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Annual Report 2020 (Incorporated in Bermuda with limited liability) (Stock Code: 1045) ANNUAL REPORT 2020 COMPANY PROFILE APT Satellite Holdings Limited (the “Company”) (Stock Code For more information, please contact us: 1045) is a listed company in The Stock Exchange of Hong Head office: 22 Dai Kwai Street, Tai Po Industrial Estate, Kong Limited, holding the entire interest of APT Satellite Tai Po, New Territories, Hong Kong Company Limited (The Company together with all its Tel: +852 2600 2100 subsidiaries are collectively referred to as “the APT Group”). Fax: +852 2522 0419 Email: [email protected] (Investors Relations) APT Group commenced its operation in 1992. It currently [email protected] (Marketing & Sales) operates satellites, namely, APSTAR-5C, APSTAR-6C, Web-site: www.apstar.com APSTAR-7 and APSTAR-9, and also operates APSTAR-6D through its associated company APT Mobile SatCom Limited. APSTAR Systems covering regions in Asia, Europe, Africa, and Australia approximately 75% of the world’s population. APT Group provides excellent quality transponder, satellite telecommunications and satellite TV broadcasting and transmission services to broadcasters and telecommunication customers. The advanced APSTAR Systems of APT Group, supported with the comprehensive and high quality services, have become one of the leading satellite operators in the Asia Pacific region. Corporate Information 2 Financial Highlights 4 Chairman’s Statement 6 Management Discussion and Analysis 11 Corporate Governance Report 22 Environmental, Social and Governance Report 36 Directors’ and Senior Management’s Profiles and Changes 52 Directors’ Report 59 Independent Auditor’s Report 72 Consolidated Statement of Profit or Loss 78 Consolidated Statement of Comprehensive Income 79 Consolidated Statement of Financial Position 80 Consolidated Statement of Changes in Equity 82 Consolidated Cash Flow Statement 83 Notes to the Consolidated Financial Statements 84 Five Years Financial Summary 157 CORPORATE INFORMATION DIRECTORS MEMBERS OF Executive Directors NOMINATION COMMITTEE Cheng Guangren (President) Lam Sek Kong (Chairman) Qi Liang (Vice President) Qi Liang Lui King Man Non-executive Directors Cui Liguo Li Zhongbao (Chairman) Meng Xingguo Lim Toon Yin Yen-liang MEMBERS OF Fu Zhiheng REMUNERATION COMMITTEE Lim Kian Soon Lui King Man (Chairman) Ba Risi (resigned on 29 July 2020) Qi Liang He Xing (appointed on 29 July 2020) Lam Sek Kong Tseng Ta-mon Cui Liguo (alternate director to Yin Yen-liang) Meng Xingguo Independent Non-executive Directors AUDITORS Lui King Man KPMG Lam Sek Kong Certified Public Accountants Cui Liguo Public Interest Entity Auditor registered in Meng Xingguo accordance with the Financial Reporting Council Ordinance COMPANY SECRETARY Lau Tsui Ling Shirley PRINCIPAL BANKERS Bank of China (Hong Kong) Limited AUTHORISED REPRESENTATIVES Bank of Communications Company Limited Cheng Guangren Hong Kong Branch Lau Tsui Ling Shirley The Hongkong and Shanghai Banking Corporation Limited MEMBERS OF AUDIT AND RISK MANAGEMENT COMMITTEE LEGAL ADVISORS Lui King Man (Chairman) Sit, Fung, Kwong & Shum, Solicitors Lam Sek Kong Cui Liguo PRINCIPAL SHARE REGISTRAR AND Meng Xingguo TRANSFER OFFICE Ocorian Management (Bermuda) Limited Victoria Place 5th Floor 31 Victoria Street Hamilton, HM 10 Bermuda 2 Annual Report 2020 3 HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE Tricor Tengis Limited Level 54, Hopewell Centre 183 Queen’s Road East Hong Kong REGISTERED OFFICE Clarendon House 2 Church Street Hamilton, HM 11 Bermuda HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS 22 Dai Kwai Street Tai Po Industrial Estate Tai Po New Territories Hong Kong Tel: (852) 2600 2100 Fax: (852) 2522 0419 Web-site: www.apstar.com e-mail: [email protected] (Marketing & Sales) [email protected] (Investor relations) STOCK CODE 1045 Annual Report 2020 FINANCIAL HIGHLIGHTS REVENUE & PROFIT BEFORE TAXATION (HK$ Million) 1,237.7 1,062.6 889.2 619.6 436.1 281.4 2018 2019 2020 Revenue Profit before taxation EBITDA MARGIN (Percentage) 83.4% 82.1% 76.0% 2018 2019 2020 4 Annual Report 2020 5 Annual Report 2020 CHAIRMAN’S STATEMENT The Board of Directors (the “Board”) of APT Satellite Holdings Limited (the “Company”) is pleased to announce the audited consolidated results of the Company and its subsidiaries (the “Group”) for the year ended 31 December 2020. RESULTS Revenue In 2020, the Group’s revenue amounted to HK$889,231,000 (2019: HK$1,062,565,000), representing a decrease of 16.3% amounting to HK$173,334,000 as compared to 2019. Profit before taxation In 2020, the Group’s profit before taxation amounted to HK$281,447,000 (2019: HK$436,093,000), representing a decrease of 35.5% amounting to HK$154,646,000 as compared to 2019. Profit attributable to equity shareholders In 2020, the Group’s profit attributable to equity shareholders amounted to HK$231,462,000 (2019: HK$362,326,000), representing a decrease of 36.1% amounting to HK$130,864,000 as compared to 2019. Basic earnings per share and diluted earnings per share were HK24.88 cents (2019: HK38.93 