SKY TV Releases 2019 Interim Results

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Appendix 1 Release to NZX

Half Year Preliminary Announcements and Half Year Results



Sky Network Television Limited
Results for announcement to the market

Reporting Period 6 months to 31 December 2018
Previous Reporting Period 6 months to 31 December 2017

Amount (000s) Percentage change
Revenue from ordinary
activities
$403,032 8.4% decrease
Net Profit (loss) $53,604 19.6% decrease
Profit (loss) from ordinary
activities after tax
attributable to security
holder.
$53,434 19.7% decrease
Net profit (loss) attributable
to security holders.
$53,434 19.7% decrease

Interim/Final Dividend Amount per security Imputed amount per
security
Interim $.075 $.029167

Record Date 8 March 2019
Dividend Payment Date 15 March 2019

Comments: Refer management commentary attached.

SKY NETWORK TELEVISION LIMITED
INTERIM REPORT DECEMBER 2018
INTERIM
REPORT

CONTENTS
Management Commentary2
Interim financial statements4
Subscriber Base5
History of Dividend Payments5
Consolidated Interim Statement
of Comprehensive Income
6
Consolidated Interim Balance Sheet 8
Consolidated Interim Statement
of Changes in Equity
9
Consolidated Interim Statement
of Cash Flows
11
Notes to the Interim Financial
Statements
12
Independent Review Report26
Directors and Executives28
Directory29
SKY INTERIM REPORT DECEMBER 2018 1

SKY continues to operate in a highly
competitive and evolving market. Consistent
with global trends, the New Zealand market
is seeing an increase in low cost over-the-
top (OTT) services and there is heightened
competition for premium content rights.
Within this context, it is pleasing to report that
SKY had 750,321 subscribers at 31 December
with average monthly revenue per customer
(ARPU) of $75.82. While customer numbers
are lower than in recent years, the decline has
slowed slightly and the decision to move away
from the aggressive discounting of 2016-17 has
improved the quality of new customer accounts.
We continue to serve 43% of New Zealand
households, which is solid penetration by global
Pay TV standards. SKY earns considerably more
revenue than other competing subscription
video services in this market. Total revenue
in the six months was $403 million, earnings
before interest, tax, depreciation and
amortisation (EBITDA) was $128.3 million and
net profit after tax (NPAT) was $53.6million.
We are focused on delivering great sport,
premium drama, movies and entertainment
content to our customers, and we are working
hard to deliver extra value to each one of
them. Highlights in the last six months include
enhancing our SKY GO streaming service with
hundreds of hours of On Demand content and
the introduction of ‘Download to Go’ capability,
the launch of a second premium drama channel
(Soho 2), and unlocking access to all of SKY’s
channels over the Christmas break as a loyalty
gift to customers. All of these initiatives have
been positively received by customers.
Consistent with our strategy to ensure we can
reliably serve 100% of New Zealand customers,
SKY has entered into a conditional agreement
with Optus to extend access to satellite services
through to 2032.
We continue to encourage all SKY customers
with fast home broadband to connect their SKY
boxes to the internet, giving them access to
hundreds of TV shows and movies on demand.
And our OTT products NEON and FAN PASS
deliver our great content to those customers
who prefer the flexibility of streaming services
on a month-by-month basis.
During the period we continued to work on the
development of SKY’s new internet-based ’next
generation’ platform. Features such as seamless
viewing across devices and an image-rich menu
that makes it simple to find the best content to
watch, will transform the way our customers
view content (both SKY content and a range
of Apps such as Netflix and TVNZ on Demand).
The development programme is a core priority
for the business. We have set a very high bar for
the customer experience that must be delivered
through ‘next generation SKY’, and the platform
is not yet meeting that standard. We are working
closely with global provider Synamedia to
ensure that we deliver an experience that meets
our expectations – and importantly, those of
our customers.
Be it via satellite or online, SKY delivers our
customers the best and broadest range
of content in New Zealand. In premium
entertainment and movies, our customers
have access to the world’s best content
2 SKY INTERIM REPORT DECEMBER 2018
Management
Commentary

thanks to our long-term partnerships with
the top studios, including HBO, Warner Bros,
CBS, Universal, MGM, BBC, Discovery, Sony,
Roadshow, Fox, Paramount and FX.
We have the sport that Kiwis love, including
Rugby, Cricket, Netball, Rugby League and
Supercars. Some of the deals achieved in 2018
include the FA Cup, UEFA Champions League,
Serie A football, Youth Olympics, Invictus
Games, Australian Open (tennis), US Golf
Association (US Open) French Top 14 rugby
and Guinness Pro14 rugby.
2019 promises to be another huge year for SKY
Sport fans with the All Blacks in the Investec
Rugby Championship and the Bledisloe Cup,
the Warriors in the NRL Telstra Premiership,
the netballers in the ANZ Premiership, the ICC
Cricket World Cup, the Netball World Cup,
Investec Super Rugby, all of the Golf Majors,
NBA, NFL via ESPN, all of the thrilling action from
Supercars, the Mitre 10 Cup, the Tour de France
and the French Open Tennis.
During the period Spark announced they would
be re-entering the sports streaming business.
They have aggressively bid for some sports
rights, typically international tournaments that
don’t require local production like the Rugby
World Cup 2019, English Premier League and
Formula One. While our preference is always to
have the rights to all sports that our customers
may wish to watch, it is important that SKY
retains a disciplined approach when bidding
reaches irrational levels. We have a clear
view of the sports our customers value most
highly, and a focused approach to ensuring
we secure them. We are confident that SKY’s
ability to reliably deliver live sport to 100% of
New Zealand - including live streams over the
internet, but with the satellite doing the heavy
lifting – is a key competitive advantage.
New Zealand sports codes and their fans
know they can rely on us to deliver, and our
longstanding partnerships with the key sports
codes are testament to that commitment.
The results outlined in this report reflect the
competitive and changing market that SKY
operates in. SKY management is focused
on a continual drive to reduce operational
costs and improve organisational efficiency,
although some significant costs (particularly
programming costs and broadcasting
and infrastructure costs) are fixed and not
dependent on subscriber numbers.
As noted, competition for content rights
continues to heat up, and SKY’s programming
expenses now equate to 40.1% of revenue,
compared to 37.9% of revenue for the period
to December 2017.
To recover some of the costs of adding
value-enhancing new services and
functionality, the SKY Board has approved a
price increase for domestic customers on the
Sport, Starter and Entertainment tiers to be
implemented from April 2019. Customers will
be pleased to hear that as part of the changes
SKY will remove the High Definition (HD) ticket
(currently an extra $9.99), allowing customers
who have HD-capable televisions to access
HD at no extra cost. More than 20 channels
currently offer HD content, and we will upgrade
a further 10 channels to HD in the next few
months. This initiative will greatly enhance
the viewing experience for customers with
HD-capable TVs.
We are looking forward to the second half
of FY19 where we have a very strong line up
of content, including the return of the most
popular TV show in the world, Game of Thrones,
and so much great sport that SKY Sport fans will
be spoiled for choice.
We also look forward to welcoming SKY’s new
Chief Executive, Martin Stewart, who joins SKY
on 21 February 2019.
In closing, the Board has decided to pay a
fully imputed interim dividend of 7.5 cents per
share. Thank you for your continued support
of our business.
SKY INTERIM REPORT DECEMBER 2018 3

