First Half Results 2016 - Jeremy Darroch - Amazon S3
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First Half Results 2016
Jeremy Darroch The Tunnel: Sabotage
1
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, On Demand, NOW TV, Sky Go, Sky Go Extra, Sky+ HD, Sky Q, Sky Store, Sky Online, mobile, Multiscreen and other services penetration, revenue,
administration costs and other costs, advertising growth, churn, profit, cash flow, products and our broadband network footprint, content, wholesale, marketing, synergies and
integration, 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, the Group’s exposure to financial market risks, 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 is provided in the “Principal risks and uncertainties” section of Sky’s Annual Report for the full year ended 30 June 2015 (as
updated in Sky’s results for the six months ended 31 December 2015). Copies of the Annual Report are available from the Sky plc web page at www.sky.com/corporate and in hard
copy from the Company Secretary, Sky plc, Grant Way, Isleworth, Middlesex TW7 5QD. All forward looking statements in this document 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
Agenda
3
Number 1 for customers
Best content; Best products and innovation; Best service
Extending our growth opportunity
65 million households yet to take pay TV
Building a brilliant organisation
Working together to pursue our goals
Great operating and financial performance
Delivering sustained shareholder returns
Stan Lee's Lucky Man
4
Winning with customers
470,000 new customers; 2 million new products
Existing products continue to appeal strongly
New services landing well
Outstanding quality and breadth of content
Portfolio keeps getting better
Market-leading innovation
Number 1 in customer service
Minions
5
Good progress in Germany and Austria
Resilient performance in Italy
Group benefitting from innovation pipeline
Maximising content investment
Executing strategy at pace
Significant headroom for growth in Germany and Austria
Continue to broaden our portfolio in Italy
Moto GP
6
Operational and Financial Results
Andrew Griffith Tomorrowland
7
Quarterly customer growth
Strong quarter
Highest customer growth for ten years
+205k
Led the market for broadband additions 12.3m
Maintained ARPU at £47 12.1m
Good traction for new services
Adsmart
NOW TV sport passes
Sky Store
Revenue up 6% and profit up 16% Sep 2015 Dec 2015
8
Quarterly customer growth
Continued good demand
Headwind from expiry of 24 month contracts +120k
Increased focus on customer quality 4.5m
4.4m
First ARPU increase for six quarters
Over 50% attachment rate to HD
Double digit revenue growth
Investing in connected home
New UCL deal
Impact of change in Bundesliga amortisation
Sept 2015 Dec 2015
9
Annual customer growth
Continued good demand
Headwind from expiry of 24 month contracts +c400k
Increased focus on customer quality 4.5m
First ARPU increase for six quarters
4.1m
Over 50% attachment rate to HD
Double digit revenue growth
Investing in connected home
New UCL deal
Impact of change in Bundesliga amortisation
Dec 2014 Dec 2015
10Quarterly customer growth
Good performance
Added 12k new customers +12k
Excellent growth of FTA business 4.7m 4.7m
Reach of Channel 8 doubled
16% increase in advertising revenue
Good underlying financials
Sept 2015 Dec 2015
11UK and Ireland
Italy
13.1% Germany and Austria
11.4%
10.9% 10.5% 10.2%
10.0% 9.9%
9.8%
8.3%
2014 2015 2016
12
Quarter ended 31 DecemberOn Demand and Sky Go additive to viewing hours
Italy
Over 10 million people watched Moto GP
X Factor final viewing up 30%
UK and Ireland
Over 10 million viewers to Sky Movies over Christmas
Fungus the Bogeyman was our best Christmas special in four years
