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Teamwork, Together We Reach New Heights 2015 ANNUAL REPORT

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Teamwork, Together We Reach New Heights 2015 ANNUAL REPORT Asia Satellite Telecommunications Holdings Limited Stock Code: 1135 2015 ANNUAL REPORT Asia Satellite Telecommunications Holdings Limited Telecommunications Asia Satellite Teamwork, together we reach new heights 2015 ANNUAL REPORT ANNUAL 2015 Asia Satellite Telecommunications Holdings Limited www.asiasat.com ABOUT AsiaSat Asia Satellite Telecommunications Holdings Limited (the “Company”) indirectly owns Asia Satellite Telecommunications Company Limited (“AsiaSat”) and other subsidiaries (collectively the “Group”) and is listed on The Stock Exchange of Hong Kong Limited (“Stock Exchange”) (Stock Code 1135). AsiaSat is Asia’s premier provider of high quality satellite services to the broadcasting and telecommunications markets. The Group owns six satellites that are located in prime geostationary positions over the Asian landmass and provide access to two-thirds of the world’s population. OUR VISION To be the foremost satellite solution provider in Asia and the instinctive and desired partner of choice. www.asiasat.com Contents Financial Highlights 2 Corporate Information 3 Chairman’s Statement 4 Operations Review 12 Corporate Governance Report 17 Environmental, Social and Governance Report 33 Management Discussion and Analysis 38 Biographical Details of Directors and Senior Management 43 Directors’ Report 49 Audit Committee Report 61 Index to the Consolidated Financial Statements 62 Financial Summary 124 Independent Auditor’s Report 125 Shareholder Information 127 Financial Highlights 2015 2014 Change Revenue HK$M 1,311 1,365 –4% Profits attributable to owners of the Company HK$M 440 559 –21% Dividend HK$M 4,722 223 +2,017% Capital and reserves HK$M 2,674 7,107 –62% Earnings per share HK cents 112 143 –21% Dividend per share HK cents 1,207 57 +2,017% Dividend cover Times 0.1 2.5 –96% Return on equity Percent 16 8 +100% Net assets per share — book value HK cents 684 1,817 –62% Gearing ratio Percent 57 N/A N/A 2 AsiaSat Annual Report 2015 Corporate Information CHAIRMAN AND NON-EXECUTIVE DIRECTOR NOMINATION COMMITTEE JU Wei Min (re-designated from Deputy Maura WONG Hung Hung (Chairman) Chairman to Chairman on JU Wei Min 1 January 2016) Alex S. YING (appointed on 19 May 2015) Sherwood P. DODGE (resigned on 19 May 2015) Stephen LEE Hoi Yin James WATKINS DEPUTY CHAIRMAN AND NON-EXECUTIVE Sherwood P. DODGE (resigned on 19 May 2015) DIRECTOR Gregory M. ZELUCK (appointed on 19 May 2015 and REMUNERATION COMMITTEE re-designated from Chairman Stephen LEE Hoi Yin (Chairman) to Deputy Chairman on Peter JACKSON 1 January 2016) Gregory M. ZELUCK (appointed on 19 May 2015) EXECUTIVE DIRECTOR Kenneth McKELVIE William WADE (President and Chief Executive Maura WONG Hung Hung Officer) John F. CONNELLY (resigned on 19 May 2015) NON-EXECUTIVE DIRECTORS COMPANY SECRETARY LUO Ning Sue YEUNG Peter JACKSON Julius M. GENACHOWSKI (appointed on 19 May 2015) AUTHORISED REPRESENTATIVES Alex S. YING (appointed on 19 May 2015) William WADE John F. CONNELLY (resigned on 19 May 2015) Sue YEUNG Nancy KU (resigned on 19 May 2015) AUDITORS ALTERNATE DIRECTOR PricewaterhouseCoopers CHONG Chi Yeung (alternate director to LUO Ning) INDEPENDENT NON-EXECUTIVE DIRECTORS PRINCIPAL BANKERS The Hongkong and Shanghai Banking Corporation Stephen LEE Hoi Yin Limited Kenneth McKELVIE Standard Chartered Bank (Hong Kong) Limited James WATKINS Maura WONG Hung Hung OTHER BANKERS AUDIT COMMITTEE China Construction Bank (Asia) Corporate Limited Kenneth McKELVIE (Chairman) DBS Bank Limited (Hong Kong Branch) Stephen LEE Hoi Yin James WATKINS PRINCIPAL SOLICITORS Maura WONG Hung Hung Mayer Brown JSM JU Wei Min (Non-voting) Alex S. YING (Non-voting) REGISTERED OFFICE (appointed on 19 May 2015) Canon’s Court Nancy KU (Non-voting) 22 Victoria Street (resigned on 19 May 2015) Hamilton HM12 Bermuda COMPLIANCE COMMITTEE James WATKINS (Chairman) HEAD OFFICE Julius M. GENACHOWSKI (appointed on 19 May 2015) 12/F., Harbour Centre Peter JACKSON 25 Harbour Road William WADE Wanchai Stephen LEE Hoi Yin Hong Kong Kenneth McKELVIE Sherwood P. DODGE (resigned on 19 May 2015) AsiaSat Annual Report 2015 3 Chairman’s Statement INTRODUCTION AsiaSat had a transformative year in 2015, during which the Company prepared itself for the challenges and opportunities that lie ahead. During the year, a subsidiary of The Carlyle Group L.P. (“Carlyle”) acquired all the shares in the Company previously owned by General Electric Company (“GE”), one of our former major shareholders. The Company’s capital structure was changed following the payment of a special dividend to all shareholders. Late in the year, we regained access to Chinese video market after an absence of nine years. Additionally, we undertook a major rebranding exercise and re-organised our sales teams to enhance further our proactive approach to customer service. During the year, customers continued to trust us with providing excellent coverage of major news, sporting and political events across the