2018 INTERIM RESULTS DIGITAL WORLD COME ALIVE - Seeking ...
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WE MAKE YOUR
DIGITAL WORLD
2018
COME ALIVE INTERIM
RESULTS
FOR THE SIX MONTHS ENDED
JUNE 30, 2018
August 7, 2018 – 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
2
Overview
BG Srinivas
Group Managing Director
3
Maintain Leadership in HK and Expand Footprint Regionally
23 mn 27 55 40
monthly active OTT markets employee countries with
users1 nationalities operations2
118 82% 36% 80+
Points of Presence3 Viu OTT revenue PCCW Group employees cities covered by
(“PoP”) around the from outside of HK work outside of HK D-Infinitum data center
world network
Note
1. Include MAU from Viu , Now TV and ViuTV apps and online services
2. Based on employees’ physical presence
3. Include PCCW Global’s fiber international private leased circuit points of presence 4
Financial Review
Susanna Hui
Group Chief Financial Officer
5
Financial Highlights
Core Business 1 Consolidated
(US$ million) H1’17 H1’18 % change H1’17 H1’18 % change
HKT 1,950 2,182 12%
Media 226 242 7%
Solutions 216 219 1%
Revenue 2,192 2,412 10% 2,206 2,433 10%
EBITDA 719 712 706 702
Profit Attributable to Equity Holders 27 47 70% 10 24 131%
From continuing operations
1. Core business includes HKT, Media and Solutions Businesses
Continuing operations exclude the results and gain on disposal of the wireless broadband and related business component in the United Kingdom
The results for the six months ended June 30, 2018 reflects the adoption of several new accounting standards and, for comparative purposes, the results for the six
months ended June 30, 2017 and the year ended December 31, 2017 have been restated as if these new accounting standards have been in place during these periods 6
Sustained Financial Performance
Adjusted Funds Flow up 4% to US$283 million
Interim Distribution of 29.12 HK cents per SSU
HKT Revenue (US$ million) HKT EBITDA (US$ million)
2,182 + 12% yoy
1,950 711 723 + 2% yoy
433
217
Mobile Product Sales Mobile Services Mobile
Mobile Services 492 +1% yoy 272 278 +2% yoy
489
Local Data & Broadband
Local Data & Broadband
International 412 433 +5% yoy
Local Telephony
473 482 TSS Mobile
TSS Others 462 466 TSS +2% yoy
TSS
Others +1% yoy
212 Others
Eliminations 209
201 11 194 10
(34) (37)
HKT
(54) (55)
EBITDA Margin H1’17 H1’18
H1’17 H1’18 Total 36% 33%
Exclude Mobile
Steady growth in revenue from TSS and Mobile Services Product Sales
41% 42%
Mobile Services revenue benefited from continued
growth in post-paid customer base, upgrading to EBITDA grew by 2% to US$723 million reflecting revenue
premium 1O1O service and higher revenue from mobile growth and sustained operating cost efficiencies
7
enterprise solutions
Benefiting from Leadership Position
Now TV Revenue (US$ million) Now TV EBITDA (US$ million)
171 178 +4% yoy +19% yoy
25
15 14
156 164 + 5% yoy 21
Others
Subscription
H1’17 H1’18 H1’17 H1’18
Revenue boosted by successful World Cup broadcast 13% 14% EBITDA Margin
on multiple platforms, including new Now E service
EBITDA improved on the back of healthy revenue
Enlarged installed base to 1,343,000 with exit ARPU of growth, even after absorbing World Cup related
HK$191 costs
Remaining impact of World Cup broadcast and return Margin improvement reflects successful efforts
of EPL will drive revenue to rationalize content costs 8
Boosted Viewership and Brand Awareness
ViuTV Revenue (US$ million) ViuTV EBITDA (US$ million)
13 +5% yoy
12 1
3
12 + 40% yoy
Drama production & 9
distribution (13) (17)
Advertising 340
H1’17 H1’18
H1’17 H1’18
40% growth in advertising revenue due to success of Impacted by World Cup related production costs
2018 FIFA World Cup™ broadcast and associated publicity & promotions
High television ratings evidence broadened awareness Continued investments in content, drama
and viewership production and branding to sustain the
Drama related revenues fluctuated; recent expanded viewership base and future growth
investments in production expected to support growth 9