4 SKY INTERIM REPORT DECEMBER 2018
Interim
financial
statements to
31 December 2018

Subscriber base
The following operating data has been taken from the company records and is not audited.
31 Dec 1831 Dec 1731 Dec 1631 Dec 1531 Dec 14
Total subscribers
(1)
750,321778,776816,135860,445856,348
Average monthly revenue
per residential subscriber
(2)
75.8278.1179.0979.5679.43
Gross churn
(3)
15.4%15.0%17.7%15.4%13.7%
Net churn
(4)
14.9%14.9%17.3%14.8%13.3%
(1)
Includes subscribers to SKY’s subscriber services NEON and FAN PASS.
(2)
The December 2017 ARPU has been adjusted to reflect the changes in revenue recognition following adoption
of NZ IFRS 15 as disclosed in note 4 of the interim financial statements. ARPU’s prior to this have not been restated.
(3)
Gross churn relates to satellite subscribers only and refers to the percentage of residential subscribers over
the 12-month period ended on the date shown who terminated their subscription, net of existing subscribers
who transferred their service to new residences during the period.
(4)
Gross churn adjusted for migrants to a third party TV platform.
History of dividend payments
By calendar year in cents per share
20182017201620152014
Interim dividend (paid in March)
7.515.015.015.014.0
Final dividend (paid in September)
7.512.515.015.015.0
Total ordinary dividend
15.027.530.030.029.0

SKY INTERIM REPORT DECEMBER 2018 5

Consolidated interim statement of comprehensive income
For the six months ended 31 December 2018 (unaudited)
IN NZD 000Notes
31 Dec 2018
(6 months)
31 Dec 2017
(6 months)
restated-note 4
30 Jun 2018
(1 year)
(Audited)
restated-note 4
Total revenue
4
403,032439,848852,710
Expenses
Programming
161,727166,907328,109
Subscriber related costs
4
42,06448,36995,573
Broadcasting and infrastructure
4
46,81746,48592,558
Depreciation and amortisation
47,26251,224102,414
Other costs
24,14124,58350,660
322,011337,568669,314
Operating profit before impairment
81,021102,280183,396
Impairment of goodwill
10
- - 360,000
Operating profit/(loss)
81,021102,280(176,604)
Finance costs, net
6,5079,55217,510
Profit/(loss) before tax
74,51492,728(194,114)
Income tax expense
20,91026,02846,560
Profit/(loss) for the period
53,60466,700(240,674)
Attributable to:
Equity holders of the Company
53,43466,562(240,956)
Non-controlling interests
170138282
53,60466,700(240,674)
Earnings per share
Basic and diluted earnings/(loss) per share (cents)
13.7317.10(61.92)
6 SKY INTERIM REPORT DECEMBER 2018

Consolidated interim statement of comprehensive income
(CONTINUED)
For the six months ended 31 December 2018 (unaudited)
IN NZD 000Notes
31 Dec 2018
(6 months)
31 Dec 2017
(6 months)
restated-note 4
30 Jun 2018
(1 year)
(Audited)
restated-note 4
OTHER COMPREHENSIVE INCOME
Profit/(loss) for the period
53,60466,700(240,674)
Items that may be reclassified subsequently
to profit and loss
Deferred hedging gains and losses transferred to
operating expenses during the period
11
(3,215)13,86525,131
Loss on available for sale financial assets
9
- (219)(646)
Income tax effect
900(3,821)(6,856)
Net other comprehensive (loss)/income to be
reclassified to profit or loss in subsequent periods,
net of income tax
(2,315)9,82517,629
Items that may not be reclassified to profit or loss
in subsequent periods
Deferred hedging losses transferred to
financial assets during the period
11(6,036) - -
Income tax effect
1,690 - -
Net other comprehensive loss not being reclassified
to profit or loss in subsequent periods, net of
income tax
(4,346) - -
Total comprehensive income/(loss) for the period
46,94376,525(223,045)
Attributable to:
Equity holders of the Company
46,77376,387(223,327)
Non-controlling interests
170138282
46,94376,525(223,045)
SKY INTERIM REPORT DECEMBER 2018 7

Consolidated interim balance sheet
As at 31 December 2018 (unaudited)
IN NZD 000Notes31 Dec 201831 Dec 2017
30 Jun 2018
(Audited)
Current assets
Cash and cash equivalents
11
6,95722,3624,694
Trade and other receivables
11
64,22664,45263,117
Available for sale financial assets
9
- - 6,334
Programme rights inventory
83,60471,27678,378
Derivative financial instruments
11
8,9444,515 9,917
163,731162,605162,440
Non-current assets
Property, plant and equipment
198,451 224,401 209,582
Intangible assets
51,022 53,512 59,343
Goodwill
10
1,065,331 1,425,331 1,065,331
Available for sale financial assets
9
- 6,758 -
Derivative financial instruments
11
2,127 1,384 6,306
1,316,931 1,711,386 1,340,562
Total assets
1,480,662 1,873,991 1,503,002
Current liabilities
Interest bearing loans and borrowings
7/11
1,674 - 1,040
Trade and other payables
11
117,850 113,921 125,308
Contract liabilities
3
58,373 63,485 60,746
Income tax payable
7,362 7,867 11,843
Derivative financial instruments
11
3,219 2,435 595
188,478 187,708 199,532
Non-current liabilities
Interest bearing loans and borrowings
7/11
211,577 289,870 234,304
Derivative financial instruments
11
3,435 2,100 1,653
Deferred tax
32,307 38,553 40,826
247,319 330,523 276,783
Total liabilities
435,797 518,231 476,315
Equity
Share capital
577,403 577,403 577,403
Hedging reserve

2,371 921 9,032
Retained earnings
463,667 776,008 438,998
Total equity attributable to equity holders of the Company
1,043,441 1,354,332 1,025,433
Non-controlling interest
1,424 1,428 1,254
Total equity
1,044,865 1,355,760 1,026,687
Total equity and liabilities
1,480,662 1,873,991 1,503,002
Peter Macourt
Chairman
For and on behalf of the board 19 February 2019
Susan Paterson
Director
8 SKY INTERIM REPORT DECEMBER 2018

