DOCSLIB.ORG

Sky Network Television Limited 2016 Independent Advisers Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Sky Network Television Limited 2016 Independent Advisers Report Sky Network Television Limited Independent Adviser’s Report and Appraisal Report in relation to the Proposed Acquisition of Vodafone New Zealand Limited Grant Samuel confirms that it: . has no conflict of interest that could affect its ability to provide an unbiased report; and . has no direct or indirect pecuniary or other interest in the proposed transaction considered in this report, including any success or contingency fee or remuneration, other than to receive the cash fee for providing this report. Grant Samuel has satisfied the Takeovers Panel, on the basis of the material provided to the Panel, that it is independent under the Takeovers Code for the purposes of preparing this report. Prepared by GRANT SAMUEL & ASSOCIATES LIMITED Auckland Sydney Melbourne June 2016 Table of Contents 1 Terms of the Proposed Transaction ............................................................................................................. 1 1.1 Transaction Terms ............................................................................................................................. 1 1.2 Shareholder Approval ........................................................................................................................ 4 2 Scope of the Report ........................................................................................................................................ 5 2.1 Purpose of the Report ........................................................................................................................ 5 2.2 Basis of the Evaluation ....................................................................................................................... 7 2.3 Sources of Information ...................................................................................................................... 7 2.4 Limitations and Reliance on Information ........................................................................................ 8 3 Overview of the Telecommunications Industry in New Zealand ............................................................. 11 3.1 Overview ........................................................................................................................................... 11 3.2 Market Segments and Products ...................................................................................................... 12 3.3 Market Structure .............................................................................................................................. 13 3.4 The Mobile Market .......................................................................................................................... 14 3.5 The Fixed Line Market .................................................................................................................... 15 3.6 Infrastructure ................................................................................................................................... 16 3.7 Wholesale Access to Infrastructure ................................................................................................ 17 3.8 UFB and RBI .................................................................................................................................... 18 3.9 Market Trends and Outlook............................................................................................................ 18 4 Overview of the Television Broadcasting Industry in New Zealand ....................................................... 22 4.1 History of Broadcasting in New Zealand ....................................................................................... 22 4.2 Market Structure .............................................................................................................................. 22 4.3 Distribution of Content in New Zealand ........................................................................................ 23 4.4 Viewing Trends in New Zealand ..................................................................................................... 24 4.5 Over-the-Top Services in New Zealand .......................................................................................... 25 4.6 Market Trends and Outlook............................................................................................................ 26 5 Profile of Sky TV ......................................................................................................................................... 29 5.1 Background and History .................................................................................................................. 29 5.2 Business Operations ......................................................................................................................... 29 5.3 Financial Performance ..................................................................................................................... 35 5.4 Financial Position ............................................................................................................................. 37 5.5 Cash Flow .......................................................................................................................................... 39 5.6 Capital Structure and Ownership ................................................................................................... 40 5.7 Share Price Performance ................................................................................................................. 40 6 Valuation of Sky TV .................................................................................................................................... 43 6.1 Summary ........................................................................................................................................... 43 6.2 Value of Business Operations – DCF Analysis............................................................................... 44 6.3 Value of Business Operations – Multiples Analysis ....................................................................... 48 6.4 Other Assets and Liabilities ............................................................................................................. 59 6.5 Net Borrowings ................................................................................................................................. 60 6.6 Other Adjustments ........................................................................................................................... 60 7 Profile of Vodafone NZ ............................................................................................................................... 61 7.1 Background and History .................................................................................................................. 61 7.2 Business Operations ......................................................................................................................... 62 7.3 Financial Performance ..................................................................................................................... 68 7.4 Financial Position ............................................................................................................................. 71 7.5 Cash Flow .......................................................................................................................................... 72 8 Valuation of Vodafone NZ .......................................................................................................................... 73 8.1 Summary ........................................................................................................................................... 73 8.2 Value of Business Operations – DCF Analysis............................................................................... 73 8.3 Value of Business Operations – Multiples Analysis ....................................................................... 77 9 Profile of the Combined Group .................................................................................................................. 90 9.1 Overview ........................................................................................................................................... 90 9.2 Synergies ........................................................................................................................................... 90 9.3 Earnings ............................................................................................................................................ 90 9.4 Dividends ........................................................................................................................................... 92 9.5 Financial Position ............................................................................................................................. 92 9.6 Cash Flow .......................................................................................................................................... 93 10 Evaluation of the Proposed Transaction (Takeovers Code) .................................................................... 94 10.1 Summary ........................................................................................................................................... 94 10.2 Rationale for the Proposed Transaction ......................................................................................... 96 10.3
Load more

Recommended publications
  • Where Are the Audiences?