Gaining Revenue Momentum
Video OTT
OTT Revenue (US$ million) OTT EBITDA (US$ million)
36
51 27
43 H1’17 H1’18
14 + 47% yoy
9
(15)
(18)
34 37 + 8% yoy
Advertising
Subscription H1’17 H1’18
H1’17 H1’18
Advertising revenue
40 expanded by 47% reflecting the broad
Continued to invest in content offering including
appeal of Viu’s sizeable and highly engaged user base
Viu Original productions
Video OTT revenues grew by 30% spurred by the build-out
EBITDA loss contained at US$18 million
and increasing take-up of the premium Viu service in the
region; MAU base hit 20.3 million
10Trusted Technology Partner
Solutions Revenue (US$ million) Solutions EBITDA (US$ million)
216 219 +1% yoy
48
35
118 141 +20% yoy
31
38 +22% yoy
Recurring 98 78 17
Project based
(3)
EBITDA
H1’17 H1’18 H1’17 H1’18
Margin
Healthy increase in revenue of a recurring nature which 22% 16% Total
was offset by fluctuations in project-related revenue 26% 27% Recurring
especially in the China market
Successfully secured and executing projects in new Decline in EBITDA impacted by project-related
markets including Singapore and the Philippines revenue and upfront investments for new
Secured orders increased by 11% to US$941 million market expansion
11Improved Operating Cost Efficiencies
Core Operating Expenses (US$ million)
400 401
16 25
86 94 Improved overall opex to revenue ratio from
Solutions 18% to 17%
Media 115 111
Sustained improvements in operating
Mobile
TSS efficiencies at HKT, particularly Mobile
Others
201 200 Investments in the Media business and
Solutions businesses to drive further revenue
growth and enter new geographic markets
(18) (29)
H1’17 H1’18
Core Opex
18% 17%
to Revenue Ratio:
12Key Impact of New Accounting Standards
Area Impact Remarks
• NO CHANGE over the contract period
Total Revenue • HIGHER/LOWER during the year when proportion of new bundle contracts is
higher/lower, as product sale is being recognized upfront
• Product sales recognized separately upfront by reference to relative fair value in
Product Sale bundle contracts and corresponding recognition of receivables
• A portion of contract revenue is allocated to product sales and corresponding
Service Revenue impact on ARPU calculation
HKFRS 15
Revenue from Cost of Sales • Cost of products is fully charged to cost of sales
Contracts with
Customers CAC • Cost of products is fully charged to cost of sales rather than CAC
EBITDA • Cost of products is charged to cost of sales
• NO CHANGE over the contract period
Profit Attributable
• LOWER/HIGHER at Group Level during the year when proportion of new bundle
to Equity Holders contracts is higher/lower due to product subsidies recognized upfront
Cashflow • NO CHANGE - Reflects the actual receipts from customers for each year
HKFRS 16 EBITDA • Opex in the form of rental will be replaced by interest expense and depreciation
Leases Cashflow • NO CHANGE on Total Cash Flows
13Financial Performance H1’17 H1’18
(Continuing operations1) (US$ million) (Restated) YoY
Revenue 2,206 2,433 10%
Cost of Sales (1,077) (1,302)
Operating Expenses (423) (429)
EBITDA 706 702
Depreciation (226) (229)
Amortisation (215) (215)
Net Other Gains 3 43
Net Finance Costs (102) (106)
Share of Associates and JVs (4) (3)
Profit Before Income Tax 162 192 18%
Income Tax (27) (56) (107)%
Current (46) (39)
Deferred 19 (17)
Effective Tax Rate 17% 29%
Profit for the Period 135 136
Non Controlling Interests (125) (112)
Profit Attributable to Equity Holders of the Company 10 24 131%
Earnings Per Share (in HK cents) 1.04 2.40
1. Continuing operations exclude the results and gain on disposal of the wireless broadband and related business component in the United Kingdom 14Capex Investments to Fuel Business Expansion
Core Capex (US$ million)
Capex to revenue ratio steady at 8.4%,
+9% yoy within 10% guidance
204
186 5
8
Lower Mobile capex following completion
8
5 24 of CSL integration
10
TSS capex to meet continued demand for
our fiber broadband connectivity and
99 106 upgrades to 5G-ready infrastructure, IoT