Consolidated interim statement of changes in equity
For the six months ended 31 December 2018 (unaudited)
ATTRIBUTABLE TO OWNERS OF THE PARENT
IN NZD 000Notes
Share
capital
Hedging
reserve
Retained
earningsTotal
Non-
controlling
interest
Total
equity
Balance at 1 July 2018 (restated)
577,4039,032439,4181,025,8531,2541,027,107
Profit for the period
- - 53,434 53,43417053,604
Cash flow hedges, net of tax
11
- (6,661)-(6,661)-(6,661)
Total comprehensive income
for the period
- (6,661) 53,434 46,77317046,943
Transactions with owners in
their capacity as owners
Dividend paid
- - (29,185)(29,185) - (29,185)
Supplementary dividends
- - (4,316)(4,316) - (4,316)
Foreign investor tax credits
- - 4,316 4,316 - 4,316
- - (29,185)(29,185) - (29,185)
Balance at 31 December 2018
577,4032,371463,6671,043,4411,4241,044,865
For the six months ended
31 December 2017 (unaudited)
Balance at 1 July 2017
577,403(9,062)758,2471,326,5881,2901,327,878
Profit for the period
- - 66,562 66,56213866,700
Loss on available for sale
financial assets, net of tax
9--(158)(158) - (158)
Cash flow hedges, net of tax
- 9,983 - 9,983 - 9,983
Total comprehensive income
for the period
- 9,983 66,404 76,38713876,525
Transactions with owners in
their capacity as owners
Dividend paid
- - (48,643)(48,643) - (48,643)
Supplementary dividends
- - (6,836)(6,836) - (6,836)
Foreign investor tax credits
- - 6,836 6,836 - 6,836
- - (48,643)(48,643) - (48,643)
Balance at 31 December 2017
577,403921776,0081,354,3321,4281,355,760
SKY INTERIM REPORT DECEMBER 2018 9

Consolidated interim statement of changes in equity (CONTINUED)
For the six months ended 31 December 2018 (unaudited)
ATTRIBUTABLE TO OWNERS OF THE PARENT
IN NZD 000Notes
Share
capital
Hedging
reserve
Retained
earningsTotal
Non-
controlling
interest
Total
equity
For the year ended
30 June 2018 (audited)
Balance at 1 July 2017
577,403(9,062)758,2471,326,5881,2901,327,878
(Loss)/profit for the year
- - (240,956)(240,956)282(240,674)
Loss on available for sale
financial assets, net of tax
(465)(465)-(465)
Cash flow hedges, net of tax
- 18,094 - 18,094 - 18,094
Total comprehensive
(loss)/ income for the year
- 18,094(241,421) (223,327)282(223,045)
Transactions with owners in
their capacity as owners
Dividend paid
- - (77,828)(77,828)(318)(78,146)
Supplementary dividends
- - (11,113)(11,113) - (11,113)
Foreign investor tax credits
- - 11,11311,113 - 11,113
- - (77,828)(77,828)(318)(78,146)
Balance at 30 June 2018
577,4039,032438,9981,025,4331,2541,026,687
10 SKY INTERIM REPORT DECEMBER 2018

Consolidated interim statement of cash flows
For the six months ended 31 December 2018 (unaudited)
IN NZD 000Notes
31 Dec 2018
(6 months)
31 Dec 2017
(6 months)
30 Jun 2018
(1 year)
(Audited)
Cash flows from operating activities
Profit/(loss) before tax
74,51492,728(194,114)
Adjustment for non-cash items:
Depreciation and amortisation
47,26251,224102,414
Impairment of goodwill
- - 360,000
Unrealised foreign exchange (gain)/loss
(349)2867
Interest expense
7,2219,57317,756
Bad debts and movement in provision for doubtful debts
3933941,185
Other non-cash items
(2,305)(2,543)83
Movement in working capital items:
(Increase)/decrease in receivables
(3,598)2,215439
Increase/(decrease) in payables
8,290(8,630)(9,320)
(Increase)/decrease in programme rights
(5,226)7,727625
Cash generated from operations
126,202152,974279,075
Interest paid
(8,817)(7,147)(15,766)
Bank facility fees paid
(1,186)(283)(696)
Income tax paid
(26,500)(36,000)(49,000)
Net cash from operating activities
89,699109,544213,613
Cash flows from investing activities
Proceeds from sale of property, plant and equipment
154 16 29
Acquisition of property, plant, equipment and intangibles
8
(38,763)(28,163)(58,223)
Disposal of available for sale financial asset
9
6,332 - -
Net cash used in investing activities
(32,277)(28,147)(58,194)
Cash flows from financing activities
Advances received – bank loan
206,000 62,000 97,000
Repayment of borrowings – bank loan
(230,000)(71,000)(166,000)
Vendor finance received
3,206 - 2,386
Repayment of other borrowings
(864)(296)
Dividend paid to minority shareholders
- - (318)
Dividends paid
(33,501)(55,479)(88,941)
Net cash used in financing activities
(55,159)(64,479)(156,169)
Net increase/(decrease) in cash and cash equivalents
2,263 16,918 (750)
Cash and cash equivalents at beginning of the period
4,694 5,444 5,444
Cash and cash equivalents at end of the period
6,957 22,362 4,694
SKY INTERIM REPORT DECEMBER 2018 11

Notes to the interim financial statements
For the six months ended 31 December 2018 (unaudited)
1. General information
SKY Network Television Limited (“SKY”) is a company, incorporated and domiciled in New Zealand.
The address of its registered office is 10 Panorama Road, Mt Wellington, Auckland, New Zealand.
The consolidated interim financial statements of the Group for the six months ended 31 December
2018 comprise SKY and its subsidiaries.
SKY is a company registered under the Companies Act 1993 and is a reporting entity under Part 7
of the Financial Markets Conduct Act 2013.
SKY is a leading media company in New Zealand and operates as a provider of multi-channel,
pay-per-view and free-to-air television services in New Zealand.
These consolidated interim financial statements were approved by the Board of Directors on
19 February 2019.
2. Basis of preparation
These consolidated interim financial statements have been prepared in accordance with the
requirements of Part 7 of the Financial Markets Conduct Act 2013, the NZX Main Board Listing Rules
and the ASX Listing Rules.
These consolidated interim financial statements of SKY are for the six months ended 31 December
2018. They have been prepared in accordance with New Zealand generally accepted accounting
practice, NZ IAS 34 Interim Financial Reporting and International Accounting Standard 34 (IAS 34).
They do not include all of the information required for full annual financial statements, and should
be read in conjunction with the consolidated financial statements of the Group as at and for the
year ended 30 June 2018. For the purposes of financial reporting SKY is a profit-oriented entity.
The preparation of interim financial statements in accordance with NZ IAS 34 Interim Financial
Reporting requires management to make judgements, estimates and assumptions that affect
the application of policies and reported amounts of assets and liabilities, income and expenses.
The estimates and associated assumptions are based on historical experience and various other
factors that are believed to be reasonable under the circumstances, the results of which form the
basis of making the judgements about carrying values of assets and liabilities that are not readily
apparent from other sources. Actual results may differ from these estimates.
These interim financial statements have been prepared under the historical cost convention except
for the revaluation of certain financial instruments (including derivative instruments).
12 SKY INTERIM REPORT DECEMBER 2018

