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ITV Delivers Another Year of Strong Growth

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ITV Delivers Another Year of Strong Growth ITV plc ITV plc Annual Report and Accounts for the year ended 31 December 2013 December 31 ended year the for Accounts and Report Annual ITV delivers another year of strong growth ITV plc Annual Report and Accounts for the year ended 31 December 2013 Stock code: ITV 23043-04 10-12-2013 Proof 1 Online Annual Report The Online Annual Report is available at ar2013.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 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. 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 in its Exposure Draft: Guidance on the Strategic Report. 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. 23043-04 10-12-2013 Proof 1 01 ar2013.itvplc.com Stock code: ITV What’s inside Strategic Report Overview Investor Proposition 02 Welcome 2013 Highlights 03 ITV at a Glance 04 Overview Business Model 05 to our Market Review 06 Chairman’s Statement 08 Annual Strategy and Operations Chief Executive’s Review 12 Report 2013 Performance Dashboard 16 Strategic Priority 1 19 Strategic Priority 2 23 Strategic Priority 3 27 Strategic Priority 4 31 Performance and Financials Strategy and Operations Strategy Key Performance Indicators 36 Financial and Performance Review 41 Risks and Uncertainties 52 Governance Board of Directors 58 Management Board 60 Directors’ Report and Responsibilities 62 Chairman’s Governance Statement 67 Corporate Governance 68 Audit Committee Report 75 Remuneration Report 82 and Financials Performance Financial Statements Independent Auditor’s Report 104 Introduction and Table of Contents 108 Look out for these icons Consolidated Income Statement 109 within the report Consolidated Statement of Comprehensive Income 110 Consolidated Statement of Financial Position 111 Governance Consolidated Statement of Changes in Equity 112 Read more content within this report Consolidated Statement of Cash Flows 114 Notes to the Accounts Indicates Corporate Responsibility content Section 1: Basis of Preparation 115 Section 2: Results for the Year 120 Section 3: Operating Assets and Liabilities 129 Read more content online Section 4: Capital Structure and Financing Costs 151 Section 5: Other Notes 167 ITV plc Company Financial Statements 169 Notes to the ITV plc Company Financial Statements 170 Cover picture: Financial Record 174 Behind the scenes on Shareholder Information 175 Financial Statements Ant and Dec’s Saturday Glossary 178 Night Takeaway 23043-04 10-12-2013 Proof 1 02 ITV plc Annual Report and Accounts for the year ended 31 December 2013 Overview Investor Proposition ● We are four years into our strategic plan and ITV is now a demonstrably stronger and more efficient business –operationally, financially and creatively ● Over the last four years we’ve grown our revenues and delivered double digit profit growth every year, our adjusted earnings per share has increased sixfold and our cash conversion has been consistently strong ● Creativity lies at the heart of our strategy and our investment in quality content is driving revenue and profit growth across the business ● While we have made great progress and ITV is now a much more balanced business, there is still a great deal to do ● We remain committed to our strategy to build an international content business and as an integrated producer broadcaster we are building a unique position to exploit the increasing global demand for proven content across a range of platforms ● ITV Studios has grown strongly, both organically and through acquisitions, and going forward growth will come increasingly from our international business as we become a more global business ● Our Broadcast business is robust, with the best year-on-year on-screen performance for ten years, and Online, Pay & Interactive continues to deliver double digit revenue growth as we make our content available on more platforms 02-03 Investor Proposition and 2013 Highlights.indd 2 23043-04 10-12-2013 Proof 1 28/02/2014 11:59:48 03 ar2013.itvplc.com Stock code: ITV 2013 Highlights Group external revenues Non-NAR revenues* EBITA before exceptionals £2,389m £1,211m £620m (2012: £2,196m) (2012: £1,036m) (2012: £513m) £m £m £m 2,500 1,250 700 Overview 9% 17% 21% YoY YoY YoY 600 27% Increase on 2009 2,250 42% Increase on 2009 1,211 207% Increase on 2009 620 500 1,000 2,389 513 400 2,000 462 2,196 408 2,140 300 750 2,064 1,036 200 1,750 922 850 1,879 829 202 100 1,500 500 0 09 10 11 12 13 09 10 11 12 13 09 10 11 12 13 Strategy and Operations Strategy Adjusted profit before tax Adjusted EPS Net cash/(debt) £581m 11.2p £164m (2012: £457m) (2012: 9.1p) (2012: £206m) †Including distributions to shareholders, cash has Profit before tax is £435m EPS is 8.3p (2012: 6.6p) increased by around £1.1 billion between 2009 and 2013 (2012: £334m) £m p † £m 600 12 300 27% 23% 164 150 YoY 500 YoY 581 £776m Increase on 2009 45 438% Increase on 2009 522% Increase on 2009 11.2 8 206 0 400 9.1 457 -150 Performance and Financials Performance 7.9 398 300 6 -300 321 6.4 (188) 200 -450 4 100 (612) -600 108 0 1.8 0 -750 09 10 11 12 13 09 10 11 12 13 09 10 11 12 13 Governance Facts and Figures – 2013 vs 2012 4% 16% 16% 20% Increase in ITV Family Increase in Online, Pay Growth in long form Increase in ITV share of viewing – best & Interactive revenue video requests Studios’ revenues year-on-year performance Financial Statements in ten years * Non-NAR revenues include all ITV revenues, both internal and external, except net advertising revenues. 02-03 Investor Proposition and 2013 Highlights.indd 3 23043-04 10-12-2013 Proof 1 28/02/2014 11:59:49 04 ITV plc Annual Report and Accounts for the year ended 31 December 2013 Overview ITV at a Glance ITV is an integrated producer broadcaster, operating the largest commercial family of channels in the UK. In ITV Total Revenues ITV EBITA addition to traditional broadcasting on our channels, we deliver our content on demand through numerous £133m platforms, both directly and via ITV Player. Through ITV £857m Studios we produce content for both our own channels and third parties in the UK and increasingly overseas. £1,896m £487m Our distribution business sells finished programmes and formats worldwide. Broadcast & Online ITV Studios Broadcast & Online ITV Studios ITV broadcasts a wide variety of content on its family of ITV Studios is the Group’s international content free to air (FTA) channels consisting of ITV, the largest business. It is the largest production company in the commercial television channel in the UK, and the digital UK and produces programming for ITV’s own channels channels, ITV2, ITV3, ITV4 and CITV. In 2014 we will launch and for other broadcasters such as the BBC, Channel 4 ITVBe, our new FTA lifestyle and reality channel. The and Sky. ITV Studios also operates in five international family of channels attracted a total share of viewing of locations, the US, Australia, Germany, France and the 23.1% in 2013, the largest audience of any UK commercial Nordics, producing content for local broadcasters in broadcaster. Programming is primarily funded by these regions. This content is either locally created IP television advertising revenues. ITV has the largest share or created elsewhere by ITV, mainly the UK. We have of our estimate of the UK television advertising market at made a number of acquisitions in the UK, US and the 45.4% in 2013. Nordics as we look to build our international business. Global Entertainment, ITV’s distribution business, In addition to linear broadcast, ITV delivers its content licenses ITV’s finished programmes and formats and across multiple platforms. This is either through ITV third party content internationally. Player, available on ITV’s website, itv.com, and platforms such as Virgin and Sky, or through direct content deals with services such as Lovefilm and Netflix. ITV’s content is now available on 19 platforms and in 2014 we will launch our new pay channel, ITV Encore, on Sky. ITV Strategy Our vision remains to create world-class content which we can make famous on our channels, and exploit across multiple platforms, both free and pay, in the UK and internationally.
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