SKY Annual Report 2012 | 93 Highlights

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SKY Annual Report 2012 | 93 Highlights Annual Report Report Annual June 2012 Annual Report June 2012 SKY NETWORK TELEVISION LIMITED Network Television Limited Contents 1 Highlights 3 Chairman’s Letter 3 Interactive Channels 4 Chief Executive’s Review 10 Business Overview 16 Financial Overview 20 Board of Directors 13 Free-to-air Channels 23 2012 Financials 24 Financial Trends Statement 27 Directors’ Responsibility Statement 28 Income Statement 29 Statement of Comprehensive Income 30 Balance Sheet 31 Statement of 6 Specialist Channels Changes in Equity 32 Statement of Cash Flows 34 Notes to the Financial Statements 77 Auditors’ Report 78 Other Information 8 Radio Channels 79 Corporate Governance Statements 82 Interests’ Register 85 Company and Bondholder Information 89 Waivers and Information Other 90 Share Market and Other Information 91 Directory 92 SKY Channels 14 Audio Music Channels 1 PPV Event Channel 11 PPV Movie Channels 3 PPV Adult Channels SKY Annual Report 2012 | 93 Highlights Total revenue Total subscribers $843m 846,931 EBITDA ARPU up 2.1% $336m $71.93 Capital expenditure MY SKY subscribers $137m 382,495 NPAT Churn $12 3m 14.2% Employees FTEs SoHo subscribers (since Nov 2011) 1,0 91 69,567 Highlights | 1 “More households than ever before now subscribe“ to SKY 2 | SKY Annual Report 2012 Chairman’s Letter The 2012 financial year drama and featuring HBO series from the USA. This channel has exceeded our expectations, will be remembered in confirming New Zealanders’ desire for this style SKY New Zealand’s history of programming. In addition to SoHo, we also as the year we produced launched MTV Hits and France 24 Français in the the Rugby World Cup year to 30 June 2012. and the All Blacks won. During the past financial year, SKY formed a joint venture with TVNZ to launch IGLOO, a This event showcased our renowned sport pay-as-you-go television service with 11 pay production expertise and was one of SKY’s channels, and pay-per-view sport, movies and greatest achievements. Despite an economic television series. IGLOO is set to launch early in climate that continues to challenge us, SKY’s the 2012/2013 financial year. The technology is a performance has remained strong. We’ve seen an first in New Zealand and we expect it will appeal increase in subscribers, revenue and net profit and to a group of New Zealanders not wanting to make continue to rapidly grow the number of MY SKY the full commitment to SKY but wanting more than “SKY has 382,495 decoders in New Zealand homes. the free-to-air offering. customers with The financial highlights for the year to 30 June iSKY, SKY’s online catch-up and live streaming MY SKY decoders 2012 include an increase in total revenue of 5.8% service, has attracted increased usage over the which means to $843.1 million. Subscribers increased by 17,510 year. There are 231,665 SKY customers registered that 46.7% of to 846,931. SKY has 382,495 customers with MY to use the service who, each month, are viewing SKY decoders which means that 46.7% of its approximately 127,000 hours of SKY content its subscribers subscribers are now enjoying MY SKY. This is an online through iSKY. The most popular content are now enjoying increase of 36.7% from last year. is SoHo drama, live sport and movies. We will MY SKY. This is an SKY Business, a division dedicated to providing continue to develop and enhance this product. increase of 36.7% SKY to commercial premises as well as pay- SKY prides itself on its sport content and we from last year. ” per-view, broadband, movies and music, has continue to offer the best viewing experience for achieved some strong results this year. Revenue sport in New Zealand across our six dedicated for SKY Business increased 6.7% to $41.4 million. sport channels. The sporting highlight of this past The Rugby World Cup has played a part in this year, the Rugby World Cup, was produced and Total Subscribers improved performance. performed exceptionally well. Operating costs increased by 6.8% to On behalf of the board, I would like to thank all 846,931 A 2.1% increase $641.2 million. Over the year, in addition shareholders for their support. To chief executive compared with last year. to business-as-usual operations, SKY has officer John Fellet, his senior management team invested in broadcast infrastructure to support and all SKY staff, I thank you for your dedication the Rugby World Cup production and new and achievement over the past year. To all SKY Total Revenue channel SoHo. There was also an increase of subscribers, we appreciate your custom and 7.3% of depreciation costs that can be directly trust we will deliver another year of spectacular