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SKY NETWORK TELEVISION LIMITED Annual Report 2018

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SKY NETWORK TELEVISION LIMITED Annual Report 2018 reACHING Every KIWI SKY NETWORK TELEVISION LIMITED Annual Report 2018 A NEAR FAR FAR WIDE © www.photosport.nz 04 SKY Network Television Limited Our goal at SKY is to deliver world class sport and entertainment to all New Zealanders in ways that work for them. We are focused on understanding our customers’ needs and preferences, and matching our products to them. And we mean all New Zealanders. From Cape Reinga to Bluff. And the Chathams, and Stewart Island… From watching the sport they love with mates on their trusty MY SKY, to catching the latest episode of their favourite show on the go. They all have specific tastes and ways they like to watch content. Our strategy is about delivering personalised viewing experiences that enrich our customers’ lives – making sure they always have something great to watch. Internet or no internet, we have New Zealand covered. Annual Report 2018 05 OUR STRATEGY Enrich our customers’ lives with Exclusive world class sport 12 Exclusive world class entertainment 18 Through Understanding our customers 24 Broadening our technology platform 26 People and community 28 CONTENTS Year in review Chairman’s Letter 06 Chief Executive’s Letter 08 Board of Directors 32 Our Channels 34 2018 Financials Financial Overview 38 Financial Trends 42 Directors’ Responsibility Statement 44 Consolidated Statement of Comprehensive Income 45 Consolidated Balance Sheet 46 Consolidated Statement of Changes in Equity 47 Consolidated Statement of Cash Flows 48 Notes to the Consolidated Financial Statements 49 Independent Auditor’s Report 76 Other Information Corporate Governance 80 Interests Register 83 Company and Bondholder Information 85 Waivers and Information 90 Share Market and Other Information 91 Directory 92 06 SKY Network Television Limited Chairman’s Letter 2018 has been a significant year for SKY, with the board and management team setting and implementing a transformational strategy for the business. SKY is building up a strong suite of online These developments are timely, as the products to meet the needs of all market continues to be highly competitive. New Zealanders, both now and in the Viewing habits have changed and continue future, while continuing to deliver to our to evolve, and we need to keep responding core customer base, particularly those to those changes. who don’t yet have access to fast internet. I am pleased to report that SKY has It’s a careful balance, but strategically continued to deliver a solid profit while important. Our sport partners know they implementing the strategy. In the financial can rely on SKY to deliver their content to all year to 30 June 2018, SKY’s underlying net of their New Zealand fans, in ways that work profit after tax is $119.3 million, an increase for each individual. They know SKY won’t of 2.6% on the previous year. leave any fan behind. You will note in the accounts that the SKY That is why we have made such a significant Board has agreed to reduce the carrying investment in the satellite for over 20 years, value of SKY’s Goodwill asset from $1.43 to ensure we have a robust and reliable billion to $1.07 billion. When that impairment platform. Delivering live sport to our nation charge is applied to the 2018 results, there is of rugby, netball, cricket, league, golf, tennis, a net loss of $240.7 million for the year. football and motorsport fans is a responsibility Please note that this is a non-cash charge we do not take lightly. that has no impact on SKY’s 2018 cash flows There is no question that our industry is or any of our bank covenants. evolving into a world where internet delivery Those of you who have been shareholders of content will dominate, and we are well for some years may recall the background placed to transition with it. SKY’s investment to SKY’s Goodwill asset. It arose on the in the Infinite Video Platform will allow us to merger of Independent Newspapers Ltd offer a viewing experience that is dramatically (INL) and SKY back in June 2005, and different to today, for those customers who reflected the difference between the fair want it – and we are on track to deliver new value of SKY’s assets at the time and the products in the first half of 2019. They will price that INL shareholders agreed to join our existing online products like NEON exchange their shares in INL for SKY shares. and FAN PASS, providing SKY’s great The SKY Board is required to assess the content to New Zealanders in ways and fair value of intangible assets at each at price points that work for different reporting period, and this year decided customer segments. to