3. Significant accounting policies and changes
The accounting policies applied by the Group in these consolidated interim financial statements
are the same as those applied by the Group in its consolidated financial statements as at and for the
year ended 30 June 2018, except for the adoption of new standards effective as of 1 January 2018.
The Group has not early adopted any other standard, interpretation or amendment that has been
issued but is not yet effective.
SKY has applied for the first time NZ IFRS 9 Financial Instruments and NZ IFRS 15 Revenue from
Contracts with Customers using a full retrospective approach which requires restatement of
previous financial statements. As required by NZ IAS 34, the nature and effect of these changes
are disclosed below.
Several other amendments and interpretations apply for the first time in 2018 but do not have an
impact on the interim consolidated financial statements of the Group.
Impact on the financial statements
NZ IFRS 15 Revenue from contracts with customers
NZIFRS 15 supersedes NZ IAS 11 Construction Contracts, NZ IAS 18 Revenue and related interpretations
and it applies to all revenue arising from contracts with customers, unless those contracts are in the
scope of other standards. The new standard establishes a five-step model to account for revenue
arising from contracts with customers. Under NZ IFRS 15, revenue is recognised at an amount that
reflects the consideration to which an entity expects to be entitled in exchange for transferring goods
or services to a customer.
The standard requires entities to exercise judgement, taking into consideration all of the relevant
facts and circumstances when applying each step of the model to contracts with their customers.
The standard also specifies the accounting for the incremental costs of obtaining a contract and the
costs directly relating to fulfilling a contract.
SKY adopted NZ IFRS 15 for the first time on 1 July 2018, with the cumulative effect of applying the
standard for the first time recognised at the date of initial application (1 July 2018). SKY did not identify
any significant changes in the timing of revenue recognition as a result of the adoption of NZ IFRS 15
and accordingly there was no adjustment for the cumulative effect against opening retained earnings
at 1 July 2018. Certain contracts where SKY has been identified as the principal, which historically
were recognised net of expenses are now presented on a gross bases with expenses recognised in
operating costs. As a result of the assessment made for adopting NZ IFRS 15, an adjustment was made
which increased both revenue and expenses with no impact to net profit as referred to in note 4.
Presentation and disclosure requirements
As required for the interim financial statements the Group disaggregated revenue recognised from
contracts with customers into categories that depict how the nature, amount, timing and uncertainty
of revenue and cash flows are affected by economic factors. Refer to note 4 for the disclosure on
disaggregated revenue.
SKY INTERIM REPORT DECEMBER 2018 13

3. Significant accounting policies and changes (CONTINUED)
Under NZ IFRS 15 a contract liability, is recognised for payments received from customers in advance
and is recognised into revenue over the service period. SKY invoices customers in advance for both
residential and commercial subscriptions. As at 31 December 2018 SKY had contract liabilities of
$58,373,000 (31 December 2017: $63,485,000; 30 June 2018: $60,746,000).
The Group has identified certain transactions which are impacted by the adoption of NZIFRS 15 but
for which no accounting policy changes have been made due to the immateriality of the amounts
involved. These transactions which include installation revenue, customer acquisition costs and
discounted services, and any new revenue streams will be monitored on an annual basis in order
to ensure continued compliance with NZ IFRS 15.
NZ IFRS 9 Financial Instruments
NZ IFRS 9 replaces the provisions of NZ IAS 39 that relate to the recognition, classification and
measurement of financial assets and financial liabilities, de-recognition of financial instruments,
impairment of financial assets and hedge accounting.
NZ IFRS 9 was generally adopted without restating comparative information and the adjustment
arising from the new impairment rules are therefore not reflected in the restated balance sheets as at
30 June 2018 but are recognised in the opening balance sheet on 1 July 2018.
The new impairment model requires the recognition of impairment provisions based on expected
credit losses (ECL) rather than only incurred credit losses as was the case under NZ IAS 39.
The standard applies to the Group in relation to financial assets classified at amortised cost,
within the Group’s trade receivables. Based on the Group’s assessment of historical provision rates
and forward-looking analysis, there is no material financial impact on the impairment provisions.
Classification and measurement
On 1 July 2018 (the date of initial application of NZ IFRS 9), the Group’s management has assessed
which business models apply to financial assets held by the Group and has classified its financial
instruments into the appropriate NZ IFRS 9 categories.
From 1 July 2018 the Group classifies its financial assets in the following measurement categories;
• those to be measured subsequently at fair value (either through OCI or through profit or loss) and
• those to be measured at amortised cost,
Except for cash and cash equivalents and trade receivables, under NZ IFRS 9, the Group initially
measures a financial asset at its fair value, plus transaction costs where a financial asset is classified at
fair value through OCI.
Notes to the interim financial statements (CONTINUED)
For the six months ended 31 December 2018 (unaudited)
14 SKY INTERIM REPORT DECEMBER 2018

The only reclassification arising on transition to NZ IFRS 9 is for an investment in equity securities of 90
Seconds Limited which under NZ IAS 39 was classified as an available for sale financial asset. At the
date of initial application this investment qualified as held for trading and therefore it was reclassified as
a financial asset at FVTPL. Related fair value gains of $1,081,000 were transferred from the available-for-
sale financial assets reserve to retained earnings on 1 July 2018. Subsequent changes in the fair value of
financial assets at fair value through profit or loss are recognised in other gains/losses in profit or loss
as applicable. The Group sold its investment in 90 Seconds Limited in July 2018 (refer note 9).
The accounting for the Group’s financial liabilities remains the same as it was under NZ IAS 39.
Derivatives and hedging activities
The foreign currency forwards and interest rate swaps in place as at 1 July 2018 qualified as cash flow
hedges under NZ IFRS 9 the Group’s risk management strategies and hedge documentation are aligned
with the requirements of NZ IFRS 9 and these relationships are therefore treated as continuing hedges.
SKY applied hedge accounting prospectively. Consistent with prior periods SKY has continued to
designate the change in fair value of the entire forward contract as a cash flow hedge relationship and
as such, the adoption of the hedge accounting requirements of NZ IFRS 9 had no significant impact on
SKY’s financial statements.
Under NZ IAS 39, all gains and losses arising from SKY’s cash flow hedging relationships were eligible to
be subsequently reclassified to profit or loss. However under NZ IFRS 9, gains or losses arising on cash
flow hedges of forward purchases of non-financial assets need to be incorporated into the initial carrying
amounts of the non-financial assets. This change was adopted by SKY on 1 July 2017 and consequently
has no effect on SKY’s financial statements other than the reclassification described below.
Upon adoption of NZ IFRS 9 the portion of the net gain or loss on cash flow hedges relating to non-
financial assets, ie programme rights and sports rights is presented as “Other comprehensive income
not to be reclassified to profit or loss in subsequent periods. This change only applies prospectively
from the date of initial application of NZ IFRS 9 and has no impact on the presentation of comparative
figures. (Refer note 11).
Impact of standards issued by not yet applied by the entity
NZ IFRS 16 “Leases” (effective date: 1 January 2019)
NZ IFRS 16 will primarily change lease accounting for lessees; lease agreements will give rise to the
recognition of an asset representing the right to use the leased item and a loan obligation for future
lease payables. Lease costs will be recognised in the form of depreciation of the right to use asset
and interest must be recognised on the lease liability. The new standard will be substantively different
for current operating leases where rental charges are currently recognised on a straight-line basis
and no lease asset or lease obligation is recognised. The standard is effective for accounting periods
beginning on or after 1 January 2019. The Group intends to adopt the standard from 1 July 2019.
SKY INTERIM REPORT DECEMBER 2018 15