    WHERE ARE THE AUDIENCES? Full Report Introduction • New Zealand On Air (NZ On Air) supports and funds audio and visual public media content for New Zealand audiences. It does so through the platform neutral NZ Media Fund which has four streams; scripted, factual, music, and platforms. • Given the platform neutrality of this fund and the need to efficiently and effectively reach both mass and targeted audiences, it is essential NZ On Air have an accurate understanding of the current and evolving behaviour of NZ audiences. • To this end NZ On Air conduct the research study Where Are The Audiences? every two years. The 2014 benchmark study established a point in time view of audience behaviour. The 2016 study identified how audience behaviour had shifted over time. • This document presents the findings of the 2018 study and documents how far the trends revealed in 2016 have moved and identify any new trends evident in NZ audience behaviour. • Since the 2016 study the media environment has continued to evolve. Key changes include: − Ongoing PUTs declines − Anecdotally at least, falling SKY TV subscription and growth of NZ based SVOD services − New TV channels (eg. Bravo, HGTV, Viceland, Jones! Too) and the closure of others (eg. FOUR, TVNZ Kidzone, The Zone) • The 2018 Where Are The Audiences? study aims to hold a mirror up to New Zealand and its people and: − Inform NZ On Air’s content and platform strategy as well as specific content proposals − Continue to position NZ On Air as a thought and knowledge leader with stakeholders including Government, broadcasters and platform owners, content producers, and journalists.
    [Show full text]
  • Vodacom Annual Results Presentation
    Vodacom Group Annual Results For the year ended 31 March 2020 The future is exciting. Ready? Disclaimer The following presentation is being made only to, and is only directed at, persons to whom such presentations may lawfully be communicated (‘relevant persons’). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. Information in the following presentation relating to the price at which relevant investments have been bought or sold in the past or the yield on such investments cannot be relied upon as a guide to the future performance of such investments. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in any company within the Group. Promotional material used in this presentation that is based on pricing or service offering may no longer be applicable. This presentation contains certain non-GAAP financial information which has not been reviewed or reported on by the Group’s auditors. The Group’s management believes these measures provide valuable additional information in understanding the performance of the Group or the Group’s businesses because they provide measures used by the Group to assess performance. However, this additional information presented is not uniformly defined by all companies, including those in the Group’s industry. Accordingly, it may not be comparable with similarly titled measures and disclosures by other companies. Additionally, although these measures are important in the management of the business, they should not be viewed in isolation or as replacements for or alternatives to, but rather as complementary to, the comparable GAAP measures.
    [Show full text]
  • PIPE Networks Prospectus 2006 Annual Report 2005
    PIPE Networks Prospectus 2006 ANNUAL REPORT 2005 PIPE Networks PIPE Networks Prospectus 2006 FOR AN OFFER OF 4,392,857 ORDINARY SHARES BY WAY OF A RENOUNCEABLE RIGHTS ISSUE AT AN APPLICATION PRICE OF $1.50 EACH TO RAISE $6,589,286 FOR THE ISSUE OF UP TO 200,000 OPTIONS IN ACCORDANCE WITH THE COMPANY EMPLOYEE SHARE OPTION PLAN PIPE Networks Limited ABN 21 099 104 122 Underwriter and Lead Manager ABN AMRO Morgans Corporate Limited ABN 32 010 539 607 Broker to the Offer ABN AMRO Morgans Limited ABN 49 010 669 726 TaBLE OF CONTENTS Important Information 5 Key Investment Highlights 6 Key Rights Issue Statistics 7 Chairman’s Letter 8 Details of Offers 9 Company Overview 13 Financial Information 18 Investigating Accountant’s Report 22 Directors And Officers 3 Risk Factors 5 Additional Information 9 Definitions 56 “We succeed where others fail because we continue to ignore the limitations of technology and create new and innovative solutions to the problems that stand in our way.” Bevan Slattery CEO PAGE PROSPECTUS 2005/2006 IMANNUPORTAANTL REPO INFORRMAT 2005TION This Prospectus is dated 4 January 2006. A copy of this Prospectus has been Privacy lodged with ASIC. ASIC takes no responsibility for the contents of this Prospectus. If you make an Application, you will be required to provide personal information to the Company and the Share Registrar. The Company and the Share Registrar No Shares or Options will be issued or allotted on the basis of this Prospectus will collect, hold and use your personal information to assess your Application, later than 13 months after the date of this Prospectus.
