SKT sky network television limited

Ann: HALFYR: SKT: SKY TV Announces 2015 Interim Results

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    • Release Date: 23/02/15 14:48
    • Summary: HALFYR: SKT: SKY TV Announces 2015 Interim Results
    • Price Sensitive: No
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    					SKT
    23/02/2015 14:48
    HALFYR
    PRICE SENSITIVE
    REL: 1448 HRS Sky Network Television Limited
    
    HALFYR: SKT: SKY TV Announces 2015 Interim Results
    
    For the half year ended: 31 December 2014
    
    This report has been prepared in a manner which complies with New Zealand
    International Financial Reporting Standards and gives a true and fair view of
    the matters to which the report relates and is based on unaudited financial
    statements.
    
    CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE
    
    Current Full year NZ$'000; Up/Down %; Previous Corresponding Full year
    NZ$'000
    
    Trading revenue: 464,506; Up 1.8%; 456,371
    
    OPERATING PROFIT BEFORE TAXATION: 128,269; Up 12.4%; 114,123
    
    Less taxation on operating profit: 35,774; Up 11.6%; 32,047
    
    NET PROFIT: 92,495; Up 12.7%; 82,076
    
    Earnings per share: 23.76 cps; 21.46 cps
    
    SKY has reported $92.5 million in after tax earnings, a 12.7% increase on the
    previous period. Revenues are up 1.8% to $464.5 million and earnings before
    interest, tax and depreciation (EBITDA) increased by 1.0% to $192.4 million.
    
    The improved financial position is primarily due to a 12.5% decrease in
    depreciation and amortisation expenses.   There was also a 30.7% decrease in
    finance costs due to a reduction in borrowings in the prior year.
    
    MY SKY subscribers now represent 64.2% of SKY's satellite subscriber base
    compared to 58.6% in the comparative period. At 31 December 2014, SKY had
    529,001 MY SKY subscribers compared to 486,252 in December 2013, an increase
    of 8.8%. Subscribers continue to find great value in the MY SKY product which
    is demonstrated by continued migration from the standard digital decoder to
    the MY SKY decoder.
    
    Gross churn for the period ending 31 December 2014 increased to13.7% from
    13.3% in the previous period. For the rolling 12 months to 31 December 2014,
    MY SKY gross churn was 11.9% compared to the churn rate for subscribers on
    the standard digital decoder during this period of 16.8%. This compares to
    gross churn for MY SKY of 10.3% and a churn rate for subscribers on the
    standard digital decoders of 17.4% in the comparative period.
    
    Taking a closer look at SKY's financial results, total revenue increased by
    1.8% reflecting an increase in subscription revenues of 3.0% mainly due to an
    increase in MY SKY subscribers and an increase in ARPU (average monthly
    revenue per residential subscriber).
    
    SKY's operating costs (excluding depreciation) for the six months to 31
    December 2014 showed a 2.3% increase from the prior six month period. However
    programming costs which comprise both the costs of purchasing programme
    rights and also programme operating costs increased by $10.0 million (7.2%).
    This can be mainly attributed to the increased cost of the cricket rights and
    the Commonwealth Games which were not included in the prior period results.
    
    Marketing costs decreased by 7.1% mainly attributed to the reduced marketing
    spend by IGLOO as well a reduction in rebranding costs for SKY which were
    high in the prior period. Advertising costs also decreased by 6.8% driven by
    a decrease in advertising revenue of 3.9%.
    
    SKY increased its capital expenditure during the period to $51.1 million from
    $47.4 million in the comparative period, mainly due to an increase in new
    projects work such as the development of a new broadcast head end and
    enabling MY SKY boxes to connect to the internet.
    
    Dividends
    
    The Board of Directors has considered the performance of the business over
    the last six months and its prospects for the full year and announced on 23
    February 2015 that it will pay an increased fully imputed dividend of 15
    cents per share (prior interim dividend 14 cents) with the record date being
    10 March 2015. A supplementary dividend of 2.6471 cents per share will also
    be paid to non-resident shareholders.
    End CA:00260998 For:SKT    Type:HALFYR     Time:2015-02-23 14:48:37
    				
 
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