Germany and Austria
Highest ever Bundesliga audience
Kingsman: The Secret Service
Record Bond channel
13UK and Ireland Italy Germany and Austria
61%
55%
41%
38%
29%
19% 17%
3%
2014 2015 2016 2014 2015 2016 2014 2015 2016
14
Quarter ended 31 DecemberCustomer service
Two million customer home visits
27 million service calls handled
Lowest complaints for pay TV in the UK
Broadband service 5x better than incumbent
Reliability
Software improvements to 13 million boxes
Core platform availability of 99.995% for OTT service
Continuous improvement
Switched German broadcasts to MPEG 4 standard
Super League
Started migration of CRM to cloud-based solution
15Milestones this period Overall status • Launched Sky Go Extra in Germany • Launched new on-demand propositions in Germany & Italy • Common OTT infrastructure and OTT roadmap in place • New Pan-European content deals with HBO & Showtime • Launched Last Panthers across all five territories • Key owned channels rebranded • Sharing ad marketing campaigns, including “1000 Movies on Demand” and Minions campaign in Italy • Established Group procurement function • In sourcing German playout and datacentres to Milan
£m 2015 2016 Change Revenue 5,437 5,718 +5% Programming 2,313 2,415 +4% Direct Network Costs 419 448 +7% Gross margin 49.8% 49.9% Other costs 2,037 2,108 +3% Operating profit 667 747 +12% Operating profit margin 12.3% 13.1% +80bps Earnings per share 27.1p 29.9p +10% Six months ended 31 December 17
£m 2015 2016 Change Subscription 4,692 4,880 +4% Transactional 77 92 +19% Programme and channel sales 262 309 +18% Advertising 332 359 +8% Other 74 78 +5% Total 5,437 5,718 +5% Six months ended 31 December 18
%
+c50
£92m
NOW TV
Sports Passes Up nearly 50% in two years
£64m
Buy or Rent £100m run-rate in UK
Movies
2.5 million regular users
Sports PPV
2014 2015 2016
Six months ended 31 December
198% growth
+1 +£17m £309m
+£19m Higher take up of premium channels
+£11m
£262m
Higher wholesale rates
Growing international programme sales
2015 Higher Higher Growing 2016
premium wholesale international
take up rates programme
sales
Six months ended 31 December
20£m 2015 2016 Adjusted EBITDA 913 1,096 • Increased 20% year on year Working Capital 52 (166) • First time consolidation of Italy and Germany Capex (underlying) (277) (321) • UK broadly flat, consolidation of Italy and Germany Operating free cash flow 688 609 Campus development (64) (75) • Investment peaks in H1 calendar 2016 Interest, tax and JV’s (174) (253) • Increased interest from higher level of debt Free cash flow 450 283 Net debt at 31 Dec £6.3bn £5.7bn Net debt to EBITDA 3.2x 2.6x Slide 64 includes a reconciliation of net debt movements 21
5 year dividend growth
2% growth to 12.6 pence per share
Eleven successive years of growth
12.6p
Clear and consistent financial policies
Re-invest for growth, e.g. HD, Sky Q, mobile
8.7p
A strong balance sheet, net debt/EBITDA below 2.0x
Disciplined and selective acquisitions
No pension deficit
2011 2016
22Strong operating metrics
Customers consuming more content
Integration proceeding well
Strong financial results
Ray Donovan
Series 3
23Business update
Big Hero 6
24Changing consumer behaviour
Proliferation of connected devices
Viewing taking place in and out of the home
Consumption of content in digital formats
Broader business offering
Launch of new services
Sky remaining at heart of customers’ lives
25Customers Products
+2m +16m
39.6m
12.3m
10.2m
23.8m
2010 2015 2010 2015
* UK and Ireland growth rates from 31 December 2010 to 31 December 2015
26Revenue Profit
+85% +50%
£11.3bn
£1.5bn
£6.1bn £1.0bn
2010 2015 2010 2015
* Growth rates based on 12 months ending 31 December, for BSkyB plc (2010) and Sky plc (2015)
27Best
