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2016 Interim Report

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2016 Interim Report FINANCIAL HIGHLIGHTS Revenue Continuing operations Six months ended 30 June 2016 2015 Change 1st Half 2nd Half 6,000 Performance Earnings per share HK$0.69 HK$2.62 -74% 5,000 Interim dividend per share HK$0.60 HK$0.60 - 4,000 HK$’mil HK$’mil 3,000 Revenue HK$’ million HK$’ - Hong Kong TV broadcasting 1,235 1,386 -11% 2,000 - Hong Kong digital new media business 84 72 +16% - Programme licensing and distribution 532 483 +10% 1,000 - Overseas pay TV operations 84 93 -10% - Channel operations 46 55 -18% 0 2012 2013 2014 2015 2016 - Other activities 75 42 +78% YEAR - Inter-segment elimination (92 ) (100 ) -9% 1,964 2,031 -3% Prot Attributable to Equity Holders Total expenses* (1,678 ) (1,570 ) +7% of the Company Profit attributable to equity holders 302 1,148 -74% 1st Half 2nd Half 2,000 30 June 31 December 2016 2015 1,800 HK$’mil HK$’mil 1,600 1,400 Total assets 8,345 9,113 -8% 1,200 Total liabilities 1,033 1,277 -19% Total equity 7,312 7,836 -7% 1,000 Number of issued shares 438,000,000 438,000,000 HK$’ million HK$’ 800 600 Ratios 400 Current ratio 7.7 8.8 200 Gearing - 3.0% 0 2012 2013 2014 2015 2016 * excluding non-recurring expenses YEAR Revenue by Operating Segment Reportable Segment Prot by Operating Segment % relating to 1st half of 2015 are shown in brackets % relating to 1st half of 2015 are shown in brackets Hong Kong TV Programme Hong Kong TV Programme broadcasting licensing and broadcasting licensing and 62% (67%) distribution 13% (52%) distribution 24% (20%) 92% (48%) Overseas pay TV Overseas pay TV Hong Kong operations Hong Kong operations digital new 4% (5%) digital new -6% (-5%) media business media business Other activities 4% (3%) Channel Other activities -6% (3%) Channel 6% (-1%) operations 4% (2%) operations 2% (3%) 1% (3%) CONTENTS 2 CORPORATE INFORMATION 4 CHAIRMAN’S STATEMENT REVIEW OF OPERATIONS 6 Hong Kong TV Broadcasting 9 Hong Kong Digital New Media Business 10 International Operations 11 Financial Review 14 CORPORATE GOVERNANCE AND OTHER INFORMATION FINANCIAL INFORMATION 20 Interim Financial Information 45 Report on Review of Interim Financial Information Television Broadcasts Limited Interim Report 2016 1 CORPORATE INFORMATION BOARD OF DIRECTORS NOMINATION COMMITTEE Dr. Raymond OR Ching Fai Chairman CHAIRMAN Anthony LEE Hsien Pin Dr. Charles CHAN Kwok Keung Dr. William LO Wing Yan Dr. Allan ZEMAN EXECUTIVE DIRECTORS RISK COMMITTEE Mark LEE Po On Group Chief Executive Officer CHEONG Shin Keong General Manager Dr. Raymond OR Ching Fai Chairman Mark LEE Po On NON-EXECUTIVE DIRECTORS CHEONG Shin Keong Dr. William LO Wing Yan Mona FONG Professor Caroline WANG Chia-Ling Anthony LEE Hsien Pin CHEN Wen Chi Thomas HUI To SENIOR MANAGEMENT Mark LEE Po On Group Chief Executive Officer INDEPENDENT NON-EXECUTIVE DIRECTORS CHEONG Shin Keong General Manager Desmond CHAN Shu Hung Deputy General Manager Dr. Raymond OR Ching Fai SBS, JP (Legal and International Operations) Dr. William LO Wing Yan JP Felix TO Chi Hak Deputy General Manager Professor Caroline WANG Chia-Ling (Programme and Production) Dr. Allan ZEMAN GBM, GBS, JP Adrian MAK Yau Kee Chief Financial Officer and Company Secretary BOARD COMMITTEES REGISTERED OFFICE TVB City, 77 Chun Choi Street EXECUTIVE COMMITTEE Tseung Kwan O Industrial Estate Dr. Charles CHAN Kwok Keung Chairman Kowloon, Hong Kong Mark LEE Po On CHEONG Shin Keong AUDITOR CHEN Wen Chi PricewaterhouseCoopers Thomas HUI To 22/F, Prince’s Building Central, Hong Kong AUDIT COMMITTEE Dr. William LO Wing Yan Chairman LEGAL ADVISER Anthony LEE Hsien Pin Stephenson Harwood Dr. Raymond OR Ching Fai 18/F, United Centre Professor Caroline WANG Chia-Ling 95 Queensway, Hong Kong REMUNERATION COMMITTEE Dr. Raymond OR Ching Fai Chairman Dr. Charles CHAN Kwok Keung Dr. William LO Wing Yan 2 Television Broadcasts Limited Interim Report 2016 PRINCIPAL BANKERS CORPORATE CALENDAR Shanghai Commercial Bank Limited EX-DIVIDEND DATE OF 2016 INTERIM DIVIDEND The Bank of East Asia, Limited 19 September 2016 Bank of Communications Co., Ltd. BOOK CLOSE PERIOD Bank of China (Hong Kong) Limited 21 September 2016 to 22 September 2016, Standard Chartered Bank (Hong Kong) Limited both days inclusive The Hongkong and Shanghai Banking Corporation PAYMENT OF 2016 INTERIM DIVIDEND Limited 4 October 2016 SHARE REGISTRARS AND TRANSFER OFFICE Computershare Hong Kong Investor Services Limited Rooms 1712-1716, 17th Floor Hopewell Centre 183 Queen’s Road East Wan Chai, Hong Kong STOCK CODES Ordinary Shares The Stock Exchange of Hong Kong: 00511 Reuters: 0511.HK Bloomberg: 511 HK ADR Level 1 Programme: TVBCY AMERICAN DEPOSITARY RECEIPTS BNY Mellon Shareowner Services P.O. Box 30170 College Station TX 77842-3170 USA INVESTOR RELATIONS Email: [email protected] Fax: +852 2358 1337 WEBSITE www.corporate.tvb.com Television Broadcasts Limited Interim Report 