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Annual Results June 2002 15 August 2002

Annual Results June 2002 15 August 2002. Results Summary . Subscriber Growth. Full Year Subscribers. Pay Television Penetration. Australia 22% France 32% New Zealand 36% United Kingdom 41% Finland 45% Germany 70% United States 81% Switzerland 83% BeNeLux 95%.

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Annual Results June 2002 15 August 2002

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  1. Annual ResultsJune 200215 August 2002

  2. Results Summary

  3. Subscriber Growth

  4. Full Year Subscribers

  5. Pay Television Penetration • Australia 22% • France 32% • New Zealand 36% • United Kingdom 41% • Finland 45% • Germany 70% • United States 81% • Switzerland 83% • BeNeLux 95%

  6. Moving Annual Net Churn

  7. Moving Annual Gross Churn

  8. Total Revenue CAGR 16%

  9. Average Revenue per Unit (ARPU)

  10. Average Revenue per Unit (ARPU)

  11. Advertising Revenue CAGR 22%

  12. Programming Costsas a percentage of revenue

  13. EBITDA CAGR 16%

  14. Capital Expenditure (excluding Transponders)

  15. Net Profit/(Loss)

  16. Second Half Comparison

  17. 2002 Operating Cash Flow

  18. Free Cash Flow

  19. Impact of Football Kingz

  20. Funding $111m of Capital Notes raised October 2001 @ 9.3%. Election date October 2006 Bank Facility $225m, drawn to $157m. Margin is 50bp Bank Facility repayable March2004

  21. Tax • Tax losses carried forward of $110m • Tax Asset not recognised • Approximately $58m of losses to be offset by INL • INL to repay cash to SKY when tax is due ie $58m x 33% = $19.1m

  22. Foreign Currency Hedging 84% hedged for 2002/03 $US commitments @ .4343 20% hedged for 2003/04 $US commitments@ .4342 88% hedged for 2002/03 $Aud commitments @.8217 17% hedged for 2003/04 $Aud commitments @.8270

  23. Expense Analysis

  24. Capital Expenditure Analysis

  25. Industry Strategic Consolidation • TVNZ on SKY Digital Platform • TelstraClear wholesale distribution agreement • SKY re-sold on TCL network • SKY exclusive procurer of TCL programming • 7 year term • Telecom • Expires March 2003

  26. 2002 Key Messages • Net loss reduced by 29% to $30m • Operating cash flow up 75% to $77m • Negative free cash flow reduced by $60m to $37m • Subscriber numbers up 17% to 503k. • ARPU up 4% to $50.51, DBS ARPU up 2% to $55.46 • Churn down 16% to 11.7% (Net) • Subscriber acquisition costs reduced by 17% to $680

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