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    Results for the six months ended 31 December 2014

    This is a discussion on Results for the six months ended 31 December 2014 within the Sky news and announcements forums, part of the SkyUser Announcements category; https://corporate.sky.com/media-cent...-december-2014 Sky have today posted their 6 month results which cover the period 1st July to 31st December 2014. This ...

    1. #1
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      Results for the six months ended 31 December 2014

      https://corporate.sky.com/media-cent...-december-2014

      Sky have today posted their 6 month results which cover the period 1st July to 31st December 2014. This is the first report that now also includes the finances of the recently acquire German and Italian parts.

      https://corporate.sky.com/documents/...ss-release.pdf

      https://corporate.sky.com/rns.aspx?P...67d8d8cd9b224d

      Some highlights...

      SKY PLC
      Unaudited results for the six months ended 31 December 2014

      Statutory results Adjusted results
      Six months to 31 Dec 2014/15 2013/14 Variance 2014/15 2013/14 Variance
      Revenue £4,302m £3,674m +17% £5,604m £5,342m +5%
      EBITDA £811m £772m +5% £993m £925m +7%
      Operating profit £536m £545m -2% £675m £581m +16%
      Earnings per share (basic) 63.6p 25.2p +152% 27.1p 26.3p +3%
      Dividend per share 12.30p 12.00p +3%

      Strong financial results
      · Group revenue up 5%
      · Operating profit up 16%
      · Adjusted basic earnings per share of 27.1 pence
      · Interim dividend of 12.30 pence per share

      Growing customer demand across the group
      · Significant outperformance in the UK and Ireland
      o 204,000 new customers, the highest growth in nine years
      o Over 1 million new products, the highest growth in four years
      · Record growth in Germany and Austria with 214,000 new customers
      · Strong performance in Italy with 30,000 new customers, the highest growth in 12 quarters
      · Significant group-wide reduction in churn

      Building for the future
      · Strengthening drama slate: Fortitude launched in all five markets and 160 hours of original drama in production across the group
      · Extending leadership in sport: exclusively live UK and Irish rights to The Open Championship
      · Opening up OTT opportunity with streaming services in all our markets
      · Growing new revenue streams: Sky Store revenues up 90% year on year
      · Good progress with integration planning and synergies
      UK & Ireland
      As at
      31-Dec-14
      As at
      31-Dec-13
      Annual Growth Quarterly Growth to 31-Dec-14
      Total Customers ('000s) 15,830 14,954 +876 +249
      Retail Customers 11,750 11,330 +420 +204
      Wholesale Customers 4,080 3,624 +456 +45
      Paid-for products ('000s) 36,555 33,307 +3,248 +1,020
      Monthly ARPU £47 £46 +£1 +£1
      Churn (quarterly annualised) 9.2% 10.8% -1.6pp -1.8pp
      Churn (12 month rolling) 10.5% 10.9% -0.4pp -0.4pp

      Sky in the UK and Ireland had an exceptional Q2 with the investments in content and connected services delivering excellent operating growth across all areas of the business. Strong customer demand drove the highest product growth in four years at more than 1 million, 17% higher than the same period last year. Within this, TV growth more than doubled to 202,000 and we saw good growth in broadband with 106,000 additions.

      The addition of 204,000 new retail customers in the quarter was the highest rate of customer growth since 2005 and reflected a good performance across both our Sky and NOW TV products.

      Quarterly annualised churn for Q2 was 9.2%, the best performance since 2003 and an improvement of 160 basis points on the same period last year. Going forward we will be moving to presenting churn on a 12 month rolling basis, as is the case in Italy and Germany today. For information, churn is shown on both bases in the above table.
      Corporate

      Mobile Partnership with Telefónica UK

      On 29 January 2015, Sky announced a multi-year agreement with Telefónica UK enabling Sky to add mobile voice and data services to its customer offering for the first time. The deal provides wholesale access to Telefónica UK's 2G, 3G and 4G network with Sky planning to launch its first mobile telephony services to customers in 2016.

      Acquisition of Sky Italia and Sky Deutschland

      On 12 November 2014, the Company completed its acquisition of Sky Italia Srl and an 89.71% stake in Sky Deutschland AG. Subsequently the Company acquired additional Sky Deutschland shares through market purchases and as a result holds 95.80% of Sky Deutschland.

      The acquisition of Sky Italia was for a total consideration of £2.45 billion, satisfied by approximately £2.07 billion in cash and the balance through the transfer to 21st Century Fox of the Company's 21% stake in National Geographic Channel International. The acquisition of 95.80% of Sky Deutschland was for a total consideration of €6.0 billion.

      The Group obtained £6.6 billion of committed bank facilities for the acquisitions in July 2014 including a new revolving credit facility of £1.0 billion. A placement of just under 10% of Sky shares raised £1.3 billion in July 2014 and we issued £5.0 billion equivalent of Sterling, Euro and US Dollar denominated bonds in September 2014 and November 2014.


