Annual General MeetingAnnual General Meeting
14 November 200214 November 2002
Subscriber GrowthSubscriber Growth
‘‘000000 20012001 20022002 % Change% Change
UHF ResidentialUHF Residential 159.8159.8 136.3136.3 (15%)(15%)
DBS ResidentialDBS Residential 264.2264.2 284.3284.3 8%8%
DBS WholesaleDBS Wholesale -- 75.475.4 --
CommercialCommercial 6.46.4 7.37.3 14%14%
Total SubscribersTotal Subscribers 430.4430.4 503.2503.2 17%17%
FullFull Year Subscribers Year Subscribers
0
100,000
200,000
300,000
400,000
500,000
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
UHF Satellite Wholesale
Pay Television PenetrationPay Television Penetration
AustraliaAustralia 22%22% FranceFrance 32%32% New ZealandNew Zealand 36%36% United KingdomUnited Kingdom 41%41% FinlandFinland 45%45% GermanyGermany 70%70% United StatesUnited States 81%81% SwitzerlandSwitzerland 83%83% BeNeLuxBeNeLux 95%95%
Average Revenue per Unit (ARPU)Average Revenue per Unit (ARPU)
$48.47
$50.51
$47.00
$47.50
$48.00
$48.50
$49.00
$49.50
$50.00
$50.50
$51.00
NZ$
Total
2001 2002
Total RevenueTotal Revenue
$164$188 $236 $263
$300
$345
$0
$50
$100
$150
$200
$250
$300
$350
NZ
$ in
mill
ions
1997 1998 1999 2000 2001 2002Year End 30 June
CAGR 16%
Advertising RevenueAdvertising Revenue
$5.8
$8.6 $10.7$11.6 $12.6 $16.5
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
NZ
$ in
mill
ions
1997 1998 1999 2000 2001 2002Year End 30 June
CAGR 22%
Subscriber ChurnSubscriber Churn
1.00%
1.50%
2.00%
2.50%
Last Year Actual
Programming CostsProgramming Costsas a percentage of revenueas a percentage of revenue
42%
46%
43%
49%50%
48%
36%
38%
40%42%
44%46%
48%50%
52%
% o
f Pro
gram
min
g
1997 1998 1999 2000 2001 2002Year End 30 June
EBITDAEBITDA
$50.4 $48.3$73.7 $74.1
$75.7
$108.2
$0.0
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
NZ$
in m
illio
ns
1997 1998 1999 2000 2001 2002
Year End 30 June
CAGR 16%
Results SummaryResults Summary
$ million$ million 20012001 20022002 % Change% Change
RevenueRevenue 300.4300.4 344.6344.6 15%15%
Operating ExpensesOperating Expenses 224.7224.7 236.4236.4 5%5%
EBITDAEBITDA 75.775.7 108.2108.2 43%43%Depn & AmortDepn & Amort 95.495.4 113.0113.0 18%18%
EBITEBIT (19.7)(19.7) (4.8)(4.8) (76%)(76%)InterestInterest 21.321.3 26.726.7 25%25%
OtherOther 1.31.3 (1.3)(1.3) (200%)(200%)
Net Loss after Net Loss after TaxTax (42.3)(42.3) (30.2)(30.2) (29%)(29%)
Free Cash FlowFree Cash Flow
$ million$ million 20012001 20022002 % Change% Change
Net Operating Cash Net Operating Cash FlowFlow 43.943.9 77.077.0 75%75%
Net Investing Cash Net Investing Cash FlowsFlows (140.7)(140.7) (114.2)(114.2) (19%)(19%)
Free Cash FlowFree Cash Flow (96.8)(96.8) (37.2)(37.2) (62%)(62%)
Capital Expenditure Capital Expenditure (excluding Transponders)(excluding Transponders)
$37.4
$13.7
$36.5
$16.9$10.4
$97.9
$13.5
$3.3
$93.6
$6.8$2.9
$130.7
$11.4$11.2
$85.7
$2.0$20.2
$0
$20
$40
$60
$80
$100
$120
$140
$160
$NZ
(mill
ions
)
1997 1998 1999 2000 2001 2002Year End 30 June
Decoders and Installation Digital Expansion Other
Leveraged RatiosLeveraged Ratios
$ million$ million
Bank LoanBank Loan $157.0$157.0
Capital NotesCapital Notes $111.1$111.1
TOTAL DEBTTOTAL DEBT $268.1$268.1
Capitalised ValueCapitalised Value $1,3 bil.$1,3 bil.
Debt to Cap. Value RatioDebt to Cap. Value Ratio 20%20%
Debt to EBITDA RatioDebt to EBITDA Ratio 2.5 times2.5 times
TaxTax
Tax losses carried forward of $110mTax losses carried forward of $110m
Tax Asset not recognisedTax Asset not recognised
Approximately $58m of losses to be offset by INLApproximately $58m of losses to be offset by INL
INL to repay cash to SKY when tax is due INL to repay cash to SKY when tax is due
ie $58mie $58m x 33% = $19.1mx 33% = $19.1m
Annual PerformanceAnnual Performance
70
90
110
130
150
170
190
210
BASE NZSE40.NZ BASE SKY.NZ
Performance Over Performance Over the Last 12 Monthsthe Last 12 Months
80
90
100
110
120
130
BASE2 NZSE40.NZ BASE1 SKY.NZ
SkyBetSkyBet
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