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Preliminary Results FY19 23 May 2019 Agenda

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Preliminary Results FY19 23 May 2019 Agenda Preliminary Results FY19 23 May 2019 Agenda 2. Financial Review 1. FY19 Overview Kate Ferry Tristia Harrison 5. 4. Outlook 3. Our Plan Tristia Q&A Tristia Harrison Harrison 1 TalkTalk Group PLC FY19 Overview Good momentum with year on year base, Fibre, revenue and EBITDA growth Strong market position Total Headline revenue (ex-Carrier & Off-net) up 2.2%, with On-net revenue up +3.9% Headline EBITDA growth of 16.7% to £237m Year on year growth driven by a larger average base, increased Fibre penetration and a materially lower cost base Increasing Fibre mix with 490k net adds ; 150k broadband net adds Continued momentum in FibreNation roll-out and investment partner process 3 TalkTalk Group PLC - Overview Financial Review Strong momentum on KPIs; acceleration of Fibre; EBITDA in line with guidance Fibre Net Adds BB Net Adds On-net Churn Total FLPP Base 146 152 109 125 1.4% 1.4% 80 1.3% 1.3% 89 89 98 1.2% 1.2% 1.2% 1.2% 73 72 1.1% 67 37 44 22 20 26 24 2 Q4’17 Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 Q2’19 Q3’19 Q4’19 Q4’17 Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 Q2’19 Q3’19 Q4’19 Q4’17 Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 Q2’19 Q3’19 Q4’19 Revenue ex-Carrier & Off-net Data Revenue +6.8% On-net ARPU Growing +2.2% Consumer ARPU 44 43 43 43 396 382 389 386 387 42 42 42 25.1 26.0 25.2 24.9 24.7 25.2 24.7 24.7 367 375 375 36 Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 Q2’19 Q3’19 Q4’19 Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 Q2’19 Q3’19 Q4’19 Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 Q2’19 Q3’19 Q4’19 5 TalkTalk Group PLC - Financial Review Year on year revenue and EBITDA growth FY19 (£m) FY18 (£m) Revenue growth from bigger Headline revenue 1,609 1,605 base and Fibre penetration Headline revenue (excluding Carrier and Off-net) 1,544 1,511 Gross profit improvement driven by lower Fibre Gross profit 850 831 wholesale pricing and growth in high margin data products Margin 52.8% 51.8% Operating costs reduced Operating costs & SAC (613) (628) due to central cost Headline EBITDA 237 203 savings and cost to serve efficiencies Margin 14.7% 12.6% Underlying CPA stable Headline profit after taxation 69 (7) Headline EPS (Basic) 6.0p (0.7p) Dividend per share 2.50p 4.00p N.B. The above numbers apply IFRS 15 and 9 to both the current year and the prior year under the full retrospective approach 6 TalkTalk Group PLC - Financial Review 2.2% growth in Headline revenue excluding Carrier and Off-net Fibre penetration Larger average base 3.9% On-Net revenue Uptake of sensibly priced add-ons, i.e. call growth boosts and Wi-Fi Hub Data revenue growth from larger base and higher bandwidth product uptake Voice usage revenue decline in Consumer 6.8% and B2B Data revenue growth 7 TalkTalk Group PLC - Financial Review Lower costs of goods sold; increasing gross profit and margin Higher average base leads to greater gross profit Gross profit of Existing Fibre base benefiting from lower input costs from WLA and BTOR discounts £850m up 2.3% Data revenue growth from larger base and higher bandwidth product uptake Voice usage revenue decline in Consumer Gross and B2B profit margin of 52.8% up 100bps 8 TalkTalk Group PLC - Financial Review Significantly reduced cost base with lower cost to serve and management overheads FTE reduction from FY18 redesign of organisational structure Operating Move to self-service model has seen fewer calls and engineer costs visits driving lower cost to serve £15m lower than Lower outsource partner costs last year Driving down cost per Gb FibreNation costs recognised within Group structure in FY19 More Data usage increasing exponentially increasing traffic on the network savings to come Higher SAC costs associated with the exit of a previous distribution agreement 9 TalkTalk Group PLC - Financial Review Estimated cost savings from move to one Salford campus and associated re-organisation Announcement made to employees in £25-£30m November 2018 £21-£26m We now have clear visibility of the £6m-£7m Capex efficiencies and headcount reduction £5m-£6m Many roles relocating, in particular Consumer commercial teams Significant recruitment drive has started for roles in North West, with opportunities for existing employees People & £16m-£20m £19m-£23m Property Employees are leaving in phased approach, with first cohort in March 2019, and then September and December 2019 FY20 Annualised Cash Savings 10 TalkTalk Group PLC - Financial Review Cash flow in line with our expectations FY19 (£m) FY18 1 (£m) Opening Headline Net Debt 745 819 Cash generative in H2 Headline EBITDA 237 203 Working Capital 11 (3) Working capital inflow principally due to the receipt Capital Expenditure (113) (128) of supplier compensation Operating Free Cash Flow 135 72 relating to prior years and Interest & Taxation (50) (47) timing of supplier payments Free Cash Flow 85 25 Non-Headline items (47) (73) Investments represent our continued contribution to Investments (7) (8) YouView JV Dividends (28) (71) Share Issue - 201 FY18 final dividend payment Net Cash Flow 3 74 of 1.5p Closing Headline Net Debt 742 745 Debt covenant: 3.1x * Finance Leases 39 31 Closing Net Debt 781 776 1 * As part of the adoption of IFRS 15, net debt at March 2018 has been restated by £21m to reflect an inventory repurchase As calculated for the purposes of the Group borrowing facilities programme previously in place. This programme ended during FY19 and no such arrangement was in place at March 2019. 