The Group has assessed the impact of applying NZ IFRS 16 and determined the adjustments to
recognise right of use assets and corresponding lease liabilities are likely to be significant. Most of
this value relates to the Optus transponder lease which is currently treated as an operating lease for
accounting purposes. The estimated ratio of net liabilities to total assets would fall from approximately
3.3 to 3.0.
The adoption of NZ IFRS 16 will not have any significant effect on the Group’s banking covenants since
adjustment is already in place to treat Optus as if it was a finance lease contract.
Other than NZ IFRS 16 “Leases”, there are no new standards, amendments or interpretations that
have been issued and effective, or not yet effective, that are expected to have a significant impact
on the Group.
4. Segment and revenue information
IN NZD 000
31 Dec 2018
(6 months)
31 Dec 2017
(6 months)
restated
30 Jun 2018
(1 year)
restated
Residential satellite subscriptions
322,044357,456694,212
Other subscriptions
46,14442,71084,728
Advertising
27,37031,46157,045
Other revenue
7,4748,22116,725
403,032439,848852,710
Notes to the interim financial statements (CONTINUED)
For the six months ended 31 December 2018 (unaudited)
16 SKY INTERIM REPORT DECEMBER 2018

The table below shows the disaggregation of SKY’s revenue from contracts with customers on the
basis of when revenue is recognised for its principal revenue streams as described below:
For the six months ended 31 December 2018
IN NZD 000
Residential
satellite
subscriptions
Other
subscriptionsAdvertising
Other
revenue
Total
revenue from
contracts
with
customers
Revenue from customers
322,04446,14427,37016,959412,517
Inter-se–ent revenue
- - - (9,485)(9,485)
Total revenue
322,04446,14427,3707,474403,032
Timing of revenue recognition
At a point in time
8,041 - 27,3702,95538,366
Over time
314,00346,144 - 4,519364,666
322,04446,14427,3707,474403,032
For the six months ended 31 December 2017 (restated)
Revenue from customers
357,45642,71031,46115,092446,719
Inter-se–ent revenue
- - - (6,871)(6,871)
Total revenue
357,45642,71031,4618,221439,848
Timing of revenue recognition
At a point in time
9,528 - 31,4613,97744,966
Over time
347,92842,710 - 4,244394,882
357,45642,71031,4618,221439,848
For the year ended 30 June 2018 (restated)
Revenue from customers
694,21284,72857,04530,532866,517
Inter-se–ent revenue
- - - (13,807)(13,807)
Total revenue
694,21284,72857,04516,725852,710
Timing of revenue recognition
At a point in time
18,791 - 57,0458,56784,403
Over time
675,42184,728 - 8,158768,307
694,21284,72857,04516,725852,710
Operating segments are reported in a manner consistent with the internal reporting provided to
SKY’s group of executive directors who are the chief operating decision makers. SKY’s group of
executive directors is responsible for allocating resources and assessing performance of the
operating segments. SKY operates in a single business segment, the provision of multi-channel
television services in New Zealand.
SKY INTERIM REPORT DECEMBER 2018 17

4. Segment and revenue information (CONTINUED)
Principal versus agent considerations
From time to time the Group enters into contracts with customers (partners) whereby the partner
may provide some of the Group’s services such as SKY, NEON or FAN PASS to its own customers as
part of a bundled service. These contracts have differing provisions and for certain of them the Group
has determined that it is the principal in these contracts on the basis that it is responsible for the
provision of services to its partners’ customers and that the partner has no control over the delivery
of these services.
Prior to the adoption of NZ IFRS 15, commission paid or discounts offered to these partners was
treated as a deduction from revenue. Upon adoption of NZ IFRS 15 the Group has determined that as
it is the principal in these contracts the commission paid or discount offered is treated as an operating
expense rather than a deduction from revenue. This change resulted in an increase in both revenue
and expenses with no impact on net profit. The table below shows the amount by which each financial
statement line item is affected.
For the six months ended
31 December 2017
For the year ended
30 June 2018
IN NZD 000
As originally
presentedNZ IFRS 15Restated
As originally
presentedNZ IFRS 15Restated
Total revenue
433,0856,763439,848839,72912,981852,710
Expenses
Programming
166,907 - 166,907328,109 - 328,109
Subscriber related costs
41,9746,39548,36983,16812,40595,573
Broadcasting and infrastructure
46,11736846,48591,98257692,558
Depreciation and amortisation
51,224 - 51,224102,414 - 102,414
Other costs
24,583 - 24,58350,660 - 50,660
330,8056,763337,568656,33312,981669,314
Operating profit
before impairment
102,280 - 102,280183,396 - 183,396
Notes to the interim financial statements (CONTINUED)
For the six months ended 31 December 2018 (unaudited)
18 SKY INTERIM REPORT DECEMBER 2018

Description of revenue streams
Within its operating business segment SKY has several revenue streams which it reports against.
These include:
Residential subscription revenue: This includes revenue from SKY’s subscription services linked
to its satellite customers. Revenue is recognised over the period to which the subscription related.
Unearned subscriptions and deferred revenues are revenues that have been invoiced relating to
services not yet performed and are reported as contract liabilities. Apart from “SkyWatch” revenue
and “pay-per-view” revenue, these services are reported “Over time”.
Other subscription revenue: This includes commercial revenue earned from SKY subscriptions
at hotel, motels, restaurants and bars throughout New Zealand, revenue from content sold to
third parties for retransmission and revenue from other subscription services such as NEON and
FAN PASS. This revenue is earned over time.
Advertising revenue: This relates to revenue received by customers in return for advertising
placed on SKY’s satellite services. This revenue is reported when the advertisement is screened.
Other revenue: This includes revenue from installation services, transmission services and various
other non-subscriber related revenue. This revenue is recorded when the product or service has
been delivered to the customer at a point in time.
5. Group structure
At 31 December 2018 SKY had the following subsidiaries:
• SKY Ventures Limited
• IGLOO Limited (non-trading)
• Media Finance Limited (non-trading)
• Outside Broadcasting Limited
• Screen Enterprises Limited (non-trading)
• SKY DMX Music Limited (50.5%)
• Believe It or Not Limited (51.0%)
SKY INTERIM REPORT DECEMBER 2018 19