attributed to the greater number of decoders we entertainment to your screens. $843m have installed throughout New Zealand. Total A 5.8% increase depreciation costs were $134.1 million. compared with last year. More households than ever before now subscribe to SKY. Our depth of product means there are many different reasons for doing so. Peter Macourt I want to make special mention of SoHo which Chairman launched in November 2011 offering quality SKY Annual Report 2012 | 3 Chief Executive’s Review Dear Shareholders, Our top-line growth continues to climb. For the year ending 30 June 2012, total revenue This letter is the 11th annual letter to shareholders grew 5.8%. Our net subscriber count increased I have written. As always, I attempt to draft this by 17,510 to bring the total to 846,931. letter as if all of you lived overseas and the only This represents 22 years of continuous increase information you received about SKY was derived in subscriber numbers. from information contained in this report. While we are pleased with the new record, the net The financial information contained in this report gain was smaller than those we have recorded is quite detailed but still provides only a financial in recent years. There are several issues that snapshot of the business. In this letter, I will may have contributed to the smaller increase. attempt to explain the trends in the industry and We do not think that the retail economy has fully to give some insight into the areas of the business recovered. We also, intentionally, did not market that the financials are not designed to cover. as much to the price-conscious end of the market In reviewing SKY, it is important to remember that this year, waiting instead to serve this segment “Our top line growth we do not consider ourselves a pay television with the launch of IGLOO later this year (more continues to climb. or, for that matter, a satellite company. We are a on IGLOO later). Our wholesale partnerships For the year ending company that creates and aggregates content for arrangement with retail service providers (e.g. telephone companies and ISPs) tended to be less 30 June 2012, total consumers to watch, read and listen to wherever they are, be it in their living rooms, hotel rooms, effective than they would normally be. While the revenue grew 5.8% offices or boats. category still grew, it tended to cannibalise our … This represents existing subscribers more than it attracted new Over the last few years, one of the biggest 22 years of subscribers. And finally, Fatso, our online DVD challenges of the business has been trying to business, had a flat year. continuous increase meet the consumer demand for various options in subscriber on how and where they want to view content. However, we did have better success with selling new services to existing customers. The MY SKY numbers.” Our consumers have both analogue and digital television sets. Some want to watch their content decoder continues to be the killer application on a large projection screen that covers a whole giving subscribers the tools to co-create value wall in their ‘media room’, complete with theatre through an enhanced TV experience. The MY SKY New MY SKY subscribers seating and high-definition with Dolby Digital decoder is a personal video recorder (PVR) which 5.1 Surround Sound. Others want to watch their allows the subscriber to build a library of content 102,620 content on the small screens of their mobile from all the SKY channels to watch when they telephones, while they are at the airport waiting want to. The MY SKY decoder can record two Total MY SKY subscribers different channels at the same time as playing back 382,495 (47% of all subscribers) to board their planes. a programme that has previously been recorded. Some want to watch it live, some when we If you like a particular programme, MY SKY allows schedule it and others when it is convenient for you to ‘series link’ it, which means it will record them. SKY provides content in the form of physical the programme every time it airs. Subscribers can tapes, digital impressions, internet downloads, also pause live TV to answer the phone or their magazine print or one of the 30,000 DVD titles from kids’ questions! This last year, we added another the library of our majority-owned DVD online rental 102,620 MY SKY subscribers; this brings the total business Fatso. to 47% of our subscriber base. In this changing world and with these challenges With respect to MY SKY decoders, last year in mind, SKY attempts to take on the role of I warned you not to be overly concerned with the ‘expedition leader’ for our customers. We figures showing SKY’s share of viewing declining.
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