11 TalkTalk Group PLC - Financial Review Cash Capex continuing to reduce Doing fewer things, with £133m £128m focus fully £113m £105m-£115m on fixed connectivity FibreNation FibreNation £13m Other (Compliance, Consumer CPE, etc.) Systems Network & Fibre Connectivity FY17 FY18 FY19 FY20 12 TalkTalk Group PLC - Financial Review Non-Headline items lower year-on-year P&L – EBITDA - HQ move and associated re-organisation (£22m), Network transformation (£15m) and MVNO operating profit (£3m) Cash - Exceeds above P&L costs due to timing of prior year mobile exit payment and Group restructure payments related to prior year activity Looking forward P&L Cash P&L Cash - Cash items will continue to exceed P&L £93m £73m £34m £47m items due to timing of final mobile exit payments in FY20 and HQ move and associated re-organisation cash payments FY18 FY19 13 TalkTalk Group PLC - Financial Review Exceptional items relating to HQ move and associated re-organisation £25m-£30m Onerous costs People costs relate predominantly to redundancy payments, as well as recruitment and relocation costs Consultancy costs Dual running costs relate to salary costs during the transition period Dual Running Onerous costs from facilities contracts Indicative timing FY19 FY20 People P&L Charge £22m £3m-£8m Cash £2m £23m-£28m Exceptional Items 14 TalkTalk Group PLC - Financial Review IFRS 16 IFRS 16 Leases is the new accounting standard to cover lease accounting and replaces IAS 17 For TalkTalk the main area this impacts is arrangements within our network, e.g. Backhaul circuits, Data centres Certain assets are considered outside the scope of IFRS 16, e.g. space in exchanges, last-mile IFRS 16 is effective from 1 April 2019: - Expect to recognise discounted lease liabilities of between £215m-£225m (unaudited) - EBITDA to increase - Net debt to increase as it will include lease liabilities - Treatment of leases within capex and normalised free cash flow will be unchanged Covenant calculations unaffected by IFRS 16 (continue under IAS 17) We won’t be restating FY19 under IFRS 16, and will provide numbers throughout FY20 under both IFRS 16 and IAS 17 15 TalkTalk Group PLC - Financial Review Summary Good momentum on customer metrics, with accelerated Fibre take-up leading to revenue growth Regulatory pricing and commercial discount agreements saw improvements to both gross profit and gross profit margin year on year Lower operating costs due to FTE reduction and move to self-service model 16.7% growth in Headline EBITDA Cash generative in the year and strong in H2 16 TalkTalk Group PLC - Financial Review Our Plan Market context validates strategy There has never been such demand for A number of structural factors changing our market: reliable and - Rapid rise in demand for data; 30-40% year-on-year, of which 58% is video affordable fixed connectivity - Premium TV being replaced by growth of streaming services (e.g. Netflix and YouTube) - Businesses, as well as Consumers, using more and more data with rise of voice over internet (e.g. Skype) and cloud services - Price and fairness really matter – regulators challenging traditional telco business models built on ‘loyalty penalties’ TalkTalk well positioned to benefit: - Scale in B2B and Consumer (barriers to entry are high) - Single minded focus on fixed connectivity, unencumbered by having to defend premium TV or mobile - Structural pricing advantage in both segments - Delta between front and back book pricing is minimal - Reducing cost base 18 TalkTalk Group PLC - Our Plan Medium term shape; acceleration in higher speed and bandwidth products, structural price advantage, ongoing cost reductions FY19 £m Over the medium term Drivers Fibre penetration, Revenue 1,609 Revenue Modest growth Sensibly priced add-ons Increased Fibre mix offset Costs of Sales (759) Costs of Sales Modest increase by lower Wholesale pricing Gross Margin 850 / 52.8% margin Gross Margin % Stable Operating expenses (613) Operating expenses Significantly lower Cost to Serve Lower Self service Management Lower HQ move and Overheads organisational structure Increased usage offset Network & IT Flat by reduced cost per Gb SAC & Marketing Lower Shift to digital marketing EBITDA 237m / 14.7%
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