Sky ASM 2023 – Addresses and Presentation

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







8 November 2023

Sky ASM Chairman’s and Chief Executive’s Address and Presentation
The 2023 Annual Meeting of Shareholders of Sky Network Television Limited (Sky) will be held today,
Wednesday 8 November 2023, commencing at 10:00am (NZDT) at the Loyalty Lounge, West Stand of
Eden Park, Walters Road, Kingsland, Auckland and via the Computershare online meeting platform
at www.meetnow.global/nz. Sky shareholders are warmly encouraged to participate.
Copies of the Chairman’s and Chief Executive’s addresses and presentation are attached and also
available on Sky’s website www.sky.co.nz/investor-centre.
At today’s meeting, Sky Chairman Philip Bowman will provide an overview of changes in the local
and global operating environment, and the initiatives taken by Management over the past two years
that have seen Sky’s position materially strengthened. He will also make some brief remarks on the
company’s announcement this morning regarding the termination of discussions on a highly
conditional, non-binding indicative offer (NBIO).
Sky Chief Executive Sophie Moloney will provide an overview of the key financial and operational
highlights of FY23 and the achievements of the last three years.
In addition, Sophie will speak to Sky’s purpose and ambition and the confidence in the Company’s
ability to deliver on the recently articulated three-year targets – including doubling the FY23
dividend by FY26.
An update on first quarter performance confirms that Sky is firmly on track to deliver on the FY24
Guidance ranges provided at the time of the Company’s full year results.
ENDS
Authorised by Kirstin Jones, Company Secretary

Investor queries to:
Amanda West, Investor Relations
amanda.west@sky.co.nz
Media queries to:
Chris Major, Chief Corporate Affairs Officer
chris.major@sky.co.nz

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1

Sky Annual Mee�ng 2023
Chairman’s Address
Good morning fellow shareholders. I am Philip Bowman, and it is my pleasure, as Chairman, to
welcome you to Sky’s Annual Mee�ng for 2023.

My remarks this morning will begin by commen�ng briefly on Sky’s market announcement regarding
receipt of a non-binding indica�ve offer to purchase all Sky shares. I will then touch on the highlights
of another successful year in the life of your company, and on the local and global themes that are
shaping our industry and market. Finally, I will provide an early indica�on of progress in fiscal 24 and
look ahead to where we have set our sights for the future, before asking your Chief Execu�ve, Sophie
Moloney, to discuss the business in more detail.

As you know, we disclosed in mid-October that we had received a highly condi�onal expression of
interest from a third party to acquire all shares in Sky via a non-binding indica�ve offer (referred to as
an NBIO).

Given this offer was highly preliminary, incomplete and confiden�al, we only disclosed receipt of the
NBIO at that �me in response to growing specula�on about why the share buyback programme,
paused in the run-up to the announcement of the Annual Results, had not been restarted.

Yesterday we received an updated NBIO from this third party proposing a transac�on at a value
range which falls short of the Board’s view of the fair intrinsic value of Sky, and based on recent
unsolicited feedback, the view of a number of Sky’s significant ins�tu�onal shareholders.

The Board has advised the third party accordingly, and discussions with it are at an end.

The Board has resolved to restart the share buyback program on the same terms as were previously
announced.

Let ’s now talk about the 2023 financial year.
While we entered the year aware of the poten�al challenges ahead as the country faced tougher
economic �mes, we held confident in our ability to navigate a successful path through the
uncertainty.

Equipped with strong leadership, a clear strategy, a strong focus on execu�on, and with an ungeared
balance sheet, Sky delivered a solid financial and opera�onal result for FY23.

Customer rela�onships con�nued to grow, whilst key Revenue, EBITDA and NPAT metrics, when
adjusted for one off items, each delivered in-line within the guidance range provided to the Market.

While capex came in slightly above guidance, this reflected the �ming of addi�onal investment in the
new Sky Box and Sky Pod as we begin to accelerate the rollout of these exci�ng new products.

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We finished the period with a strong balance sheet posi�on of $56m in cash on hand and no debt.
And this was a�er returning the substan�al sum of $91 million to shareholders by way of a $70
million capital return and $21 million paid out in fully imputed dividends. Addi�onally, $4.5 million of
capital was deployed through the ini�al phase of the share buyback programme we commenced
earlier this year.