    [Show full text]
  • FY21 Results Overview
    Annual Report 2021 01 Chorus Board and management overview 14 Management commentary 24 Financial statements 60 Governance and disclosures 92 Glossary FY21 results overview Fixed line connections1 Broadband connections1 FY21 FY20 FY21 FY20 1,340,000 1,415,000 1,180,000 1,206,000 Fibre connections1 Net profit after tax FY21 FY20 FY21 FY20 871,000 751,000 $47m $52m EBITDA2 Customer satisfaction Installation Intact FY21 FY20 FY21 FY21 $649m $648m 8.2 out of 10 7.5 out of 10 (target 8.0) (target 7.5) Dividend Employee engagement score3 FY21 FY20 FY21 FY20 25cps 24cps 8.5 out of 103 8.5 This report is dated 23 August 2021 and is signed on behalf of the Board of Chorus Limited. Patrick Strange Mark Cross Chair Chair Audit & Risk Management Committee 1 Excludes partly subsidised education connections provided as part of Chorus’ COVID-19 response. 2 Earnings before interest, income tax, depreciation and amortisation (EBITDA) is a non-GAAP profit measure. We monitor this as a key performance indicator and we believe it assists investors in assessing the performance of the core operations of our business. 3 Based on the average response to four key engagement questions. Dear investors Our focus in FY21 was to help consumers especially important because fixed wireless services don’t capitalise on the gigabit head start our fibre provide the same level of service as fibre - or even VDSL in network has given New Zealand. We knocked most cases – and these service limitations often aren’t made clear to the customer. on about a quarter of a million doors and supported our 100 or so retailers to connect As expected, other fibre companies continued to win copper customers in those areas where they have overbuilt our another 120,000 consumers to fibre.
    [Show full text]
  • Cradlepoint IBR900 Series Router
    PRODUCT BRIEF IBR900 SERIES ROUTER Cradlepoint IBR900 Series Router Compact, ruggedized Gigabit-Class LTE router for advanced Mobile and IoT connectivity Firewall Throughput: WAN Connectivity: LAN Connectivity: NetCloud Solution: 940 Mbps 4G Cat 11 or Cat 18, Wi-Fi 5, GbE Mobile or IoT GbE The Cradlepoint IBR900 Series router is a ruggedized Gigabit-Class LTE Key Benefits: networking platform that was designed for persistent connectivity across a wide range of in-vehicle and mobile applications as well as portable or — Deploy a robust, dependable Gigabit- fixed IoT installations. The IBR900 Series accommodates environmentally Class LTE network platform for first harsh environments while delivering enterprise-class standards of reliability, responders and commercial fleets scalability, comprehensive management, and security. — Add a second cellular modem, with For organizations that depend on field forces and mobile networks, the an Extensibility Dock, for multi-link Cradlepoint IBR900 Series mobile router with the NetCloud Mobile solution dependability package provides ruggedized and GPS-enabled in-vehicle network solutions — View cellular health with an LTE signal that are SD-WAN and SD-Perimeter-capable. With an available Gigabit-Class strength map displaying all areas a fleet LTE modem, Gigabit Wi-Fi, and advanced security features, the IBR900 delivers has driven enterprise networking capabilities for mobile applications that require secure, always-on connectivity. — Implement WiFi-as-WAN for data- intensive tasks such as video offloading The IBR900 Series with NetCloud IoT Solutions Package provides a compact ruggedized 4G LTE router solution for connecting and protecting IoT devices — Install in harsh environments where at scale. With an extensive list of safety and hardening certifications, it can connectivity must be reliable be confidently deployed in the field, in buildings, or in embedded systems to deliver complete visibility, security, and control of connected devices anywhere.
    [Show full text]
  • Comment Operators at Crossroads: Market Protection Or Innovation?
