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For the Year Ended December 31, 2017

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For the Year Ended December 31, 2017 WE MAKE YOUR 2017 DIGITAL WORLD COME ALIVE ANNUAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2017 February 7, 2018 – Hong Kong Forward Looking Statements This presentation may contain “forward-looking statements” that are not historical in nature. These forward-looking statements, which include, without limitation, statements regarding PCCW's future results of operations, financial condition or business prospects, are based on the current beliefs, assumptions, expectations, estimates, and projections of the directors and management of PCCW about the business, the industry and the markets in which PCCW operates. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond PCCW's control and are difficult to predict. Actual results could differ materially from those expressed, implied or forecasted in these forward-looking statements for a variety of factors 2 Overview BG Srinivas Group Managing Director 3 Building on Core Strengths to Innovate and Expand Geographically 19 mn 770 50 40 monthly active active enterprise customers in employee countries with users1 Forbes Global 2000 nationalities operations2 #1 #1 #1 #1 Hong Kong Fixed Voice, Hong Kong Pay TV Hong Kong IT Services Leading Pan-Regional OTT Broadband & Mobile Video Streaming Service Note 1. Include MAU from Viu , Now TV and ViuTV apps and online services 4 2. Based on employees’ physical presence Leveraging Capabilities Across the Group to Better Serve our Customers Real time analytics for a comprehensive view of customers for personalized offerings Leading Asia Digital and business entertainment transformation services service for enterprises Building the next generation customer management system High quality, seamless to transform customer viewing experience across engagement and experience big and small screens, on demand and on-the-go Integrated communications solutions and comprehensive network infrastructure 5 Financial Review Susanna Hui Group Chief Financial Officer 6 Financial Highlights Core Business* Consolidated (US$ million) 2016 2017 % change 2016 2017 % change Media 468 468 - Solutions 490 513 5% HKT 4,339 4,264 -2% Revenue 4,899 4,729 -3% 4,921 4,750 -3% EBITDA 1,603 1,652 3% 1,567 1,617 3% Profit 306 328 7% 263 288 10% Attributable to Equity Holders * Core business includes HKT, Media and Solutions Businesses 7 TSS Strengthened, Mobile Held Position Adjusted Funds Flow up 5% to US$630 million PCCW to receive a total distribution of approx. US$327 million from HKT for FY17 HKT Revenue (US$ million) HKT EBITDA (US$ million) 4,452 FY16: 3,900 HKT Revenue 1,626 1,666 +2% yoy 4,339 4,264 FY17: 3,961 excl. Handset 1,551 +2% yoy Sales 654 439 303 738 Mobile Mobile Services 707 +4% yoy 1,236 1,238 645 Mobile Handset Sales 1,182 Steady Mobile Services Local Data & Local Data & Broadband 898 928 965 Broadband International +4% yoy TSS Local Telephony +2% yoy 950 947 946 TSS 962 983 1,002 TSS Others Revenue Mobile Others 446 444 435 +2% yoy TSS Eliminations 383 426 454 26 30 32 Others (87) (111) (109) (56) (64) (74) 2015 2016 2017 2015 340 2016 2017 HKT TSS revenue grew by 2% driven by continued demand 35% 37% 39% EBITDA Margin from both consumers for FTTH services and from enterprise customers for integrated solutions EBITDA grew by 2% and margin improved to 39% due to Mobile services revenue was steady despite severe CSL synergies and operating efficiency improvements in industry competition both the TSS and Mobile segments 8 Stabilized Market Position Now TV Revenue (US$ million) Now TV EBITDA (US$ million) 377 372 352 62 38 39 53 36 50 EBITDA Margin 30 2H 17% 339 333 316 Others 20 1H 11% Subscription 2015 2016 2017 2015 2016 2017 Full Year 17% 14% 14% EBITDA Margin With strong content offering and high quality viewing experience, Now TV successfully stabilized its installed base Margin improvement from 1H17 to 2H17 as at 1,301,000 with exit ARPU of HK$179 successful efforts were made to rationalize Revenue was also impacted by the shift in advertising content costs amidst more benign market spending to other platforms, including OTT as well as our environment own free TV service EBITDA declined but margin stabilized at 14% 9 Building Upon a Good Start ViuTV Revenue (US$ million) ViuTV EBITDA (US$ million) 24 + 16% yoy 21 (5) (24) (31) N/A 340 2015 2016 2017 2015 2016 2017 Continued enrichment of content attracted EBITDA loss mainly driven by continued local viewership and overseas distribution investments in content as well as the launch Launch of English channel ViuTVsix in of ViuTVsix March 2017 10 Driving User Growth and Engagement OTT Revenue (US$ million) OTT EBITDA (US$ million) 92 + 23% yoy 75 23 + 22% yoy 55 19 18 (7) (30) 69 + 23% yoy (33) 56 Advertising 37 Subscription 2015 2016 2017 2015 2016 2017 Expanded presence to 27 markets across Asia, Continued to invest in content, user acquisitions and 40 Middle East and Africa new market launches Monthly active user base grew to 16.3 million from EBITDA loss contained at US$33 million 4.8 million 12 months ago Received investment of US$110 million from a group 75:25 subscription and advertising revenue mix of strategic and financial investors to support further development 11 Trusted Technology Partner Solutions Revenue (US$ million) Solutions EBITDA (US$ million) 513 +5% yoy 461 490 109 +11% yoy 98 303 88 245 272 +11% yoy 57 70 49 +23% yoy 216 218 210 Recurring 39 41 39 Project based 2015 2016 2017 2015 2016 2017 EBITDA Successfully delivered business transformation 19% 20% 21% Margin services for enterprise customers and large scale, mission critical projects in the public sector EBITDA grew by 11% with margin improving to 21% Increased revenue from High-Tech & Media and reflecting the contribution from higher margin services to Digital, Cloud Solutions & Infrastructure sector Digital, Cloud Solutions & Infrastructure sector Secured orders increased by 12% to US$943 million 12 Delivering Operating Cost Efficiencies Core Operating Expenses (US$ million) 1,039 1,028 Improved core opex to revenue ratio to 30 18 921 -10% yoy 131 175 22 19% in 2017 from 21% in 2016 192 Continued cost efficiencies in both the Solutions 379 329 TSS and Mobile segments at HKT in areas Media 297 Mobile such as cell site rental, third-party TSS backhaul, call center integration, and Others 495 promotional expenditure 500 443 Increased investments at OTT and Free TV (1) 11 (33) businesses to support growth 2015 2016 2017 Core Opex to Revenue Ratio: 21% 21% 19% 13 Financial Performance (US$ million) FY15 FY16 FY17 YoY Revenue 5,040 4,921 4,750 -3% Cost of Sales (2,431) (2,275) (2,161) Operating Expenses (1,086) (1,079) (972) EBITDA 1,523 1,567 1,617 +3% Depreciation (275) (227) (211) Amortization (503) (631) (652) Loss on disposal on property, plant and equipment – – (1) Net Other Gains 17 4 154 Net Finance Costs (198) (177) (179) Share of Associates and JVs 5 6 7 Profit Before Income Tax 569 542 735 +36% Income Tax (57) (51) (145) Effective Tax Rate 10% 9% 20% Profit for the Year 512 491 590 +20% Non-controlling Interests (218) (228) (302) Profit Attributable to Equity Holders of the Company 294 263 288 +10% Earnings Per Share (HK cents) 30.58 26.79 29.15 14 Capex Efficiencies Being Realized Further Investments to Support Growth Core Capex (US$ million) 447 Core capex to revenue ratio stable at 8.5% in 30 412 400 - 3% yoy 2017, within 10% guidance 15 28 18 30 12 Lower Mobile capex at HKT following 25 29 30 completion of the CSL integration. Higher 178 TSS Capex to support greater demand for 174 fiber broadband and IoT related services, 210 customized network solutions for enterprises Others and continued submarine cable investments Solutions 194 Media capex for upgrading production studio Media 173 TSS 113 facilities Mobile Solutions capex to expand data center 2015 2016 2017 capacity to fulfill demand Core Business Capex to Revenue Ratio: 8.9% 8.4% 8.5% 15 Ample Liquidity to Support Future Growth As of As of Dec 2016 Dec 2017 Gross Cash Undrawn Gross Cash Undrawn Debt (1) Balance (5) Facilities Debt (1) Balance (5) Facilities US$ million PCCW 918 129 770 480 763 1,249 HKT 4,974 427 774 5,043 470 731 PCPD 60 112 140 577 468 6 Total 5,952 668 1,684 6,100 1,701 1,986 Gross Debt / EBITDA (3) 3.80 x 3.77 x Net Debt (2) / EBITDA (4) 3.37 x 2.72 x (1) Gross debt refers to the principal amount of short-term and long-term borrowings (2) Net debt refers to the principal amount of short-term and long-term borrowings minus cash balance (3) Based on gross debt as at period end divided by EBITDA for the 12-month period (4) Based on net debt as at period end divided by EBITDA for the 12-month period (5) Includes short-term deposits 16 Debt Maturity Profile As of December 31, 2017 300 PCCW Bonds PCPD Bank Loans 570 PCPD Bonds 1,204 HKT Bank Loans 824 HKT Bonds 750 100 462 500 500 300 (US$ million) 290 213 7 2018 2019 2020 2021 2022 2023 2025 2026 2027 2028 2030 Current mix of floating and fixed rated debt is approximately 50:50 Effective interest rate was approximately 3.0% in 2017 Average maturity of debt was approximately 5 years 17 Delivering Sustainable Returns to Shareholders 29.75 +5% yoy 28.33 25.00 Yield: 6.79% 19.06 20.20 20.20 21.18 15.90 20.17 Final 17.04 Dividend 13.85 13.21 13.55 Final Dividend Interim 10.60 Dividend 21.18 HK cents 7.96 8.16 8.57 (HK cents) 5.30 5.51 6.35 6.99 2011 2012 2013 2014 2015 2016 2017 Full-year Dividend YoY Growth 4% 20% 6% -- 24% 13% 5% Dividend Yield * 5.37% 5.12% 5.61% 3.81% 4.95% 6.19% 6.79% HKT Distribution Pass-through
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