impair the asset. Annual Report 2018 07 OUR SPort PArtners know THEY CAN rely ON SKY to DELIVER THEIR CONTENT to ALL OF THEIR NEW ZEALAND FANS, IN WAys THAT work for EACH INDIVIDUAL. The impairment charge reduces the net During the year debt was reduced from The Board and I are grateful for John’s work book value of SKY equity at 30 June 2018 $299 million to $235 million, and the Board and immense contribution to SKY. to $1.03 billion ($2.64/share) compared to believes that the company should continue I am pleased that John will continue to serve $1.33 billion ($3.41/share) at 30 June 2017. to reduce debt to have the balance sheet on the SKY Board once his successor is SKY shares closed at $2.60/share on strength to meet competitive challenges appointed. One of John’s key strengths is 29 June 2018. and to successfully negotiate renewal of his deep knowledge of content and his I note a few other key aspects of the key content deals. relationships with content providers, and financial results: One area of ‘competition’ which is difficult we are fortunate to be able to continue to • The Board was pleased to see to address is the ongoing prevalence of access this expertise at the board level. management’s focus on cost control, online piracy. Piracy is a threat to everyone Thank you for your support as a SKY with $47 million of costs taken out of the in the content industry, from the actors shareholder, and I look forward to talking business, offsetting the decline in revenue. and producers of entertainment content, with you at the AGM. to sport teams, to distributors of content. • SKY has 768,000 customers across The AGM will be held on 18 October 2018 There is no single fix for piracy, but we satellite and OTT services. In our highly at the Sofitel Hotel, 21 Viaduct Harbour continue to seek stronger protection for competitive market, it is worth reflecting Avenue, Auckland, commencing at 10am. our business and rights holders. We have that SKY’s great content is in over 40% had some success this year, with the District of New Zealand homes. That is significant Court finding against the promoters of penetration by Pay TV company standards boxes pre-loaded with Kodi software that around the world. offer access to piracy websites. • While it will take time for the full effect In my annual letter I always thank John Fellet of the March pricing and packaging and SKY’s staff and contractors for their Peter Macourt changes to be seen, there was an work. This year is particularly poignant, Chairman improvement in churn in the second with John announcing his intention to half of the year compared to the first half. retire after 27 years with SKY, including SKY reported a 46,006 drop in subscribers 17 as Chief Executive. to 31 December 2017, and 11,049 in the six months to 30 June 2018. In that time, John has led SKY from a business with three channels and 125 • Cash flow from operations is down from employees to the multi-platform, highly $245 million in FY17 to $214 million, mainly profitable company it is today. Innovations due to the timing of tax payments of $49 like MY SKY, which revolutionised the way million in FY18 compared with $19 million New Zealanders viewed television, through in the previous year. to the suite of online products available now As I advised at the Interim Results in March, and in development, will be part of his the dividend for the period is 7.5 cents significant legacy. per share. 08 SKY Network Television Limited Chief Executive’s Letter It is my pleasure to present to you my 17th annual shareholders’ letter. The financial statements will present a business was 15.4% compared to 15.9% financial snapshot of the business. My goal, for the prior period. Churn was better as always, is to give you a deeper insight in part because of the splitting of the into your company and the evolving Basic Package into a Starter Pack and an industry it operates in. I will attempt to do Entertainment Pack. It will take some time this in a form that I hope suits the needs for the full impact of the changes to be of the individual investor as well as the clear, but we are pleased with a couple institutional one. of early indicators. The spin down to the cheaper Starter tier by existing Basic Financial year’s results Subscribers has been within budget and is I am pleased with the results of our latest currently at around 10%. The positive benefit financial year. Later in this letter I will dive of the move we think will come in years two deeper into challenging trends in the media and three when new subscribers wanting a field, but you should know that one of the cheaper Basic Package or a cheaper entry key goals of your management team has to Sport gradually come aboard.
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