Sky ’s posi�ve performance has allowed the Board to invest in the company’s growth, while also
paying a meaningful cash return for shareholders. The final dividend of 9 cents per share brought the
total of fully imputed dividends for FY23 to 15 cents per share, reflec�ng a payout rate of 89% of
adjusted free cash flow – at the top of the 60% to 90% range introduced at last year’s AGM.

Whilst acknowledging Sky’s share price had suffered for some �me in the lead up to the 2020 capital
raise the direc�on of travel has reversed since then. Total shareholder return was 24% in the 12
months leading up to the day before the NBIO announcement] (the ‘undisturbed’ price) and 45% in
the 2 years leading up to that date. This compares to returns for the NZX50 of 4% over 12 months
and minus 13% over 2 years. These results see your company ranked as the 6
th
and 2
nd
best
performer in the S&P/NZX50 respec�vely over these periods.

While it is posi�ve to see the Market slowly recognising Sky ’s significantly improved results and
outlook, your Board remains adamant that the current share price falls a long way short of the
company’s intrinsic worth, no�ng that the undisturbed price of $2.47 reflected enterprise value
mul�ples of 0.4x FY23 revenue and 2.5x FY23 EBITDA.

So why is this the case? There are a number of factors that may be standing in the way of a fairer
assessment of the value of Sky, and I will address some of them now.

Firstly, let’s look at the local and global landscape.

There is no ques�on economic condi�ons are challenging, with infla�onary pressure impac�ng
many New Zealand households. However, our own cost base is well posi�oned to avoid the worst
impacts of infla�on given the largely fixed nature of the programming rights cost line.

As many customers absorb rising household costs, the increasing value of our offering, including
securing fan-favourite content such as the Premier League, Formula 1, and 5 recent spor�ng World
Cups is appreciated, and keeping customers engaged.

Combining this with the ‘always on’ everyday rela�onship we have with our customers has meant
that, despite implemen�ng necessary price increases, sports penetra�on levels increased on Sky Box,
and Sky Sport Now and Neon customer numbers grew. Essen�ally, we have demonstrated a high
degree of resilience as New Zealanders priori�se spending more �me at home.

Many media businesses – par�cularly those heavily reliant on funding from adver�sing, are visibly
under pressure. While the adver�sing market has contracted in New Zealand, Sky ’s historical
underperformance, combined with our unmatched content and significant reach across mul�ple
pla�orms, means there is real opportunity for us to grow revenues in this space.

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From a local compe��on standpoint, we’ve seen a significant shi� in the landscape over the past 12
months, with the exit of Spark Sport demonstra�ng the challenges facing new entrants to the New
Zealand sports streaming market. It has also highlighted the real economic value of sports rights in a
market that lacks true scale.

The local state-owned broadcaster, TVNZ, is also facing uncertainty given the failed merger with RNZ,
changes in leadership, and a likely change in mission under a new Government. We have long been
of the view that local players in our small market have more to gain from working in partnership with
each other, par�cularly where we can deliver great local sport and entertainment to New Zealanders
in ways that work for them, and we will con�nue to advocate for this approach.

On the global stage the rush to streaming has resulted in a sea of over 9 billion dollars US in red ink
in 2022 amongst the leading studios.

As a result, we are seeing a rapidly emerging trend towards ‘re -bundling’. This trend plays to Sky’s
exis�ng strength as the leading content aggregator in this market and our model of offering
customers a full suite of packages and viewing op�ons across Sky Box, the Sky Pod, Streaming, Free
to air and through our Commercial customers.

We have also demonstrated the ability to moderate programming costs through the recent Warner
Bros. Discovery renewal on more favourable commercial terms, providing the same quality of content -
including exclusive access to HBO content. Once Warner Bros. Discovery’s strategy for the Max app and
associated content are clearer for this market, we look forward to discussing options for continuing our
longstanding partnership. Should the exclusivity terms change, this would be reflected in the pricing.
Regardless of the shape of our ongoing partnership, the app would be available via the new Sky Box and
Pod.