    Comment Operators at crossroads: Market protection or innovation? Arnd Webera*, Daniel Scukab Published in: Telecommunications Policy, Volume 40, Issue 4, April 2016, Pages 368–377, doi:10.1016/j.telpol.2015.11.009. Permission to publish an authors’ version has kindly been granted by Elsevier B.V. a KIT (ITAS), Kaiserstraße 12, 76131 Karlsruhe, Germany b Mobikyo K.K., Level 32, Shinjuku Nomura Building, 1‐26‐2 Nishi‐Shinjuku, Shinjuku‐ku, Tokyo 163‐0532, Japan Abstract Many today believe that the mobile Internet was invented by Apple in the USA with their iPhone, enabling a data‐driven Internet ecosystem to disrupt the staid voice and SMS busi‐ ness models of the telecom carriers. History, however, shows that the mobile Internet was first successfully commercialised in Japan, in 1999. Some authors such as Richard Feasey in Telecommunications Policy (Issue 6, 2015) argue that operators had been confused and un‐ prepared when the Internet emerged and introduced “walled gardens”, without Internet access. This comment article reviews in detail how the operators reacted when the fixed, and later the mobile Internet spread; some introduced walled gardens, some opened it for the “unofficial” content on the Internet. The article concludes that most large European tel‐ ecom and information technology companies and their investors have a tradition of risk avoidance and pursued high‐price strategies that led them to regularly fail against better and cheaper foreign products and services, not only when the wireless Internet was introduced, but also when PCs and the fixed Internet were introduced. Consequences, such as the need to enable future disruptions and boost the skills needed to master them, are presented.
    [Show full text]
  • Location Provider E-Mail to SMS Address Format
    To create an e-mail address for your cell phone number, simply locate your cell phone carrier in the list below and replace the word number with your cell phone number. US and North American Carriers Location Provider E-mail to SMS address format United States Alaska Communications number @msg.acsalaska.com Bluegrass Cellular number @sms.bluecell.com Cincinnati Bell Wireless number @gocbw.com Cricket number @sms.mycricket.com C Spire Wireless number @cspire1.com Edge Wireless number @sms.edgewireless.com General Communications Inc. number @msg.gci.net Qwest Wireless number @qwestmp.com Southern LINC number @page.southernlinc.com Teleflip number @teleflip.com Telus number @msg.telus.com Unicel number @utext.com West Central Wireless number @sms.wcc.net XIT Communications number @sms.xit.net Aruba Setar Mobile number @mas.aw Bermuda Mobility number @ml.bm Canada Aliant number @wirefree.informe.ca Bell Mobility number @txt.bellmobility.ca Fido number @fido.ca MTS Mobility number @text.mtsmobility.com President’s Choice number @mobiletxt.ca Rogers Wireless number @pcs.rogers.com Sasktel Mobility number @pcs.sasktelmobility.com Telus number @msg.telus.com Virgin Mobile Canada number @vmobile.ca Puerto Rico Claro number @vtexto.com International Carriers Location Provider E-mail to SMS address format Argentina Claro number @sms.ctimovil.com.ar Movistar number @sms.movistar.net.ar Nextel TwoWay.11number @nextel.net.ar Australia Telstra number @sms.tim.telstra.com T-Mobile/Optus Zoo number @optusmobile.com.au Austria T-Mobile number @sms.t-mobile.at
    [Show full text]
  • Bringing the Future Faster
    6mm hinge Bringing the future faster. Annual Report 2019 WorldReginfo - 7329578e-d26a-4187-bd38-e4ce747199c1 Bringing the future faster Spark New Zealand Annual Report 2019 Bringing the future faster Contents Build customer intimacy We need to understand BRINGING THE FUTURE FASTER and anticipate the needs of New Zealanders, and Spark performance snapshot 4 technology enables us Chair and CEO review 6 to apply these insights Our purpose and strategy 10 to every interaction, Our performance 12 helping us serve our Our customers 14 customers better. Our products and technology 18 Read more pages 7 and 14. Our people 20 Our environmental impact 22 Our community involvement 24 Our Board 26 Our Leadership Squad 30 Our governance and risk management 32 Our suppliers 33 Leadership and Board remuneration 34 FINANCIAL STATEMENTS Financial statements 38 Notes to the financial statements 44 Independent auditor’s report 90 OTHER INFORMATION Corporate governance disclosures 95 Managing risk framework roles and 106 responsibilities Materiality assessment 107 Stakeholder engagement 108 Global Reporting Initiative (GRI) content 109 index Glossary 112 Contact details 113 This report is dated 21 August 2019 and is signed on behalf of the Board of Spark New Zealand Limited by Justine Smyth, Chair and Charles Sitch, Chair, Audit and Risk Management Committee. Justine Smyth Key Dates Annual Meeting 7 November 2019 Chair FY20 half-year results announcement 19 February 2020 FY20 year-end results announcement 26 August 2020 Charles Sitch Chair Audit and Risk Management Committee WorldReginfo - 7329578e-d26a-4187-bd38-e4ce747199c1 Create New Zealand’s premier sports streaming business Spark Sport is revolutionising how New Zealanders watch their favourite sports events.