6. Related party transactions
There were no loans to directors by the Group or associated parties at any of the reporting dates.
The gross remuneration of directors and key management personnel during the period was $7,421,000
(31 December 2017: $7,844,000; 30 June 2018: $12,084,000).
7. Interest bearing loans and borrowings
31 Dec 201831 Dec 201730 Jun 2018 (Audited)
IN NZD 000Current
Non-
currentTotalCurrent
Non-
currentTotalCurrent
Non-
currentTotal
Borrowings
1,082 110,086 111,168 - 190,755 190,755 458 132,625 133,083
Finance lease
592 2,104 2,696 - - - 582 2,429 3,011
Bonds
- 99,387 99,387 - 99,115 99,115 - 99,250 99,250
1,674 211,577 213,251 - 289,870 289,870 1,040 234,304 235,344
Repayment terms
Less than one year
1,674 - 1,040
Between one and five years
211,577 289,870 234,304
213,251 289,870 235,344
Bank Loans
In October 2018 the Group renegotiated its bank facility with a syndicate of banks comprising
Bank of New Zealand, Commonwealth Bank of Australia and Westpac Bank for a value of $200 million
expiring on 22 July 2022 with the facility reducing to $150 million by July 2021. This facility refinanced
the Group’s $300 million revolving credit bank facility scheduled to expire 17 July 2020 provided by a
syndicate of banks comprising ANZ National Bank Limited, Bank of New Zealand, Commonwealth Bank
of Australia and Westpac Bank.
The new facility arrangements (together with certain hedging arrangements and the existing
$100 million bond) take the benefit of shared security granted by certain members of the Group,
including (i) a general security deed granted by each of Sky Network Television Limited and Outside
Broadcasting Limited, (ii) real property mortgages granted over certain real property interests of Sky
Network Television Limited and (iii) a spectrum mortgage granted over certain spectrum. The loan
facility is subject to certain covenant clauses whereby the Group is required to meet certain key
financial ratios. There have been no breaches of covenant clauses.
Bank overdrafts of $1,118,000 (31 December 2017- $825,000; 30 June 2018:$3,307,000) have been
set off against cash balances.
Notes to the interim financial statements (CONTINUED)
For the six months ended 31 December 2018 (unaudited)
20 SKY INTERIM REPORT DECEMBER 2018

Bonds
Terms and conditions of outstanding bonds are as follows:
Bonds31 Dec 201831 Dec 2017
30 Jun 2018
(Audited)
Nominal interest rate
6.25%6.25%6.25%
Market yield
4.13%5.07%4.55%
Issue date
31 Mar 1431 Mar 1431 Mar 14
Date of maturity
31 Mar 2131 Mar 2131 Mar 21
IN NZD 000
Carrying amount
99,387 99,115 99,250
Face value
100,000 100,000 100,000
Fair value
104,533 103,520 104,375
On 31 March 2014 the Group issued bonds for a value of $100 million which were fully subscribed.
8. Capital expenditure
The Group acquired the following property, plant and equipment and intangibles during the period;
IN NZD 000
31 Dec 2018
(6 months)
31 Dec 2017
(6 months)
30 Jun 2018
(1 year)
(Audited)
Capital projects in progress
16,9899,69022,967
Land and buildings
13235364
Broadcasting and studio equipment
-151550
Plant and equipment and other
1,2208794,850
Decoders
7328,1718,581
Installation costs
7,7099,30518,789
Intangibles
1,0806714,559
27,86228,29870,660
Movement in capital expenditure creditors
10,901(135)(12,437)
Cash outflow in the period
38,76328,16358,223
SKY INTERIM REPORT DECEMBER 2018 21

9. Available for sale investment
In March 2016 SKY Ventures acquired a 15.79% interest in 90 Seconds Pty Limited (a cloud video
production company) for a cost of $4.8 million. This investment was subsequently diluted to
13.54%. This investment was classified as an available for sale financial asset recognised initially and
subsequently at fair value with changes in fair value recognised in other comprehensive income.
With the adoption of NZ IFR 9 it was reclassified and recognised at fair value with changes in fair
value through profit and loss. The fair value as at 30 June 2018 was $6,333,514. (31 December 2017
$6,758,107).
In July 2018 this investment was sold for a value of $6,334,000. The deferred tax effect on the
unrealised revaluation of $420,326 was released from equity on the adoption of NZ IFRS 9 and
recorded in retained earnings as a result of it not being taxable under New Zealand tax legislation.
10. Goodwill
IN NZD 000
31 Dec 2018
(6 months)
31 Dec 2017
(6 months)
30 Jun 2018
(1 year)
(Audited)
Opening balance
1,065,331 1,425,331 1,425,331
Impairment
- - (360,000)
Closing balance
1,065,331 1,425,331 1,065,331
The Directors have completed an assessment of the carrying value of goodwill using a fair value less
cost to sell basis to determine the recoverable amount consistent with the approach taken by the
Group in its consolidated financial statements for the year ended 30 June 2018. Directors have also
had regard for the fall in the share price from $2.60 at 30 June 2018 to $1.85 at 31 December 2018.
SKY has experienced continued loss of satellite customers in the first half of 2019 and the impairment
model has been adjusted to reflect the loss of a further 93,000 subscribers through to June 2023
(previously we modelled a 57,000 loss to 2023). However this change has been offset by an increase
in ARPU of 10% over a five year period as there are fewer customers opting for the new Starter tier than
expected and the board has determined future price increases to be sustainable, with prices being
increased to cover the costs of increased services and functionality. Previous assumptions did not
include increases in ARPU. The carrying value of goodwill does not exceed the recoverable amount
as determined by SKY’s impairment model, resulting in no further impairment charges in the results to
31 December 2018. (30 June 2018; $360 million).
The impact of the new product offerings that are planned, proposed price increases and market
changes from competitors makes it difficult to estimate subscriber numbers with a high degree of
accuracy and therefore there is significant uncertainty in the level of future subscriber numbers and,
actual results may be materially different from the plan. Adverse changes in the key assumptions in
particular, changes in the quality, pricing or retention of key content contracts, subscriber numbers
and ARPU could give rise to an impairment of goodwill. If SKY lost approximately 100,000 satellite
customers over the next five years then this could result in the recoverable amount being less than
the carrying amount of goodwill which would suggest further impairment.
Notes to the interim financial statements (CONTINUED)
For the six months ended 31 December 2018 (unaudited)
22 SKY INTERIM REPORT DECEMBER 2018

11. Fair value measurements of financial instruments
The Group’s activities expose it to a variety of financial risks, market risk (including currency risk,
fair value interest rate risk, cash flow interest rate risk and price risk) credit risk and liquidity risk.
The consolidated interim financial statements do not include all financial risk management information
and disclosures required in the annual financial statements, they should be read in conjunction with
the Group’s annual financial statements as at 30 June 2018. There have been no changes in any risk
management policies since year end.
Financial assets of the Group include cash, and cash equivalents, trade and other receivables, financial
assets at fair value through OCI (unquoted investments held for disposal and derivative financial assets).
Financial liabilities of the Group include trade and other payables, borrowings, bonds, and derivative
financial liabilities. The Group does not hold or issue financial instruments for trading purposes.
The fair value of each financial instrument is categorised in its entirety based on the lowest level
of input that is significant to that fair value measurement. The levels are defined as follows:
Level 1: Quoted prices (unadjusted in active market for identical assets and liabilities;
Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset
or liability, either directly (that is, as prices) or indirectly (that is derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data (that is
unobservable inputs), for example discounted cash flow.
SKY’s financial assets and liabilities carried at fair value are valued on a level 2 basis other than the
investment in 90 Seconds Limited (refer note 9) which was historically valued on a level 3 basis and
sold in July 2018.
The following table is an overview of financial assets and financial liabilities held by SKY:
Financial instruments measured at fair value
The following financial instruments are subject to recurring fair value measurements:
IN NZD 00031 Dec 201831 Dec 201730 Jun 2018
Derivative financial instruments (Level 2)
Current assets
8,9444,5159,917
Non-current assets
2,1271,3846,306
Current liabilities
(3,219)(2,435)(595)
Non-current liabilities
(3,435)(2,100)(1,653)
4,4171,36413,975
Available for sale investment (Level 3)
Current assets
- - 6,334
Non-current assets
- 6,758 -
- 6,7586,334
SKY INTERIM REPORT DECEMBER 2018 23

