Rebalanced ITV Delivers Continued Growth

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Rebalanced ITV Delivers Continued Growth Rebalanced ITV delivers continued growth Full year results for the year ended 31st December 2016 Revenue growth driven by double-digit increase in non-NAR • Total external revenue up 3% to £3,064m (2015: £2,972m), including currency benefit • Total non-NAR revenue up 11% to £1,855m (2015: £1,664m), now 53% of total revenues • Total ITV Studios revenue up 13% to £1,395m (2015: £1,237m) • Online, Pay & Interactive revenue up 23% to £231m (2015: £188m) • Net Advertising revenue down 3% to £1,672m (2015: £1,719m), performing ahead of the TV ad market Rebalanced business delivering adjusted profit growth • Adjusted EBITA up 2% to £885m (2015: £865m), despite the decline in the ad market • Studios adjusted EBITA up 18% to £243m (2015: £206m) • Broadcast & Online adjusted EBITA down 3% to £642m (2015: £659m) • Adjusted EPS up 3% to 17.0p (2015: £16.5p) • Statutory EPS down 10% to 11.2p (2015: 12.4p) impacted by restructuring and earnout costs Confident in the underlying strength of the business • Broadcast business remains robust: Main channel SOV up 3%, online viewing up 42% • ITV Studios has a healthy pipeline of new and returning programmes • Building our digital business in Studios and Broadcast Strong balance sheet, healthy liquidity • Flexibility and capacity to continue to invest across the business and deliver sustainable returns to our shareholders • Given our good performance the Board is proposing a final dividend of 4.8p, giving a full year dividend of 7.2p, up 20%, in line with our policy • Reflecting ITV’s strong cash generation and the Board’s confidence in the business, the Board is proposing a special dividend of 5.0p per share, worth just over £200 million • The Board is committed to a long term sustainable dividend policy. The ordinary dividend will grow broadly in line with earnings, targeting dividend cover of around 2x adjusted earnings per share over the medium term Outlook for 2017 and beyond • ITV Studios on track to deliver good organic revenue growth in 2017 • Online, Pay & Interactive will continue to perform strongly • ITV Family NAR forecast to be down around 6% over the first 4 months, impacted by current economic uncertainty • Over the full year ITV will outperform the TV ad market • Will deliver £25m of incremental cost savings in 2017 as previously announced • We have a strong balance sheet and continue to see clear opportunities to invest behind our strategy in the UK and internationally Adam Crozier, ITV plc Chief Executive, said: “ITV delivered a good performance in 2016 as we continue our strategy of rebalancing and strengthening the business creatively, commercially and financially. The continued growth in revenue and adjusted profit, despite a 3% decline in spot advertising revenues resulting from wider political and economic uncertainty, is clear evidence that our strategy is working and remains the right one for ITV. External revenue was up 3% to more than £3bn, driven by strong growth in non-NAR as we further reduce our dependence on spot advertising and grow new revenue streams. In 2016, 53% of total ITV revenues came from sources outside traditional TV spot advertising. Our production business, ITV Studios, is a global player of scale with 50% of total revenues coming from outside the UK and a stronger than ever pipeline of new and returning programmes in the key genres of scripted and formats. In 2016 ITV Studios supplied around 7,800 hours of content to 234 channels and platforms in the UK and internationally, including 155 hours of drama and 80 formats. There is growing demand for our content on OTT platforms with over 200 programme supply agreements in place. 1 Our Broadcast business is robust and onscreen we performed well with share of viewing up 3% on our main channel. ITV maintains its leading position in the UK television advertising market, delivering 99% of all UK commercial audiences over 5 million, and remains highly demanded by advertisers. Whilst our net advertising revenues have declined, we again outperformed the UK television ad market as a whole. Our Online, Pay & Interactive revenues rose 23% driven by increased demand for advertising online. The ITV Hub continues to thrive with online viewing up 42% and around half of all the UK’s 16 to 24 year olds registered. We are also making selective investments in digital content companies including New Form, Rocket Jump, AwesomenessTV and Ginx TV as we build our expertise in digital first content. We’ve taken an important step forward in our strategy of building our pay and distribution business with the soon to launch BritBox US, an SVOD 50/50 joint venture with the BBC offering the best of British TV from both broadcasters including recent series and