective tax rate 23% 23% Minority interest - 2 Sky Deutschland minorities Profit after tax % EPS 26.3p 27.1p +3% Operating profit excludes profit relating to pre-completion (FY14: 6m, FY15: 29m), using constant currency of 1.26 : 1. From continuing operations and excluding exceptional items 29

30 m Change Adjusted EBITDA % Working Capital (29) 51 Capex (Underlying) (226) (276) Share-based payment expense Operating free cash flow % Capex (Campus redevelopment) (18) (64) Interest and tax (203) (185) Joint ventures and associates Free cash flow % Germany and Italy cash flow has been consolidated from 12 Nov 2014, using constant currency of 1.26 : 1 From continuing operations and excluding exceptional items 30

31 Balance sheet well placed Net debt/ebitda of 3.2x Lower than expected Medium term target of 2.0x Investment grade credit rating Pending 600 million of Sky Bet proceeds Hercules Calculated by annualising the H1 FY15 EBITDA of 993 million 31

32 Conclusion Strong financial results Grown revenues in every category Strong operating momentum Double digit growth in profit and cash Game Of Thrones Series 4 32

33 2015

34 Reduced cost Acquired content Original production Increased speed Greater impact Advertising Channel distribution Sport Increase I content investment Programme sales Additional TV products Develop adjacent businesses Transactional services Communications DTH Sell more to customers OTT Drive pay TV penetration 34

35 2015: UK

36 Making Sky even better for customers Cross-selling at scale Segmenting the market broadly Extending our lead in content Efficient, flexible and agile organisation 36

37 Making Sky even better for customers Investing in the customer experience Significant improvement in loyalty Customers willing to pay more Appetite to buy more products 37

38 Increased flexibility with Sky Go and On Demand 8 million boxes connected by end-2015 New homepage aiding content discovery Two thirds of On Demand downloads are pay content On Demand users are the best Sky advocates 38

39 New source of revenue growth Clear market leadership 50% more latest titles than any other service 30 million monthly views across devices Pushing further in 2015 Focus on adding more of the best titles Extending license periods Increased marketing support 39

40 Leading brand with proven ability to stretch Broad product set for diverse customer needs Best go-to-market operation Data and analytics expertise PromoSmart targeting specific segments 40% triple play and growing Transactional revenue up 41% 40

41 Which brand best brings together entertainment and communications? 1 35% % % 1.5 4% 4% 3% Virgin BT TalkTalk Apple Netflix 1% EE Q2 06/07 Q2 14/15 1. Q. Which one of these brands do you believe is best able to bring together your household's entertainment and communication needs in the future? (Source: Populus January 2015; 1050 UK population) 2. Average products per customer 41

42 42

43 MVNO partnership with Telefonica UK Wholesale access to O2 network Voice and data services launching 2016 Building on success in mobile content 43

44 Distinctive propositions Differentiated cost models Targeted marketing Premium brand Whole household Unrivalled breadth of choice NOW TV attracting new segment of customers Almost 90% had not considered joining Sky Immediate Flexible Personal 44

45 NOW TV is winning in its segment The Amazing Spider-Man 2 Best choice for the latest movies, live sport and must-see TV Access to the leading pay channels Twice as many of the year s blockbusters as Netflix and Amazon combined Successful launch of our own streaming box Broad distribution through 60 other devices NOW TV happens to be owned by Sky so with their movies pass you get to see the biggest and best movies within a few months of their release whereas most movies on Amazon and Netflix are over two years old 45

46 Pushing harder with NOW TV in 2015 Maintain sales momentum Increase marketing support with brand campaign Upgrade user interface and experience Leverage best ever content line-up Launch next-generation NOW TV Box 46

47 Who is the leader in TV entertainment? 51% Source: Populus January 2015 Base: 2073 UK Population Question: Which one of these brands do you think is the leader in TV entertainment? 47

48 Sky channels account for 44% of pay viewing All of the top five must-have pay channels are Sky channels Premium customers watch more basic content than sport or movies Overall channel offering is the key reason for joining Sky 48