The landscape has changed markedly since the last rugby renewal was nego�ated in 2019. At the
�me we faced fierce compe��on from Spark Sport and were in a ‘must win’ batle to secure these
rights. We also had a $100 million bond repayment looming and with litle room to manoeuvre. Since
then, we are in a very different posi�on - we’ve strengthened Sky ’s balance sheet and secured, or
renewed, a number, of key spor�ng proper�es through mul�-year deals including the NRL, Premier
League, Formula 1 and World Rugby.

Our strategy is also much clearer - we value what our customers value. We now have a more
disciplined data driven approach to determining a price that makes sense for the content we can be
certain customers (and poten�al customers) will love. As we have seen with the recent Rugby World
Cup viewership, New Zealand remains a na�on that loves great rugby! We have strong rela�onships
with New Zealand Rugby at all levels, including some posi�ve recent engagement with the new
leadership of NZR Commercial, and we look forward to robust but construc�ve nego�a�ons about
the future shape of this important partnership.

In summary, the overall impact of changes in the external environment combined with ini�a�ves
taken by Management over the past two years have seen our company’s posi�on materially
strengthened.

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Taking all this into account, our FY24 Guidance reflects the Board’s confidence in the Sky team’s
ability to grow revenue and control costs.

This confidence extends to the increased capex investment that we are making to accelerate the roll
out of the new Sky Box and Sky Pod products. As I said at the �me of the results announcement, this
will lead to a steeper but shorter period of elevated capex investment as we share the new Sky
experience with more New Zealanders.

Against this backdrop, the Board has resolved that free cash flows for the purposes of determining
the FY24 dividend will exclude the addi�onal capex associated with the accelerated Box and Pod
rollout and the satellite mi�ga�on capex that we noted at the August results.

Our Guidance points to a FY24 dividend of at least 15 cents per share, demonstra�ng the Board’s
confidence in con�nuing to provide an atrac�ve return for shareholders while also inves�ng in the
future development of your company.

I am pleased to be able to report that at the end of the first quarter of FY24 we have seen an
increase in the number of customer rela�onships, supported by an excep�onal spor�ng calendar
that included several world cup events. This has led to an increase in sports penetra�on and driven a
posi�ve impact on revenue – including a meaningful increase in adver�sing revenue as the new team
recruited over the past nine months begins to capture this opportunity. As expected, there have
however been some challenges due to a slowdown in the release of new content caused by the
industry strikes in the US which have started to impact Entertainment and Neon customers. And
whilst a resolu�on now feels imminent, the effects of these strikes will take some �me to work
through.

In all, following a very posi�ve start to FY24, the end of the first quarter sees us firmly on track to
deliver on Guidance provided with the full year announcement.

Looking ahead, the Board has approved and published the 3-year targets (through to FY26)
developed by Management. Sophie will expand on these in her address but suffice it for me to say
that the Board sees a clear path to deliver these targets – including doubling the FY23 dividend by
FY26.

In closing, I wish to acknowledge my Board colleagues for their service to your company.

At a structural level we formed a new Content Rights Commitee given the strategic importance to
the company and the impact on customers, partners and investors alike. The mandate of this
commitee is to provide guidance, challenge, strategic input and counsel to Management regarding
specific content investment decisions.

In March we welcomed Belinda Rowe to your Board. Belinda has brought highly relevant skills,
especially in adver�sing, and a fresh perspec�ve that has further improved the quality of board

5

discussions. You will have an opportunity to hear from Belinda later in the mee�ng as she seeks your
support to confirm her appointment to the Board.

To m y Board colleagues, thank you for your commitment of �me , your construc�ve challenge to
management, and above all your focus on genera�ng value for shareholders.

My thanks too, on behalf of the Board, to Sophie and her leadership team for their determina�on to
deliver the best viewing experience to customers, to improve service levels and to lead the business
through a period of significant opera�onal change whilst crea�ng an environment where the wider
Sky team is encouraged and equipped to do their best work.

And finally – a thank you to you, our investors, for your con�nued support of Sky.

ENDS

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1

Sky Annual Meeting Address 2023
Chief Executive’s Address

Thank you, Philip and tēnā tātou katoa.

It’s my privilege to present to you today in my third year as your Chief Executive.

I’ll begin with our key performance highlights for FY23 and the achievements of the last three years.
I’ll then walk you through our new strategic story on a page and I’ll conclude with our FY24 priorities,
and an overview of our new three-year targets.

But first I want to reflect on the incredible moments of excitement that we have shared with New
Zealanders in recent months.

