2012 Half-Year Results
Consolidated Media Holdings Limited
ABN 52 009 071 167
(ASX:CMJ)
A
> This 2012 half-year (1H12) results presentation
(Presentation) has been prepared by Consolidated Media
Holdings Limited (CMH) and does not take into consideration
the investment objectives, financial situation or particular
needs of any particular investor. No representation or
warranty, express or implied, is made as to the fairness,
accuracy, completeness or correctness of the statements,
estimates, opinions, conclusions and other information
contained in this Presentation. To the maximum extent
permitted by law, CMH, its related bodies corporate and each
of their respective officers, directors, employees and
agents, accept no responsibility for any information provided
in this Presentation, including forward looking information,
and disclaim any liability whatsoever for any direct or
indirect loss or damage howsoever arising from any use of
this Presentation or anything contained in or omitted from
this Presentation.
> Investors must make their own independent assessment of
CMH and undertake such additional enquiries as they deem
necessary or appropriate for their own investment
purposes.
> This Presentation is not and does not form an offer,
part of an offer or an invitation to apply for, or purchase
securities.
> Certain information contained in this Presentation has
been prepared by FOXTEL and Premier Media Group (Third Party
Information).
CMH does not assume any responsibility for the accuracy or
completeness of any Third Party Information.
> Certain statements in this Presentation (including Third
Party Information) relate to the future. Such statements
involve known and unknown risks, uncertainties and other
important factors that could cause the actual results,
performance or achievements of CMH to be materially different
from expected future results, performance or achievements
expressed or implied by such statements. Such risks,
uncertainties and other important factors include, among
other things, general economic conditions, specific market
conditions, exchange rates, interest rates and regulatory
changes. To the extent permitted by law, CMH expressly
disclaims any obligation to update or revise this
Presentation.
> The Information in this presentation has not been
subjected to audit or review by CMH's external auditor.
Certain information about CMH's financial results is based on
information that has been reviewed, and which can be found in
CMH's Half-Year Financial Report dated 23 February 2012.
Thursday 23 February 2012
1
Operating EPS
(cents per share)
10.21
5.38
6.60
13.95
7.85
16.61
7.89
> Operating EPS of 7.89 cents per share up marginally (1H11: 7.85 cents per share).
> Statutory EPS of 7.50 cents per share down 4 per cent (1H11: 7.82 cents per share).
> Operating NPAT of $44.3m
down 2 per cent (1H11: $45.4m).
> Statutory NPAT of $42.1m down
7 per cent (1H11: $45.3m).
2009 2010 2011 2012
Half-year
Full Financial year
Statutory EPS from Continuing Operations
2009 | 2010 | 2011 | 2012 | |
Half-year | 55.46 | 5.63 | 7.82 | 7.50 |
Financial year | 60.28 | 12.96 | 17.83 |
Operating EPS is calculated by dividing Operating NPAT by the EPS number of shares. Operating NPAT provides the best reflection of the Company's underlying assets and structure. Statutory NPAT and Statutory EPS includes
the impact of the Company's specific items.
2
Operating NPAT
of $44.3m down
2 per cent
Pay TV assets reported good
1H12 performance
Investments and cash
> Reported NPAT of $42.1m reflects a decline of 7 per cent
on 1H11 ($45.3m) and includes:
- $0.7m of fees on the financing facility put in place by CMH
to fund its share of
FOXTEL's proposed acquisition of AUSTAR; and
- $1.5m of costs arising from contractual matters put in
place when PBL demerged in 2007 (1H11: $0.1m).
> The operating NPAT variance to 1H11 is predominantly due
to the higher interest income reported in 1H11 of $4.1m
(versus $2.0m this half).
> FOXTEL and PMG's 1H12 results were in line with
expectations.
> Solid profit improvements for FOXTEL for the half
generated by continued improvements in ARPU.
> Small increase in subscriber numbers since June 30,
2011, with net subscriber additions remaining one of the key
focuses of FOXTEL's management team.
> PMG's investment in key sports content continuing to
generate strong interest and excellent ratings.
> AUSTAR's scheme meeting now scheduled for March 30.
> CMH has declared an interim dividend of 10.5 cents per
share unfranked (1H11: 10.5 cents per share unfranked), to be
paid to those shareholders on the register on Friday March
30, on Friday April 13, 2012.
> CMH received its first cash distribution from SEEKAsia
in February 2012 of $0.2m.
> At 31 December 2011, CMH had $63m of cash on hand.
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formed the bulk of the 1H12 results
1H12
$ millions
25.8 (3.2)
2.0 44.3
(0.7) (1.5)
42.1
19.7
FOXTEL PMG EBIT INTEREST
1H12
OPERATING NPAT
TRANSACTION FACILITY COST
HISTORICAL CONTRACTUAL ITEMS
1H12
STATUTORY NPAT
FOXTEL
Premier Media Group
> CMH equity accounted result of $19.7m (post-tax).
