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1999 Annual Report

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1999 Annual Report Dear Fellow Shareholders: BayanTel and SkyCable will be reconfigured to take full advantage of their joint carriage capabilities. The The impact of globalization and technology on world converged BayanTel and SkyCable will create an economies has made it necessary for business units to Integrated Broadband Services Group that will allow reinvent themselves, to devise new ways of exacting content provided by ABS-CBN and our new media improved efficiencies in operations. Boundaries are companies to be available to corporate and consumer falling down, like the old Berlin wall, between companies clients. and between technologies. Big is no longer bad, so long as competitive pressure continues to provide the best At present, SkyCable is offering Internet access through value to the customer. both cable and dial-up facilities, while BayanTel provides dedicated Internet access through leased lines and Thus it seems that companies, notably those involved in Frame Relay. In the future, BayanTel and SkyCable will technology, are merging to gain the financial and jointly offer cable telephony. technical muscle necessary to invest in and to develop the products and services for today’s emerging economy. From the point of view of the customer, a single wire into Technologies too are merging with each other, with his home or office will bring not only entertainment on boundaries blurring between software and hardware, traditional cable television but also broadband access to carriage and content. the Internet and eventually, voice over IP (Internet Protocol). All these are captured in a word that is often heard today: convergence. Simply, convergence refers to the coming together of technologies and systems used in what used to be separate industries, to create new and improved products and services that improve operations, as well as better serve customers. From our perspective as a business, we are able to maximize the use of existing infrastructure and capability In Benpres, we are looking at convergence possibilities for content, with higher-value products and services. We in two areas. First and more obvious, due to ample will be able to bundle products where we enjoy a media coverage, is the convergence in communications. competitive head start and higher service penetration. Our broadcasting, cable and telecommunications companies can come together to create services possible Second and less obvious is the potential of convergence only through joint undertakings. across our various utility and infrastructure companies, in power, tollways, water, telecoms and cable. There is Hence, ABS-CBN is providing content not only for great potential to create operational efficiencies in such traditional free TV and radio, or what we have known as key areas as customer service, billing and payment, line broadcasting. In the new economy, ABS-CBN is incubating installation and customer data base mining. the development and growth of new media like a UHF station, portals and web sites, and specialized cable CIS, our information technology joint venture with channels or what is now known as narrowcasting. Meralco, will play a key role in facilities sharing and 2 management among our power, water and toll road this translates into a one-off charge of Php 2.18 billion. concerns. Its traditional business of systems integration will be useful in the effort of our affiliates to integrate This provisioning was offset by the one-time gain booked some of their key functions. from our sale of PCIBank earlier in 1999. We sold PCIBank to focus on our core businesses -- communications and We further anticipate the creation of new B2C and B2B utilities. The elements of our convergence strategy are businesses, leveraging our call center, logistics and the direct beneficiaries of our bold moves in 1999. customer relationship management platforms. Our Manila North Tollways and Maynilad Water projects Events over the past year have given us impetus to continue to move forward. The shareholders’ agreement explore the potential of convergence for our companies. for MNTC was signed in December 1999 and we broke We commissioned international consultants McKinsey ground on Phase 1 of the Project in March 2000, to and Company to help us lay the initial conceptual widen and modernize the existing North Luzon Expressway. framework on how to best pursue this strategy across the Maynilad gave the mandate for term financing in July group. The demands of the new economy call for us to re- 1999 and we signed a bridge facility for US$100 million invent ourselves if we want not only to survive but to in March 2000. The water utility is currently arranging a remain highly competitive. term loan for US$350 million. This will help us rehabilitate an aging