11. Fair value measurements of financial instruments (CONTINUED)
Classification of financial instruments
The following table presents the Group’s financial assets and liabilities according to classifications:
31 Dec 201831 Dec 201730 Jun 2018
IN NZD 000
Carrying
amount
Fair
value
Carrying
amount
Fair
value
Carrying
amount
Fair
value
Financial assets at amortised cost
Cash and cash equivalents
6,9576,95722,36222,3624,6944,694
Trade and other receivables
57,91857,91857,68057,68057,23657,236
Financial assets a fair value through OCI
Investment in 90 seconds
- - 6,7586,7586,3346,334
Derivatives designated as hedging
instruments (cash flow hedges)
9,2119,2114,9514,95114,48514,485
Derivatives not designated
as hedging instruments
(fair value hedges)
1,8601,8609489481,7381,738
75,94675,94692,69992,69984,48784,487
Current
73,81973,81984,55784,55778,18178,181
Non- current
2,1272,1278,1428,1426,3066,306
Financial liabilities at amortised cost
Bank loans
106,250105,738190,755186,227130,822128,580
Other loans
4,9184,585 - - 2,2612,059
Finance leases
2,6962,678 - - 3,0112,907
Bonds
99,387104,53399,115103,52099,250104,375
Trade and other payables
91,07091,07085,90185,901102,232102,232
Financial liabilities at fair value through OCI
Derivatives designated as hedging
instruments (cash flow hedges)
6,1936,1933,5843,5842,2232,223
Derivatives not designated
as hedging instruments
(fair value hedges)
4614619519512525
310,975315,258380,306380,183339,824342,401
Current
95,96395,96388,33688,336103,867103,867
Non-current
215,012219,295291,970291,847235,957238,534
Prepaid expenses, deferred revenue, unearned subscriptions, tax payables and employee benefits
do not meet the definition of a financial instrument and have been excluded from the “Trade and
other receivables” and “Trade and other payables” categories above. Due to their short-term nature,
the carrying amounts of cash and cash equivalents, trade and other receivables and trade and other
payables is assumed to approximate their fair value.
Notes to the interim financial statements (CONTINUED)
For the six months ended 31 December 2018 (unaudited)
24 SKY INTERIM REPORT DECEMBER 2018

The fair value of long-term borrowings are estimated by discounting future cash flows using current
market interest rates offered to the Group for debt with substantially the same characteristics and
maturities. The interest rates used in estimating the fair value of long-term debt were as follows:
31 Dec 201831 Dec 201730 Jun 2018
(Audited)
Bond
4.13%5.07%4.55%
Bank Borrowings
4.34%3.37%3.93%
Other loans
3.02%- 3.63%
Financial leases
5.96%- 5.46%
The fair value of interest rate swaps is calculated as the present value of the estimated future cash
flows based on observable inputs. The fair value of forward foreign exchange contracts is based on
market forward foreign exchange rates at period end.
12. Contingent liabilities
The Group is subject to litigation incidental to its business, none of which is expected to be material.
No provision has been made in the Group’s consolidated interim financial statements in relation to any
current litigation and the directors believe that such litigation will not have a significant effect on the
Group’s consolidated interim financial position, results of operations or cash flows.
13. Subsequent events
On 20 February 2019 the Board of Directors announced that it will pay a fully imputed dividend of
7.5 cents per share with the record date being 8 March 2019. A supplementary dividend of 1.3235 cents
per share will be paid to non-resident shareholders subject to the foreign investor tax credit regime.
SKY INTERIM REPORT DECEMBER 2018 25

Independent Review Report
to the shareholders of SKY Network Television Limited
Report on the Consolidated Interim Financial Statements
We have reviewed the accompanying consolidated interim financial statements (interim financial
statements) of Sky Network Television Limited (the Company) and its subsidiaries (the Group) on
pages 6 to 25, which comprise the consolidated interim balance sheet as at 31 December 2018,
and the consolidated interim statement of comprehensive income, the consolidated interim
statement of changes in equity and the consolidated interim statement of cash flows for the
period ended on that date and selected explanatory notes.
Directors’ Responsibility for the Consolidated Interim Financial Statements
The Directors are responsible on behalf of the Company for the preparation and fair presentation of
these interim financial statements in accordance with International Accounting Standard 34 Interim
Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard 34
Interim Financial Reporting (NZ IAS 34) and for such internal control as the Directors determine
is necessary to enable the preparation of interim financial statements that are free from material
misstatement, whether due to fraud or error.
Our Responsibility
Our responsibility is to express a conclusion on the accompanying interim financial statements based
on our review. We conducted our review in accordance with the New Zealand Standard on Review
Engagements 2410 Review of Financial Statements Performed by the Independent Auditor of the
Entity (NZ SRE 2410). NZ SRE 2410 requires us to conclude whether anything has come to our attention
that causes us to believe that the interim financial statements, taken as a whole, are not prepared in
all material respects, in accordance with IAS 34 and NZ IAS 34. As the auditors of the Company,
NZ SRE 2410 requires that we comply with the ethical requirements relevant to the audit of the
annual financial statements.
A review of interim financial statements in accordance with NZ SRE 2410 is a limited assurance
engagement. The auditor performs procedures, primarily consisting of making enquiries, primarily
of persons responsible for financial and accounting matters, and applying analytical and other
review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted
in accordance with International Standards on Auditing (New Zealand) and International Standards on
Auditing. Accordingly, we do not express an audit opinion on these interim financial statements.
We are independent of the Group. Our firm carries out other services for the Group in the areas of
assurance over regulatory reporting and treasury services. In addition, certain partners and employees
of our firm may deal with the Group on normal terms within the ordinary course of trading activities of
the Group. The provision of these other services has not impaired our independence.
26 SKY INTERIM REPORT DECEMBER 2018

