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ITV Set for Continued Growth After Another Strong Year ITV set for continued growth after another strong year ITV plc Annual Report and Accounts for the year ended 31 December 2014 slugline Welcome to our Annual Report 2014 Learn more . Online Annual Report The Online Annual Report is available at ar2014.itvplc.com Corporate website We maintain a corporate website at www.itvplc.com containing a wide range of information of interest to institutional and private investors including: • Latest news and press releases • Annual reports and investor presentations • Governance documents • Corporate Responsibility content Video content See our latest showreels at www.itvplc.com/media/showreel Front cover picture: Thunderbirds Are Go, produced by ITV Studios, will air on ITV in spring 2015. The show has already been commissioned for a second series and sold to countries including Australia, New Zealand and Israel. slugline ar2014.itvplc.com Strategic Report Stock code: ITV 02 Strategic Report Provides a comprehensive review of ITV’s business and strategy. 57 Governance Presents a clear view of ITV’s governance. 101 167 Financial Statements Shareholder ITV’s audited financial Information and statements for the year ended Glossary. 31 December 2014. Look out for these icons within the report Read more content within this report Strategic Report The Strategic Report explains in detail how we have performed this year and sets out a fair review of the business, a balanced and comprehensive analysis of our performance, the use of key performance indicators to explain the progress we have made, a description of the principal risks and uncertainties facing the Company, and an indication of potential future developments. Read more content online The Strategic Report is prepared in line with the relevant provisions of the Companies Act 2006 and the Company has had regard to the guidance issued by the Financial Reporting Council. It is intended to provide shareholders with a better understanding of the Company, of its position in the markets within which it operates, and of its prospects. In setting out the Company’s main risks and uncertainties, an indication of potential future developments, and in other content, this report and accounts contains statements that are based on knowledge and information available at the date of preparation of the Strategic Report, and what are believed to be reasonable judgements, and therefore cannot be considered as indications of likelihood or certainty. A wide range of factors may cause the actual outcomes and results to differ materially from those contained within, or implied by, these various forward-looking statements. None of these statements should be construed as a profit forecast. 01 slugline ITV plc Annual Report and Accounts for the year ended 31 December 2014 Pictured: Downton Abbey returned for a fifth series in autumn 2014. 10.7 million watched the first episode making it ITV’s most watched drama, with an average 10.4 million viewers for the series and a 38% share. 02 slugline ar2014.itvplc.com Strategic Report Stock code: ITV Overview Investor Proposition 2014 Highlights ITV at a Glance Strategy Business Model Market Review Chairman’s Statement Strategic Report Overview Investor Proposition 04 2014 Highlights 05 ITV At A Glance 06 Strategy 07 Business Model 08 Market Review 10 Chairman’s Statement 12 Strategy and Operations Chief Executive’s Review 14 Performance Dashboard 20 Strategic Priority 1 22 Strategic Priority 2 26 Strategic Priority 3 30 Performance and Financials Key Performance Indicators 34 Financial and Performance Review 38 Risks and Uncertainties 50 03 slugline ITV plc Annual Report and Accounts for the year ended 31 December 2014 Overview Investor Proposition • ITV plc (ITV or the Company) continues to make significant strategic progress in growing and strengthening the business creatively, commercially and financially • Over the last five years, we have delivered strong revenue and double digit profit growth every year while increasing adjusted earnings per share by over 650% • We have made significant progress rebalancing the business, reducing our dependence on UK advertising and driving new revenue streams to build a more global organisation • Our international content business, ITV Studios, is now a global player of scale, and we will continue to grow both organically and through acquisitions in key creative markets • Online, Pay & Interactive revenue is now a material and profitable part of the business with continued strong growth expected as we build our global pay and distribution business • Our Broadcast business delivers unrivalled audience reach for advertisers in the UK and we will benefit from our continued creative investment as we exploit our content across multiple platforms, both free and pay • We have maintained a strong balance sheet and delivered consistently strong cash generation, while growing shareholder returns and committing to at least 20% dividend growth per annum for three years • As we enter the next phase of our strategy we continue to see investment opportunities to grow the business and enhance shareholder value while maintaining capital discipline and balance sheet efficiency Pictured: Cilla was a huge hit in autumn 2014. It averaged 8.3 million viewers with a 31% share making it the most watched new drama in 2014 on any channel, and the only new drama to average over 8 million viewers. 