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2016 Final Results Presentation

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2016 Final Results Presentation ii--CABLECABLE CommunicationsCommunications LimitedLimited 2016 Final Results 23 February 2017 Results Highlights • A weak advertising market & harsh competition in the subscription business continued to put pressure on the Group’s performance • The decline in airtime & subscription revenues eroded EBITDA further, despite lower operating expenses as a result of stringent cost control • ARPU continued to improve but fell short of arresting the subscription revenue erosion caused by subscriber base contraction • Contraction of broadband subscribers slowed in the 2H 2016 & monthly broadband revenue stabilised 2 Results Highlights • The current Pay TV licence expires at the end of May 2017. Government has agreed to grant a new licence for 12 years. Final terms of the new licence are under negotiation • Affiliate Fantastic is in final preparation to launch a Cantonese channel in May 2017 under its Free TV licence • Recurrent losses have significantly weakened the liquidity position & increased the dependency on external financing, currently short term in tenor. Net cash outflow is budgeted to continue in 2017 • Caution will be exercised over investment in programming across platforms, HD/OTT upgrades, customer service improvement, GPON for higher speed broadband service, as well as new marketing & media initiatives 3 Subscription Services Television • Advertisers were more prudent in campaigns as a result of the downtrend in local retail sales. This had a material impact on our airtime sales. To salvage weak airtime business, we adopted flexible pricing & offered quality TVC production & bundle sales with digital platform to enhance the stickiness with advertisers • The extension of Kwun Tong line to Ho Man Tin & Whampoa as well as the launch of South Island line should give a boost to airtime sales on MTR In-train TV • Subscription ARPU continued its growth trend. However, subscription revenue erosion remained in 2016 as a result of customer base contraction. New business initiatives are being launched to contain customer attrition 4 Television 2015 2016 % chg. HK$M 1H 2H FY 1H 2H FY YoY Turnover 570 560 1,130 526 517 1,043 -8% Opex before dep’n (597) (579) (1,176) (570) (615) (1,185) 1% EBITDA (27) (19) (46) (44) (98) (142) 211% Depreciation (68) (69) (137) (69) (66) (135) -2% Operating Loss (96) (88) (183) (113) (165) (277) 51% EBITDA Margin -5% -3% -4% -8% -19% -14% Operating Margin -17% -16% -16% -21% -32% -27% • Weak advertising market & competition continued to put pressure on subscription revenue & advertising income 5 Programming HD News & HD Finance Info • Following the successful launch of HD News channel (209), our Finance Info channel had also been upgraded to HD (208) • Our news continued to be top ranked in media credibility & well respected by stakeholders in Hong Kong. We will compete with mainstream media on public trust & credibility & digital media on timeliness 6 Programming HD Sports • Sports remained our focus, with exclusive games of UEFA Champions League, along with Bundesliga, J League & popular coverage of horse racing & other sports events 7 Programming HD Entertainment 8 Programming HD Packages • We have been working on the enrichment of our HD channel portfolio. "RTL CBS Entertainment HD" & "RTL CBS Extreme HD" were launched in September, bringing customers 24-hour, all-rounded entertainment in English with Chinese subtitles. 10 other acquired channels had been upgraded to HD 9 Viewership Viewing Share Among Pay TV Share Among CABLE TV TV Operators Subs aged 4+ 60% Others 5 5% 4 50%50% TVBNV 1% bbTV 0% 50% Now TV 3 3% 40% 30% 27%28% CABLE TV 1 41% 22% 20% 15% TVB 2 49% 10% 7% 1% 0% CABLE TV Now TV* TVBNV^ bbTV HKC Now TV TVBNV bbTV Source: Nielsen (Jan – Dec 2016) Source: Nielsen (Jan – Dec 2016) All Individuals aged 4+ CABLE TV Subs aged 4+, All Day All Time All Day All Time 1 Overall CABLE TV (via STB & SMATV) Overall CABLE TV (via STB & SMATV) 2 Included TVB Jade (Analog+DTT81), TVB-J2, *Excluded all TVBNV channels via Now TV STB TVB-iNews, TVB Pearl (Analog+DTT84), TVB-HD Jade/TVB J5 ^Included all TVBNV channels via Now TV STB 3 Excluded all TVBNV channels via Now TV STB 4 Included all TVBNV channels via Now TV STB 5 Included ATV All channels, RTHK-31-33, Viu TV & others 10 Customers June 2016 December 2016 96,000 95,000 161,000 156,000 Telephony Broadband Television 944,000 909,000 11 FANhub & i-CABLE Mobile App • FANhub, launched in early 2016, is an enhanced Pay TV service with a full featured, “video-on-demand”, open platform & app- enabled HD set top box to enrich customer experience. Our marketing team is promoting this service to facilitate customer retention, acquisition as well as upselling & the take up rate is