classics. It is our intention to roll the service out internationally under the BritBox brand. Looking forward to 2017, ITV Studios will return to good organic revenue growth. As we previously stated, increased investment in US scripted content including Somewhere Between, The Good Witch, Sun Records and Snowpiercer, along with the reversal of the one-off benefit of The Voice of China in 2016, means that ITV Studios profits in 2017 are likely to be broadly in line with 2016. We expect ITV NAR to be down around 6% over the first four months against the backdrop of current economic uncertainty, although over the full year we expect to again outperform our estimate of the television advertising market. Online Pay & Interactive will perform strongly and a particular focus for 2017 will be the launch of BritBox. We see a good pipeline of investment opportunities across ITV, organically and through acquisitions, and our strong balance sheet and healthy cash flow allows us to take advantage of these while delivering sustainable returns to our shareholders. We remain focused on growing our international content business and on building digital assets throughout the company to drive further value from the programmes we create and own. Given our good performance the Board is proposing a final dividend of 4.8p, bringing the full year dividend to 7.2p, up 20%. Looking ahead, the Board is committed to a long term sustainable dividend policy. The ordinary dividend will grow broadly in line with earnings, targeting dividend cover of around 2x adjusted earnings per share over the medium term. Reflecting ITV’s strong cash generation and the Board’s confidence in the business, the Board is proposing a special dividend of 5.0p per share, worth just over £200 million.” 2 Stock code: ITV Full year results – adjusted and statutory 2016 2015 Change Change Twelve months to 31 December – on an adjusted basis £m £m £m % Broadcast & Online revenue 2,132 2,146 (14) (1) ITV Studios revenue 1,395 1,237 158 13 Total revenue 3,527 3,383 144 4 Internal supply (463) (411) 52 13 Group external revenue 3,064 2,972 92 3 Broadcast & Online EBITA 642 659 (17) (3) ITV Studios EBITA 243 206 37 18 EBITA 885 865 20 2 Group EBITA margin 29% 29% – – Profit before tax 847 843 4 – EPS 17.0p 16.5p 0.5p 3 Ordinary dividend per share 7.2p 6.0p 1.2p 20 Special dividend per share 5.0p 10.0p Management look at adjusted results as they reflect the way the business is managed and measured on a day-to-day basis. Adjusted EBITA is before exceptional items and includes the benefit of production tax credits. Adjusted profit before tax and adjusted EPS also remove the effect of amortisation of intangible assets acquired through business combinations and acquisition related costs. A full reconciliation between the adjusted and statutory results is provided later in the press release in the EPS section. The statutory profit before tax and EPS from the Consolidated Income Statement are as follows: 2016 2015 Change Change Twelve months to 31 December £m £m £m % Profit before tax 553 641 (88) (14) EPS 11.2p 12.4p (1.2) (10) Diluted EPS 11.1p 12.3p (1.2) (10) Statutory EPS declined by 10% to 11.2p (2015: 12.4p) primarily as a result of higher employment linked consideration (largely Talpa), which is included within reported earnings per share but as in 2015 is excluded from adjusted EPS as in our view these costs are part of capital consideration. In addition there were higher restructuring costs associated with our 2017 cost savings, the curtailment charge for closing the defined benefit pension scheme to future benefit accrual and higher amortisation of acquired intangibles assets from a full 12 months of Talpa Media. 3 Financial performance The strategy we set out around seven years ago was to rebalance the business and reduce our reliance on spot advertising revenues. Reflecting the progress we have made we delivered a good performance in 2016, with revenue and adjusted EBITA growth in a year where spot advertising declined 3%. Total external revenues grew 3% to £3,064 million (2015: £2,972 million) driven by non-NAR revenues. Total ITV Studios revenues were up 13% to £1,395 million (2015: £1,237 million), driven by acquisitions, and Online, Pay & Interactive continued to grow strongly up 23% to £231 million (2015: £188 million). This revenue growth, together with our continued focus on cash and costs, has resulted in 2% growth in adjusted EBITA and 3% growth in adjusted EPS. We have a strong balance sheet and the business remains highly cash generative. Profit-to-cash conversion was 97% and free cash flow was £636 million up 13%. We ended the year with net debt of £637 million after acquisitions of £97 million, dividend payments of £663 million and pension deficit contributions of £80 million.
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