PCCW 2009年年报

2009 Annual Results For the year ended December 31, 2009 March 9, 2010 - Hong Kong 0 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 PCCWs 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 PCCWs 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 概覽 艾維朗 集團董事總經理 2 2009 宏觀問題 經濟 融海嘯發生後，經濟顯著疲弱 客戶深受打擊，商業活動放緩，部分公司倒閉 此外，失業 增加，影響社會的消費能 3 2009 宏觀問題 監管 在市場偏軟之際，監管當局採取 公司的決 定， 情況雪上加霜 特別是取消固網 動通訊的互 收費 (FMIC)， 使按全 基礎計算會減少收益約五千万美元 為此，本公司調低成本基礎，以彌補 FMIC的損失 有賴全體員工悉 以赴、捨己為公，成本基礎的 調整工作已大致完成 4 2009 宏觀問題 競爭 電訊業的 價壓 仍未減退 電訊盈科選擇有 的時間、地點及方式與同業競爭 我們運用以下優點競爭： 透過四網合一策 ，提供無可比擬的服務 創意 卓越客戶服務 整體服務質 優於同儕 我們調低成本基礎， 各項業務的價格具競爭 ，同 時採取策 以物超所值的價格提供優質服務 5 2009 業績足以顯示 電訊盈科安然 過 融海嘯 我們已經調低成本基礎，抵銷監管當局採取 決定 的影響 我們各項業務均以高效 與同業競爭；以及 我們的市場地位穩固 6 2009 是電訊盈科轉型的一 我們以 精簡、效 高的姿態踏入 2010 我們 斷投資開發嶄新科技、網絡及服務 我們再次強調以客為尊的服務 相信經濟 蘇時，我們已部署好 整體業務增長 7 顯著的增長動 我們的傳統業務持續取得 人滿意業績，下 業 務 有長足進展： 固網高速寬頻的需求 客戶對 動 據寬頻服務的需求 內容服務 因此我們有意申請本地的免費電視牌照 8 Overview Alex Arena Group Managing Director 9 2009 Macro Issues - Economy Clearly a very poor economy following the financial tsunami This impacted our customers negatively and we saw a reduction in business activity and some business closures Also we saw higher unemployment impacting affordability in the community 10 2009 Macro Issues - Regulatory The soft market conditions were compounded by adverse regulatory decisions In particular, removal of the fixed/mobile interconnection charge (FMIC) would cost about US$50m on a full-year basis In response, the Company has adjusted its cost base to negate the loss of FMIC This adjustment to our cost base is largely complete thanks to the hard work and sacrifice of our dedicated staff 11 2009 Macro Issues - Competition Pricing pressure continues unabated in the telecommunications sector PCCW chooses when and where to compete and how it wishes to compete We compete on the basis of our: Unrivalled range of services under our quadplay strategy Innovation Excellent customer service Leadership in overall service quality While we have the low cost base to be price competitive across all of our lines of business, our strategy is to give customers the best quality services at a value-for-money price 12 As 2009 Financial Results Show PCCW has weathered the financial tsunami relatively well We have adjusted our cost base to counter the impacts of adverse regulatory decisions We are competing effectively in all our lines of business； and Our market position has consolidated and is secure 13 2009 a Transformational Year for PCCW We have now entered 2010 on a leaner yet stronger basis We continue to invest in new technology, our networks and our services We have re-emphasized and strengthened our customer- focused services We believe that as the economic conditions improve, we are poised for growth across the business as a whole 14 Notable Growth Momentum While our traditional lines of business continue to perform satisfactorily, we are seeing particular growth in: Fixed high-speed broadband demand Customer appetite for mobile broadband data services Content services hence we intend to apply for a Free TV (FTV) service license in Hong Kong 15 2009 FY Financial Performance (US$ million) 2008 2009 Profit Attributable to Equity Holders Revenue Core Business* EBITDA Core Business* 163 4,096 2,821 1,023 860 193 3,215 2,674 961 861 + 18% * Core business includes telecom, media and ICT businesses The Board has recommended a final dividend of 13.3 HK cents per share, subject to approval of shareholders 16 - - Dividend Yields Total Dividend Yield Interim Dividend yield Special 6.00% 3.66% 3.52% 3.91% 4.40% dividend: $1.30 per share distributed in May 2009 1.14% 1.26% 1.31% 1.36% 1.46% 2004 2005 2006 2007 2008 2009 DPS (HK$) Interim Final $0.055 $0.096 $0.065 $0.120 $0.065 $0.120 $0.065 $0.135 $0.070 $ $ $0.133 Special $ - $ - $ - $ - $1.300 $ - Total $0.151 $0.185 $0.185 $0.200 $1.370 $0.133 17 - - Dividend Payout Ratios 100% 90% 74% Special 52% dividend: $1.30 per share distributed in May 2009 Interim payout ratio: 72% 60% 2004 2005 2006 2007 2008 2009 DPS (HK$) Interim Final $0.055 $0.096 $0.065 $0.120 $0.065 $0.120 $0.065 $0.135 $0.070 $ $ $0.133 Special $ - $ - $ - $ - $1.300 $ - Total $0.151 $0.185 $0.185 $0.200 $1.370 $0.133 18 Financial Review Susanna Hui Group Chief Financial Officer 19 Core and PCPD Results (US$ million) Core Business* Revenue PCPD EBITDA 2,638 2,821 2,674 Core EBITDA 834 31.6% 860 30.5% 861 32.2% 1,275 Margin 402 541 101 163 100 2007 2008 2009 2007 2008 2009 Core revenue surpassed 2007 pre-crisis levels despite economic downturn, market 20 competition and FMIC impact PCPD revenue comprised ONE Pacific Heights but lower Bel-Air revenue recognition * Core business includes telecom, media and ICT businesses Core EBITDA margin lifted by higher cost efficiency and turnaround of TV business 8 -y Core and PCPD Results (US$ million) Core Business* Profit PCPD Attributable to Equity Holders Core Business 193 +1 163 % y-o 193 Core profit soared 24% on the back of solid business performance 134 126 156 PCPD Gain on disposal of PRC 59 37 37 investment property Profit maintained 2007 2008 2009 * Core business includes telecom, media and ICT businesses 21 Core Segments Performance (US$ million) Core Revenue TSS Breakdown TSS Mobile 2,638 2,821 2,674 Local Telephony Local Data & Broadband International Others 607 597 428 501 585 628 489 537 511 634 472 472 - 13% + 1% - 4% -12% TV & Content PCCW Solutions 2,133 2,239 TSS 2,089 - 7% 2007 2008 2009 Overall TSS revenue declined due to end of interconnect regime and shrinkage in business activities in Other Businesses Eliminations the commercial sector Continued growth in broadband customer base with strong and stable ARPU is a key revenue driver Teleservices benefited from (163) 2007 (179) 2008 (174) 2009 operation outsourcing trend and expansion into English speaking countries such as US & Philippines 22 Core Segments Performance (US$ million) Core Revenue Mobile 188 224 214 - 4% TV & 2,638 2,821 2,674 Content PCCW Solutions 218 230 287 239 301 236 + 5% - 1% TSS Mobile Other Businesses 32 2007 11 2008 8 2009 TV & Content PCCW Solutions 2,133 2,239 2,089 Mobile A 9% increase in mobile service revenue on expanded 3G customer base and higher mobile data revenue； Other Businesses Eliminations reduction in low-margin handset sales TV & Content Market leadership reinforced with more subscriptions and higher ARPU PCCW Solutions (163) 2007 (179) 2008 (174) 2009 Stable revenue from IT flagship in both HK and China markets 23 Cost Efficiency (US$ million) Core Operating Expenses 714 12% Sa 722 vings Core Opex to Revenue Ratio TSS 636 27% 26% 24% Mobile TV & Content 475 495 408 2007 2008 2009 PCCW Solutions Other Businesses Eliminations 92 69 47 136 (105) 2007 89 68 53 124 (107) 2008 103 76 44 103 (98) 2009 Dynamic adjustments to the cost base to counter market and regulatory changes preserving financial strength and resulting in more cost-efficient operations 24 34 Core EBITDA (US$ million) Core EBITDA TSS 953 956 v 944 904 40 (FMIC) TSS 2007 2008 2009 Mobile TV & Content Steady performance after normalizing FMIC impact PCCW Solutions Other Businesses Eliminations 953 956 904 Mobile 31 0 2007 2008 2009 (118) (141) (105) Shrugged off intense competition to post further EBITDA growth benefiting from 2007 2008 2009 more high-end 3G customers and higher data revenue 25 Core EBITDA (US$ million) Core EBITDA TV & Content 1 834 860 861 (11) (20) TSS 2007 