Sky Deutschland: “Strong growth continues”

Sky Deutschland reported better than expected results (Q2) early on August 6th. Net subscriber growth was up a very healthy 47,000 to 3.453 million. Premium HDTV clients were up 83,000 to 1.697 million, while Sky+ subs were up 105,800 to 1.170 million.

Sky’s Bundesliga coverage starts August 9th and this current quarter-year is expected to show positive progress.

CEO Brian Sullivan talked about having had a “great second quarter”, adding “[We enjoyed] continued strong operational and financial performance highlighted by a positive quarterly and half-year EBITDA. With Bundesliga exclusivity, an unrivalled sport offering, great new channels, innovative products and a significantly expanded distribution position, we have set the stage for the second half of this year and beyond.”

Revenues in Q2 2013 grew by 15 per cent to €375.4 million (Q2 2012: €326.7 million). Subscription revenues were the key driver, up 16 per cent to €347.0 million (Q2 2012: €300.0 million). This was supported by higher subscriber numbers, as well as an increase in ARPU of €1.58 to €33.74 (Q2 2012: €32.16).

Total costs excluding depreciation were €338.6 million (Q2 2012: €303.6 million). These developments drove a 60 per cent increase in EBITDA to €36.8 million (Q2 2012: €23.0 million). Consistent with the EBITDA improvement, EBIT grew to positive €14.8 million (Q2 2012: positive €5.9 million), and net income amounted to negative €0.9 million (Q2 2012: negative €13.8 million).

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