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2019 Annual Report

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2019 Annual Report FINANCIAL HIGHLIGHTS 2019 2018 Change Earnings & Dividends# Per Share Earnings per Share # Performance nd Dividends per Share Celebrating its 52 3.5 Loss per share HK$(0.67 ) HK$(0.45 ) 48% 3 Dividends per share year of operation, Television 2.5 - Interim HK$0.30 HK$0.30 2 - Final HK$0.20 HK$0.70 HK$0.50 HK$1.00 Broadcasts Limited is the 1.5 HK$ 1 HK$’mil HK$’mil leading terrestrial TV broadcaster 0.5 Revenue from external customers - Hong Kong TV broadcasting 2,190 2,923 -25% Since0 2016, TVB has headquartered in Hong Kong. TVB - myTV SUPER 442 402 10% -0.5 - Big Big Channel business 129 87 47% been-1 transformed from - Programme a licensing and 2015 2016 2017 2018 2019 is also one of the largest distribution 740 870 -15% YEAR # excluding special dividend - Overseas pay TV and traditional media to a TVB Anywhere 144 140 3% commercial Chinese programme - Other activities 4 55 -92% major digital player, 3,649 4,477 2019 Revenue from External Customers by producers in the world with an Operating Segment Segment profit/(loss)* % relating to 2018 are shown in brackets operating over-the-top - Hong Kong TV broadcasting (304 ) 194 N/A annual production output of over - myTV SUPER 40 16 154% Hong Kong TV broadcastingservices - Big Big Channel business 44 (19 ) N/A 60% (65%) myTV SUPER - Programme licensing and 22,000 hours of dramas and distribution 412 414 -1% Programmeand TVB Anywhere - Overseas, pay TV and licensing and TVB Anywhere (10 ) (16 ) -37% variety programmes, in addition distribution - Other activities (4 ) (17 ) -74% 20%social (19%) media platform - CorporateBig support# (152 ) (150 ) 1% to documentaries and news Other activities 26 422 -94% 1% (2%) Big Channel and e-commerceTotal expensesΔ 3,698 4,062 -9% reports, and an archive library of Overseas pay TV myTV SUPER Big Big andplatform TVB Anywhere 12% (9%) Big ChannelBig Shop Loss attributable. to equity holders (295 ) (199 ) 48% 3% (3%) business over 147,000 hours. Its 4% (2%) 31 December 31 December vertically integrated business 2019 2018 2019 Revenue by Geographical Location HK$’mil HK$’mil model extends from content % relating to 2018 are shown in brackets Total assets 8,595 10,256 -16% Total liabilities 3,006 3,949 -24% Hong Kong Total equity 5,589 6,307 -11% production, broadcasting to 72% (70%) Number of issued shares 438,000,000 438,000,000 distribution. Mainland China 15% (16%) Ratios Current ratio 4.2 5.9 Malaysia and Singapore Gearing 21.0% 29.1% 7% (8%) * USA and Canada Other territories excluding non-recurring items # comprised mainly of interest costs of TVB Notes 3% (3%) 3% (3%) Δ represented the total of cost of sales, selling, distribution and transmission costs and general and administrative expenses Celebrating its 52nd year of operation, Television Broadcasts Limited is the leading terrestrial TV broadcaster Since 2016, TVB has headquartered in Hong Kong. TVB been transformed from a is also one of the largest traditional media to a commercial Chinese programme major digital player, producers in the world with an operating over-the-top annual production output of over services myTV SUPER 22,000 hours of dramas and and TVB Anywhere, variety programmes, in addition social media platform Big to documentaries and news Big Channel and e-commerce reports, and an archive library of platform Big Big Shop. over 147,000 hours. Its vertically integrated business model extends from content production, broadcasting to distribution. Television Broadcasts Limited Annual Report 2019 1 Celebrating its 52nd year of operation, Television Broadcasts Limited is the leading terrestrial TV broadcaster Since 2016, TVB has headquartered in Hong Kong. TVB been transformed from a is also one of the largest traditional media to a commercial Chinese programme major digital player, producers in the world with an operating over-the-top annual production output of over services myTV SUPER 22,000 hours of dramas and and TVB Anywhere, variety programmes, in addition social media platform Big to documentaries and news Big Channel and e-commerce reports, and an archive library of platform Big Big Shop. over 147,000 hours. Its vertically integrated business model extends from content production, broadcasting to distribution. 