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Change + Diversification Progress Is i Progress is change + diversification STARHUB LTD Annual Report 2019 STARHUB LTD Annual Report 2019 ii Strategy COMPANY PROFILE 10 D.A.R.E. Transformation Roadmap StarHub is a leading homegrown 12 Chairman’s Message Singapore company that delivers 16 StarHub at a Glance world-class communications, 18 In Discussion with Senior Executives entertainment and digital solutions. 27 Significant Events With our extensive fibre and wireless 28 Value Creation infrastructure and global partnerships, 30 Awards and Industry Honours we bring to people, homes and enterprises quality mobile and fixed services, a broad suite of premium Business Review content, and a diverse range 32 Consumer of communication solutions. 38 Enterprise We develop and deliver to corporate 42 Group Financial Review and government clients solutions incorporating artificial intelligence, cybersecurity, data analytics, Governance Internet of Things and robotics. 48 Board of Directors We are committed to conducting 54 Directors’ Particulars our business in a sustainable and 56 Senior Executives environmentally responsible manner. 62 Corporate Governance Launched in 2000 and listed on the 87 Corporate Information Singapore Exchange mainboard since 88 Risk Management 2004, StarHub is a component stock 92 Investor Relations of the SGX Sustainability Leaders Index and the SGX Sustainability Leaders Enhanced Index. Sustainability 94 Sustainability Report VISION Inspiring Digital Innovation – improving Financials the lives of our customers daily. 141 FY2019 Financial Statements 142 Directors’ Statement 150 Independent Auditors’ Report MISSION 158 Statements of Financial Position Leading, innovative provider of 159 Consolidated Income Statement communications, information and 160 Consolidated Statement of Comprehensive Income entertainment services, enabling 161 Statements of Changes in Equity consumers and enterprises in 167 Consolidated Cash Flow Statement Singapore to benefit from digital 168 Notes to the Financial Statements transformation. Others 253 Interested Person Transactions and Material Contracts 254 Shareholding Information All rights reserved. Some of the information in this report constitute “forward looking statements”, which reflect StarHub’s current intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which may View our Report Online be outside StarHub’s control. You are urged to view all forward-looking statements with caution. No information herein should be reproduced Annual Report 2019 without the express written permission of StarHub. All information herein Go green and help reduce our is correct at the time of publication. For updated information, please carbon footprint. contact our Corporate Office. Download via www.starhub.com/ir. STARHUB LTD Annual Report 2019 01 Progress is change + diversification FY2019 was a watershed year for StarHub as we said Hello to Change. With sharpened focus and a singular objective to transform our businesses, StarHub’s challenger spirit is now stronger than ever as we continuously break new boundaries through innovation and digitalisation. The D.A.R.E Strategic Priorities Delivering market-leading customer experiences Accelerating value creation from core businesses Realising growth from new opportunities Enhancing efforts to transform digitally Read more about our D.A.R.E. Transformation Roadmap on page 10. STARHUB LTD Annual Report 2019 2 Satisfaction is transparency + simplicity Delivering seamless customer experience through innovation. STARHUB LTD Annual Report 2019 3 130% Improved Net Promoter Score following Hello Change brand promise 50% Faster Halved customer digital journey for faster & simpler online transactions transparency + simplicity STARHUB LTD Annual Report 2019 4 Value creation is Maximising value from the core; enhancing the way we work. STARHUB LTD Annual Report 2019 5 >$210M Cost savings identified 64% Cost programme executed to-date optimisation + efficiency STARHUB LTD Annual Report 2019 6 Growth is Strengthening capabilities; capitalising new opportunities. STARHUB LTD Annual Report 2019 7 12.6% Sustained revenue growth from the Enterprise business 79.1% Strong revenue growth momentum from Cybersecurity depth + breadth STARHUB LTD Annual Report 2019 8 Future is Reaching further; executing smarter. STARHUB LTD Annual Report 2019 9 4.5 Stars Improved rating of My StarHub app on Apple and Google Play 2x Doubled online sales upon enhanced digital touchpoints diversification + digitalisation STARHUB LTD Annual Report 2019 10 D.A.R.E. Transformation Roadmap D.A.R.E. TO TRANSFORM Strategic Transformation For Greater Customer Experience, Efficiencies, Competitiveness & Agility STARHUB LTD Annual Report 2019 11 Strategy