Best No.1 brand
products and
content and service
innovation
Efficient Winning
operation organisation
2829
Extend our leadership on screen
Innovate at pace across our products and services
Develop our targeted advertising proposition
Extend our reach and additional revenue streams
Accelerate progress in Italy and Germany
Develop our winning organisation
Deliver superior returns for shareholders
Ryder Cup
30Best content for the household
Outstanding breadth of programmes
Acquisition of best rights
Creation of world-class productions
Leading channel portfolio
Providing balance and depth
The Flash
31Sport Movies Entertainment
Premier League Formula 1 Big Hero 6 Spectre Scandal Grey’s Anatomy
Handball Netball Super League The Imitation Game Minions Hawaii 5-0 Elementary
The Open Moto GP Inside Out Jurassic World The Simpsons Super Girl
32More original content coming to screen
Offering greater range, quality and exclusivity
Providing balance and depth across portfolio A League of their Own The Tunnel: Sabotage 100 Code
Building reputation as great content creator
Resonating with customers
Growing programme sales around the world Mystery of the Lost Caravaggio Penny Dreadful 3 Trollied
Progress across all genres
Rich 2016 pipeline
Over 100 dramas in production or development The Last Panthers Stella Gomorrah 2
50 Ways To Kill Your Mammy Stan Lee’s Lucky Man X Factor
33Strategic choice to build out channel portfolio
Market opportunity in high-end, cinematic drama
Powerful brand across all markets
Key reason for choosing Sky
34Exclusive partnership since 2011
Outstanding record of leading shows
Extended pan-European relationship
Co-production partnership with The Young Pope
Vinyl airing across group next month
35Complementary pillar to offering
Shows with scale and impact
Outstanding pipeline across group
Return of successful series including Fortitude and Gomorrah
36Fantastic new deal to further strengthen portfolio
Acclaimed original productions including The Affair
Multi-year deal across all markets and platforms
Strong slate in 2016 including Billions and Twin Peaks
Access to world-class library content, on demand
37UK and Ireland Germany and Austria Italy
38Keep making Sky experience even better for customers
Long-term approach; transformed our business
Continued to grow subscription business
Extended our reach
Created new revenue streams
Applying approach in all markets
39Pay lite Pay Pay premium
Sky+
40Keep improving the viewing experience
Expanding on demand service
Creating simple user interface
Continual software updates throughout year
Re-launch of Europe’s biggest mobile TV service
New Sky Go user interface
Making access to content even easier
Rolling out across the group
Box Sets coming in Italy
New box to launch in Germany and Italy
41Strong brand in market
Over 25% customers taking two or more passes
Improving the user experience
New UI to roll out from next month
Next generation box to launch in summer
Seamless access to free-to-air channels
Gateway to all free and pay viewing
4243
Creating the very best TV experience anywhere in the world
Shaped by our customer insight
Easy to navigate
Flexible and seamless across screens
Simple and effortless
Platform for continuous innovation
UK’s most comprehensive Ultra HD service
44Customer launch in February; packages starting from £42
Proven investment model
Attractive customer economics
Reinventing the service model
Free service calls for customers
Retaining box ownership
Model used in Germany and Italy
45“The next generation of TV”
“Genuinely a stride
into a new era of
television viewing”
“I’ve seen the Future of
TV, and it’s Sky Q”
“A genuine TV revolution”
“Sky Q will set a new
standard for the TV experience.”