related services, and customized solutions
for enterprises, as well as in relation to
Others
smart city development in the public sector
Solutions
Media Media capex for office relocation and
64 61
TSS
upgrading of production studio facilities
Mobile
H1’17 H1’18 Solutions capex to support the expansion of
data center capacity
Core Business
Capex to Revenue Ratio: 8.5% 8.4%
15Strong Liquidity for Investment
As of As of
Dec 2017 Jun 2018
Gross Cash Undrawn Gross Cash Undrawn
Debt (1) Balance (5) Facilities Debt (1) Balance (5) Facilities
US$ million
PCCW 480 763 1,249 478 557 1,250
HKT 5,043 470 731 5,088 347 735
PCPD 577 468 6 685 258 185
Total 6,100 1,701 1,986 6,251 1,162 2,170
Gross Debt / EBITDA (3) 3.83 x 3.93 x
Net Debt (2) / EBITDA (4) 2.76 x 3.20 x
(1) Gross debt refers to the principal amount of short-term and long-term borrowings
(2) Net debt refers to the principal amount of short-term and long-term borrowings minus cash balance
(3) Based on gross debt as at period end divided by EBITDA for the 12-month period
(4) Based on net debt as at period end divided by EBITDA for the 12-month period
(5) Includes short-term deposits
16Debt Maturity Profile
As of June 30, 2018
(US$ million)
300
PCCW Bonds
PCPD Bank Loans 570
292
PCPD Bonds
955 854 750 100
HKT Bank Loans 104
500 500
462
262 213 11 300
HKT Bonds
2018 2019 2020 2021 2022 2023 2025 2026 2027 2028 2030
As of August 6, 2018
US$955M
300 1,247 Refinanced
570
854 750
104 100
462 500 500
262 213 11 300
2018 2019 2020 2021 2022 2023 2025 2026 2027 2028 2030
Current mix of floating and fixed rated debt is approximately 50:50
Effective interest rate was approximately 3.2% in H1 2018
Average maturity of debt was extended to 5.2 years following recent refinancing at HKT 17Delivering Sustainable Returns to Shareholders
29.75
28.33
25.00
19.06 20.20 20.20
15.90 20.17 21.18
Final 17.04
Dividend 13.21
+ 4% yoy
13.85
13.55
Interim 10.60
Dividend
6.99 7.96 8.16 8.57 8.91
(HK cents) 5.30 5.51 6.35
2011 2012 2013 2014 2015 2016 2017 2018
Full-year Dividend YoY Growth 4% 20% 6% -- 24% 13% 5%
Dividend Yield * 5.37% 5.12% 5.61% 3.81% 4.95% 6.19% 6.79%
HKT Distribution Pass-through NA 82% 80% 71% 74% 74% 90%
* Based on PCCW closing price on the annual results announcement date for each respective year 18Media Business
19Successful World Cup Broadcast Across the Three Platforms
Pay TV Pay TV Commercial Top Match 19 Matches
Churn Rate Upselling Sector Revenue Averaged Top Minute Reached
-21% +71% +27% 24.4 26.6 4.1M
(1H18 vs 1H17 ) (1H18 vs 1H17) (1H18 vs 1H17 ) TVR TVR Viewers
20Pay TV Business
21Now TV Strengthens its Market Leadership
2018 World Cup and the launch of Now E drove subscriber and ARPU increase
191 195 196 197 194 192
187 184 191
171 171 174 172 173 174 177
169 169 165 167 169
153
1343
Installed Base
125 1269 1285 1292 1304 1308 1303 1302 1301
ARPU (HK$)
1204 1237
1183
1140 1165
1088
1001 1028 1039
992
927 953
882
818
Installed Base In
Thousands
H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Installed Base Installed Base ARPU
* 2016 and 2017 ARPU restated 22Unparalleled Line-up of the Most Popular Football Leagues
(Germany) (Spain) (England) (Italy) (France)
(Australia) (Asia) (US)
Available on multiple platforms to capture the opportunities from family segment and digital natives
Most comprehensive line-up
and superb viewing experience For digital lifestyle
for avid sports fans
Now TV : Now E :
• Premier League • Premier League
• LaLiga (via beIN Now Sports) • LaLiga (via beIN Now Sports)
• Serie A, Ligue 1, MLS, A-League (via beIN Sports)
• BundesLiga, AFC Champions League (via FOX Sports)
23Best of Hollywood and Asian Entertainment
Wide-range of first-run and express movies, dramas, variety and On-demand consumption of Movie, Drama and
entertainment shows to cater to different customer interests Entertainment content continue to show significant growth
Monthly Hours Viewed (Per User)
44%
1H17 1H18
Monthly Views (Per User)
31.4
28.0 12%
* Remarks 1H17 1H18
1. Planet Earth II will be available in mid Aug 18 24
