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Annual Report 2018Opens in New Window DARE TO EVOLVE STARHUB LTD Annual Report 2018 Staying at the forefront of the industry requires us to constantly grow and evolve, and this priority has never been clearer. This year, we have engaged in an organisation-wide journey of transformation, backed by our strategic pillars to DARE: Deliver Market- Leading Customer Experiences, Accelerate Value Creation, Realise New Opportunities, and Enhance Digital Transformation. This year, our commitment to become more effective and efficient has grown stronger than ever before. This year, our journey has been made possible because we DARE to Evolve. CORPORATE PROFILE VISION MISSION CORE VALUES StarHub is a leading Inspiring Digital Innovation Leading, innovative ExCITe: homegrown Singapore – Improving the lives of our provider of communications, Excellence, company that delivers world- customers daily. information and Creativity, class communications, entertainment services, Integrity, entertainment and digital enabling consumers and Teamwork solutions. enterprises in Singapore to benefit from digital transformation. OVERVIEW WHAT’S IN STORE As an integrated infocommunications company, we create value when we integrate our relationships with all stakeholders. For more details, go to page 18 > STRATEGY STRATEGY OVERVIEW At a Glance 10 STRATEGY Chairman’s Message 12 Significant Events 16 Value Creation 18 Enhancing the Customer Experience 20 Board of Directors 22 In Discussion with Senior Executives 28 PERFORMANCE Senior Executives’ Profiles 38 PERFORMANCE Consumer Hubbing in Review Consumer 42 Technology has brought opportunities for StarHub to deliver more Enterprise 48 seamless experiences to our customers. For more details, go to page 42 > GOVERNANCE Corporate Governance 52 Directors’ Particulars 83 GOVERNANCE Awards and Industry Honours 86 Investor Relations 88 Risk Management 90 Group Financial Review 94 SUSTAINABILITY Sustainability Report 100 FINANCIALS Financial Statements 2018 139 SUSTAINABILITY Directors’ Statement 140 Independent Auditors’ Report 149 Enterprise Statements of Financial Position 157 Serving the enterprise customers involves investments in Consolidated Income Statement 158 infrastructure, building trust and a focus on the customer’s business. Consolidated Statement of Comprehensive Income 159 For more details, go to page 48 > Statements of Changes in Equity 160 Consolidated Cash Flow Statement 166 Notes to the Financial Statements 167 OTHERS Interested Person Transactions 261 Shareholding Information 262 FINANCIALS Notice of Annual General Meeting 264 View our Report Online Additional Information on Directors Seeking Re-election 268 2018 Annual Report Corporate Information 278 Go green and help reduce our carbon footprint. Proxy Form Download via www.starhub.com/ir. ‘Hello Change’ CAMPAIGN BEGAN WITH LAUNCHING OF NEW CONTRACT- FREE MOBILE PLANS; FIRST TO REMOVE HIDDEN FEES 1st Singapore telco to offer D ELIVERING Google Home MARKET-LEADING CUSTOMER EXPERIENCES Showcased our suite of content at the inaugural ‘StarHub Night of Stars’ Awards Show With our strong capabilities in innovation, technology, service delivery, marketing, and customer support, our aim is to ensure our customers – both consumer and enterprise – operate productively and Free outgoing calls with enjoy communications in the digital era. StarHub Mobile prepaid StarHub Go Streaming Box – a brand new all-in-one entertainment destination 16.0% INCREASE IN ENTERPRISE FIXED REVENUE Joint venture with Temasek Holdings to form one of Asia’s largest cyber security companies – A CCELERATING Ensign InfoSecurity VALUE 1st in Singapore to launch CREATION commercially-ready 4G 1Gbps network After 18 years of delivering on our brand promise, we aim to head into a new chapter with a stronger commitment to greater conveniences for our customers, and 1st in Singapore to pilot 5G New greater value. Radio on 3.5GHz band World’s fastest 4G and 3G speeds* *As ranked by OpenSignal WON EXCLUSIVE SALES DISTRIBUTION RIGHTS FOR YIPPY ENTERPRISE SEARCH SOLUTIONS IN SINGAPORE EALISING R Deepen strategic partnerships with SPH to explore smart, NEW digital and IoT solutions OPPORTUNITIES We have improved our coverage and increased data throughput and capacity. MVNO partnerships with We are planning the future evolution of our MyRepublic & VivoHub networks including our commitment to the fully-fibred network and our move towards 5G. OFFERED IoT COMMERCIAL VEHICLE SOLUTIONS TO SBS TRANSIT Carrier billing across major ENHANCING app stores DIGITAL TRANSFORMATION Appointed to support digital We have made investments in improving transformation at Kampong Glam our digital platforms, adopting the highest standards in cyber security and upgrading our IT systems, so that it will allow us greater