46Sky Store available across multiple platforms
Regularly number 1 digital retailer
Expansion of pre-order service
Further developments to come:
Launching Buy & Keep box sets service in the UK
Increasing choice of content
Introducing Buy & Keep movies service in Germany
The Martian
4748
Launching to UK customers in spring;
other markets to follow
User experience designed for kids
Safe and secure environment
Offering best content from key partners
Deepens our relationship with the household
49Peppa Pig Ben & Holly’s Doc Sponge Bob Paw Patrol Sofia the First Amazing World Henry Regular Show Adventure
Little Kingdom McStuffins Of Gumball Hugglemonster Time
Tom & Jerry Phineas Scooby Doo Sheriff Callie’s Jake and the Jessie Mickey Mouse Austin & Ally Fireman Sam Liv & Maddie
& Ferb Wild West Neverland Pirates
50Attractive market opportunity
Incremental product and revenue growth
Proven appetite for customers to take more from Sky
Proposition in progress
51Excellent traction with advertisers
700 advertisers running over 4,000 campaigns
Over 70% new to Sky or TV advertising
Revenue up 4 times versus standard rate
Significant headroom for growth
Expanding audience attributes
Extending across more platforms; on demand, Sky Go, NOW TV
Launching in Italy in 2016
Developing Sky Advance; sequential campaigns over TV, web and mobile
52Leading the market in the UK Digital First driving customer
satisfaction and cost savings
Efficient, flexible and agile Launching new SkyApp in UK
model serving the core
Sharing experience and best Building on Italy’s loyalty programme
practice across the group
53Aligning our brand and product roadmaps
Creating joint marketing campaigns; innovations landing in all markets
Reducing other operating costs as % of sales
Supported by Digital First initiative, and Genesis programme
Sharing best practice across group
Deploying best people around the business
Formula 1
5455
X Factor Mystery of the League of their Own Stella Hell’s Kitchen Italia’s got Talent The Five Agatha Raisin Wild Things MasterChef
Lost Caravaggio
Extend our Stan Lee’s Lucky Man Vinyl The Tunnel: Sabotage Game of Thrones 6 Billions Westworld Hooten & the Lady Penny Dreadful 3 Fortitude 2 Gomorrah 2
leadership on
screen
England Cricket Moto GP Bundesliga The Masters Premier League SANZAR The Open Ryder Cup British Masters Handball
Star Wars Jurassic World Minions American Sniper Ted 2 Mad Max: Fury Road Sicario The Martian The Revenant Spectre
Buy and Buy and
Keep Keep
Innovate at Sky Q Box Sets: Italy Kids App NOW TV box: Box sets: New Sky+ Box: Sky Go Extra: Movies: Mobile:
pace across UK UK Germany and Italy Italy Germany UK
our products
and services
Sky Go refresh: Sky+ updates: Sky+ new EPG: Sky+ new EPG:
UK UK Italy UK 56Delivering against successful strategy
Investing for our customers
Realising potential of expanded business
Building a stronger, more profitable business for shareholders
57Q&A
APPENDIX
Denotes a Sky original production
Some of the new shows, movies and sports events coming up on Sky – January to June 2016
UK and Ireland
Drama Vinyl Togetherness (Season 2) Ted 2 Q3 - UK
100 Code Westworld Veep (Season 5) Terminator: Genisys
Agatha Raisin Entertainment Video Killed the Radio Star (Season 6) The Age of Adeline
Aquarius (Season 2) A League of their Own (Series 10) Wild Things The Bad Education Movie
Arrow (Season 4) Air Ambulance Movies The Second Exotic Marigold Hotel
Banshee (Season 3) Alan Partridge Mid Morning Matters (Series 2) Barely Lethal The Visit
Billions America’s Next Top Model Captive The Walk
Blacklist (Season 3) Animals Entourage Tomorrowland
Blindspot Discovering Music (Season 4) Fantastic Four Trainwreck
Blue Bloods (Season 6) Dogs Might Fly Far From the Madding Crowd Unfriend
