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And Straightforward Next Media Limited Annual Report 2003/04 and straightforward OPENNext Media Limited Annual Report 2003/04 Company Profile Next Media Limited (the “Company” or “Next Media”, together with its subsidiaries, the “Group”) is Hong Kong’s largest and most influential Chinese language print media conglomerate. Since the launch of Next Magazine in 1990, the Company has built up an enviable bond of trust with its readers as a result of its unwavering commitment to removing all fiction and artificiality from its editorial content. With one hugely popular daily newspaper and four widely read weekly magazines and its burgeoning Internet business, Next Media remains a Hong Kong market leader in terms of readership, circulation and sustainable advertising revenue. Always conscious of its pledge to add value for its shareholders, the Company will not rest on these impressive laurels. Building upon its achievements in Hong Kong, Next Media began to expand its operations into the lucrative Taiwan market in 2001. To ensure its long term success, the Company has allocated much resources into the construction of production facilities and the setting up of expert operation teams. The Group strongly believes that its titles cater to the needs and preferences of its Taiwanese readers, in terms of both information and entertainment value. The fruits of this groundwork was harvested when Taiwan Next Magazine broke even on schedule in mid-2003. Taking its successful Hong Kong sister publication as an example, and carefully tailoring its content to match the local mass market readership profile, the title is now a major force in the Taiwan weekly magazine market. Last year’s launch of Taiwan Apple Daily further underlined the Group’s confidence in, and commitment to, serving its growing readership in Taiwan. While Taiwan Apple Daily will not be immune from the inevitable obstacles and challenges that all successful publications have to face during their early stages, encouraging progress indicates that the paper has a very bright future indeed. For the six months ended December 2003, Taiwan Apple Daily had achieved an average daily circulation of about 406,599 copies. These are, by any standards, impressive achievements for a fledgling paper in the first eleven months of its life. Contents Business Highlights Corporate Governance Auditors’ Report 01 33 57 Financial Highlights Frequently Asked Questions Consolidated Profit and 02 38 58 Loss Account Share Information Directors and Senior Balance Sheets 04 39 Management 59 Letter to Shareholders Corporate Structure Consolidated Statement of 05 42 60 Changes in Equity Management Discussion Corporate Information Consolidated Cash Flow 07 and Analysis 43 61 Statement Operational Review Notes to the Accounts Financial Review 62 Financial Reports Commitments Directors’ Report Five Years Financial Summary 29 45 110 Business Highlights Financial Highlights Share Information a hard look at the highlights 01 Business Highlights Taiwan Next Magazine Achieved Break Even With advertising revenue for the year ended 31 March 2004 showing a year-on- year increase of 84.6%, Taiwan Next Magazine broke even on schedule in May 2003. As a result, the title has contributed an encouraging segment profit of some HK$9.5 million for the year. With readership and advertising revenue growing steadily, year 2005 should see the publication continue to consolidate its position as the most widely read of all weekly magazines in Taiwan. Taiwan Apple Daily : A Top Title In Taiwan Since its launch on 2 May 2003, Taiwan Apple Daily has built up an average daily circulation of about 406,599 copies for the six months ended December 2003. The encouraging response Taiwan Apple Daily has received from readers during its first year has paved the way for increased advertising revenue and improved results for the coming year. Ad Sales Experienced Strong Post-SARS Recovery Despite a decline in advertising sales of around 20.1% monthly at the height of the Severe Acute Respiratory Syndrome (“SARS”) crisis in April and May 2003, Apple Daily recovered strongly after SARS subsided. The total turnover for the year of Apple Daily was just slightly lower than the previous year. Other magazines in Hong Kong published by the Group were not materially affected. HK Weeklies Demonstrated Encouraging Circulation Increases Easy Finder and Sudden Weekly and Eat & Travel Weekly bundle (the “Bundle”) recorded impressive 27.4% and 3.9% increases in circulation figures following their respective revamps. Figures for Easy Finder jumped from 89,219 during the six months ended December 2002 to 113,624 during the six months ended December 2003, while circulation for the Bundle grew from 189,216 to 196,539 during the same period. 