flexibility to plan and execute our vision of a truly digital future. Social listening capabilities for OCBC Bank DARE To Evolve AT A GLANCE WHAT WE OFFER StarHub is a leading homegrown Singapore company that brings to people, homes and enterprises world-class communications, entertainment and digital solutions. StarHub is 51% challenging CONSUMER the norm, and customers can look forward to MOBILE PAY TV BROADBAND seeing positive A wide range of mobile services, A suite of international and Google Home – the hub in changes across enabling customers to call, text local TV channels, an OTT app smart homes that integrates our and access the internet, stream StarHub Go and StarHub Go customers’ smart devices and our entire range music and watch videos whether Streaming Box, to catch the gives them hands-free control of products & at home or travelling abroad. latest drama, education or sports over their home appliances, programmes. schedules and StarHub accounts. services. 10 STARHUB LTD Annual Report 2018 OVERVIEW We boosted our capabilities in cyber security, cryptography & digital security solutions, and invested in STRATEGY adjacent areas such as AI, digital platforms 49% & IoT. ENTERPRISE PERFORMANCE TELCO SERVICES A wide variety of telco services for enterprises including OUR SUSTAINABILITY EFFORTS mobility, internet connectivity and global VPN. CO2E GENDER TRAINING HOURS EMISSIONS GENERATED DIVERSITY PER EMPLOYEE ICT SOLUTIONS GOVERNANCE Extending the scope to include ICT solutions like IoT, cyber security, data centre and cloud services. DIGITAL SERVICES 2018 2018 2018 * 61,716 41% 59% 19 SUSTAINABILITY Introduce digital services like tonnes Female Male hours cyber security, digital marketing & HR payroll offerings to SMEs as 2017 2017 2017 part of the “Digital Start” initiative with IMDA & partners. 54,822 42% 58% 17 tonnes Female Male hours 2016 2016 2016 WHOLESALE SERVICES 54,705 42% 58% 19 tonnes Female Male hours Market and sell capacity on our core fixed network to Facilities- Based and Service-Based FINANCIALS Operators. * Expansion of measurement of energy consumption includes two more technical centres. 11 DARE To Evolve STARHUB LTD Annual Report 2018 OVERVIEW CHAIRMAN’S MESSAGE Dear Shareholders, The four pillars that form the DARE During 2018, our industry continued to be strategic framework are: Recap 2018 StarHub’s transformation shaped by disruptive technologies, new • Deliver market-leading customer plans are based on four market entrants, rapidly evolving consumer experiences preferences, regulatory changes, and the • Accelerate value creation from our key strategic pillars continuing convergence of information core business STRATEGY Enterprise (DARE) and three vital technologies and communications • Realise growth from new technologies including new cloud-based opportunities and acquisitions enablers (HUB) to guide solutions for enterprises. • Enhance efforts to digital transform Ensign its operations. internally and externally Those industry trends, along with InfoSecurity their resultant risks and opportunities, Our HUB enablers include: Joint venture company with STEVEN TERRELL CLONTZ Chairman further define the need to accelerate the • Highly reliable, advanced, secure Temasek Holdings to form one transformation of StarHub’s operating model. networks and platforms of Asia’s largest pure-play cyber • Understanding and leveraging security providers. Peter Kaliaropoulos joined StarHub as our customer insights PERFORMANCE For more details, go to page 49 > CEO in July 2018. Immediately upon his • Best in class, high performance arrival, Peter focused his executive team culture and employee engagement Brand on refining and executing an operating model that aligns with StarHub’s directional StarHub’s strategic pillars and key enablers strategy to minimise the negative impact on underpin its fundamental Hubbing Hello Change StarHub by the disruptions in our industry proposition of uniting mobile, pay TV and while seizing new opportunities that arise. broadband services to deliver better value Launched “Hello Change” to our customers. Hubbing has been a campaign as a brand promise to That strategy and operating model are cornerstone of StarHub’s strategy since deliver simplicity to our customers. boosted by a renewed business purpose 2002 and remains relevant to our customers. For more details, go to page 36 > and a strengthening of the challenger GOVERNANCE culture and innovative spirit that StarHub While we continue with the strategic Sustainability embraced almost 20 years ago when elements of leveraging our “hubbing” StarHub first launched. credentials, we have also re-examined Singapore all aspects of the business, including StarHub’s transformation plans are based current and future staff skill sets, incentive
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