      Sky Bet

      Following the announcement of our agreement to sell a controlling stake in Sky Bet to funds advised by CVC Capital Partners, the deal is proceeding on track and remains scheduled to close in Q3, pending regulatory approval.


      Proposed simplification to quarterly reporting

      Subject to consulting with our major institutional shareholders, we intend to simplify our reporting by moving to a quarterly trading statement for the first and third quarters. The statement will provide details of Sky's operational performance, by market, and will disclose all of those operating metrics currently included in the quarterly releases together with a commentary on the quarter's performance. We will also continue to host quarterly conference calls as now.

      Over time, we expect that this will allow us to release the quarterly results sooner after the end of the period and spend less time in 'closed' period.

      This move will align Sky with the approach adopted by a number of our media and telecom peers and is compliant with the relevant regulations and laws. Subject to the shareholder consultation, the first quarterly trading statement will be published for the third quarter of Sky's current fiscal year.
      Whilst the Churn (number of customer who left) is still high when compared to others in the industry, it has reduced a little.

      When comparing to previous reports which ony cover Sky PLC (i.e UK & Ireland) there are some figures now missing from this report. For example much was being made of the number of connected Sky+ HD STBs. The number of Sky Broadband customers appears to not be mentioned.

      Sky Fibre Unlimited Pro: Connected at 80,000 kbps / 20,000 kbps
      Previous ADSL2+ Speed 19999 kbps 1153 kbps, Line Attenuation 17.5 db 6.9 db, Noise Margin 7.5 dB 8.7 dB
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      Re: Results for the six months ended 31 December 2014

      That is some excellent results from Sky, the competition they have had over the last few years from EE, Talk Talk and BT sport is not having any noticeable effect.
      The churn rate for sky is very low and a big surprise.
      The churn rate is not a standard rate (each organisation can change.adapt how it is reported), so no real comparison can be done with any other organisation.

      It is worth looking at the presentation slides, they sum it all up nicely
      https://corporate.sky.com/documents/...sentation-.pdf

      Plenty in the forward looking statements about improving NowTV with a new box, the phone deal and increasing customer loyalty. But nothing about the new cloud service and 4k box.
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      Re: Results for the six months ended 31 December 2014

      o Over 1 million new products, the highest growth in four years
      That confuses me. What is a 'new product'?

      TomD


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      Re: Results for the six months ended 31 December 2014

      I am guessing that over 1 million new Sky boxes, routers, WiFi boosters, etc. have been shipped.

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      Re: Results for the six months ended 31 December 2014

      I not the remarks made about increased customer loyalty, If this happens it will not be before time. They keep giving all these offers to new customers . Such as free broadband and I have had a leaflet through door this week offering 50% off any bundle you take. So it does not surprise me that they have increased there numbers. The question is how many will they retain after the year, they should look after there long standing customers and give they descent discounts based on the time they have been with sky.

      Mickr

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      Re: Results for the six months ended 31 December 2014

      The question is how many will they retain after the year
      I think that is what the 'churn' figure mainly represents. ie, 9 out of 10 will keep the service.

      TomD


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      Re: Results for the six months ended 31 December 2014

      Interesting report from Broadband TV news

      Darroch knocked back the idea of a new 4k ready box – reported as Project Ethan – explaining the rate of change was different to what it was ten or even five years ago. Rather than replace the entire set-top box inventory it was more likely that changes were made to the software stack.
      “Ultra HD is TBD – it does really well on big screens, but less impactful on smaller screens,” said Darroch. “The jury is still out as to how big an idea it will be, we’re thinking about the box power, how we build into the software stack and the broadcast infrastructure that goes alongside that.”
      NOW TV, Sky’s pay-as-you-go service is receiving a revamped set-top, again based on the Roku platform, in which Sky has a small investment. It will also receive a new logo and an above the line advertising campaign.
      Sky has made NOW TV a distinctive product; 80% of NOW TV users have never considered a Sky subscription.
      Also Jeremy Darroch talking on Sky News today about the results
      http://news.sky.com/story/1420951/sk...rong-uk-growth
      Last edited by lettice; 04-02-15 at 03:30 PM.
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      Re: Results for the six months ended 31 December 2014

      Quote Originally Posted by Isitme View Post
      That confuses me. What is a 'new product'?
      So if a customer adds multiscreen then that's one product?
      No, they will get the (1)Multiscreen subscription, they may get a (2)Sky+ subscription, that will mean they also get (3)On Demand and of course they get (4)Sky Go Extra added for free too, also they might upgrade to (5)Family [HD] when they get this new box.
      Magic accounting! They added One new product but it's accounted for as Five.

      So a few months ago (during this quarter) the company decided that all accounts with at least one additional room would get Sky Go Extra switched on without asking since it was free anyway.

      This is one of the big changes that Mr Darroch has been pushing since Sky's stratospheric growth stalled a few years ago.
      Please note the views and recommendations in my posts are my own and in no way reflect the views of Sky

     

     

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