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Annual Report Annual Report SKY NETWORK TELEVISION LIMITED Silver Ferns celebrate their win at the Vitality Netball World Cup. ©Getty Images WorldReginfo - 9252d4ca-08cc-4b85-a9f2-d0c2234bad70 Available now on Sky on Demand Bohemian Rhapsody © 2018 Twentieth Century Fox Film Corporation. All rights reserved. WorldReginfo - 9252d4ca-08cc-4b85-a9f2-d0c2234bad70 / 1 As a start up in Auckland, we set out to revolutionise the way New Zealanders watched TV. And we did just that. We brought more entertainment, news, sport and choice to New Zealanders. We led the way with the first all-digital and then high definition experience available across the country. We put customers in control through MySky, and pioneered online streaming for New Zealanders with Sky Go. For nearly 30 years, we’ve helped to grow sport, from grassroots to the elite, and fuelled our nation of passionate sports fans. We’ve brought the world’s stories to New Zealand, and New Zealand’s stories to the world. WorldReginfo - 9252d4ca-08cc-4b85-a9f2-d0c2234bad70 Sky / 2019 Annual Report Today, we are proud to be New Zealand’s leading entertainment company. We operate in a world that is changing at pace so we’re moving faster than ever before. For our customers, our owners, our people, our partners and New Zealand. WorldReginfo - 9252d4ca-08cc-4b85-a9f2-d0c2234bad70 / 3 Kiwi Ferns in the lead up to their match against Fetu Samoa at Mt Smart Stadium. ©Photosport WorldReginfo - 9252d4ca-08cc-4b85-a9f2-d0c2234bad70 Sky / 2019 Annual Report Message Welcome to our Annual Report As you read this Report I trust and assumptions, as set out in succession plan for the leadership you have picked up on the mood this Report. Those of you who of the company and the Board. of enthusiasm and energy in the have followed our business for a When the regulator declined to business. While we continue to while will know that the goodwill approve the merger, a decision I operate in a fast-moving, disrupted asset came about as a result of will always believe to be flawed, and competitive world, the the INL transaction 14 years ago. we had to re-set the plan. passion and appetite for success While the headline figure is a large It is my pleasure today to is palpable across the company. one, I note that the impairment advise that we have secured an When I addressed you at last is non-cash and has no impact exceptional new Chair for the year’s AGM I indicated that I on our banking covenants. board, Mr Philip Bowman. had two personal priorities for We have set out the strategic Mr Bowman is an experienced the coming year: to recruit and direction in this Report and and distinguished businessman induct the best Chief Executive the accompanying Results who has led several major global for our business, and when that presentations, and you will see companies and served on the was completed, to consider a a strong theme of investments board of a significant number succession plan for the next Chair. that are designed to grow of public and private companies I am delighted that we were able the business, to super-serve as an independent Chair or to appoint Martin Stewart as Chief our customers and to evolve director. He brings knowledge Executive. He is a highly experienced towards new revenue streams. of the media sector, including leader who has energised the Those investments are being made having served on the board of Sky team and is setting about in an industry that faces increasing Sky UK for some ten years. transforming the business. uncertainty and disruption, and I leave the Sky board with Our Results for FY19 already tell the it is our view that we need to confidence in the direction of the story of where Martin and the team continue to reduce debt over the business. Your board and leadership are taking Sky. In the challenging next couple of years to ensure we team is focused on creating a long conditions in which the media and have sufficient headroom for key term sustainable entertainment entertainment sector is operating, investments, including in rights and business that balances the it is pleasing that we are reporting new services, and for the long- needs of our customers and the an increase in streaming subscribers term flexibility of the company. desires of our content partners. and adjusted earnings of $97m. With that in mind, we have To do that we need more There have been some important decided to not pay a dividend for customers, and we win them by and difficult decisions in the the final six months of FY19. innovating to create services that past six months. Stopping the We acknowledge that this is not an attract every New Zealander. IVP project was a key one, and ideal situation for investors, and ask Thank you for your continued while it has resulted in a one-off that you support us in the strategy support for Sky. It has been a $38m write-down, it represents of investing to grow the business. privilege to serve as your Chair. an important pivot towards a Turning now to the leadership true focus on streaming. We are of the board, it has been my confident that our refocused privilege to serve as Chair for the technology plans will allow us to last 17 years. John Fellet was achieve our wider ambitions. Chief Executive for most of my The Board’s decision to impair tenure, and I acknowledge his $670m of goodwill is clearly a key contribution and dedication to decision for the business. It reflects our business over that time. Peter Macourt the fact that we live in an uncertain As many of you will know, the CHAIRMAN world, and our assessment involved planned merger with Vodafone a range of different scenarios New Zealand was a key part of our WorldReginfo - 9252d4ca-08cc-4b85-a9f2-d0c2234bad70 / 5 " The passion and appetite for success is palpable across the company.” St Andrew's wins a lineout during the First XV match against Christ's College. ©Getty Images WorldReginfo - 9252d4ca-08cc-4b85-a9f2-d0c2234bad70 Sky / 2019 Annual Report Chief Executive WorldReginfo - 9252d4ca-08cc-4b85-a9f2-d0c2234bad70 / 7 It is six months today since Our adjusted earnings of $97.4m People talk about I joined the Sky team, and are better than the guidance it is my privilege to lead the we provided in February, streaming being the business in this vital time. despite the disrupted market future. Well, the future We have been hard at work that we are operating in. is happening right now, transforming our business, We are continuing to observe and we are the premier and I’m pleased to share some good cost control as we rebalance of our progress with you. to a streaming future. sport streaming service The world is changing, We made the clear decision in New Zealand. and so are we. to accelerate our focus on On the entertainment side of our Our goal is to grow our streaming when we decided to business, Neon offers the biggest stop the IVP Project, and we are range of TV shows and movies of business by accelerating confident that our refocused any New Zealand-based service our focus on streaming technology plans will allow us to – and we’ll be announcing some services while continuing achieve our wider ambitions. enhancements to it soon. One of my first priorities when Our laser focus on streaming, to super-serve all I joined Sky was to build an coupled with our commitment to Sky customers. outstanding leadership team. I super-serve all Sky customers, is the believe we have managed to do pathway to creating a long term Our ambition is for Sky that, and I am enjoying working sustainable entertainment business to be in the hands of with an excellent group of leaders that balances the needs of our and experts in their fields. customers and the desires of our every New Zealander, in content partners, and delivers on ways that work for them. We have a clear objective: Growth. behalf of our shareholders. It’s our main focus. And there are We are listening – to our We enter into FY20 with optimism four pillars that we relentlessly customers, our people, and our and energy. On behalf of the focus on to achieve it: Our partners - and moving much talented, passionate, hardworking Customers, Our Content, Our faster than ever before. Sky crew I thank you for your People and Our Products. The In the last six months a significant support of our business. following pages will give you a amount of progress has been sense of what we’re doing to made, and it’s only the beginning. transform our business and In the last month alone we launched deliver on our goals, and we the new Sky Sport Now app and look forward to sharing more the new Sky Sport News service, supercharged our Sky Sport offer with you as key milestones are with 12 HD channels, acquired key reached throughout the year. rights like the Cricket Australia deal, I’m proud that we have Martin Stewart and announced the acquisition of revolutionised the viewing CHIEF EXECUTIVE global sports streaming business experience, allowing people to RugbyPass. We are pursuing watch content whenever and opportunities to work with partners wherever they want, live and on to offer Sky services to more demand. Across DTH, free-to-air on customers, and are well on our way Prime, Sky Go, Sky Sport Now and to achieving our goal of being in the hands of all New Zealanders.
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