Sky Network Television (SKT) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with procedural instructions for both in-person and online attendees, including Q&A and voting processes.

• Chairman welcomed shareholders, confirmed quorum, and outlined the meeting structure, including financial review, strategic priorities, and Q&A.

• Chairman and Chief Executive delivered addresses outlining the company's direction and performance.

• Agenda included formal business, resolutions, and a session for shareholder questions.

Financial performance review

• FY24 revenue reached $766.7m, up 1.6% from FY23; operating expenses rose 0.8% to $614.2m.

• EBITDA increased 2.9% to $153.0m; net profit after tax declined 3.7% to $49.2m, mainly due to increased depreciation from new product rollout.

• Free cash flow grew 43.2% to $23.7m; company ended FY24 with NZD 38 million cash and a renegotiated bank facility on improved terms.

• Dividend per share increased 26.7% to 19.0cps, with a target of NZD 0.30 per share by FY26.

• Share buyback program reduced shares on issue by 4.3%, returning NZD 0.89 per share to shareholders over FY23 and FY24.

Board and executive committee updates

• Board comprises an independent chair, chief executive, deputy chair, and several independent directors.

• Board provided oversight and challenge during a challenging economic period, with directors praised for their expertise and contribution.

• Proposed increase in director fee pool to provide flexibility for additional board responsibilities, with no immediate plans to utilize the full increase.

• Two directors intend to purchase shares once blackout periods end.

• Company secretary and executive team roles highlighted.