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Annual Report i-CABLE COMMUNICATIONS LIMITED i-CABLE COMMUNICATIONS LIMITED STOCK CODE: 1097 2016 ANNUAL REPORT i-CABLE COMMUNICATIONS LIMITED STOCK CODE: 1097 ANNUAL REPORT 2016 ANNUAL REPORT CABLE TV Tower, 9 Hoi Shing Road, Tsuen Wan, Hong Kong www.i-cablecomm.com CONTENTS 02 Results Highlights 26 Report of the Directors 03 Corporate Information 40 Independent Auditor’s Report 04 Chairman’s Statement 48 Consolidated Statement of Profit or Loss 05 Business Review 48 Consolidated Statement of Profit or Loss and Other Comprehensive Income 07 Business Model 49 Consolidated Statement of Financial Position 07 Business Strategy 50 Consolidated Statement of Changes in Equity 08 Environmental, Social and Governance Report 51 Consolidated Cash Flow Statement 13 Financial Review 52 Notes to the Financial Statements 14 Corporate Governance Report 92 Five-year Financial Summary RESULTS HIGHLIGHTS • A weak advertising market and harsh competition in the subscription business continued to put pressure on the Group’s performance. • The decline in airtime and 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 second half of 2016. Monthly broadband revenue stabilised. • 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 and 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 and media initiatives. CUSTOMERS December 2016 December 2015 Television 909,000 951,000 Broadband 156,000 171,000 Telephony 95,000 100,000 VIEWERSHIP Viewing Share Among Pay TV Operators Viewing Share Among All TV Operators (All Individuals aged 4+, All Day All Time) (CABLE TV Subs aged 4+, All Day All Time) Source: Nielsen (Jan–Dec 2016) Source: Nielsen (Jan–Dec 2016) 1 Overall CABLE TV (via STB & SMATV) 1 Overall CABLE TV (via STB & SMATV) 2 Excluded All TVBNV channels via Now TV STB 2 Included TVB Jade (Analog+DTT81), TVB-J2 (DTT82), TVB-iNews 3 Included All TVBNV channels via Now TV STB (DTT83), TVB Pearl (Analog+DTT84), TVB-HD Jade/TVB J5 (DTT85) 3 Excluded all TVBNV channels via Now TV STB 4 Included all TVBNV channels via Now TV STB 5 Included ATV all channels, RTHK all channels, Viu TV & others 02 i-CABLE Communications Limited Annual Report 2016 CORPORATE INFORMATION BOARD OF DIRECTORS PRINCIPAL BANKERS Stephen T H Ng Chairman & Chief Executive Officer The Hongkong and Shanghai Banking Corporation Limited William J H Kwan Chief Financial Officer Paul Y C Tsui REGISTRARS Independent Non-executive Directors Herman S M Hu, BBS, JP Tricor Tengis Limited Roger K H Luk, BBS, JP Level 22, Hopewell Centre, 183 Queen’s Road East, Sherman S M Tang Hong Kong Patrick Y W Wu REGISTERED OFFICE GROUP EXECUTIVES 16th Floor, Ocean Centre, Harbour City, Canton Road, Stephen T H Ng Chairman & Chief Executive Officer Kowloon, Hong Kong William J H Kwan Director & Chief Financial Officer Telephone: (852) 2118 8118 Ronald Y C Chiu Executive Director, Fax: (852) 2118 8018 i-CABLE News Limited and i-CABLE Sports Limited Samuel C C Tsang Executive Director, PRINCIPAL BUSINESS ADDRESS i-CABLE Entertainment Limited and Cable TV Tower, Hong Kong Cable Enterprises Limited 9 Hoi Shing Road, Raymond W M Chan Vice President, Tsuen Wan, Network Operations, Hong Kong Hong Kong Cable Television Limited Yvonne Yung Assistant Vice President, Subscription Marketing and Sales, CORPORATE WEBSITE Hong Kong Cable Television Limited www.i-cablecomm.com COMPANY SECRETARY ENQUIRIES Kevin C Y Hui, FCCA, HKICPA [email protected] AUDITORS KPMG, Certified Public Accountants i-CABLE Communications Limited Annual Report 2016 03 CHAIRMAN’S STATEMENT Dear Shareholders, When we launched Hong Kong’s first multi-channel pay TV service some 23 years ago, on October 31, 1993, we had not anticipated each and every challenge we would overcome eventually, no matter how insurmountable they first appeared to be. Our number one competitor then was, and still is, TVB the dominant broadcaster in Hong Kong. They have come out stronger over the years, with many more free and pay TV channels under their roof and a huge advantage in terms of their scale and their ability to attract eyeballs, creative talent and advertising dollars. Yet they also have had their fair share of not-so-successful endeavours, such as when they finally decided to surrender their pay TV licence after some 16 years. After