Bones (Season 11) Failure Season: Fast and Furious 7 Woman in Gold
Chicago Fire (Season 4) Computer Says Show Get Hard Sports
Criminal Minds (Season 11) Beyond the Fence Home Boxing
Elementary (Season 4) Giles Coren: My Failed Novel Hot Pursuit Cricket: England series (Test, ODI, T20)
Game of Thrones (Season 6) Fresco Fiasco; Behold the Monkey Inside Out Cricket: ICC World T20
Girls (Season 5) Tim Marlow: Arts Greatest Failures Irrational Man Darts Premier League
Gomorrah (Season 2) David Harewood’s F-Word John Wick Darts: World Cup
Grey’s Anatomy (Season 12) Happyish Jurassic World Fooball: Scottish Cup final
Hawaii Five-0 (Season 6) Last Week Tonight with John Oliver Kingsman: The Secret Service Football: Capital One Cup
Legends (Season 2) Master of Photography Mad Max: Fury Road Football: La Liga
Legends of Tomorrow Matrioshki (Season 2) Maggie Football: Premier League
Limitless Modern Family (Season 6) Magic Mike XXL Football: Sky Bet Championship and playoffs
Madam Secretary (Season 2) My Kitchen Rules New Zealand Mistress America Formula One
NCIS LA (Season 7) Mystery of the Lost Caravaggio Paper Towns Golf: The Masters
Neil Gaiman Presents Robin’s Test Paul Blart: Mall Cop 2 Golf: The U.S. Open
Occupied Ross Kemp’s Britain Pitch Perfect 2 Netball: Superleague
Penny Dreadful (Season 3) Rovers Pixels NFL Superbowl and Playoffs
Scandal (Season 5) Sex Drugs & Rock ‘n Roll Predestination Rugby: England, Ireland, Wales summer International tours
Sensitive Skin (Season 2) Silicon Valley (Season 3) Return to sender Rugby: European Champions Cup
Stan Lee’s Lucky Man Stella (Season 5) Ricki and the Flash Rugby: French Top 14
Supergirl Stop Search Seize Run all night Rugby: Guinness Pro 12 and final
The Catch The Force Manchester San Andreas Rugby: Rugby League
The Five The Muppets Selma Rugby: Women’s 6 Nations
The Flash (Season 2) The Seventies Southpaw Tennis: ATP Masters 1000
The Knick (Season 2) The Simpsons (Season 26) Spooks: The Greater Good
The Nightmare Worlds of HG Wells The South Bank Show 2016 Spy
The Tunnel: Sabotage (Season 2) The South Bank Sky Arts Awards Straight Outta Compton
60Denotes a Sky original production
Some of the new shows, movies and sports events coming up on Sky – January to June 2016
Italy
Drama Entertainment Movies Sports Q3 - UK
Agents of Shield (Season 3) American Dad (Season 13) A Little Chaos ATP Rome and Madrid tennis
Continuum (Season 4) Artists in Love Ant-Man Eurolega Final Four basketball
Criminal Minds (Season 11) Bob’s Burgers (Season 6) Birdman Football – FA Cup Final
CSI – Cyber (Season 2) Fresh off the boat (Season 2) Dumb and Dumber To Football – Premier League
Defiance (Season 3) Italia’s Got Talent (Season 7 / Season 2) Fantastic Four Football – Serie A
Dov’è Mario? Junior Master Chef Italia (Season 3) Foxcatcher Football – Serie B
Empire (Season 2) Master Chef (Season 5) Fury Football: La Liga football
Game of Thrones ( Season 6) Master of Photography Hot Pursuit Football: UEFA Europa League Final
Gomorrah (Season 2 Miles from Tomorrowland (Season 2) Hotel Transylvania 2 Formula One
Grey’s Anatomy (Season 12) Modern Family (Season 7) Into the Woods Golf – The Masters
House of Cards (Season 4) Mystery of the Lost Caravaggio Mission Impossible: Rogue Nation Golf – The U.S. Open
How to Get Away with Murder (Season 2) New Girl (Season 5) Paper Towns MotoGP
Legends (Season 2) The Cleveland Show (Season 4) Paul Blart: Mall Cop 2 NBA All Star Game
NCIS – New Orleans (Season 2) The Lion Guard Penguins of Madagascar NBA Finals
Once Upon a Time (Season 5) The Simpsons (Season 27) Spectre NFL Superbowl
Scandal (Season 5) Top Gear Italia Spy
Shannara Terminator: Genysis
Sleepy Hollow (Season 3) The Age of Adeline
The Catch The Avengers 2: Age of Ultron
The Family The Divergent Series: Insurgent