How amazing to be able to share the thrill of the Football Ferns’ historic win in the opening match of
the FIFA Women’s World Cup, the Warriors’ fairytale run to the NRL elimination-finals, and of course
the epic final for the All Blacks, even though it didn’t turn out the way we all wanted. In the last
couple of weeks we’ve also had the Black Ferns performing in the new Women’s XV competition and
the Black Caps fighting it out in the ICC Cricket World Cup. What a run of incredible content we have
been able to share with all of Aotearoa, New Zealand.

Over 2 and a half million New Zealanders tuned in to coverage of the Rugby World Cup on Sky and
Sky Open, and there were over 7 million streams across Sky Go and Sky Sport Now.

The combination of our unrivalled content, multi-platform approach and 100% coverage across the
country continues to set us apart, and I am extremely proud of the Sky team and the compelling
market position we have continued to carve out, together.

Turning to our FY23 results, we were pleased to see progress against our strategy translate into solid
financial and operational outcomes for shareholders, including growth in our customer relationship
numbers which rose by 2.5% to over 1 million, and revenue growth of 2.4%. Importantly, on a like-
for-like basis revenue rose by 4.5% - a strong signal of Sky’s resilience in the current economic
climate, and with increased average revenue per user across all product lines.

After adjusting for one-offs, the underlying EBITDA of $156.4 million was 1.8% higher than the
previous period. Similarly, adjusted profit after tax of $56.7 million was 15.2% higher than in 2022.

This result demonstrates our ability to deliver to our customers and shareholders today, while
investing in the initiatives that will drive future value.

The continued growth trend in customer relationships sees us connecting more New Zealanders with
our great content in the ways that works best for them.

The Sky Box continues to be valued and loved in hundreds of thousands of kiwi homes. While Sky
Box numbers were slightly down year-on-year, disconnections remained stable. Looking at Sky Box
revenue, we finished the year just -0.8% lower than in 2022, with increased average revenue per
user and lower forgone revenue as we sharpened our focus on quality and margins.

Turning to streaming, in FY23 Sky Sport Now delivered an impressive 37% increase in customer
numbers, and we achieved 8% growth for our entertainment service, Neon.

2

These increased customer numbers, combined with recent price rises, have delivered a 50% increase
in Sky Sport Now revenue and a 19% rise for Neon.

Sky Broadband also delivered a steady performance in FY23, growing to 26,000 customers
nationwide, and offering additional value for our Sky Box subscribers.

A key achievement during FY23 was becoming the preferred broadband partner for eight Summerset
retirement villages, with an impressive 76% of residents choosing our service. And in a pleasing
acknowledgement of our focus on customer care, Sky Broadband won the Canstar people’s choice
Most Satisfied Customers award for its quality performance during the year.

Our Commercial business has returned to pre‑COVID levels, with revenue growth of 13%,
and Sky’s advertising revenue is bucking the sector trends, with 9% growth on a like for like basis, in
a market that contracted by 5%. Our highly motivated team is delivering green shoots that support
our growth ambitions to secure a greater portion of advertising budgets, and has already achieved
an exceptional Q1 performance supported by the Rugby World Cup opportunity. As Philip said,
while the advertising market continues to be challenged, we believe we can command a greater
share of revenue by offering advertisers new digital products and deeper integration opportunities.

The launch of our new Sky experience was a key milestone in FY23, with the introduction of our new
Sky Box and the Sky Pod, both of which bring a new experience with greater content discovery for
our customers. As a reminder, the Sky Pod provides access to Sky’s full range of content, without the
need for a dish.

After only three months of promotion, by the close of FY23 we had 35,000 new Sky Boxes and
13,000 Sky Pods in use in customer homes.

While there were early teething problems with the rollout for some customers, these have been
addressed on a prioritised basis by the team. Because we can continually update and refine the
software, we have been able to resolve initial issues – such as split recordings and navigation
responsiveness, as well as re-introducing valued features like the ability to remote record.

At the same time, we’ve been working to support customers adapting to what we acknowledge is a
new and different experience. Our attention now turns to delivering on our programme of
continuous improvement which is already seeing much higher satisfaction levels for our customers.

For those of you in the room, I encourage you to take a look at our showcase stands, where our crew
will be pleased to show you the excellent features of these new products.

