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2018 Interim Report

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2018 Interim Report FINANCIAL HIGHLIGHTS Revenue Six months ended 30 June ContinuingRevenue operations Continuing operations 2018 2017 Change 1st Half 2nd Half 1st Half 2nd Half 6,000 6,000 Performance Earnings per share HK$0.46 HK$0.39 18% 5,000 5,000 Dividends per share 4,000 - 2017 first interim dividend – HK$0.60 N/A 4,000 - 2018 interim dividend/ 3,000 2017 second interim dividend HK$0.30 HK$0.30 – 3,000 HK$’ million HK$’ HK$’ million HK$’ 2,000 HK$’mil HK$’mil 2,000 Revenue from external customers 1,000 - Hong Kong TV broadcasting 1,435 1,312 9% 1,000 - myTV SUPER 182 119 53% 0 - Big Big Channel business 27 23 21% 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 - Programme licensing and YEAR YEAR distribution 485 461 5% - Overseas pay TV and Prot Attributable to Equity Holders TVB Anywhere 73 75 -2% of the Company - Other activities 29 31 -13% 1st Half 2nd Half 1st Half 2nd Half 2,231 2,021 10% 1,600 1,600 1,400 Segment profit / (loss) * 1,400 - Hong Kong TV broadcasting 95 82 16% 1,200 1,200 - myTV SUPER – (60 ) N/A 1,000 - Big Big Channel business (20 ) 30 N/A 1,000 - Programme licensing and 800 800 distribution 267 253 5% HK$’ million HK$’ - Overseas pay TV and HK$’ million HK$’ 600 600 TVB Anywhere (1 ) (28 ) -95% 400 400 - Other activities 27 1 3159% # 200 - Corporate support (69 ) (79 ) -13% 200 299 199 50% 0 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 ∆ YEAR Total expenses 1,993 1,810 10% YEAR Profit attributable to equity holders 201 170 18% Revenue from External Customers by Operating Segment 30 June 31 December % relating to 1st half of 2017 are shown in brackets 2018 2017 HK$’mil HK$’mil Hong Kong TV broadcasting Total assets 11,316 12,016 -6% 64% (65%) Total liabilities 4,387 4,859 -10% Total equity 6,929 7,157 -3% Programme licensing and Number of issued shares 438,000,000 438,000,000 distribution 22% (23%) Ratios Other activities Current ratio 5.6 9.2 1% (1%) Gearing 48.2% 53.3% Overseas myTV SUPER Big Big Channel * excluding non-recurring items pay TV and 8% (6%) business # comprised mainly of interest costs of TVB Notes TVB Anywhere 1% (1%) Δ represented the total of cost of sales, selling, distribution and transmission costs and 4% (4%) general and administrative expenses CONTENTS CONTENTS 2 CORPORATE INFORMATION REVIEW OF OPERATIONS 4 Hong Kong TV Broadcasting 7 myTV SUPER 9 Big Big Channel Business 10 Programme Licensing and Distribution 12 Overseas Pay TV and TVB Anywhere 13 Financial Review 18 CORPORATE GOVERNANCE AND OTHER INFORMATION FINANCIAL INFORMATION 28 Interim Financial Information 61 Report on Review of Interim Financial Information Television Broadcasts Limited Interim Report 2018 1 corporate information CORPORATE INFORMATION BOARD OF DIRECTORS NOMINATION COMMITTEE Dr. Raymond OR Ching Fai Chairman CHAIRMAN Anthony LEE Hsien Pin Dr. Charles CHAN Kwok Keung Dr. William LO Wing Yan Dr. Allan ZEMAN VICE CHAIRMAN LI Ruigang RISK COMMITTEE Dr. Raymond OR Ching Fai Chairman EXECUTIVE DIRECTORS Mark LEE Po On Mark LEE Po On Group Chief Executive Officer CHEONG Shin Keong CHEONG Shin Keong General Manager Dr. William LO Wing Yan Thomas HUI To Professor Caroline WANG Chia-Ling NON-EXECUTIVE DIRECTORS Dr. Charles CHAN Kwok Keung SENIOR MANAGEMENT LI Ruigang Mark LEE Po On Group Chief Executive Officer Anthony LEE Hsien Pin CHEONG Shin Keong General Manager CHEN Wen Chi Desmond CHAN Shu Hung Deputy General Manager (Legal and International Operations) INDEPENDENT NON-EXECUTIVE DIRECTORS Felix TO Chi Hak Deputy General Manager Dr. Raymond OR Ching Fai SBS, JP (Programme and Production) 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 COMPANY SECRETARY BOARD COMMITTEES Adrian MAK Yau Kee Email: [email protected] EXECUTIVE COMMITTEE Fax: +852 2358 1337 Dr. Charles CHAN Kwok Keung Chairman Mark LEE Po On CHEONG Shin Keong REGISTERED OFFICE TVB City, 77 Chun Choi Street Thomas HUI To Tseung Kwan O Industrial Estate CHEN Wen Chi Kowloon, Hong Kong AUDIT COMMITTEE Dr. William LO Wing Yan Chairman AUDITOR Anthony LEE Hsien Pin PricewaterhouseCoopers Dr. Raymond OR Ching Fai 22/F, Prince’s Building Professor Caroline WANG Chia-Ling Central, Hong Kong REMUNERATION COMMITTEE Dr. Raymond OR Ching Fai Chairman LEGAL ADVISERS Dr. Charles CHAN Kwok Keung Freshfields Bruckhaus Deringer Dr. William LO Wing Yan 55/F, One Island East, Taikoo Place Quarry Bay, Hong Kong Stephenson Harwood 18/F, United Centre 95 Queensway, Hong Kong 2 Television Broadcasts Limited Interim Report 2018 PRINCIPAL BANKERS CORPORATE CALENDAR Shanghai Commercial Bank Limited Credit Suisse AG Hong Kong Branch FOR TELEVISION BROADCASTS LIMITED Bank of Communications Co., Ltd. Hong Kong Branch SHAREHOLDERS Standard Chartered Bank (Hong Kong) Limited EX-DIVIDEND DATE OF 2018 INTERIM DIVIDEND The Hongkong and Shanghai Banking 17 September 2018 Corporation Limited Chong Hing Bank Limited BOOK CLOSE PERIOD The Bank