Half Year 2019 SKY Network Television Ltd Earnings Call Transcript
Good morning and welcome to SKY's interim results for the six months ended December 31, 2018. My name is John Fellet and for the next 13 hours I'm the CEO of SKY Television. With me today, as he has been for the last 16 years, is Jason Hollingworth, SKY's CFO.
The revenue figure was down for the period and I'll give you more insight on this in just a minute. But for those of you who produce a financial model on SKY, keep in mind that SKY was required to adopt a new international financial reporting standard rule 15, or IFRS 15, which determines how revenue is recognized.
We work with third parties such as Vodafone and 2degrees who buy our packages on a wholesale rate and then bundle SKY's content with their own products and services. These third parties get a discount or commission to sell our packages. Historically we've only counted the net proceeds, that is our retail price minus the discount or commission we pay third parties as revenues.
But with the adoption of the new IFRS rule, we now report retail price of the content we
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