02 Financial Highlights Turnover EBITDA HK$'000 HK$'000 2,500,000 2,437,109 800,000 2,150,072 2,000,000 635,626 600,000 1,500,000 400,000 1,120,876 1,000,000 220,999 200,000 167,742 500,000 0 0 02 03 04 02 03 04 Profit / (Loss) for the year Basic Earnings / (Loss) per share HK$'000 HK$ Cents 400,000 40 341,546 300,000 30 28 200,000 20 100,000 10 3 26,549 -6 0 -89,920 0 -100,000 -10 02 03 04 02 03 04 Comparative figures for the years ended 31 March 2002 and 2003 have been restated. 03 Financial Highlights Current Ratio Quick Ratio % % 400 350 320.3 343.0 350 300 300 250 250 200 203.3 176.7 172.2 200 190.5 150 150 100 100 50 50 0 0 02 03 04 02 03 04 Gearing Ratio Debt To Equity Ratio Working Capital Turnover % % 30 30 8 6 20 20 5.1 4 3.8 3.3 10 10 8.9 8.2 8.2 6.7 6.5 6.2 2 0 0 0 02 03 04 02 03 04 02 03 04 04 Share Information as at 31 March 2004 Shareholders for Ordinary Shares – Mr. Jimmy Lai 66.18% – Directors other than Mr. Jimmy Lai 1.15% – Others 32.67% Authorised Share Capital HK$4,600,000,000.00 – Ordinary Shares 2,570,000,000 Shares at HK$1.00 each – 2% Convertible Non-voting Non-cumulative Preference Shares (non-listed) 1,160,000,000 Shares at HK$1.75 each Issued Share Capital HK$3,088,634,576.00 – Ordinary Shares 1,478,634,576 Shares at HK$1.00 each – 2% Convertible Non-voting Non-cumulative Preference Shares (non-listed) 920,000,000 Shares at HK$1.75 each Share Options for Ordinary Shares granted and unexpired – at exercise price of HK$1.67 each 17,716,800 Option Shares – at exercise price of HK$1.00 each 81,505 Option Shares Market Capitalization – at HK$3.40 per ordinary share (closing price on 31 March 2004) HK$5.03 billion Stock Code – The Stock Exchange of Hong Kong Limited Main Board 282 Board Lot 2,000 Shares Letter to Shareholders clearly taking a leadership position 05 Letter to Shareholders I am 55 this year and in my 43 years in business, I would say that 2003 was probably both the saddest and happiest year in my working life. It was sad because the Hong Kong economy was dealt a fierce blow by the unprecedented SARS epidemic; happy because Next Media staged a most impressive performance in Taiwan during the year. In Hong Kong, our advertising revenue was drastically reduced as a result of SARS. This was, however, a short-term adversity. We recovered almost instantly once SARS disappeared. Afterall, the cornerstone that we have painstakingly built would not be easily destroyed. We upheld our reporting style in the versatile environment and stood firm in the market, thanks to our fierce commitment to seeking the truth. To any enterprise, customers are most important. The success of a company depends on whether it can produce popular products targeting customers’ needs. To Next Media, newspapers and magazines are our products, and readers are our customers. Only if we continuously strengthen our products, by providing readers with the information they want, can we satisfy their needs. Only when we have readers’ support can we win the trust from advertising clients. This is simple reasoning. Nine years ago when I founded Apple Daily, I kept thinking to myself: What kind of newspaper do readers really want? During the second year of operations, Apply Daily made its first profitable month since inception. What does this demonstrate? That Apple Daily’s colourful page layout, vivid pictures, and its bold and robust reporting style are exactly what Hong Kong readers want. The emergence of Apple Daily has downright transformed the Hong Kong media culture and without doubt, established new standards for the Hong Kong media. Taiwan Apple Daily made its debut in May last year. Patterned on Hong Kong’s Apple Daily, the Taiwan version is mainly stocked with local news and information. In less than a year, its daily circulation shot through 400,000 and was the champion in the whole of Taiwan in terms of newsstand circulation. What does this demonstrate? That despite discrepancies in language and culture between Hong Kong and Taiwan, our readers have similar demands in news reporting. I am confident that Taiwan Apple Daily will continue the legacy of Apple Daily and generate profits for the Group and our shareholders in the future. Looking at the year ahead, we shall continue to uphold our dedication to cost control in both Hong Kong and Taiwan. However, we shall not in any way sacrifice our content for the sake of cost-cutting. A rich content is our trademark and a competitive edge we swear to protect. Our business in Hong Kong has benefited from our economy of scale and enormous distribution network.
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