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Interim Report 2007 Contents

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Interim Report 2007 Contents INTERIM REPORT 2007 CONTENTS CORPORATE INFORMATION 2 CHAIRMAN’S STATEMENT 4 OTHER INFORMATION 10 CONDENSED CONSOLIDATED BALANCE SHEET 14 CONDENSED CONSOLIDATED INCOME STATEMENT 16 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 17 CONDENSED CONSOLIDATED CASH FLOW STATEMENT 18 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL INFORMATION 19 INDEPENDENT REVIEW REPORT 33 TELEVISION BROADCASTS LIMITED INTERIM REPORT 2007 1 CORPORATE INFORMATION BOARD OF DIRECTORS EXECUTIVE DIRECTORS Sir Run Run SHAW, G.B.M. (Executive Chairman) Dr. Norman LEUNG Nai Pang, G.B.S., LL.D., J.P. (Executive Deputy Chairman) Mona FONG (Deputy Chairperson and Acting Managing Director) NON-EXECUTIVE DIRECTORS Dr. CHOW Yei Ching, G.B.S. Christina LEE LOOK Ngan Kwan Kevin LO Chung Ping HO Ting Kwan (resigned on 13 April 2007) INDEPENDENT NON-EXECUTIVE DIRECTORS Edward CHENG Wai Sun, S.B.S., J.P. Chien LEE Dr. LI Dak Sum, DSSc. (Hon.), J.P. Gordon SIU Kwing Chue, G.B.S., J.P. (appointed on 10 July 2007) Robert SZE Tsai To ALTERNATE DIRECTOR Anthony LEE Hsien Pin (Alternate Director to Christina Lee Look Ngan Kwan) BOARD COMMITTEES EXECUTIVE COMMITTEE Sir Run Run SHAW (Chairman) Dr. Norman LEUNG Nai Pang Mona FONG Christina LEE LOOK Ngan Kwan Kevin LO Chung Ping AUDIT COMMITTEE Robert SZE Tsai To (Chairman) Chien LEE Gordon SIU Kwing Chue (appointed on 10 July 2007) HO Ting Kwan (resigned on 13 April 2007) REMUNERATION COMMITTEE Chien LEE (Chairman) Edward CHENG Wai Sun Robert SZE Tsai To 2 TELEVISION BROADCASTS LIMITED INTERIM REPORT 2007 EXECUTIVE OFFICERS SENIOR MANAGEMENT George CHAN Ching Cheong (Assistant Managing Director) Stephen CHAN Chi Wan (General Manager – Broadcasting) CHEONG Shin Keong (General Manager – Broadcasting) Mark LEE Po On (General Manager – Finance and Administration, appointed on 1 February 2007) COMPANY SECRETARY Adrian MAK Yau Kee REGISTERED OFFICE TVB City, 77 Chun Choi Street Tseung Kwan O Industrial Estate Kowloon, Hong Kong AUDITORS PricewaterhouseCoopers 33/F, Cheung Kong Centre 2 Queen’s Road Central Hong Kong SHARE REGISTRARS Computershare Hong Kong Investor Services Limited 46/F, Hopewell Centre 183 Queen’s Road East Wanchai Hong Kong TELEVISION BROADCASTS LIMITED INTERIM REPORT 2007 3 CHAIRMAN’S STATEMENT The directors of Television Broadcasts Limited MANAGEMENT DISCUSSION AND (“Directors”) are pleased to present the interim report and condensed accounts for the six months ended 30 ANALYSIS June 2007 in respect of Television Broadcasts Limited REVIEW OF OPERATIONS (the “Company” or “TVB”) and its subsidiaries (the Operating Results for the Period “Group”). The consolidated income statement, For the six months ended 30 June 2007 (the “Period”), consolidated cash flow statement and consolidated the Group recorded a turnover of HK$1,919 million statement of changes in equity of the Group for the six (2006: HK$1,887 million), which represented an months ended 30 June 2007, and the consolidated increase of 2% over the same period of last year. Cost balance sheet of the Group as at 30 June 2007, all of of sales amounted to HK$841 million (2006: HK$836 which are unaudited and condensed, along with million), which represented an increase of 1%. Gross selected explanatory notes, are set out on pages 14 to profit for the Period stood at HK$1,078 million (2006: 32 of this report. HK$1,051 million). Included in cost of sales were the cost of INTERIM DIVIDEND programmes, film rights, movies and stocks for the Directors are pleased to declare an interim dividend of Period which amounted to HK$547 million (2006: HK$0.30 (2006: HK$0.25) per share for the six HK$527 million), representing an increase of 4%. months ended 30 June 2007 to shareholders who are on the Register of Members on 19 September 2007. A Selling, distribution and transmission costs for the total of 438,000,000 ordinary shares of HK$0.05 each Period amounted to HK$215 million (2006: HK$228 were in issue as of 30 June 2007. million), which represented a decrease of 6%. General and administrative expenses amounted to HK$252 million (2006: HK$223 million), which represented an CLOSURE OF BOOKS increase of 13%. The Register of Members of the Company will be Other operating income for the Period amounted to closed from 18 September 2007 to 19 September HK$16 million (2006: HK$21 million) which was 2007, both dates inclusive, during which period, no principally attributable to foreign exchange gains. transfer of shares will be effected. In order to qualify for the above interim dividend, all transfers must be Share of the losses of an associate, TVB Pay Vision lodged with the Company’s Registrars, Holdings Limited, decreased from HK$87 million to Computershare Hong Kong Investor Services Limited, HK$69 million for the Period, which represented a Rooms 1712-1716, 17th Floor, Hopewell Centre, 183 reduction of 20%. Queen’s Road East, Wanchai, Hong Kong, for registration not later than 4:30 p.m. on Monday, 17 The Group’s income tax expense for the Period September 2007. Dividend warrants will be amounted to HK$105 million (2006: HK$96 million), despatched to shareholders on or around 27 which represented an increase of 9%. September 2007. The profit attributable to equity holders amounted to HK$497 million (2006: HK$470 million), which represented an increase of 6%. The earnings per share was HK$1.14 (2006: HK$1.07). 