> Up 3 per cent on 1H11 ($19.2m).
> $15m distribution received already in 2H12; further distribution expected before June 30.
> CMH equity accounted result of $25.8m (post-tax).
> Down 1 per cent on 1H11 ($26.2m).
> $20m in distributions received in 1H12 (1H11: $20m).
> Further distributions expected in 2H12.
4
EBITDA growth continues
EBITDA
$ millions
237
165
351
196
406
238
477
551
278 280
> Total revenues of $1,102.1m up
2 per cent (1H11: $1,078.1m).
> Subscription revenues of $946.1m up 5 per cent (1H11: $899.8m).
> EBITDA of $280.4m up 1 per cent
(1H11: $278.0m).
> PBT of $107.0m up 5 per cent
(1H11: $101.7m).
102
2007 2008 2009 2010 2011 2012
Half-year
Full Financial year
5
Per User growth continues
FOXTEL ARPU
$86
$85 $85
$90
$92
$94
$97
$100
> ARPU at 31 December 2011 reached
$100 per user, up from $97 at 30 June 2011 and $94 at 31 December 2010.
> Subscriber quality remained high for the half:
- 42 per cent of subscribers have subscribed to FOXTEL's
premium offering - Platinum (1H11: 43 per cent).
- 42 per cent of subscribers have subscribed
the for Multi-Room product (1H11: 39 per cent).
$84
FY08 FY09 FY10 FY11 FY12
Average revenue per user per month as at
Dec 31
Jun 30
- 76 per cent of subscribers now have the iQ (1H11: 69 per
cent).
- 38 per cent of subscribers have HD (1H11: 23 per cent)
> FOXTEL's subscriber base of 1.66m up
2 per cent since 31 December 2010 (1H11:
1.63m) and a small increase on subscriber numbers at 30 June 2011 (FY11: 1.65m).
> Churn of 13.4 per cent (annualised) for the half back to historical levels, but up on 1H11 (12.7 per cent).
6
EBITDA results half-on-half
EBITDA
$ millions
106
59
41
133
152 153
146
82
74 75
70
> Total revenues of $238.2m up
7 per cent (1H11: $222.9m).
> Subscriber revenues of $173.3m up
8 per cent (1H11: $160.7m).
> Advertising revenues $35.3m up
11 per cent (1H11: $31.8m).
> Other revenues $29.6m down
2 per cent (1H11: $30.4m).
> Operating expenses $163.6m up
10 per cent (1H11: $149.2m).
> EBITDA of $74.6m up 1 per cent
2007 2008 2009 2010 2011 2012
(1H11: $73.7m).
> PBT of $70.1m up 1 per cent
(1H11: $69.4m).
Half-year
Full Financial year
7
Ratings Report: Top 10 programs in FOXTEL's history
Rank Program Station Date AVE AUD> PMG continues to produce the top rating sports programs on subscription
1 LIVE: RWC: SF#2, AUSTRALIA V NEW ZEALAND
FOX SPORTS 3 16/10/11 733,645
TV across all major codes.
2 LIVE: RWC: FINAL, NZ V FRA FOX SPORTS 3 23/10/11 649,000
> In FY12 PMG has delivered 7 of the top
3 LIVE: SUPER RUGBY:
FINAL REDS V CRUSADERS
4 LIVE: CRICKET: BIG BASH LEAGUE STARS V THUNDER
FOX SPORTS 3 9/07/11 530,886
FOX SPORTS 2 17/12/11 478,339
10 rating programs in FOXTEL history.
> Enhanced Rugby and Cricket
Coverage.
5 LIVE: RWC: QF#3 SA V AUS FOX SPORTS 3 9/10/11 471,897
6 LIVE: CRICKET: BIG BASH LEAGUE FINAL
7 LIVE: RUGBY UNION: BLEDISLOE CUP AUS V NZ GAME 2
8 LIVE: FOOTBALL: WORLD
CUP QUALIFIER AUSTRALIA V UZBEKISTAN
FOX SPORTS 2 28/01/12 450,000
FOX SPORTS 3 27/08/11 442,598
FOX SPORTS 1 1/04/09 431,043
> Current A-League season recording strong audience growth.
> AFL and NRL seasons commencing shortly.
9 LIVE: FOOTBALL: AFC ASIAN CUP QF#3 JAPAN V AUSTRALIA
FOX SPORTS 2 21/07/07 419,425
10 LIVE: CRICKET:
CHAPPELL-HADLEE TROPHY
FOX SPORTS 2 18/02/07 414,559
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2012 Half-Year Results
Consolidated Media Holdings Limited
ABN 52 009 071 167
(ASX:CMJ)
9