2. Agent Mr. Chan (棟篤特工) will be available on SCM in Sep 18Expand Subscription beyond Households to Individuals
• Launched in May 2018
• Focused on digital lifestyle with more flexible plans and popular content verticals
• Demonstrated successful traction during World Cup broadcast
• Strategic partnership with HKT to promote and cross-sell Now E to their high quality customer base
Easy, Entertainment, Everywhere Content Pillars Partnership with HKT
Sports Entertainment
25Free TV Business
262018 FIFA World Cup TM Boosted Viewership
2 18
19 SCHEDULED MATCHES 19 SCHEDULED MATCHES ACCUMULATED
REACHED AVERAGED
4.1M 12.0 5.2M
STREAMVIEWS2
VIEWERS1
1 TVR1
TOP MARKET SHARE1
TOP MATCH AVERAGED MATCH AVERAGED
24.4 81%
TVR1 (FRA VS BEL)
Built momentum and extended awareness with World Cup
related programs and events
1 Source: CSM Media Research HKTAM from 14 Jun – 15 Jul 2018 27
2 Source: Google Analytics (ViuTV app + viu.tv) from 14 Jun – 16 Jul 2018; includes live and VOD streamviewsStrong Program Lineup To Sustain Expanded
Viewership Base From World Cup
DRAMA & VARIETY PROGRAM LINEUP
• “Good Night Show – King Maker”
o 99 male contestants compete in a talent show, and are
mentored and judged by international entertainment
professionals
o First voting competition on Facebook accumulated 1.4M
impressions and 139K engagements1
• First co-produced drama with Singapore’s Mediacorp – “Bluetick”
• Expanding and diversifying genres to cater to all audiences;
released ViuTV’s first crime drama – “Plan B”
• Total of 14 dramas produced or in production, including “If Love
was not Timeless”, “Afterlife Firm”, “Detective Psycho: The
Prequel”, “Limited Education”, “De Facto Marriage” and more2
• Dramas feature established as well as up-and-coming local
artists, including Adam Cheng (鄭少秋), Michael Tao (陶大宇),
Sheren Tang (鄧萃雯), Amy Chan (陳秀雯), Sunny Chan (陳錦鴻),
Wong You Nam (黃又南), Deep Ng (吳浩康), Bonde Sham (岑樂怡)
and more
1 Source: ViuTV Official Facebook Account from 25 May – 03 Jul 2018 28
2 Title names are tentative and subject to changeOTT Business
2920 Million Highly Engaged User Base…and Growing
14.8 Billion Video Minutes &
20 Million
1.2 Billion Video Views
Monthly Active Users within 2018 H1
• Popular Asian and local content foster high user
• The Best of Premium Asian Content with engagement
localization
• Video minutes consumption reached 14.8
• Viu has grown rapidly and amassed over Billion minutes in 1H 2018, representing 140%
20M monthly active users since launch growth y-o-y
2 ½ years ago
• Video views more than doubled and reached 1.2
Billion in 2018 H1 (vs 2017 H1)
16 Markets
• Service has expanded into Myanmar and 8 middle eastern markets
Hong Kong | Singapore | Malaysia | Philippines | Indonesia | Myanmar | Thailand | India
UAE | Oman | Bahrain | Kuwait | Qatar | Jordan | Egypt | Saudi Arabia
30Significantly Enhanced Content
Pan Regional Country Specific
Asian + Local + Viu Original
Content Content
• The Best of Premium Asian Content • Launched more LOCAL • 70 titles & 900+ episodes
content to further to be released in 2018
• Largest volume of Korean content – penetrate respective
more than 10,000 hours available market
• Covering Chinese, Indian,
• Supplemented content lineup with • Launched Thai content with Indonesian, Malaysian,
more TV series and variety shows key players including GMM Filipino languages as well
from JTBC and CJ ENM Channel in April 2018 as Viu TV productions
respectively
• Other local content partners
in Malaysia and Indonesia 31Creating Original Content Assets
• 70 titles & 900+ episodes of Viu Original to be released in 2018
Malaysia Philippines Indonesia
Local adaptation of “Hello K-idol” - More productions including
globally successful title reality show partnering “Switch”, “The Publicist”,
- Malaysian edition of with Globe Studio and “Kenapa Harus Bule?” by
Swedish popular drama Ayala to find the next award winning directors
“The Bridge” K-idol in the
Philippines “Viu Pitching Forum”
an annual event to crowd-