of East Asia, Limited 19 September 2018 to 21 September 2018, Bank of China (Hong Kong) Limited both days inclusive SHARE REGISTRAR AND TRANSFER PAYMENT OF 2018 INTERIM DIVIDEND OFFICE 4 October 2018 Computershare Hong Kong Investor Services Limited FOR HOLDERS OF US$500,000,000 AGGREGATE Shops 1712-1716, 17th Floor PRINCIPAL AMOUNT OF 3.625 PERCENT Hopewell Centre, 183 Queen’s Road East GUARANTEED NOTES DUE 2021 ISSUED BY Wan Chai, Hong Kong TVB FINANCE LIMITED STOCK CODES INTEREST PAYMENT FOR 2018 TVB Ordinary Shares 1st interest payment: 11 April 2018 The Stock Exchange of Hong Kong: 00511 2nd interest payment: 11 October 2018 Reuters: 0511.HK MATURITY DATE Bloomberg: 511 HK 11 October 2021 TVB ADR Level 1 Programme: TVBCY TVB Finance Guaranteed Notes The Stock Exchange of Hong Kong: 04577 ISIN: XS1495978329 Common Code: 149597832 AMERICAN DEPOSITARY RECEIPTS BNY Mellon Shareowner Services P.O. Box 30170 College Station TX 77842-3170 USA INVESTOR RELATIONS Email: [email protected] Fax: +852 2358 1337 WEBSITE www.corporate.tvb.com Television Broadcasts Limited Interim Report 2018 3 REVIEW OF OPERATIONS REVIEW OF OPERATIONS OVERVIEW In the age of digital revolution and global competition, TVB is in the process to transform from a conventional The business environment for media and entertainment TV station to multiple digital platforms, and also sector remains very challenging. Operators in the to enhance production quality to meet with global traditional media sector are re-looking at business challenges. Since embarking on digital transformation models and modes of operation for sustainability. Some in 2015, the Group had increased headcount under new operators in the print sector have opted for online businesses, including myTV SUPER, Big Big Channel and distribution and given up printed format to save costs. TVB Finance & Information Channel. At the same time, it While channel operators are sourcing sought-after is necessary to review the organisation structure due to content from a fiercely competitive market to build changing business environment. To align with growth and reinforce viewership, many are finding it hard to strategy, certain thematic channels will be replaced maintain profitability. by VOD services on myTV SUPER; certain production processes for drama serials co-produced with online Recently, the tension caused by the US-China trade war video platforms in Mainland China have resulted in has intensified, causing volatility in the stock markets. increasing shootings on location versus in-studio; print This, in the short-term, is creating more uncertainty in edition of the Company’s magazine will be replaced the economic environment, dampening the desire to by digital version; overseas content distribution will invest. gradually be replaced by OTT operations. All these The Company continues to adhere to the clear strategic changes will inevitably result in rationalisation of directions given by the Board of Directors (“Board”). resources and savings in manpower and costs. One of the directions is to invest in digital businesses. In Mainland China, co-production drama serials with Alongside the terrestrial TV broadcasting business, online partners and increased online distribution have TVB now operates two substantial OTT platforms at generated encouraging results. With over a quarter of scale, myTV SUPER and TVB Anywhere, and a social TVB’s drama production now being co-produced with media platform, Big Big Channel, with notable results. Mainland Chinese partners, TVB can further elevate As platform owners, the business is consumer-focused, production standards to meet increasing demands. ensuring that consumers stay on for their preferred With the successes of the co-production drama serials content. In recent months, the Company has spent Legal Mavericks; Line Walker: The Prelude; Heart And much efforts on data analytical tools to deliver targeted Greed (2017); and Deep In The Realm Of Conscience advertising to the right consumer groups. This way, (2018), TVB continues to explore increasing business customers can maximise the value of advertisements opportunities in Mainland China. placed. These OTT platforms have demonstrated promising HONG KONG TV BROADCASTING growth in the number of registered users and time Hong Kong TV Broadcasting continued to be the largest spent by consumers since launches. Initial results revenue contributor, accounting for 64% of the Group’s confirmed that digital distribution is our future. Given revenue. For the six months ended 30 June 2018 time, these platforms will become the beneficiaries (“Period”), segment revenue from external customers of subscriber growth and increasing time spent on increased by HK$123 million or 9% year-on-year from content. HK$1,312 million to HK$1,435 million mainly due to Social media is now an integral part of our lives, growth in co-production income from HK$95 million to especially for the new generation.
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