49 Renewed movie output deals with major studios Secured breadth of sports portfolio New agreement for The Open golf championship 25 rights renewals in 2014 Growing scale in original commissions More than 300 hours in production Fortitude is Sky Atlantic s biggest original drama launch Ryder Cup

50 50

51 Efficient, flexible and agile organisation Creating capacity to invest Three key principles Product reliability Right first time Self-service 170 bps reduction in other operating costs as % of sales 24% improvement in service NPS

52 Making digital channels the first place to go Faster, more flexible service Service app downloaded 500,000 times so far Online help centre visits up 43% Further 2 million reduction in call volumes in H1 Targeting more than 50% of interactions through digital channels Opportunity to roll out across markets 52

53 Summary: Strong set of UK growth plans Clear plan for year ahead: Making Sky even better for customers Cross-selling at scale Segmenting the market broadly Extending our lead in content Efficient, flexible and agile organisation Broadly based revenue growth Increased capacity to invest

54 2015: Italy and Germany

55 18% 27% Household penetration of Pay TV and headroom for growth Source: Screendigest, Company data 55

56 Household penetration of Pay TV and headroom for growth Source: Screendigest, Company data 56

57 Italy and Germany: Extending leadership in content Market-leading position in premium movies and sport Developing strong entertainment offering Growing opportunity with Sky Atlantic Exploiting exclusivity on Sky Uno for franchises including X-Factor and Italia s Got Talent Building capability in original programming Gomorrah 57

58 Targeting new segments with IPTV and OTT Extending reach with Sky Online Establishing own streaming box Monetising investment more broadly Extending FTA offering with cielo and TG24 Growing international programme sales 58

59 New products and services adding value and increasing loyalty Sky Go registered customers up over 75% 70% growth in On Demand usage Restart feature coming to the UK 59

60 Conclusion The new Sky is performing well in all markets Clear set of growth plans Leveraging strengths in core areas Expanded headroom Enhanced value creation

61 Q & A

62 APPENDIX

63 m Sky DE reported result Sky DE period end 31 Dec versus Sky Group period end 28 Dec Bring forward subscription discounts over offer period rather than customer contract Minor reclassification between revenue and cost to bring in line with the UK Phasing of football rights costs over the season rather than match day Sky DE as within Sky Group Converted to GBP ( ) Revenue 882 (10) (4) Costs (877) 10 (6) (18) (891) (707) EBITDA 58 (4) (18) EBIT 5 - (4) - (18) (17) (13) Germany financials translated at exchange rate of 1 GBP: 1.26 EUR 63

64 'm Adjusted Income Statement Acquisition Transaction Costs Acquisition Integration Costs IAS39 Derivatives Amortisation of Acquired Intangibles Profit on sale of Stake in ITV Profit on sale of stake in National Geographic Tax impact of Adjusting Items Statutory Income Statement Revenue 4,302 4,302 Direct Costs (2,101) (2,101) Gross Profit 2,201 2,201 Operating Costs (1,555) (47) (9) (54) (1,665) Operating Profit 646 (47) (9) - (54) Joint Ventures Net Interest (85) (48) (7) (140) Profit on the sale of investments Profit before Tax 585 (95) (9) (7) (54) ,208 Taxation (132) (12) (144) Profit after Tax 453 (95) (9) (7) (54) (12) 1,064 EPS (p) W. Av shares 1,676 1,676 Equity Shareholders 455 1,066 Minority Interest (2) -2 Our income statement for the first half has been adjusted for the following items: Advisory and transaction fees and finance costs incurred on the purchase of Sky Italia and Sky Deutschland Costs relating to the integration of Sky Italia and Sky Deutschland and the achievement of synergies in the enlarged Group Remeasurement of all derivative financial instruments not qualifying for hedge accounting and hedge ineffectiveness Amortisation of acquired intangible assets Profit on disposal of our stake in ITV Profit on disposal of our stake in National Geographic Tax effect of above items 64

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