K-artists Jung Joon source creative Viu
Young, Yook Sung Jae Original concepts
as mentors
Chinese Middle East India
Wide array of titles Popular titles gained high
Dramas and reality shows
viewership as well as
“produced by Millennials were launched
recognition including
for Millennials” by Viu TV including a romantic
“Kaushiki” (Best Actress
including “The Haunted comedy Hob Al Award, Best Director Award by
Rooms” Taybeen and
Digital Hash) and “Gehraiyaan”
Wahid: Wahid, a (Best Supporting Actor Award
satirical show about by Indian Telly Awards)
the FIFA World Cup
32Multi-Pronged User Acquisition Strategy
33IT Solutions Business
34Strategic Direction
New channel Replicating local success and Developing IP and Growing with customers to
for growth through bringing industry expertise to innovative solutions for expand our data center
territory expansion overseas markets enterprise digital services internationally
transformation
Expanding footprint in pan- Bringing industry best Strengthening the five pillars Expanding our data center
Asia region with new offices practice and gaining strong of Infinitum™ solutions suite, capacity locally and regionally
and secured deals in momentum in BFSI, telecom building integrated platform to to capture the growing
Singapore and the Philippines and transportation industries transform businesses digitally market demand
in Southeast Asia end-to-end
35Significant Project Highlights
Public Communications and Media BFSI
Correctional Services Department A telecom company in Singapore Public Bank
Solutions Supply of the Information Technology Provide consultation services, design and Implementation of Faster
Infrastructure (ITI) and Integrated Custodial build end-to-end IT systems with a modern Payment System (FPS) and P2P
and Rehabilitation System (iCRMS) software defined network with zero touch application service for mobile
Replace the existing eight core operational provisioning banking
systems on an upgraded IT infrastructure
Value Strengthen security surveillance and Deliver superior digital customer experience Deliver real-time payments
streamline operations with new functions by enabling self-service operations for processing that improves current
Enable data sharing for strategic planning customers, partners and staff transaction times
Build a more secure, scalable and resilient Ensure agility and high quality of service Enable banks with round-the-
network and hosting infrastructure Support rapid business growth with scalable clock, inter-bank, real-time fund
solutions transfer services
36Significant Project Highlights
Hospitality Retail and Manufacturing InfinitumTM Data Center
Wang On Management Ltd Bright Food A leading global e-commerce
World-class racing organization
and cloud service provider
Solutions Upgrade, integrate and Implementation of Oracle ERP Provision of a secure and Expansion of highly scalable
provide on-going maintenance system to support future easily-accessible farm-to-plate co-location services to
of secured infrastructure of business growth platform for provenance and support business growth in
client’s website and online supply chain orchestration Hong Kong and Asia markets
platform
Value Improve operational Streamline the daily operation Boost confidence in the Comply with stringent
efficiency with fully integrated solution traceability of food products industry standards and
Enhance customer including real estate, service, Enhance efficiency by service level commitments
experience by providing procurement, warehouse, finance orchestrating the with 99.995% uptime
uninterrupted connection to and manufacturing collaboration of all the supply availability
the digital platform Generate real-time reports and chain parties Enable client to quickly
analysis through automated tools respond to market needs
37Revenue by Industry & Services
H1’18 Revenue by Industry H1’18 Revenue by Services
BFSI Others Business
Process Enterprise
Telecom
Retail & Outsourcing Applications
Manufacturing 5% 5%
4%
4%
