Wednesday 25th August 2021
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Sky New Zealand has reported a strong result for the 2021 financial year, delivering revenue of $711.2m, EBITDA of $186.4m and NPAT of $47.5m, including several one-offs.
In FY22 and beyond Sky will continue to sharpen its focus on managing operating costs and working smarter to achieve sustained efficiency gains. Having achieved a net $15m of annualised savings in the last two years, Sky aims progressively to achieve a minimum of $10m-$15m per annum of further non-programming cost savings by FY24.
Sky has released guidance for FY22 as part of the Results presentation which demonstrates that Sky will remain profitable and continue to generate positive free cashflow, whilst retaining a strong balance sheet underpinned by a significant undrawn bank facility. Revenue guidance for FY22 of $715m to $745m indicates that Sky expects to grow the top line for the first time since 2016 and generate EBITDA of $115m to $130m and NPAT of $17.5m to $27.5m. When considering these core metrics, it is important to look through the one-off costs and revenues of FY21, noting that they include the sale of OSB assets and RugbyPass adjustments, and one-off content savings because of COVID-19 cancellations and delays. FY22 also includes key content rights step-ups, including SANZAAR and costs associated with the Tokyo Olympics (originally budgeted in FY21).
Sky is committed to recycling capital to reinvest in areas of the business that create the most value for customers and shareholders. In line with this approach, Sky has successfully completed the sale of OSB in FY21 and is currently marketing three properties at its Mt Wellington site.
In a separate announcement today, Sky has also announced details of a share consolidation to reduce the number of shares on issue following recent issuance of new shares. Every 10 Sky shares held at 5pm (NZT) on 16 September 2021 will be consolidated into 1 share.
Please see the links below for details
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