D.A.R.E. Enablers ighly reliable, nderstanding advanced and & leveraging est-in-class secure networks customer performance Business Review and platforms insights D.A.R.E. in Motion D.A.R.E. Strategy in Motion Progress - “Hello Change” brand promise - Significant 130% YoY improvement Governance Delivering market- in Net Promoter Score1 leading customer - New entertainment experience (Go Max OTT offering) - Pay TV OTT subscribers grew experiences - Completion of cable-to-fibre migration 23% YoY - Improving customer experience - Halved customer digital journey for faster and simpler online - Ongoing digital innovation transactions - Driving operational efficiencies through - Cost savings identified >$210M, Accelerating value digitalisation & simplification 64% achieved creation from - Workforce optimisation - Streamlined customer experience core businesses Sustainability - Renegotiate terms of expiring contracts processes by 75% following a for procurement savings process simplification initiative - Accelerating cybersecurity business - 79% YoY cybersecurity revenue growth Realising growth through Ensign growth from new - Currently broadcasting ‘live’ 5G signals - Submitted 5G joint-bid with M1 from StarHub Green opportunities - Exploring synergistic and accretive M&A - Singapore’s first 5G cellular-on-wheels opportunities (COW) Financials - Enhanced My StarHub app - My StarHub app achieved an improved nhancing efforts E - Promoting & enhancing digital sales channels rating to 4.5 stars; a top-rated app on to transform Apple App and Google Play stores - Launch of giga! in 2Q2019 digitally with over 500k monthly active users1 - Launched SD-WAN - Online sales doubled YoY - Deployed robotics process automation - giga! has achieved the highest NPS in across operations the market with its end-to-end digital experience 1 As at 31 December 2019. STARHUB LTD Annual Report 2019 12 CHAIRMAN’S MESSAGE progress is change +diversification Steven Terrell Clontz ear Shareholders, $210 million of cost savings, most of which Chairman FY2019 was a transformative will be reinvested in revenue diversification year as we deeply probed the and growth opportunities, as well as “nooks and crannies” of our enhanced customer care and engagement various businesses to chart platforms. a roadmap for operational efficiency and growth amidst sustained One year on, of the four pillars we have D defined, we are pleased to report broad- intense market competition. based progress: As the market environment changes and as technology evolves, customers’ needs and Deliver market-leading customer preferences will adapt, naturally. We do not experiences: We introduced our “Hello just try to react. We must transform and Change” brand promise to revamp mobile re-invigorate our “challenger” spirit, and we and TV propositions with simplicity and value, have done exactly that. and completed the massive cable-to-fibre migration. Our customers enjoy significantly To recapitulate, the StarHub Executive better experiences over the last 12 months Leadership Team put in place a clear action based on NPS scores that improved by plan and unveiled the three-year DARE 130%, reflecting vast improvements in our transformation programme in late-FY2018 dealings with customers across multiple that began by targeting approximately channels whether face-to-face or digitally. STARHUB LTD Annual Report 2019 13 Strategy As the market environment changes and as FY2019 technology evolves, customers’ needs and Milestones preferences will adapt, naturally. We don’t just try to react. We must transform and re-invigorate our Business Review “challenger” spirit, and we have done exactly that. D.A.R.E. Progress >$210M cost programme 64% executed to date, savings to be reinvested for transformation and growth initiatives Accelerate value creation from our core Process Automation) across our business, businesses: A cross-functional optimisation rolled out a new Knowledge Management programme resulted in best-in-class capital System and chatbot capability in our Contact expenditure investments, achieving 7.5% Centres. Meanwhile, our SmartHub Data Hello Change Governance committed capex/revenue ratio. Our review Analytics and Artificial Intelligence solutions of go-to-market strategies and contact centre enabled smart business decisions and Strong reception for the functions brought about a workforce that is delivered enhanced benefits to enterprise Hello Change campaign resulting now at an optimised level for the size of our clients in Advertising, Hospitality and many in a 130% improvement in NPS business. Coupled with other operational other industries. efficiencies, we achieved a 4.6% year-on-year decline in operating expenses, excluding our cybersecurity operations.
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