4 TELEVISION BROADCASTS LIMITED INTERIM REPORT 2007 Business Review and Prospects were circulated as quotable quotes on the Terrestrial Television Broadcasting internet and captured as ring-tones for mobile (a) Advertising Revenue phones. The series achieved an average of 32 Advertising revenue grew by a healthy 7% for the TVRs4 and 86% share, with the rating in the final Period. The resurgence of local property telecast week soared to 40 TVRs and 91% advertising was a major contributor. Through share. The comedy “The Family Link”, the top offering a diversified mix of advertising formats rated series for the Period which captured an including programme sponsorships, product average of 33 TVRs and 87% share, brought placements and long duration commercials, we audience together through laughter and satires managed to more than double the local property around realistic family problems. The audience spending, making it the largest spending found old-fashioned filial piety most touching in category and contributing to almost one quarter the total fantasy period piece “Ten Brothers”. The of the growth in the Period. series, which contained much animation and computer graphic effects, attracted 32 TVRs and Banks’ advertising spending on television was up 90% share, and was an instant hit among young by more than 50% and this just managed to viewers. offset the decline in the spending by the credit card category. High single-digit growth in retail Non-drama programmes excelled for their sales supported a healthy increase in advertising informative as well as entertaining elements. A spending of many categories, contributing to the new food/lifestyle programme “Market Trotter”, overall growth of the Period. Demand for tailor starring Chua Lam, a well-known gourmet and made sponsored programmes was particularly columnist, explored local culinary specialties, strong. sampling the much diversified culinary culture in cities stretching from Asia to Europe. This series (b) Terrestrial Channels’ Performance garnered an average of 23 TVRs and 86% share TVB continued to attain a majority audience during regular Sunday nights. The second series share in the terrestrial free TV market – the Jade to popular non-drama programmes were also channel achieved an average of 82% share1 of well received. “On The Road”, which combined the terrestrial Chinese channels during weekday travelogue with personal experience of celebrity prime time2; and Pearl, 78% audience share of hosts, attained an average of 25 TVRs and 84% the terrestrial English channels, weekly prime share on weekday nights; and “Deal or No Deal” time3. which tested the venturing spirit of participants in trying to win high rewards, captured an average The impact of television on creating talking of 26 TVRs and 82% share on Sunday nights. points around town has once again been With further enhancement in format and content, exemplified by Jade’s mega hit “Heart of Greed”. the fifth series of “Body Talks”, a health advisory- Plots and deeds of its heroes/heroines and infotainment programme, averaged 23 TVRs and villains became talk-of-the-town and words of 77% share. wisdom of the matriarch, played by Louise Lee, 1 Audience share (%) is the percentage of ratings of a particular channel over the total ratings of the base channels for a specific period of time. When calculating audience share for free-to-air terrestrial channels in Hong Kong, the base would be the combined TV ratings (TVRs) of terrestrial Chinese channels or combined TVRs of terrestrial English channels. 2 Jade’s weekday prime time runs from 7-11p.m. 3 Pearl’s weekly prime time runs from 7 p.m. to midnight. 4 TV Ratings (TVRs) represent the size of the audience expressed as a percentage of the total TV population of individuals age 4 or above (4+). For 2007, the TV population is 6,482,000, and therefore, 1 TVR represents 64,820 viewers (1% of the 4+ TV population). TELEVISION BROADCASTS LIMITED INTERIM REPORT 2007 5 CHAIRMAN’S STATEMENT As the world started to run up to the 2008 Despite tough competition in the market, we managed Olympics in Beijing, we have begun to prepare to maintain a stable telecast licensing revenue in our the audience for this world event in a series of major markets. In Taiwan, the licensing of TVB drama lead-in programmes during weekday evenings in series to other TV stations outside our own network the form of quiz shows and mini info- not only brought in additional revenue, but also helped programmes, which were well received.
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