cents). DIVIDENDS During the year, the Company has declared and paid an interim dividend in cash of HK3.50 cents per ordinary share. According to the policy for continuous increase of the investment return of shareholders, the Board has resolved to declare a final dividend in cash of HK19.00 cents per ordinary share for the financial year ended 31 December 2020 (2019: HK15.00 cents per ordinary share). The final dividend is conditional upon the passing of the relevant resolution at the forthcoming annual general meeting (the “Annual General Meeting”) which will be held on Monday, 24 May 2021. The final dividend will be paid on or about Friday, 18 June 2021 to shareholders whose names appear on the register of members at the close of business on Monday, 7 June 2021. BUSINESS REVIEW In-Orbit Satellites During the year, the Group’s in-orbit satellites namely, APSTAR-5C, APSTAR-6C, APSTAR-7, APSTAR-9, and their corresponding ground TT&C (telemetry, tracking and command) systems and earth station have been operating under normal condition and continued to provide reliable and high quality services to the Group’s customers. In addition, APSTAR-6D (operated by APT Mobile SatCom Limited (“APT Mobile”), an associate of the Group) was successfully launched on 9 July 2020. The Group’s in-orbit satellites integrated to form the super wide and strong satellite service capability provided to Asia, Australia, Middle East, Africa, Europe, and the Pacific region, covering more than 75% of the world’s population. 6 Annual Report 2020 7 APSTAR-5C Satellite APSTAR-5C, positioned at 138 degree East Longitude in geostationary orbit, is equipped with 63 transponders (include C, Ku and Ka band), with footprints covering the whole Asia Pacific region. It carries high throughput satellite capacities covering the Southeast Asia region, and will provide high quality broadband telecommunication services for the region. APSTAR-5C was jointly built by the Group and Telesat Canada. The Group holds approximately 57% interest in the satellite. APSTAR-6C Satellite APSTAR-6C, positioned at 134 degree East Longitude in geostationary orbit, is equipped with 45 transponders (include C, Ku and Ka band), with footprints covering the whole Asia Pacific region. APSTAR-6 satellite which is replaced by APSTAR-6C has been deorbited in December 2020 as the satellite has reached its end-of-lifetime. APSTAR-7 Satellite APSTAR-7, positioned at 76.5 degree East Longitude in geostationary orbit, is equipped with 56 transponders (include C and Ku band) with footprints covering the Asia Pacific region, Middle East, Africa and partial area in Europe. APSTAR-9 Satellite APSTAR-9, positioned at 142 degree East Longitude in geostationary orbit, is equipped with 46 transponders (include C and Ku band) with footprints covering the whole Asia Pacific region. APSTAR-6D Satellite APSTAR-6D, positioned at 134 degree East Longitude in geostationary orbit. APSTAR-6D Satellite is the first HTS satellite optimized for satellite broadband mobility services in the region, the satellite is equipped with high throughput multiple spot beams and other unique and advanced features to meet the market demand in China and the whole Asia Pacific region. Annual Report 2020 CHAIRMAN’S STATEMENT New Satellite Project APSTAR-6E Satellite In order to meet the demand for satellite broadband communication in the market as well as best use of the advanced satellite technology, the Group has been entered into an agreement with project partners to establish a joint venture (“Joint Venture”) for developing the APSTAR-6E Satellite. As authorised by the project partners, the Group has been entered into a satellite contract (the “Satellite Contract”) with China Great Wall Industry (Hong Kong) Corp. Limited, a company incorporated in Hong Kong and a wholly-owned subsidiary of China Great Wall Industry Corporation on 6 November 2020 in respect of the manufacturing, delivery and launching services of the APSTAR-6E Satellite. Once the Joint Venture is established, all obligations and rights of the Group under the Satellite Contract will be assigned and transferred to the Joint Venture, and the Joint Venture will fully reimburse the Group for all contractual price and other fees that has been paid with interest subsequently. APSTAR-6E satellite is based on DFH-3E platform and equipped with high throughput payload, which is expected to be suitable for broadband communication with good cost effectiveness. APSTAR-6E is expected to put into service in the year of 2023. Ground Gateway Station Facilities In line with its HTS satellite development strategy, the Group has invested in ground gateway stations and network facilities in the Asia-Pacific region. As gateway station is a key facility connecting HTS satellites and terrestrial networks, it carries out the transmission and processing of customer traffic in HTS system. The Group has selected the best locations in the region for gateway stations which can maximize the satisfaction of local demand and serve as the network hub for international traffic.
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