2016 3 CHAIRMAN’S STATEMENT The Board of Directors of Television Broadcasts Thanks to the support of our loyal audience, retail Limited (“Board”) is pleased to present the 2016 partners, content providers and two major internet interim report and condensed consolidated interim service providers, we successfully rolled out our new financial information of Television Broadcasts Limited over-the-top (“OTT”) service, myTV SUPER, in Hong (“Company” or “TVB”) and its subsidiaries (“Group”) for Kong on 18 April 2016. This service caters for our the six months ended 30 June 2016 (“Period”). home-based subscribers, providing them with TVB’s own productions and acquired programmes. During RESULTS AND INTERIM DIVIDEND the initial phase, we are focusing on marketing, building content and migrating existing subscribers During the Period, the Group’s revenue decreased by of the pay TV service, TVB Network Vision, to this new 3% from HK$2,031 million to HK$1,964 million. Total platform. Meanwhile, we are also ramping up our costs rose by 7% from HK$1,570 million to HK$1,678 mobile business. A myTV SUPER app was launched million. Profit from continuing operations for the Period alongside the OTT service to provide identical was HK$249 million, compared to a net loss of HK$285 programme offerings to Hong Kong’s “on-the-go” million in the previous period following an impairment mobile subscribers. They can now view their preferred loss of HK$654 million in receivables from TVB Network content on any device, anytime, anywhere. I am Vision. pleased that since launch, myTV SUPER users have exceeded 610,000, 240,000 set-top boxes distributed The Group’s profit attributable to equity holders in through various channels and 370,000 active mobile this Period was HK$302 million, compared to HK$1,148 app users. We are on target to achieve 1.4 million users million from the previous period, which included a by November 2017, our 50th anniversary. gain of HK$1,396 million from the disposal of the first tranche of 53% in Liann Yee Production Co., Ltd.. Our vision is to build a truly global Chinese content- Earnings per share for the Period was HK$0.69 (2015: based platform leveraging our well-recognised TVB HK$2.62). brand. We are planning to extend a similar OTT service to the overseas Chinese-speaking communities beyond For the Period, the Board has resolved to declare Europe and Australia under the TVB Anywhere brand. HK$0.60 per share (2015: HK$0.60) as interim dividend. The global film market is experiencing phenomenal Following the disposals of its operating businesses in growth and the Group plans to ride the tide through its Taiwan and the recently announced sale of its property movie investments. These investments include a 29.7% interest in the Neihu District of Taipei City, the Group interest in Hong Kong-listed Shaw Brothers Holdings, now re-directs its focus on expanding its distribution which is jointly held by China Media Capital (“CMC”) business through digital new media and on driving and TVB, and an effective 5.1% interest in Flagship growth in Mainland China. Entertainment Group, a mega movie investment platform newly formed by Warner Brothers, CMC and BUSINESS AND OUTLOOK TVB. TVB plans to mobilise its production and talent The year 2016 remains challenging for media operators resources through these two platforms to further and the content distribution business in general. Our participate in the development of the Chinese movie businesses have been adversely affected by tighter sector. advertising spending budgets especially in Hong Kong, widespread content piracy, and fierce competition from online entertainment alternatives as a result of globalisation. 4 Television Broadcasts Limited Interim Report 2016 Back to our home market, the Hong Kong economy is still undergoing a phase of consolidation, which is affecting our short-term profitability and outlook. Yet, the Board is confident that the new initiatives will steer the Group in the right direction and improve its long-term prospects. We believe the move into the OTT market is a game-changing step that will help strengthen our future business amid a constantly disruptive environment. Charles Chan Kwok Keung Chairman Hong Kong, 24 August 2016 Television Broadcasts Limited Interim Report 2016 5 REVIEW OF OPERATIONS HONG KONG TV BROADCASTING TERRESTRIAL TV CHANNELS The broadcasting business in Hong Kong continues ViuTV (under the PCCW group) entered the Hong to be our core business, accounting for approximately Kong free-to-air TV market during the Period. Another 62% of the Group’s revenue. operator Fantastic TV (under the i-Cable group) is anticipated to start operation latest by May 2017. We TV ADVERTISING are monitoring developments in this area closely in order to fine-tune our programming strategies. Hong Kong retail sales plunged 10.5% year-on-year in the first six months of 2016.
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