region. These included the FA Cup, the Australian Open Tennis and the Southeast Asian Games in Singapore as well as the Asian African Conference in Indonesia and the 2015 APEC Economic Leaders’ Meeting in the Philippines. As we announced in November 2015 and anticipated in our 2014 annual and 2015 interim reports, the Company’s financial results were affected in 2015 by a number of factors. During the year, we were faced with depreciation and interest expenses for our new AsiaSat 6 and AsiaSat 8 satellites, as well as the additional costs of financing the special dividend paid. As a result of delays in receiving required licences for new satellites to operate in certain key markets, these additional costs were not mitigated as the Company was unable to commence providing services to the expected new customers for our new satellites during the year. Nevertheless, with the licence granted at the beginning of 2016, we secured a new customer to use AsiaSat 6 to provide video services in China. This new contract has begun to generate revenues for 2016. Additionally, with our first Ultra HD (“UHD”) television channel launched on AsiaSat 4 in October 2015, we announced the launch of the second channel, which will help lay the groundwork for the future development of UHD in Asia and on AsiaSat 4. Challenges for the Industry In 2015, the environment for the satellite broadcasting industry was very competitive. Excess capacity in the region, slowing demand in some markets and increasing competition among global and regional operators exerted downward pressure on transponder pricing. Some governments in developing countries continued the trend of launching satellites for their local markets, increasing supply and in some cases restricting market access for foreign satellite operators. 4 AsiaSat Annual Report 2015 AsiaSat Annual Report 2015 Chairman’s Statement INTRODUCTION (CONTINUED) Challenges for the Industry (continued) We also began to see changes in the industry as customers in established markets began to explore the use of terrestrial networks for certain content and data delivery. All of these trends will continue to have an impact on our business and the industry at large in 2016. FINANCIAL PERFORMANCE Revenue Revenue for 2015 was HK$1,311 million (2014: HK$1,365 million), representing a decrease of 4% from the previous year. The decline was primarily attributable to non-renewals of contracts by several customers due to challenging conditions in their markets and downward pressure on transponder pricing. Operating Expenses Operating expenses in 2015, excluding depreciation, totalled HK$253 million (2014: HK$260 million), representing a decrease of 3% compared with the previous year. The decrease was mainly the result of lower legal and professional fees, recovery of certain impaired debts and lower satellite operating expenses. Nevertheless, the increased exchange loss due to the revaluation of the Renminbi offset the savings mentioned above. Finance Expenses Finance expenses in 2015 were HK$77 million, an increase of HK$74 million, compared to HK$3 million in the previous year. The finance expenses represented the interest associated with the Ex-Im loan and the dividend loan. The increase was in line with the increased level of borrowing during the year and included the effect of a lower interest expense being capitalised in the cost of AsiaSat 6 and AsiaSat 8, when compared to 2014. Depreciation Depreciation in 2015 was HK$469 million (2014: HK$467 million), remaining stable compared to the previous year. Despite AsiaSat 3S being fully depreciated in April 2015, the savings resulting from this were largely offset by the commencement of depreciation for AsiaSat 6 and AsiaSat 8 in the second half of the year. AsiaSat Annual Report 2015 AsiaSat Annual Report 2015 5 Chairman’s Statement FINANCIAL PERFORMANCE (CONTINUED) Profit Profit attributable to owners of the Company for 2015 was HK$440 million (2014: HK$559 million), a decrease of HK$119 million, or 21%. The decrease was due to lower revenue, increased interest expense and the lack of finance income generated in the prior year. Cash Flow The Group generated a net cash outflow, including the movement in short-term deposits with maturities over three months, of HK$3,101 million in 2015 (2014: inflow of HK$1,849 million). As of 31 December 2015, the Group had cash and bank balances of HK$238 million (31 December 2014: HK$3,346 million). The cash inflow mainly comprised the net cash from operations of HK$875 million (2014: HK$1,012 million) and the proceeds from the bank borrowings of HK$1,896 million (2014: HK$2,173 million). The cash outflow mainly comprised the payment of dividends of HK$4,874 million (2014: HK$969 million) including a special interim dividend of HK$4,651 million (2014: Nil), payment of capital expenditures of HK$692 million (2014: HK$1,024 million) and the repayment of bank borrowings of HK$328 million (2014: Nil). Dividends Having regard to the significant dividend already paid in 2015, the Board does not recommend a final dividend (2014: a final dividend of HK$0.39 per share).
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