over 200,000 hours of non-stop broadcast, we have learned a lot, which has prepared us to go beyond pay TV and set our foot in the free TV arena. Our affiliate, Fantastic TV, has started the countdown to launch its Cantonese free TV channel in May 2017. By sharing our creative, production as well as network expertise with Fantastic, we can more effectively build scale in programme production/acquisition and in airtime sales, through more buying and selling power, more operational efficiency, as well as access to a bigger pool of talents and new ideas. A broader outlook will help us stay much closer to the market and to respond to changes more effectively and take initiatives early on. The collaboration between CABLE TV and Fantastic TV will also enhance their respective brandings and programme appeal through cross promotions. As we reform our content provision business along the direction above, we are at the same time rebuilding our service provision businesses. These include investment in new media channels to view our content anytime anywhere; in GPON network to provide higher speed broadband services; in brand image and marketing through enhanced communications with existing and prospective customers; as well as in customer service and support through improvements in policies/ procedures and new channels for customer enquiries and interactions. On the licence front, our pay TV licence is expiring in May 2017 and Government has already offered to grant a new licence for 12 years. Final terms of the new licence are under negotiation. On the financial front, recurrent losses in recent years have significantly weakened our liquidity position and increased our dependency on external financing, currently short term in nature. We will exercise additional caution over investment to rebuild the business. As we rebuild the Group for the future, we are thankful for your patience and support. We look forward to sharing the rewards ahead with you. Stephen T H Ng Chairman and Chief Executive Officer Hong Kong, March 15, 2017 04 i-CABLE Communications Limited Annual Report 2016 BUSINESS REVIEW OPERATING ENVIRONMENT In 2016, the Group’s financial performance was affected by the decline of advertising and subscription revenues due to the weak advertising market as well as the challenges of subscription businesses. During the year, Hong Kong’s TV industry was in transition, led by free-to-air channels. ViuTV launched its Cantonese channel in April. ATV had gone off the air, ending its 59-year run as the world’s oldest Chinese-language broadcaster. Finally, in May 2016, a licence was granted to our affiliate Fantastic Television Limited with a validity period of 12 years until May 30, 2028, subject to a mid-term review around 2022. The pay TV industry is also changing fast, as LeEco and Netflix launched their OTT services with mixed review and TVB Network Vision applied to surrender its pay TV licence, moving its entire operations over to OTT. On our part, we launched our FANhub HD/OTT service, which was meeting our expectations. TELEVISION SERVICES 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 mitigate, we adopted flexible pricing, offered quality TVC production and bundled sales with digital platform to enhance the stickiness with advertisers. The extension of Kwun Tong line to Ho Man Tin and 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. FANhub, launched in early 2016, is an enhanced Pay TV service with a full featured, “video-on-demand”, open platform and 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, and the take up rate is satisfactory. We have been continuously working on the enrichment of our HD channel portfolio. Two popular entertainment channels “RTL CBS Entertainment HD” and “RTL CBS Extreme HD” were launched in September, bringing customers 24-hour, all- rounded entertainment in English with Chinese subtitles. Ten other acquired channels had been upgraded to HD. 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 and anywhere. During the year, we were awarded the certification of ISO 9001 and ISO 10002, the first pay TV operator in Hong Kong to have attained both certification standards. This demonstrates the Group’s commitment to deliver quality excellence to our customers.
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