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Ebitda 1,030 1,326 + 29% Click to edit Master title style 2014 Annual Results For the year ended December 31, 2014 February 11, 2015 - Hong Kong Forward-Looking Statements This presentation may contain “forward-looking statements” that are not historical in nature. These forward-looking statements, which include, without limitation, statements regarding PCCW's future results of operations, financial condition or business prospects, are based on the current beliefs, assumptions, expectations, estimates, and projections of the directors and management of PCCW about the business, the industry and the markets in which PCCW operates. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond PCCW's control and are difficult to predict. Actual results could differ materially from those expressed, implied or forecasted in these forward-looking statements for a variety of factors. 1 Overview BG Srinivas Group Managing Director 2 Healthy Financial Performance Consolidated Performance (US$ million) 2013 2014 % change Revenue 3,502 4,266 + 22% EBITDA 1,030 1,326 + 29% Profit Attributable to Equity Holders 242 424 + 76% The Board has recommended a final dividend of 13.21 HK cents per share, subject to approval of shareholders 3 Trends in Motion – A Digital Global World Telecom to move away from ‘basic communications pipe’ It will be an increasingly mobile-centric world Consumers are looking to • Consume content – anytime and anywhere • Quality of experience Enterprises will increasingly engage with their customers digitally Businesses will have to deal with massive quantities of complex data Market uncertainty, new business models, technology disruptions and cyber security will impact all businesses 4 Aspiration – A Global Leader in Digital Lifestyle World “Globalize our IT Services, provide Digital Platforms to Enterprises, Expand the reach of our Media Content and Distribution on OTT, and Enhance our Local and Global Connectivity to deliver Digital Lifestyle and Experience.” ● World-class communications ● Value-added services and networks ● IP/assets for global markets ● Customer experience ● Expand content creation and ● Extend OTT service with focus co-production on Entertainment and Music ● Establish global distribution ● Global partnerships platform ● Differentiate with Industry- specific ● Roll out Digital Platform and solutions Services ● Targeted acquisitions to expand ● Enhance Digital Transformational business globally capabilities 5 Media – Strategic Direction Leading Asian Digital Media and Entertainment Service Provider Build on Hong Kong Leadership Position Expand Content Creation and Co-production Expand Global Partnerships Build and Extend OTT Platform with focus on Entertainment and Music 6 Solutions – Strategic Direction “We will Enable our Customers to Transform their Businesses into Digital Enterprises.” Integrate Software & Services Integrate software and services to build Digital Platforms and Solutions Build Up Intellectual Property & Software Assets Develop and acquire industry-specific and innovative technologies to deliver solutions for global customers Expand into New Markets Extend Industry Expertise in Broaden Technology & Sales New Geo focus - US and Mainland China Partnerships Western Europe 7 Smart Workforce Employer of Choice Building a Global Developing Leaders Recognizing and Connecting with Brand and Nurturing Talent Rewarding Performance Employees • Build awareness of • Enhance development • Strengthen recognition • Participative work PCCW as a global programs for top leaders and performance based culture that welcomes company pay culture and practices and respects employee • Build cross functional ideas and suggestions • Establish ties with top expertise, establish • Build global reward colleges and universities tailored development structure taking into • Deploy multiple to attract strong talent by and exposure for growth account local market communication participating in research practices channels initiatives, seminars, development programs • Increase visibility for high performing employees 8 Financial Review Susanna Hui Group Chief Financial Officer 9 Solid Growth on Core Business And the Return of CSL (US$ million) Core Business* PCPD Revenue EBITDA 4,226 1,347 3,416 1,042 3,094 985 Core 32% 32% EBITDA 31% Margin 152 86 40 13 (12) (21) 2012 2013 2014 2012 2013 2014 • Revenue grew across all core business segments • Growth in EBITDA was underpinned by the strong contribution from the HKT business and continued growth in the Solutions business * Core business includes HKT, Media and Solutions Businesses 10 Track Record of Sustainable Profitability Profit Attributable to Equity Holders (US$ million) Earnings Per Share : Core Business 424 45.14 HK cents PCPD (2013: 25.98 HK cents) 176 242 213 9 7 248 206 233 2012 2013 2014 11 Solid Performance Mobile and Broadband Leading Growth • Adjusted Funds Flow up 16% yoy to US$430 million • PCCW to receive a total distribution of approx. US$271 million from HKT for FY14 (US$ million) HKT Revenue HKT EBITDA 3,695 Mobile TSS 1,313 Others 2,927 1,147 2,703 1,013 403 432 391 983 Broadband 113 96 828 862 Network Mobile 776 + 6% Local Data 944 Local Telephony 440 447 927 436 912 International TSS Others International 673 860 898 Others + 4% Eliminations 395 340 346 88 88 72 (56) (61) (77) (25) (27) (34) 2012 2013 2014 2012 2013 2014 HKT 2013 2014 YoY EBITDA 36% 35% 36% Pro-forma * Growth US$ million Margin Mobile Revenue 1,072 1,147 + 7% Mobile EBITDA 376 403 + 7% 12 * Pro-forma to include the proportionate share of CSL FY13 results Steady Pay TV Performance Investing in Digital Growth (US$ million) Media Revenue Media EBITDA 414 65 387 63 58 360 42 2 40 2 37 Core Media Business 61 63 61 372 + 7% New Initiatives 323 347 + 7% (3) 2012 2013 2014 2012 2013 2014 Core Media Business 19% 18% 17% • Revenue continue to rise by 7% underpinned EBITDA Margin by consecutive years of solid subscription and • Core Media business EBITDA and margin advertising revenue growth in our Core Media reflected full-year impact of BPL costs business • Investments for new initiatives including • Growth in new media revenue (e.g. MOOV) upgraded MOOV platform, expansion of now player and preparation for free TV business 13 Stable Base Recurring Revenue Continued Growth Momentum (US$ million) Solutions Revenue Solutions EBITDA 432 80 380 67 318 207 56 33 155 24 119 16 Recurring Project Based 199 225 225 47 40 43 2012 2013 2014 2012 2013 2014 EBITDA 18% 18% 18% • Solid recurring revenue base Margin • Strong growth in project based revenue • EBITDA grew by 20% to US$80M driven by successful execution of projects • Margin maintained at 18% • Overall data center occupancy rate remained high at 85% 2010 2011 2012 2013 2014 Revenue + 14% + 8% + 12% + 20% + 14% 14 EBITDA + 42% + 35% + 14% + 20% + 20% Opex Growth Driven by Enlarged Mobile Business Unlocking Synergies in the Coming Periods (US$ million) Core Operating Expenses Core Opex to Revenue Ratio 947 26 733 98 22% 21% 22% TSS 675 Mobile 29 28 96 351 With CSL Media 89 165 Solutions 149 Others 394 432 463 2012 2013 2014 15 11 9 2012 2013 2014 • Opex grew by 29% in 2014 and the opex to revenue ratio was 22% • Increase in opex primarily at HKT, largely due to enlarged Mobile business and one-off CSL integration expenses 15 Financial Performance (US$ million) 2013 2014 Revenue 3,502 4,266 + 22% Cost of sales (1,681) (1,942) Operating expenses (791) (998) Depreciation & Amortization (586) (808) Gain on disposal of property, plant and equipment 1 – Net other gains 88 348 Net finance costs (132) (171) Associates and JVs 18 7 Profit before income tax 419 702 + 68% Income tax (27) (103) Effective tax rate 6% 15% Profit for the year 392 599 + 53% Non-controlling interests (150) (175) Profit attributable to equity holders of the Company 242 424 + 76% EBITDA 1,030 1,326 + 29% Earnings per share (in HK cents) 25.98 45.14 16 Demand-Driven Core Capex (US$ million) TSS 410 Mobile Media 43 • HKT’s increase in capex 333 21 Solutions due to CSL integration 290 32 Others 14 26 123 • Increase in Solutions capex 15 40 46 mainly for data center HKT expansion 324 (78%) • Maintain 10% capex to 198 202 191 revenue ratio guidance 23 27 32 2012 2013 2014 Core Business Capex to Revenue Ratio: 9.4% 9.8% 9.7% 1717 Solid Financial Position Gross Debt (1) (US$ million) 5,379 3,853 3,403 4,724 (HKT)(HKT) 3,093 3,157 (HKT) (HKT) 2012 2013 2014 Gross Debt / EBITDA(2) 3.4x 3.7x 3.6x (4) Net Debt / EBITDA(3) 2.8x 3.1x 2.9x (5) Cash Balance (US$ million) 584 706 1,018 (1) Gross debt refers to the principal amount of short-term and long-term borrowings (2) Based on gross debt as at period end divided by EBITDA for the 12-month period (3) Based on net debt as at period end divided by EBITDA for the 12-month period (4) Based on gross debt as at period end divided by PCCW FY13 EBITDA and CSL FY13 EBITDA (5) Based on net debt as at period end divided by PCCW FY13 EBITDA and CSL FY13 EBITDA 1818 Debt Maturity Profile As at February 11, 2015 HKT Bank Loans PCCW Bank Loans HKT US$ Bonds PCCW US$ Bonds (US$ million) 315 Cash Undrawn US$ million Balance * Facilities 1,500 HKT 463 842 711 500 500 PCCW 239 632 500 559 300 300 PCPD 316 200 154 38 Total 1,018 1,674 2015 2016 2017 2018 2019 2020 2022 2023 2030 Target after Refinancing (US$ million) 315 1,500 Refinancing Plan Refinancing Plan 500 500 500 559 711 300 300 154 38 2015 2016 2017 2018 2019 2020 2022 2023 2030 • Proactively extended the maturity profile to 2030 through issuance
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