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Annual Report Contains Several Statements That Are “Forward-Looking”, Or Which Use Various “Forward-Looking” Terminologies

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Annual Report Contains Several Statements That Are “Forward-Looking”, Or Which Use Various “Forward-Looking” Terminologies BUSINESS REVIEW 6 Financial Highlights 65 Corporate Information 10 Chairman’s Statement 66 Company Profile 14 Management Discussion & Analysis 67 Corporate Structure Operational Review 68 Share Information Financial Review 34 Corporate Governance 46 Group Commitments 54 Our Achievements 62 Directors and Senior Management FINANCIAL REPORT GLOSSARY 69 Directors’ Report 93 Independent Auditor’s Report 94 Consolidated Statement of Profit or Loss and Other Comprehensive Income 96 Consolidated Statement of Financial Position 98 Statement of Financial Position 99 Consolidated Statement of Changes in Equity 100 Consolidated Statement of Cash Flows 102 Notes to the Consolidated Financial Statements 221 Five-year Financial Summary NEXT MEDIA is a multimedia company engaging in publishing, animation, online and mobile games. STAMINA SPEED POWER DASH STAMINA SPEED POWER DASH NEXT MEDIA publishes Hong Kong and Taiwan’s most-popular and highly regarded newspapers and magazines, and operates their Apple Daily most-visited news portals. Next Magazine Sudden Weekly ME! Eat & Travel Weekly Trading Express Auto Express Taiwan Apple Daily FACE Taiwan Sharp Daily Taiwan Next Magazine Ketchup NEXT+ ONe *Restated EBITDA BEFORE IMPAIRMENTS REVENUE – CONTINUING OPERATIONS AFTER NON-CONTROLLING INTERESTS (HK$ MILLION) FROM CONTINUING OPERATIONS (HK$ MILLION) 3,602.6 / 2012* 556.3/ 2014 3,474.1 / 2013* 552.7 / 2012* 3,268.9 / 2014 458.8 / 2013* 174.6 / 2014 18.4 / 2012* 19.3 / 2013* 154.1 / 2012* 15.7 / 2014 96.1 / 2013* CURRENT RATIO (%) GEARING RATIO (%) 6 BASIC EARNINGS (LOSS) PER NET PROFIT (LOSS) FOR SHARE FROM CONTINUING THE YEAR (HK$ MILLION) AND DISCONTINUED OPERATIONS (HK CENTS) 248.5 / 2014 9.9/ 2014 (180.2) / 2012* (7.8) / 2012* (944.6) / 2013* (40.1) / 2013* 34.7 / 2013* 30.3 / 2012* 25.9 / 2014 DEBT TO EQUITY RATIO (%) 7 On behalf of Next Media, I have pleasure in presenting the POLE POSITION FOR THE DIGITAL MEDIA Company’s financial results for the year ended 31 March RACE 2014. We bring some major advantages to the table as we LEVERAGING ON EXISTING STRENGTHS strive to satisfy this demand for news and entertainment in new formats. The biggest of them is our high-quality Consolidation and innovation have been the key words in and comprehensive journalistic capabilities, built up our activities during the year under review. We withdrew over the years in our newspapers and magazines, and from several operations that had failed to deliver the results now repackaged to suit 21st-century technologies. Their we were aiming for, namely the Taiwan TV business and the perennial appeal is demonstrated by the millions of visits free daily newspaper sector in Hong Kong. our interactive online and mobile portals on a daily basis. At the same time, we refocused our attention on our print More than this, our talented team has been making great media operations. These have maintained their leading progress in creating new content and services under the edge in the market and their profitability. Yet we cannot “nxTomo” brand. They include a number of potentially overlook the increasing inroads that the new digital media lucrative mobile games, several of which consistently rank are making into their readerships and advertising revenue. among the top-grossing mobile games on App Store and Google Play, as well as popular animated entertainment that Without doubt, the future of companies like Next Media blends Japanese Manga content with 3D animation in an lies with online and mobile media. We should regard these exciting new way. as opportunities rather than challenges. They give us the chance to extend our reach to new audiences, including We believe we have developed a winning strategy that many younger people who have grown up with them, and will be able to monetise these initiatives in ways that will have never had much to do with print publications. increase the Group’s profitability in the near future. 10 STRIVING FOR SUCCESS I would therefore like to voice my most profound thanks to the members of our teams in Hong Kong and Taiwan, to our So our simple aim in the coming months is SUCCESS – both readers, advertisers, business associates and shareholders, for our well-established print media as well as our projects as well as to my fellow Board members. With your continued to harness the possibilities and extend the horizons of support, I am sure Next Media will go from strength to digital media in Hong Kong and Taiwan. We will approach strength in the year ahead. the future in a prudent way, mindful of the uncertainties of the economic outlook, but also with justified confidence in our strengths. WORDS OF GRATITUDE As the Chairman of Next Media I know that our Company and all those associated with it have been called on to go the extra mile again and again as we