network, reduce non-revenue water and increase The challenges posed by the new economy are, water, sanitation, and sewerage service coverage. The power sector is as always, expected to deliver the cash flows, especially when the first 1,000 megawatts of the Sta. Rita, Batangas natural gas fired power plant goes on stream in June 2000. Your company is well positioned to benefit from converging services and technologies across the entire group. With our leadership in both content and carriage, Benpres is expected to be a leader in the new economy taking shape. As the analysts would say, we don’t know how it will look like – it’s like imagining talkies during the era of silent films. But happen, it will. The Philippine economy may take a little longer to take off. But with the help of these new technologies and the enthusiasm with which Philippine companies have embraced them, we face the future with confidence. however,precisely Thank you for your continued support. the kind where the Benpres companies should thrive best. We have in fact, used the lull in last year’s local business environment as the OSCAR M. LOPEZ opportunity to clean up our business strategies and our Chairman, President & Chief Executive Officer books. Last year, BayanTel took a full provision against its investment in Express Telecom, an analog cell phone service provider. This eliminates the recurring strain on BayanTel’s financial performance. At the Benpres level, 3 4 OVERVIEW The Philippine economy remained weak for the greater part of 1999. It was a tremendous challenge for businesses to operate profitably. As the old millennium drew to a close, it became more apparentthat competitiveness was the key to survival. Working ahead of the pack, Benpres began executing a convergence strategy aimed at harnessing its substantial communications and utilities assets, so as to provide optimum value for its shareholders and for the customers of its public service companies -- here at home and overseas. 5 Broadcasting & Cable The PDRs unlocked the value of ABS-CBN Broadcasting Corporation ABS-CBN, allowing foreigners to posted an 18% increase in net revenues participate in a media enterprise whose ownership is constitutionally limited to 1999 Top 20 Primetime Shows to Php 7.7 billion and a 15% rise in net income to Php 2 billion. ABS-CBN's key Filipinos. With foreigners allowed to buy Rank Program Channel Rating Audience role in Benpres's convergence strategy is PDRs, ABS-CBN shares which have long (%) Share(%) as content provider for affiliate service been undervalued, can now play catch-up companies. with regional media counterparts. 1 Mula Sa Puso ABS-CBN 45 63 2 Esperanza ABS-CBN 39 56 3 TV Patrol ABS-CBN 29 55 Over the next two to three years, Also last year, the ABS-CBN web site 4 Saan Ka Man Naroroon ABS-CBN 27 42 Labs Ko Si Babes ABS-CBN 27 43 ABS-CBN is expected to sustain its (http://www.abs-cbn.com) spun off its 5 Oka Tokat ABS-CBN 26 42 growth with ABS-CBN International and news content into ABS-CBN Online Super Laff-In ABS-CBN 26 44 Studio 23 beginning to contribute (http://www.abs-cbnnews.com), now 6 Home Along da Riles ABS-CBN 25 41 Regal Presents ABS-CBN 25 47 significantly to income. Its core business generating almost a million hits a day. Ghost Fighter GMA 25 36 continues to enjoy pricing power with its This year, ABS-CBN Interactive, Inc. 7 Cine Fiesta ABS-CBN 24 40 was established to explore business Katapat Mayor Fred Lim ABS-CBN 24 45 superior programming, and trend setting 8 Nagmamahal Pa Rin Sa'yo ABS-CBN 23 39 initiatives like the extension of primetime opportunities in portal development Magandang Gabi, Bayan ABS-CBN 23 48 and the dubbing of top-rated productions and e-commerce. Its portal 9 Maala-ala Mo Kaya ABS-CBN 22 43 Flame of Recca GMA 22 35 in regional languages. (http://www.pinoycentral.com) Okidokidoc ABS-CBN 22 37 aims to link Filipinos all over the world. 10 Wansapanataym ABS-CBN 21 36 Studio 23 has managed to book a profit Star Cinema ABS-CBN 21 38 Kaya ni Mister, Kaya ni Misis ABS-CBN 21 34 after just two years in operation, a rather Sky Vision Corporation sustained its Source: AC Nielsen, TV Meter Household Data astonishing feat for a major broadcast market leadership in the cable TV station. Its bent for unique event industry nationwide, pursuing a marketing, like the launch of the series consolidation strategy that further ABS-CBN Broadcasting Corporation Charmed in Malate, Manila through a expanded provincial coverage. It acquired Stock Price party, has ensured the patronage of Cebu Cable TV, Inc. and the cable (in Philippine Pesos) young audiences. ABS-CBN International operations of North Wire in Baguio and 70 PDR has also turned in strong numbers and is Global Cable in San Pedro, Laguna. 60 PDR expected to perform even better this year. This gives Sky unmatched provincial 50 40 dominance.
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