04 slugline ar2014.itvplc.com Strategic Report Stock code: ITV Overview Investor Proposition 2014 Highlights ITV at a Glance Strategy Business Model 2014 Highlights Market Review Chairman’s Statement Group external revenue Non-NAR revenue* EBITA before exceptionals £2,590m £1,327m £730m 8% 10% 18% YoY YoY YoY £m £m £m 2,750 1,500 800 2,500 38% Increase on 2009 56% Increase on 2009 261% Increase on 2009 1,250 600 730 2,590 1,327 2,250 620 1,000 1,211 400 513 2,389 2,000 462 408 2,196 1,036 2,140 750 200 922 1,750 2,064 850 829 1,879 202 1,500 500 0 09 10 11 12 13 14 09 10 11 12 13 14 09 10 11 12 13 14 Adjusted profit before tax Adjusted EPS Dividend per share £712m 13.8p 10.95p 23% 23% 46% YoY YoY YoY £m p p Ordinary 800 14 12 Special 12 559% Increase on 2009 667% Increase on 2009 10 600 13.8 712 10 6.25 8 10.95p Increase on 2009 11.2 8 11.2 581 400 9.1 6 4.0 457 6 7.9 4 4.0 398 4 6.4 200 4.7 321 108 1.8 2 1.6 2 3.5 2.6 0 0 0 09 10 11 12 13 14 09 10 11 12 13 14 09 10 11 12 13 14 Profit before tax is £605m (2013: £435m) EPS is 11.6p (2013: 8.3p) Online, Pay & Interactive 9% growth revenue up in total ITV Studios revenue 6%growth in NAR with almost half its revenue Our strongest outperformance generated outside of the UK of the television advertising market in five years 30% In 2014 we grew our Committed to at least Group EBITA margin of share of broadcast to 20% ordinary dividend growth 45.9% for three years to 2016 up from 45.4% in 2013 28% up from 26% in 2013 * Non-Net Advertising Revenue (Non-NAR) includes all ITV revenue, both internal and external, except Net Advertising Revenue (NAR) 05 slugline ITV plc Annual Report and Accounts for the year ended 31 December 2014 Overview ITV at a Glance ITV total revenue ITV EBITA before exceptionals Broadcast & Online £2,023m Broadcast & Online £568m ITV Studios £933m ITV Studios £162m Overview ITV Studios ITV, as an integrated producer broadcaster, creates, owns and ITV Studios is the Group’s international content business. We distributes high quality content on multiple platforms. have built significant scale in key creative markets around the world, creating and producing programmes and formats We operate the largest commercial family of channels in that return and travel, namely drama, entertainment and the UK and deliver our content through traditional television factual entertainment. broadcasting as well as on demand via ITV Player. ITV Studios UK is the largest commercial producer in the UK. Our international studios business creates and produces We produce programming across a diverse range of genres content for both our own channels and third parties, while for ITV’s own channels, accounting for 60% of the total our distribution business, Global Entertainment, sells spend on original commissions for the main channel, as well finished programmes and formats worldwide. as for other UK broadcasters such as the BBC, Channel 4 and Broadcast & Online Sky. ITV broadcasts a wide variety of content on its family of ITV Studios America is the largest unscripted independent free-to-air channels. We invest over £1 billion annually in producer of content in the US. We have acquired a number programming for our channels which is primarily funded by of unscripted and reality producers and are also growing our television advertising revenue. ITV has the largest share of scripted presence, using our strong cash flows to produce the UK television advertising market, and we estimate this high profile dramas with the potential to travel and build share to be 45.9% in 2014. international appeal. Our main channel (ITV main channel), is the largest ITV Studios also operates in Germany, France, Australia commercial channel in the UK, delivering 99% of all and the Nordics, producing content for local broadcasters commercial audiences over five million. Our free-to-air in these regions. This content is either created locally or digital channels provide more targeted demographics for formats that have been created elsewhere by ITV, primarily advertisers and consist of ITV2 and ITV3, the two largest the UK.
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