have adapted and Jimmy Lai adjusted to the new realities in the industry and in our Chairman operations. It has not been easy, but they have performed magnificently. Hong Kong, 16 June 2014 11 The overall performance of the global economy was OVERVIEW OF MAJOR MARKETS disappointing again during 2013. Its growth rate failed to reach even the modest targets that many experts had Hong Kong forecast, whereas the economies of most regions performed below expectations. Hong Kong’s economic performance improved during 2013, with real GDP growing by a moderate 2.9 per cent, The developed countries continued to battle against the compared with 1.5 per cent the previous year. The domestic lingering effects of the economic crisis, and they struggled sector remained resilient amid the challenges facing the to find the right mix of fiscal and monetary policies to deal global economy, and local consumption demand and tourist with these. Having already slowed down significantly in 2011 spending continued to be fairly robust. The latter was and 2012, many of the emerging economies encountered underpinned by the ever-increasing number of Mainland new headwinds created by domestic and international visitors, who accounted for 75.0 per cent of all tourist factors. The recovery of the US economy was particularly arrivals. unsatisfactory, with its growth rate falling well below the previous year’s figure. But, on a brighter note, the euro zone The labour market stayed tight, with unemployment at a 16- finally began to emerge from a long recession, with the GDP year low of 3.1 per cent. Consumer prices increased by 4.2 of most of its member states beginning to expand once per cent year-on-year up to 31 March 2014. Global exports again. recorded modest growth of 0.7 per cent in the same period, although those to the US and Europe declined as a result of At 7.7 per cent, China’s economy narrowly avoided hitting economic conditions in the two regions. the 14-year low some economists had predicted for 2013. Yet the difficult economic reforms that the country The city’s advertising industry continued to flourish, with is currently undertaking may well prolong its lacklustre total advertising spending reaching HK$43.0 billion in 2013. performance in the coming months. In fact, most experts However, in line with the global trend, an increasing slice of regard the gentle tapering-off of China’s economy as the pie went to digital – especially mobile – media, mainly at a welcome sign that it is transiting towards a better the expense of print and out-of-home media. development model. Taiwan Taiwan’s export-oriented economy performed disappointingly as a result of negative sentiment in its biggest overseas markets during 2013. Its real GDP grew by 1.9 per cent year-on-year. Meanwhile, the growth in private consumption spending was dampened during the earlier part of the year by declining real wage levels and concerns about the global economic situation and political issues. However, it accelerated in the fourth quarter in year-on-year terms given an improved business environment globally and domestically. 14 OPERATIONAL REVIEW Business Performance The revenue from the continuing operations of Next Media Disposal of Associates and its subsidiaries amounted to HK$3,268.9 million during the year ended 31 March 2014. This was HK$205.2 million Colored World less than the figure of HK$3,474.1 million achieved in the previous 12 months. The major contributing factor for this On 27 September 2013, Next Media agreed to sell its decrease was the decrease in advertising and circulation remaining 30.0 per cent equity interest in its animation income of the Group’s publications. business, Colored World, to STV, a company 100.0 per cent beneficially owned by Next Media’s Chairman, Mr. Discontinued Operation Jimmy Lai, for a cash consideration of US$20.0 million (the equivalent of HK$155.1 million). As this transaction Television and Multi-media Business constituted a connected transaction for the Company under the Listing Rules, Next Media sought the approval of the Since 31 October 2012, the Group has ceased its multi- Company’s independent shareholders, which was given at media operation in Taiwan. an Extraordinary General Meeting held on 13 November 2013. The transaction was duly completed on 18 November The Group sold the entire issued share capital of Next TV, 2013. its TV operating subsidiary in Taiwan, and assigned the shareholders’ loan to Mr. Lien Tai-sheng during the year Next Media had previously sold the other 70.0 per cent of under review. Mr. Lien paid the total consideration due its equity interest in Colored World to STV on 31 October under the sale and purchase agreement that he and the 2011. It therefore, upon completion of the above sale of Group had signed on 15 April 2013; and he assumed the 30.0 per cent equity interest, no longer has any interest in right to manage, deal with and enjoy the benefits therefrom Colored World and its subsidiaries, which have ceased to be with effect from 31 May 2013 pursuant to a supplement associated companies of the Group.
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