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Annual Results June 2002 15 August 2002

This report highlights the annual results of the company in 2002, including subscriber growth, financial performance, and strategic consolidations. It provides insights into the pay television market and key highlights of the year.

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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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