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SKY NETWORK TELEVISION ANNUAL RESULTS 2003

SKY NETWORK TELEVISION ANNUAL RESULTS 2003. Subscribers. ‘000. 2002. 2003. % Change. UHF Residential. 136.3. 117.7. (13.6%). DBS (Satellite) Residential. 284.3. 340.3. 19.7%. DBS Wholesale. 75.4. 76.7. 1.7%. Commercial. 7.2. 8.1. 12.5%. Total Subscribers. 503.2. 542.9.

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SKY NETWORK TELEVISION ANNUAL RESULTS 2003

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  1. SKY NETWORK TELEVISION ANNUAL RESULTS 2003

  2. Subscribers

  3. ‘000 2002 2003 % Change UHF Residential 136.3 117.7 (13.6%) DBS (Satellite) Residential 284.3 340.3 19.7% DBS Wholesale 75.4 76.7 1.7% Commercial 7.2 8.1 12.5% Total Subscribers 503.2 542.9 7.9% Subscriber Growth

  4. Moving Annual Churn

  5. Churn

  6. Viewer Hours per Day

  7. Subscriber Revenue

  8. Total ARPU

  9. ARPU

  10. Advertising Revenue

  11. Programming Costs % Revenue

  12. EBITDA

  13. Capital Expenditure (excluding transponders)

  14. Net Profit/(Loss)

  15. Big Mac Index

  16. $NZ million 2002 2003 % Change Revenue 344.6 391.3 13.6% Operating Expenses 236.4 240.5 1.7% EBITDA 108.2 150.8 39.4% Depn & Amort 113.0 124.1 9.8% EBIT (4.8) 26.7 656.3% Interest 26.7 28.0 4.9% Other (1.3) (2.0) 53.8% Net Profit/(Loss) after Tax (30.2) 0.7 102.3% Results Summary

  17. $NZ million 2002 2003 % Change Net Operating Cash Flow 77.0 128.0 66.2% Net Investing Cash Flows (114.2) (96.0) (15.9%) Free Cash Flow (37.2) 32.0 186.0% Free Cash Flow

  18. $NZ million 2002 2003 % Change Residential 266.0 309.1 16.2% Commercial 19.6 22.3 13.8% Sky Watch 6.1 6.8 11.5% Advertising 16.5 19.6 18.8% Installation, programming sales & other 36.4 33.5 (8.0)% Total Revenue 344.6 391.3 13.6% Revenue Analysis

  19. $ million 2002 2003 % Change Programming 166.6 168.1 0.9% Subscriber Management 12.7 13.7 7.9% Transmission 6.9 7.0 1.4% Selling, General & Administration 48.6 49.7 2.3% Depreciation & Amortisation 113.1 124.1 9.7% Total Operating Expenses 347.9 362.6 4.2% Expense Analysis

  20. Programming Costs

  21. Foreign Currency Hedging • Sky’s hedging positions at 31 July 2003 • 97% hedged for 0 -12 months $US exposures @ .500 • 46% hedged for 13-24 months $US exposures @ .536 • 33% hedged for 25-36 months $US exposures @ .565 • 96% hedged for 0 -12 months $A exposures @ .899 • 74% hedged for 13-24 months $A exposures @ .904 • 66% hedged for 25-36 months $A exposures @ .892 • average $US payment rate for opex for year to June 03 = 44.8c

  22. Funding • New 5 year NZ$200m revolving bank facility refinanced in May 2003 - TD, HSBC, ANZ, BNZ, Westpac • Event of review if News direct/indirect ownership of Sky is less than 27.5% • Bank Facility drawn to NZ$148m. Margin is 75bp • NZ$111m of Capital Notes raised October 2001 @ 9.3%. Election date October 2006, market yield on notes @ June 03 was 7.6%

  23. Tax • Tax losses carried forward of NZ$106m @ 33% = $35m • Tax Asset of NZ$54m not recognised (includes June 02 offset to INL) • NZ$53m of losses offset by INL for June 02 year, NZ$52m anticipated for June 03 year • INL to repay cash to SKY when tax is due • ie ($53m + $52m) x 33% = $35m • Sky will receive imputation credit benefit of loss transfer

  24. $ million 2002 2003 % Change Transponder Lease 17.5 19.7 12.6% Subscriber Equipment 85.7 74.4 (13.2%) Digital Expansion 2.0 1.5 (25.0%) Interactive Applications 3.0 0.7 (76.7%) Right of renewal 10.7 7.6 (29.0%) Other 4.5 1.9 (57.8%) Total Capital Expenditure 123.4 105.8 (14.3%) Capital Expenditure Analysis

  25. DBS (Satellite) Install Costs $832 $803 $719 $524

  26. 2003 Key Messages • Net profit of $0.7m a $30.9m improvement • Operating cash flow up 66% to $128m • Negative free cash flow improved by $69m to a positive $32m • Subscriber numbers up 8% to 543k. • ARPU up 3% to $51.83, DBS ARPU up 5% to $59.35 • Net Churn down 7% to 10.8%

  27. 2004 Guidance • Our July 2003 survey of brokers forecasts indicates NZ$m Mean ($m) EBITDA 175 - 199 187 NPAT 29 - 47 39 Capex 70 - 106 91 • Guidance is that SKY expects to be at the lower end of each of these forecasts

  28. Programming Initiatives 2003/04

  29. SKY NETWORK TELEVISION ANNUAL RESULTS 2003

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