Restatement of P/E and EPS Metrics Following Capital Return

Sky New Zealand
PO Box 9059
Newmarket
Auckland 1149
New Zealand

10 Panorama Road
Mt Wellington
Auckland 1060
New Zealand
T +64 9 579 9999
Sky.co.nz

T. +64 9 579 9999

sky.co.nz







25 November 2022
Restatement of P/E and EPS Metrics Following Capital Return
Sky Network Television Limited (Sky) notes that following the cancellation of 29,115,132 shares (16.67%
of shares on issue prior to the cancellation) on 22 November 2022 as part of the return of
approximately $70 million to shareholders via a court approved scheme of arrangement (Scheme), the
Company’s P/E and EPS metrics displayed on NZX.com have been calculated based on an adjusted
earnings basis.
As mentioned in the NZX Operations (NZXO) memo issued on 22 November, NZX uses a standard
procedure to adjust its metrics for capital returns. This methodology effectively removes the impact of
the capital return. Sky understands ASX uses a similar methodology to calculate the metrics displayed
on www.asx.com.au.
Sky’s own assessment of its FY22 metrics pro forma for the capital return produces the following results
which it believes are more reflective of the current Sky capital structure and a more relevant datapoint
for investors and market participants.
Sky’s assessment of the impact of the capital return on FY22 Reported Earnings:
FY22 Reported Earnings $62.2m
Less: net interest expense on returned cash (after tax)
1
-
FY22 adjusted Reported Earnings $62.2m
Shares outstanding 145.6m
Earnings per share $0.427
SKT share price (market close 22 November 2022) $2.300
Price / earnings ratio 5.39x
1. Sky’s capital return was funded from cash reserves which earned a negligible return in FY22.
ENDS
Authorised by: James Bishop, Company Secretary
For further information, please contact:
James Bishop
Company Secretary
Sky Network Television Limited
James.Bishop@sky.co.nz
Investors can also submit queries to: investorrelations@sky.co.nz