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

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

• 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, supporting higher dividends.

• Company ended FY24 with NZD 38 million cash and a renegotiated, more flexible bank facility.

• Guidance for FY25 remains unchanged despite economic pressures and rescheduling of revenue initiatives.

Board and executive committee updates

• Board provided oversight on major projects, including satellite migration and key rights negotiations.

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

• Directors' mix of international and local expertise highlighted as critical for navigating industry trends.

• Board worked diligently in stewardship, providing advice and challenge amid a tough environment.

• Company secretary and executive team roles highlighted.