We aim to accelerate the rollout of the new Sky experience in FY24 so that more customers – both
existing and new – can take advantage of these new features.

Customer care has also been a key area of focus, and the 40% boost to capacity in our call centres is
delivering early benefits in significantly improved response times. I am delighted that the days of
average wait times of over 20 minutes are behind us. Over the last three months our speed to
answer is averaging at one minute.

We are extremely pleased with the results so far. Attracting and retaining customer care staff in our
market was incredibly challenging and having our in-house care team working with our partner
Probe has allowed us to strengthen our response.

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Changes to the way we access technology capability through our international partner TCS, is also
having a positive impact. The relationship enables access to specialist capability and capacity in key
areas of technology and content operations in a more efficient and cost-effective way. Again, the
collaboration between TCS and our in-house team is coming together well to deliver improved
experiences for our customers.

Alongside delivering great outcomes for customers and shareholders in FY23, we have remained
committed to making a positive contribution to our country and community, as a company with
deep roots and relationships throughout Aotearoa New Zealand. What does this look like?

- We’ve tangibly demonstrated our commitment to the Environment through an ambitious
recycling programme for older Sky Boxes that are being retired from the fleet.

- At the same time, the new Sky Boxes and Pods that replace them are significantly more energy-
efficient which is a win for our customers and for the environment.

- We have included additional disclosure in this year’s annual report that shows the continued
emphasis on our very strong approach to corporate governance.

- We’ve also been active in playing our part in the Corporate Social Responsibility space. It is a
privilege to be in the lives and homes of many New Zealanders, every day, and we take our role
as a responsible and trusted broadcaster very seriously.

- We’re very proud to be championing diversity on screen through our ‘See your Possible’
initiatives. And also recognise the importance of the tangible support we provide to our charity
partners in ways that make a difference for them.

As I reflect on the past three years, I’m proud of what’s been achieved while also being upfront
about where things haven’t gone to plan.

We were late in delivering our new Sky Box experience which has had flow on impacts to our overall
subscriber numbers, associated revenue lines and on our capex profile as we look to accelerate the
roll-out in FY24 and FY25.

So, yes, not everything has gone to forecast, and we have had to adapt and learn along the way.

With that acknowledged, at this point of our journey, I am pleased to confirm that we are now in a
very strong position.

• Customer relationships are over one million, at a year-end high.

• We have market leading positions in our high tenure/high value Sky Box base, our commercial
business, and our Sports line-up; as well as in our ability to deliver to the entire country via
satellite and IP.

• We have locked in unrivalled content that sees us well positioned as New Zealand’s leading
aggregator for customers and makes us even more compelling for partners, including those in
the advertising space.

• We’ve built our multi-product suite, delivering the new Sky Box and Sky Pod, and added new
features to our streaming products.

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• We successfully launched Sky Broadband in 2021 and much more recently we have reinvigorated
our Free to Air offering through the launch of Sky Open.

• At the same time, we have reshaped the business to align our organisational design with our
strategic priorities and progressed key initiatives to make Sky a great place to work.

• Perhaps most importantly, Sky has returned to revenue growth. After many years of revenue
decline, we’ve delivered two consecutive years of growth reflective of the portfolio effect of our
multi-product business. This is a significant achievement and one we will continue to build on.

• At the same time, our focus on removing cost throughout the business has allowed us to
reinvest in areas such as content and technology that drive future performance.

• And, as Philip mentioned, we end the financial year with a strong balance sheet with no debt
and access to a $150m facility while continuing to pay a healthy dividend.

With this backdrop in mind, I’d now like to share with you our refreshed strategic story ‘on a page’
starting with our purpose and ambition statements.

As many of you will be aware, a company’s purpose describes its reason for being; its ‘why,’ and is
thereby intended to be a higher order description about the unique contribution that an entity
makes for the country and communities in which it operates.

In the case of Sky, when we reflected on our origin story and what this company has done since that
inception, we recognise the privileged and unique contribution to Aotearoa of being able to:

Share stories. To Share possibilities. To Share joy.

No other entity in this country can deliver the plethora of live and on demand programming across
the number of platforms that we do.