    [Show full text]
  • PIPE Networks Submission to Senate Inquiry
    Senate Standing Committee on Environment, Communications and the Arts Inquiry into the Telecommunications Legislation Amendment (Competition and Consumer Safeguards) Bill 2009 Submission of PIPE Networks Limited (Public version) 7 October 2009 1. Executive summary.......................................................................................................... 2 2. Scope............................................................................................................................... 2 3. About PIPE Networks ...................................................................................................... 2 4. Importance of facilities access......................................................................................... 3 4.1. PIPE’s fibre network................................................................................................. 3 4.2. ‘Facilities access’ vs ‘declared services’ .................................................................. 3 5. The proposed replacement for ‘negotiate-arbitrate’......................................................... 4 5.1. Current approach – arbitration prevails over agreed terms...................................... 4 5.2. New approach – agreed terms prevail over determinations .................................... 5 6. Telstra’s monetary incentive to delay............................................................................... 7 7. Amendments to Part XIB ................................................................................................
    [Show full text]
  • Projects on the Geometry of Perception and Cognition
    PROJECTS ON THE GEOMETRY OF PERCEPTION AND COGNITION by Sofia Rebeca Berinstein B.F.A. Visual Art The Cooper Union for the Advancement of Science and Art, 2008 SUBMITTED TO THE DEPARTMENT OF ARCHITECTURE IN PARTIAL FULFILLMENT OF THE REQUIREMENTS for THE DEGREE of MASTER OF SCIENCE IN ART, CULTURE, AND TECHNOLOGY at the Massachusetts institute of technology JUNE 2012 ©2012 Sofia Rebeca Berinstein. All rights reserved. The author hereby grants to M.I.T. permission to reproduce and to distribute publicly paper and electronic copies of this thesis document in whole or in part in any medium now known or hereafter created. Signature of Author: __________________________________________________ Department of Architecture May 11, 2012 Certified by: ________________________________________________________ Joan Jonas Professor of Visual Arts, Emerita Thesis Advisor Accepted by: ________________________________________________________ Takehiko Nagakura Associate Professor of Design and Computation Chairman of the Committee on Graduate Students Thesis committee Joan Jonas Thesis Advisor Professor of Visual Arts, Emerita Massachusetts Institute of Technology Azra Akšamija Thesis Reader Assistant Professor of Visual Arts Massachusetts Institute of Technology Farid Masrour Thesis Reader College Fellow in the Department of Philosophy Harvard University 3 PROJECTS ON THE GEOMETRY OF PERCEPTION and cognition Sofia Rebeca Berinstein Submitted to the Department of Architecture on May 11, 2012 in partial fulfillment of the requirements of the degree of Master of Science in Art, Culture, and Technology at the Massachusetts Institute of Technology Thesis Advisor: Joan Jonas, Professor of Visual Arts, Emerita ABSTRACT The projects presented in this thesis, which include performance, photography, and sculpture, investigate perception and cognition through the study and reconfiguration of content drawn from philosophy, cognitive science, and linguistics.