Emphasis of Matter
We draw attention to Note 10 to the interim financial statements which describes the key
assumptions used in the impairment model, the impact of changes in the key assumptions
used in the model and that, under the revised model, no impairment has been recognised
during the period.
Note 10 indicates that the impact of the new product offerings that are planned, proposed
price increases and market changes from competitors makes it difficult to estimate subscriber
numbers with a high degree of accuracy and therefore there is significant uncertainty in the
level of future subscriber numbers.
Further it states that adverse changes in the key assumptions in particular, changes in the
quality, pricing or retention of key content contracts, subscriber numbers and average
monthly revenue per customer could give rise to an impairment of goodwill. If the Group
lost approximately 100,000 satellite customers over the next five years then this may result
in further impairment.
Our conclusion is not modified in respect of this matter.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these
interim financial statements of the Group do not present fairly, in all material respects, the
financial position of the Group as at 31 December 2018, and of its financial performance and
cash flows for the period then ended, in accordance with IAS 34 and NZ IAS 34.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has
been undertaken so that we might state to the Company’s shareholders those matters which
we are required to state to them in our review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the
shareholders, as a body, for our review procedures, for this report, or for the conclusion we
have formed.
For and on behalf of:
CHARTERED ACCOUNTANTS
19 February 2019 Auckland
Independent Review Report (CONTINUED)
SKY INTERIM REPORT DECEMBER 2018 27

Directors and executives
Directors
John Fellet Chief Executive
Derek Handley
Peter Macourt Chairman
Geraldine McBride
Susan Paterson ONZM
Mike Darcey (Appointed 19 September 2017)
Executives
John Fellet Director and Chief Executive Officer
Jason Hollingworth Chief Financial Officer and Company Secretary
Travis Dunbar Director Entertainment Programming
Richard Last Director of Sport
Chris Major Director of External Affairs
George MacFarlane Director of Strategy
Rawinia Newton Director of Sales and Marketing
Cathryn Oliver Chief of Staff
Tex Texeira Director of Broadcast and Media
Julian Wheeler Chief Product and Technology Officer
Martin Wrigley Director of Operations
28 SKY INTERIM REPORT DECEMBER 2018

New Zealand Registered Office
10 Panorama Road
Mt Wellington
Auckland 1060
New Zealand
Tel: +64 9 579 9999 Fax: +64 9 579 8324
Website: www.skytv.co.nz
Australian Registered Office
c/- Allens Arthur Robinson Corporate Pty
Limited
Level 28, Deutsche Bank Place
Corner Hunter and Philip Streets
Sydney, NSW 2000
Australia
Tel: +61 2 9230 4000 Fax: +61 2 9230 5333
Auditors to SKY
PricewaterhouseCoopers
PricewaterhouseCoopers Tower
188 Quay Street
Auckland 1010
New Zealand
Tel: +64 9 355 8000 Fax: +64 9 355 8001
Solicitors to SKY
Buddle Findlay
PricewaterhouseCoopers Tower
188 Quay Street
Auckland 1010
New Zealand
Tel: +64 9 358 2555 Fax: +64 9 358 2055
Directory
Registrars
Shareholders should address questions
relating to share certificates, notify changes
of address or address any administrative
questions to SKY’s share registrar as follows:
New Zealand Ordinary Share Registrar
Computershare Investor Services
Limited
Level 2, 159 Hurstmere Road
Takapuna, North Shore City 0622
New Zealand
Mailing address:
Private Bag 92119
Auckland Mail Centre
Auckland 1142
New Zealand
Tel: +64 9 488 8777 Fax: +64 9 488 8787
Email: enquiry@computershare.co.nz
Australian Branch Register
Computershare Investor Services Pty
Limited
Yarra Falls, 452 Johnston Street
Abbotsford, VIC 3067
GPO Box 3329
Melbourne VIC 3001
Australia
Freephone: 1 800 501 366 (within Australia)
Tel: +61 3 0415 4083 (outside Australia)
Fax: +61 3 9473 2500
Email: enquiry@computershare.co.nz
Bondholder Trustee
The New Zealand Guardian Trust
Company Limited
Level 7, Vero Centre, 48 Shortland Street
Auckland 1010
New Zealand
Mailing address:
P.O. Box 1934
Auckland 1140
New Zealand
Tel: +64 9 377 7300 Fax: +64 9 377 7470
Email: web.corporatetrusts@nzgt.co.nz
SKY INTERIM REPORT DECEMBER 2018 29

SKY NETWORK TELEVISION LIMITED
PO Box 9059
Newmarket
Auckland 1149
New Zealand
10 Panorama Road
Mt Wellington
Auckland 1060
New Zealand
sky.co.nz

Other Information

Sky Network Television Limited
Half Year ended on 31 December 2018


• Net tangible assets per security:

Current period $(0.187): 1

Previous period $(0.320): 1

APPENDIX 7 – NZSX Listing Rules
Number of pages including this one
(Please provide any other relevant
NZSX Listing Rule 7.12.2. For rights, NZSX Listing Rules 7.10.9 and 7.10.10. details on additional pages)
For change to allotment, NZSX Listing Rule 7.12.1, a separate advice is required.
Full name
of Issuer
Name of officer authorised to
Authority for event,
make this notice
e.g. Directors' resolution
Contact phone
Contact fax
numbernumberDate
Nature of event
BonusIf ticked,Rights Issue
Tick as appropriateIssuestate whether:Taxable/ Non TaxableConversionInterestRenouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change
x
whether:
Interim
x
YearSpecialDRP Applies
EXISTING securities affected by this
If more than one security is affected by the event, use a separate form.
Description of theISIN
class of securities
If unknown, contact NZX
Details of securities issued pursuant to this eventIf more than one class of security is to be issued, use a separate form for each class.
Description of theISIN
class of securities
If unknown, contact NZX
Number of Securities toMinimum
Ratio, e.g
be issued following eventEntitlement
1 for 2 for
Conversion, Maturity, Call
Treatment of Fractions
Payable or Exercise Date
Tick if
provide an
pari passu
ORexplanation
Strike price per security for any issue in lieu or date
of the
Strike Price available.
ranking
Monies Associated with Event
Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Source of
Amount per securityPayment
(does not include any excluded income)
Excluded income per security
(only applicable to listed PIEs)
SupplementaryAmount per security
Currencydividendin dollars and cents
details -
NZSX Listing Rule 7.12.7
Total monies
TaxationAmount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusResident
Imputation Credits
issue state strike priceW ithholding Tax(Give details)
Foreign
FDP Credits
W ithholding Tax(Give details)
Timing
(Refer Appendix 8 in the NZSX Listing Rules)
Record Date 5pmApplication Date
For calculation of entitlements -Also, Call Payable, Dividend /
Interest Payable, Exercise Date,
Conversion Date.
Notice DateAllotment Date
Entitlement letters, call notices,For the issue of new securities.
conversion notices mailedMust be within 5 business days
of application closing date.
OFFICE USE ONLY
Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
Commence Quoting New Securities:Security Code:
Cease Quoting Old Security 5pm:
8 March, 201915 March, 2019
$$0.0052083$0.029167
$
NZD$0.013235
$29,185,484
Date Payable
15 March, 2019
Enter N/A if not
applicable
NZSKTE0001S6
In dollars and cents
Retained Earnings
$0.075
09 579 999909 525 832419022019
EMAIL: announce@nzx.com
Notice of event affecting securities
SKY NETW ORK TELEVISION LIMITED
JASON HOLLINGW ORTHDirectors' Resolution