2 Television Broadcasts Limited Annual Report 2019 CONTENTS p.12 OVERVIEW Message from Vice Chairman 4 Corporate Information 6 Milestones 8 Ratings Highlights p.15 10 Commendations and Awards 12 Message from Vice Chairman Group CEO Report 15 Group CEO Report 18 Business Structure MANAGEMENT DISCUSSION AND ANALYSIS p.20 20 Hong Kong TV Broadcasting Hong Kong TV Broadcasting 36 myTV SUPER 40 Big Big Channel Business 44 Programme Licensing and Distribution 47 Overseas Pay TV and TVB Anywhere p.36 54 Financial Review myTV SUPER GOVERNANCE 68 Directors’ Report 84 Corporate Governance Report p.40 110 Environmental and Social Report FINANCIALS Big Big Channel Business 134 Five-Year Financial Review 135 Independent Auditor’s Report 140 Audited Financial Statements p.44 International Operations p.62 Governance p.134 Financials Television Broadcasts Limited Annual Report 2019 3 CORPORATE INFORMATION CHAIRMAN EMERITUS NOMINATION COMMITTEE The late Sir Run Run SHAW GBM Felix FONG Wo Chairman Thomas HUI To BOARD OF DIRECTORS Anthony LEE Hsien Pin Dr. William LO Wing Yan VICE CHAIRMAN Dr. Allan ZEMAN LI Ruigang Belinda WONG Ching Ying EXECUTIVE DIRECTORS RISK COMMITTEE Mark LEE Po On Group Chief Executive Officer Felix FONG Wo Chairman Thomas HUI To Mark LEE Po On Dr. William LO Wing Yan NON-EXECUTIVE DIRECTORS Professor Caroline WANG Chia-Ling LI Ruigang Anthony LEE Hsien Pin INVESTMENT COMMITTEE CHEN Wen Chi Anthony LEE Hsien Pin Chairman Mark LEE Po On INDEPENDENT NON-EXECUTIVE DIRECTORS Thomas HUI To Dr. William LO Wing Yan JP Adrian MAK Yau Kee Chief Financial Officer and Professor Caroline WANG Chia-Ling Company Secretary Dr. Allan ZEMAN GBM, GBS, JP Felix FONG Wo BBS, JP SENIOR MANAGEMENT Belinda WONG Ching Ying Mark LEE Po On Group Chief Executive Officer Desmond CHAN Shu Hung Deputy General Manager BOARD COMMITTEES (Legal and International Operations) Felix TO Chi Hak Deputy General Manager EXECUTIVE COMMITTEE (Programme and Production) Mark LEE Po On Chairman Adrian MAK Yau Kee Chief Financial Officer and LI Ruigang Company Secretary Thomas HUI To AUDIT COMMITTEE COMPANY SECRETARY Adrian MAK Yau Kee Dr. William LO Wing Yan Chairman Email: [email protected] Anthony LEE Hsien Pin Fax: +852 2358 1337 Professor Caroline WANG Chia-Ling Felix FONG Wo REGISTERED OFFICE REMUNERATION COMMITTEE TVB City, 77 Chun Choi Street Belinda WONG Ching Ying Chairman Tseung Kwan O Industrial Estate LI Ruigang Kowloon, Hong Kong Felix FONG Wo 4 Television Broadcasts Limited Annual Report 2019 AUDITOR AMERICAN DEPOSITARY RECEIPTS PricewaterhouseCoopers BNY Mellon Shareowner Services Certified Public Accountants P. O. Box 30170 Registered Public Interest Entity Auditor College Station TX 77842-3170 LEGAL ADVISERS USA Freshfields Bruckhaus Deringer Mayer Brown INVESTOR RELATIONS Stephenson Harwood Email: [email protected] Fax: +852 2358 1337 PRINCIPAL BANKERS Shanghai Commercial Bank Limited WEBSITE Bank of Communications Co., Ltd. Hong Kong Branch www.corporate.tvb.com Standard Chartered Bank (Hong Kong) Limited The Hongkong and Shanghai Banking CORPORATE CALENDAR Corporation Limited FOR TELEVISION BROADCASTS LIMITED Chong Hing Bank Limited SHAREHOLDERS UBS AG FIRST BOOK CLOSE PERIOD 29 April 2020 to 27 May 2020, SHARE REGISTRAR AND TRANSFER OFFICE both dates inclusive Computershare Hong Kong Investor Services Limited Shops 1712-1716, 17th Floor ANNUAL GENERAL MEETING Hopewell Centre, 183 Queen’s Road East 27 May 2020 Wan Chai, Hong Kong EX-DIVIDEND DATE OF 2019 FINAL DIVIDEND 1 June 2020 STOCK CODES SECOND BOOK CLOSE PERIOD TVB Ordinary Shares 3 June 2020 to 5 June 2020, The Stock Exchange of Hong Kong: 00511 both dates inclusive Reuters: 0511.HK Bloomberg: 511 HK PAYMENT OF 2019 FINAL DIVIDEND* TVB ADR Level 1 Programme: TVBCY 16 June 2020 * Subject to Shareholders’ approval at 2020 annual general TVB Finance Guaranteed Notes meeting of the Company The Stock Exchange of Hong Kong: 04577 FOR HOLDERS OF US$500,000,000 AGGREGATE ISIN: XS1495978329 PRINCIPAL AMOUNT OF 3.625 PERCENT Common Code: 149597832 GUARANTEED NOTES DUE 2021 ISSUED BY TVB FINANCE LIMITED INTEREST PAYMENT FOR 2020 1st interest payment: 11 April 2020 2nd interest payment: 11 October 2020 MATURITY DATE 11 October 2021 Television Broadcasts Limited Annual Report 2019 5 MILESTONES 1976 1981 Began programme licensing, Adopted a programming strategy video rental business and of broadcasting 2.5 hours of 1971 operation of cable and drama serials on Jade during Launched the rst colour production satellite television channels in weekday prime time to build Enjoy Yourself Tonight (EYT) overseas markets viewership momentum 1967 1973 1980 1984 Obtained a Broadcasting Licence in Organised the rst Miss Hong Kong Pageant Sir Run Run Shaw, G.B.M., one HK-TVB was listed on HKSE September and commenced free-to-air which has since become an iconic annual event of the founders of the Group, broadcasting on 19 November as the became Chairman of the Board rst wireless commercial television in of Directors Hong Kong. Headquartered on Broadcast Drive, Kowloon 2003 2004 Moved headquarters to TVB Granted Guangdong Landing 1988 1994 City in Tseung Kwan O Rights for distribution of Jade Television Broadcasts (TVB) became the listed Obtained approval from Broadcasting Authority Industrial Estate with a total and Pearl channels in the parent
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