    [Show full text]
  • SKY NETWORK TELEVISION LIMITED ANNUAL REPORT JUNE 2016 the Way We Consume Entertainment Continues to Evolve at a Rapid Pace
    SKY NETWORK TELEVISION LIMITED ANNUAL REPORT JUNE 2016 The way we consume entertainment continues to evolve at a rapid pace. This is an exciting new era for SKY that we look forward to NEW PLATFORMS. taking to a new level MORE CONTENT, with Vodafone NZ. MORE CHOICE. IT’S FAST FORWARD FOR SKY. SKY ANNUAL REPORT 2016 3 SKY AT A GLANCE 2 YEAR IN REVIEW Chairman’s Letter 4 Chief Executive’s Letter 6 Board of Directors 10 IN FOCUS Creating a Leading 12 Telecommunications and Media Group We’ve got the Best Shows 14 from the Best Studios Good Sport 16 Full Stream Ahead 18 COMMUNITY AND 20 SPONSORSHIP SKY CHANNELS 22 2016 FINANCIALS 24 Financial Overview 25 Financial Trends 29 Directors’ Responsibility 31 Statement Consolidated Statement of 32 Comprehensive Income Consolidated Balance Sheet 33 Consolidated Statement of 34 Changes in Equity Consolidated Statement of 35 Cash Flows Notes to the Consolidated 36 Financial Statements Independent Auditors’ Report 63 OTHER INFORMATION 64 Corporate Governance 65 Interests Register 67 Company and Bondholder 69 Information Waivers and Information 74 Share Market and 75 Other Information Directory 76 2 SKY ANNUAL REPORT 2016 SKY AT A GLANCE CUSTOMERS FINANCIAL PERFORMANCE This year we have more total customers across all Our financial performance remains strong. our products, with digital oerings FAN PASS and NEON 852,679 928M 325M driving the growth. KIWIS ENJOY SKY REVENUE EBITDA EVERY DAY 147M NPAT SOCIAL PEOPLE SKY’s social reach continues to grow, with over 800,000 We employ over 1,200 permanent employees followers across our entertainment and sports brands on 800,000 and work with over 500 contractors hailing from 1,254 the country’s most popular social media platforms.
    [Show full text]
  • View Annual Report
    ANNUSKY NETWORKA TLELEVI REPOSION LIMITEDRT JUNE 2013 EVEry Day we’RE ON AN ADVENTURE LESLEY BANKIER FanaticalAS THE about RECEPTIONI Food TV ST I love sweet endings. Whether I’m behind the front desk or attempting recipes from Food TV, I’ll do my best to whip it all into shape and serve it with a smile. COME WITH US EVEry Day we’RE ON AN ADVENTURE FORGING NEW GROUND AND BRINGING CUSTOMERS EXPERIENCES THEY NEVER KNEW EXISTED NADINE WEARING FanaticalAS THE about SENIO SKYR Sport MARKETING EXECUTIVE I’m passionate about getting the right message, to the right person, at the right time. Especially on a Saturday night when the rugby is on SKY Sport. Run it Messam! Straight up the middle! COME WITH US FORGING NEW GROUND AND BRINGING CUSTOMERS EXPERIENCES THEY NEVER KNEW EXISTED TOGETHER WE CAN GO ANYWHERE 7 HIGHLIGHTS 8 CHAIRMAn’S LETTER 10 CHIEF Executive’S REVIEW 14 EXECUTIVE COMMITTEE 16 BUSINESS OVERVIEW 22 COMMUNITY AND SPONSORSHIP 24 FINANCIAL OVERVIEW 30 BOARD OF DIRECTORS 33 2013 FINANCIALS 34 Financial Trends Statement 37 Directors’ Responsibility Statement 38 Income Statement 39 Statement of Comprehensive Income 40 Balance Sheet 41 Statement of Changes in Equity 42 Statement of Cash Flows 43 Notes to the Financial Statements 83 Independent Auditors’ Report 84 OTHER INFORMATION OPENING 86 Corporate Governance Statements 89 Interests Register CREDITS 91 Company and Bondholder Information 95 Waivers and Information 96 Share Market and Other Information 97 Directory 98 SKY Channels SKY Annual Report 2013 6 | HIGHLIGHTS TOTAL REVENUE TOTAL SUBSCRIBERS $885m 855,898 EBITDA ARPU $353m $75.83 CAPITAL EXPENDITURE NET PROFIT $82m $137.2m EMPLOYEES FTEs MY SKY SUBSCRIBERS 1,118 456,419 SKY Annual Report 2013 | 7 “ THE 17-DAY COVERAGE OF THE LONDON OLYMPICS WAS UNPRECEDENTED IN NEW ZEALAND ..
    [Show full text]