The Outcast The Imitation Game
The Walking Dead (Season 6) The Longest Ride
The X Files (Season 10) The Second Best Marigold Hotel
Vinyl The Wedding Ringer
Westworld Tomorrowland
Wild
61Denotes a Sky original production
Some of the new shows, movies and sports events coming up on Sky – January to June 2016
Germany and Austria
Drama Star Photographer Fred Lyon Hot Pursuit The Second Exotic Marigold Hotel Q3 - UK
Aquarius (Season 1) The Brink Insurgent The Wedding Ringer
Banshee (Season 4) Togetherness (Season 2) Jurassic World Tomorrowland
Billions Veep (Season 4) Kingsman: The Secret Service Trainwreck
Downton Abbey (Season 6) Versailles Mad Max: Fury Road (3D) Traumfrauen
Game of Thrones (Season 6) William Kentridge: Everything is possible Männerhort Whiplash
Getting On (Season 3) Movies Minions Woman in Gold
House of Cards (Season 4) American Sniper Paper Towns Sports
Show Me a Hero Ant-Man Pitch Perfect 2 Football: Bundesliga
The Knick (Season 3) Birdman Pixels Football: Champions League
Twin Peaks (Seasons 1 & 2) Cinderella Ricki and the Flash Football: DFB-Pokal Final
Vinyl Der Nanny San Andreas Football: Europa League
Entertainment Everest Spy Formula One
Animals (Season 1) Ex Machina Still Alice Golf: The Masters
Artists in Love Focus The Imitation Game Golf: The U.S. Open
Mystery of the Lost Caravaggio Heat The longest ride Handball Champions League
Silicon Valley (Season 3)
62Corporate
Adjusted Acquisition Acquisition Restructuring Amortisation of Statutory
Income Transaction Integration and Efficiency IAS39 Acquired Tax impact of Income
£'m Statement Costs Costs Programmes Derivatives Intangibles Adjusting Items Statement
Revenue 5,718 5,718
Direct Costs (2,863) (9) (12) (2,884)
Gross Profit 2,855 2,834
Operating Costs (2,108) (4) (15) (13) (170) (2,310)
Operating Profit 747 (4) (24) (25) - (170) - 524
Joint Ventures 8 (5) 3
Net Interest (106) (7) (113)
Profit before Tax 649 (4) (24) (25) (7) (175) - 414
Taxation (138) 84 (54)
Profit after Tax 511 (4) (24) (25) (7) (175) 84 360
EPS (p) 29.9 21.0
W. Av shares 1,706 1,706
Equity Shareholders 510 359
Minority Interest 1 1
• Our income statement for the first half has been adjusted for the following items:
– Advisory and transaction fees 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
– Costs relating to the corporate restructuring & efficiency programmes
– Remeasurement of all derivative financial instruments not qualifying for hedge accounting and hedge ineffectiveness
– Amortisation of acquired intangible assets
– Tax effect of above items
63Acquisition Acquisition Amortisation of Profit on Profit on sale of
Adjusted Income Transaction Integration IAS39 Acquired sale of Stake stake in National Tax impact of Statutory Income
£'m Statement Costs Costs Derivatives Intangibles in ITV Geographic Adjusting Items 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) - - - 536
Joint Ventures 24 24
Net Interest (85) (48) (7) (140)
Profit on the sale of investments - 492 296 788
Profit before Tax 585 (95) (9) (7) (54) 492 296 - 1,208
Taxation (132) (12) (144)
Profit after Tax 453 (95) (9) (7) (54) 492 296 (12) 1,064
EPS (p) 27.1 63.6
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£6,268m +£1,291m (£321m) +£561m
(£750m) +£232m £5,721m
(£466m)
Net Debt at Operating Acquisitions, Disposal of
Interest, Tax, Dividends Lower GBP: Net Debt at
Dec 2014 Cashflow incl Sky D majority stake
JV’s & other and ESOP Euro FX rates Dec 2015
minorities in Sky Bet
652,500
USD EUR GBP
2,000
1,500
£m
1,000
500
Nil Nil
0
2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 >10-15 years >15 years
GBP/EUR @ 1.36
USD are shown based on their hedged GBP or EUR equivalent Average debt maturity of 7.4 years
66
c70% of gross debt is in EurosYou can also read