Travel &
Technical 21% 20%
Services
Transportation 36%
13%
High-Tech
27%
& Media 13%
27%
25% Application Digital, Cloud
Development & Solutions &
Public Sector Maintenance Infrastructure
Secured orders of US$941 million as of June 30, 2018 (+11% yoy)
38Data Center Services
Expansion in capacity
Added 44 MVA of capacity in Hong Kong, expanding
capacity in Guangzhou, and looking at expansion in
Southeast Asia
D-Infinitum global data center
alliance
Expand data center services in
Asia through new collaboration
with SCSK, a leading system
integrator in Japan
39Five Pillars of Infinitum
Artificial Advanced
Cloud Digital IoT
Intelligence Analytics
Recommendation engine Cloud advisory, eCommerce-as-a- Anomaly detection Smart parking &
Sentiment analysis migrations & managed Service Enterprise analytics charging
Intelligent video analytics services Smart residential platform Track & trace
Natural-language Digital Solutions-as-a- Location-based service Smart city
processing Service Blockchain Smart mall
Enable O2O business by Provision of agile and Launched Infinitum™ Through social media Leveraging IoT,
integrating facial scalable public/private Visum, a high-tech analytics and blockchain, analytics and
recognition and AI- cloud platform and intuitive touch screen recommendation AI, our Farm-to-plate and
powered product managed services, integrated with smart engine, we enable Cold Chain platforms
recommendation engine in enabling enterprises to devices for connected enterprises to deliver provide full visibility and
an unmanned store, roll out digital solutions- lifestyle, transforming the targeted promotion traceability of products
delivering exquisite as-a-service in a secure way people live, work campaigns to high value along the entire supply
customer experience and flexible manner and play customers chain
40Extend O2O And Retail Expertise in Launching Our B2C Platform
About HABBITZZ
Established the ecommerce arm and launched the premium online ecommerce platform –
HABBITZZ
HABBITZZ comes from the word ‘habits’, aiming to deliver simple, intuitive, convenient and
personalized shopping experience to consumers
Shoppers can discover an extensive array of items in a range of categories including beauty,
electronics, health and wellness, toys, kids and babies, beverages, sports
Designed with a customer-centric approach, HABBITZZ offers four-hour express delivery,
free shipping, and hassle-free seven-day returns*
Why HABBITZZ
Building an integrated and synergistic
business model for B2B and B2C
segment
Extend our proven expertise in O2O,
logistics, customer services and
technological know-how to B2C
Apply the first-hand customer insight
gained from B2B, assisting enterprises
to further improve customer experience
and operational efficiency
*Terms and conditions apply. 41Market Recognition
Market Leadership Industry Recognition Marketing Excellence
Silver Stevie® Award
#1
Technology for Innovation in
Company of the Content Marketing
Year – Mature Bronze Stevie® Award
(The crown jewel of for Innovation in Social
IT Services the annual CWHK
awards)
Media Marketing
No. 1 IT Services Provider in IT Outsourcing & Managed
Hong Kong Services Provider
Market Leadership in
Platform-as-a-Service Digital Marketing
Provider Technology 2017/2018
Ranking Source: Gartner Research: Market Share: IT Services, 2017 (dated June 2018) 42Summary
HKT has again demonstrated PCCW Media delivering PCCW Solutions will further
its resilience amid intense multiple platforms to address enhance its capabilities and
competition and will continue the varying viewing habits of leverage its expertise to
to innovate to meet today’s users. It will help enterprise customers
customers’ aspirations for continue to leverage its throughout the region in
smart lifestyles strength as the Asia content their digital transformation
provider of choice and journey
expand regionally
The leading provider of digital services in Asia
for consumers and enterprises
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