satisfactory • The enhanced i-CABLE mobile app to offer a multi-screen platform was launched. Our multi-screen strategy will enable customers to enjoy content across different devices anytime & anywhere 12 Pay TV Licence Renewal • On 13 December 2016, the Government announced that the Chief Executive in Council had approved the application for renewal of the domestic pay TV programme service licence of Hong Kong Cable Television Limited for a validity period of 12 years from 1 June 2017 to 31 May 2029 • Final terms of the new licence are under negotiation 13 Fantastic TV • The Fantastic TV team is preparing for the launch of its integrated Cantonese channel in May 2017. This will supplement our existing services & enhance our overall competitiveness • The launch of Fantastic TV would leverage on the Group’s production expertise & broadcasting infrastructure & develop a new revenue stream while reinforcing its reputation in the industry 14 Sundream Motions Pictures • Sundream brought the best to our audience & put quality boutique pictures on screen. During the year, Sundream theatrically released 16 films in Hong Kong & Macau 15 Subscription Services Internet & Multimedia • Broadband revenue stabilised towards the end of 2016 as a result of a moderate increase in various subscription price points despite contraction of customer base, which also stabilized at the end of 2016 • Network enhancement to higher-speed broadband GPON service was progressing on track with over 400K homes passed at the end of 2016 • We will accelerate GPON coverage in the coming year. The faster & more reliable broadband service will strengthen our competitiveness 16 Internet & Multimedia 2015 2016 % chg. HK$M 1H 2H FY 1H 2H FY YoY Turnover 174 175 348 168 167 336 - 4% Opex before dep’n (103) (102) (205) (97) (100) (197) - 4% EBITDA 71 73 143 71 67 138 - 3% Depreciation (43) (40) (83) (39) (38) (77) - 7% Operating Profit 28 32 60 32 30 62 2% EBITDA Margin 41% 42% 41% 42% 40% 41% Operating Margin 16% 18% 17% 19% 18% 18% • Moderate increase in various subscription price point stabilised operating margin despite contraction of customer base 17 Consolidated Results 2015 2016 % chg. HK$M 1H 2H FY 1H 2H FY YoY Turnover 760 750 1,510 710 696 1,406 - 7% Opex before dep’n (774) (755) (1,529) (734) (770) (1,504) - 2% EBITDA (15) (4) (19) (24) (74) (98) 406% Depreciation (112) (111) (223) (109) (105) (214) - 4% Operating Loss (127) (115) (242) (133) (179) (312) 29% Finance costs & others (2) (2) (4) (3) (3) (6) Loss before taxation (129) (117) (247) (135) (182) (318) 29% Taxation 8 6 14 1 4 5 - 63% Net Loss (121) (112) (233) (135) (178) (313) 34% Capex 79 129 207 110 128 238 15% • Recurrent losses have weakened the Group’s financial position & increased its dependency on external financing. The current credit facilities are short term in tenor & less stable. Longer term financing will be explored to support operating cash flow & capital expenditure 18 Adjusted EBITDA Total Segmental Breakdown % of Total Revenue 2015 2016 EBITDA (46) (142) 7.2% 0.9% Adjusted Television 53 (45) EBITDA 108 12 EBITDA 143 138 128 Internet & Internet (HK$m) 110 Multimedia EBITDA (117) (94) (19) (98) Adjusted Segment (88) (81) 2015 2016 Elimination EBITDA Other & Inter- & Other Reported Adjustment Total Adjusted EBITDA 108 12 • Adjusted EBITDA is calculated by adding amortisation of programming library & impairment losses on programming library to Reported EBITDA 19 Operating Expenses 2015 2016 HK$M FY FY % chg. Programming 901 870 - 3% Network 201 209 4% Selling, CS, G&A 342 340 - 1% Cost of Sales 85 85 0% Sub-total 1,529 1,504 - 2% Depreciation 223 214 - 4% Total 1,752 1,718 - 2% • Lower opex as a result of stringent cost control 20 Outlook • Initiatives to contain costs have been more effective than those to improve revenues. New initiatives will be introduced in 2017 but they may or may not produce the results that we need • Against that backdrop, the Group will exercise additional prudence in continuing to invest in programming across platforms, HD/OTT upgrades, customer service improvement, GPON for higher speed broadband service, as well as new marketing & media initiatives to sharpen our competitiveness 21 i-CABLE Communications Limited HKSE Stock Code: 1097.HK Disclaimer All information and data are provided for information purposes only. All opinions included herein constitute i-CABLE’s judgment as of the date hereof and are subject to change without notice. i-CABLE and its subsidiaries and affiliates hereby disclaim (i) all express, implied, and statutory warranties of any kind to user and/or any third party including warranties as to accuracy, timeliness, completeness, or fitness for any particular purpose; and (ii) any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the information and data contained herein. .
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