Every day we see the impact of doing this for New Zealanders, and the refreshed articulation of our
purpose has been a wonderful motivator for our crew in recent months.
Now some of you might be thinking ‘well that is all well and good, but how does that support the
continued delivery of a profit and a return to shareholders?’.

Leaving to one side the benefits of a highly-motivated crew, it’s a fair question and is where the
ambition statement comes in. It is a statement about how we see our competitive advantage in the
market and, intentionally, has more of an edge to it.

Like the distillation of our purpose into a simple set of words, I’m really happy with the simplicity
and depth of our ambition.

Which is simply this: ‘to be Aotearoa NZ’s most engaging and essential media company.’ Let me
share a little more context:

- We are of this place. We are grounded in Aotearoa New Zealand. Our primary focus is our
local market and it’s important for us to reflect the full diversity of this country, including the
bedrock of te Ao Māori, back to all of our community. Our Sky Originals programme is part of
this expression, and we are proud of the special local content that our team and creative
partners produce, for and about the stories of New Zealanders.

5


- We deeply engage our customers. They are fans of the game and of the story, and we fuel their
fandom. We are not like a news site or just a social media feed – our customers come to be
deeply engaged; enthralled – choosing to give us their full attention.

- Our platforms and our content are essential to our customers and to our partners. We are the
privileged access point in the lives of many New Zealanders, with more to come, and our
partners value the insights we can share about our customer base.

- We are a media company. Not just a satellite TV broadcaster. We are inside and outside of the
paywall. We are with our customers every day.

That’s our ambition statement. We’ve been on this journey for some time and I’m confident we’re
heading in the right direction.

Being clear on how we’re going to achieve our Ambition is also vital and this is where the strategic
pathways come in.

We have five such strategic pathways in place to achieve this ambition:

1. Making Sky a great place to work;
2. Giving our customers content they love;
3. Meeting customers where they are, with a range of products;
4. Giving customers the experience they expect; and
5. Providing innovative solutions for our partners and clients on the advertising front.

In the interests of time I won’t go into more detail here and simply noting that we have already
made significant progress against all of them.

More specifically, for the current financial year, we have three key priority areas of focus:

1. Lifting employee engagement
2. Accelerating the roll out of the new Sky experience
3. And 3, building out new revenue streams.

Looking further ahead, at our Results announcement in August we shared with you our new three-
year targets through to FY26.

These targets, as signed off by our Board, demonstrate the confidence we have in the future of Sky
as we continue to execute on our strategy, and realise the return on the investment we are making
into the future of the business to deliver free cash flow and dividend growth.

We have a clear line of sight on revenue across our portfolio of products, and expect to build on the
trend we’ve established in recent times to deliver growth of 3-4% per annum through to FY26.

We’re focused on achieving EBITDA margins of 21 -23%. This will come through that revenue
expansion, and our ability to moderate costs allowing that to fall to the bottom line. Putting this into
perspective, on the current revenue targets every percentage point of margin increase would deliver
between $8.2m and $8.5m to the bottom line by FY26.

6

We are well positioned to reduce programming costs as a percentage of revenue, given our
strategic investments to date. By FY26 we are targeting for this to be within 47% to 49% of revenue.
We value what our customers value and have deep insights into what really matters to them. We
know we don’t need to own everything, and we also know where it makes sense to pay an
exclusivity premium.

CAPEX is expected to return to between 7-9% of revenue after we have invested the amount
required to accelerate the rollout of the new Sky experience. Once we’re through the new Sky Box
phase this will again drop to the bottom line as free cash.

We are also aiming to increase our employee and customer Net Promoter Scores – both important
factors in delivering on our purpose and growing a successful and sustainable business.

The combined effect sees us doubling the FY23 dividend of 15 cents per share by FY26.

To finish, I am enormously proud of the achievements we have made against our strategy to date
and the results this has delivered for our customers and you, our shareholders.

To the Sky crew, including my executive leadership team - thank you as always for your dedication to
delivery that has enabled this positive progress.

To Philip and the Board, thank you for your commitment, your guidance, your good governance and
your unwavering support for me and the Sky team.

I would also like to thank you, our owners, for your ongoing support. We are excited about the
opportunities in front of us and look forward to delivering on these to unlock further shareholder
value.

ENDS

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© SKY 2023
8 November 2023

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1 Source: Nielsen TAM, AP5+ reach
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