2008 2009 Mobile TV & Content Significant profitability milestone achieved in 2009 PCCW Solutions Other Businesses Eliminations 953 956 904 PCCW Solutions 27 25 19 (118) 2007 (141) 2008 (105) 2009 2007 2008 2009 Continued upward trending EBITDA provided solid contribution 26 Group Performance (US$ million) Revenue Core Business Cost of sales Gross margin Operating expenses EBITDA Core Business EBITDA margin Depreciation and amortization Operating profit Other gains/(losses)* Interest income Finance costs Results from associates & JVs Profit before income tax Income tax Minority interests 2008 4,096 2,821 (2,288) 44% (785) 1,023 860 25% (476) 547 (94) 25 (189) (3) 286 (91) (32) 2009 3,215 2,674 (1,571) 51% (683) 961 861 30% (485) 476 24 2 (190) (7) 305 (75) (37) Profit attributable to equity holders of the Company 163 193 +18% * Includes restructuring costs & losses on fixed assets 27 Liquidity & Capital Resources Net Operating Cash Flow Debt Profile (US$ million) (US$ million) As of December 31, 2009 Group Net Cashflow from Operating Activities Core Business Operating Cash Flow minus Capex 1,018 828 Long-term Revolving Credit & Term Loan Facilities US$ Bonds Gross debt: US$4,521m 657 423 449 653 1,487 1,000 1,000 500 500 2007 2008 2009 2010 2011 2012 2013 2014 2015 28 Strong and steady operating cash flow and proven access to additional capital ensure sufficient cash to meet foreseeable obligations Average cost of debt reduced to approximately 4.1% from 5.0% p.a. in low interest rate environment Credit Fundamentals Net Debt (3) Net Debt/EBITDA (1) (US$ million) 3,921 3.2 3.0 3.3 2.9 3.8 3.6 3,482 2,791 2,819 2,973 2,925 H1 H2 H1 H2 H1 H2 07 08 09 EBITDA/Interest (2) H1 H2 H1 H2 H1 H2 4.2 4.4 5.0 5.4 4.6 5.1 2007 2008 2009 Net Debt/EBITDA (1) as of Dec 31, 2009 was 3.6x Net debt position improved due to strong H1 H2 H1 H2 H1 H2 operating cash flow 07 08 09 (1) Based on net debt as at period end divided by EBITDA for the 12-month period (2) Based on EBITDA for the period divided by “gross interest plus finance fees” (3) Net debt refers to the principal amount of short-term and long-term borrowings, minus cash and cash equivalent and certain restricted cash 29 Business Review Alex Arena Group Managing Director 30 Quadplay Update 31 Fixed line Broadband IPTV Mobile 1,543 1,423 1,236 Stable Fixed-line Business Solid Customer Base Maintained Since 2004 (000) Residential Lines Business Lines 1,400 1,407 1,407 1,408 1,406 PCCW eye Multimedia Services now the de facto fixed-line phone for new line service, and more customers are receptive to upgrade High price premium over traditional fixed line Enhance customer stickiness, facilitate ARPU uplift and create new market Revitalizing fixed-line and demonstrating our 1,144 1,164 1,180 1,183 1,195 1,182 quadplay innovation and leadership 2003 2004 2005 2006 2007 2008 2009 32 113 113 Market Leader in Broadband Consumer Broadband Continues to Grow Despite Fierce Competition (000) Wholesale Business Churn rate maintained at 1% Consumer 953 857 998 1,117 99 1,176 104 1,237 1,275 110 107 1,302 1,305 1,297 114 88 94 80 715 H1 798 H2 840 H1 952 H2 1,005 H1 1,060 H2 1,099 H1 1,126 H2 1,136 H1 1,146 H2 2005 2006 2007 2008 2009 33 IncreasedSpeed N w nu ve Unique and Successful Broadband Strategy Grow 1000M ARPU 100M VDSL 2 100M 50M 30M ADSL2+ 18M Introduced in 2009 ew Re th ro eG Differentiate Auto Network Selector Introduced in 2009 ADSL 1.5-8M Over 6,000 hotspots Ubiquitous wireless platform Increased Mobility 34 Netvigator Redefines Broadband Service Netvigator Broadband Also Includes: Wi-Fi, Wireless and Content 35 Home fixed line broadband up to 1,000M 19 free now TV channels & 4 self-produced channels + High speed outdoor broadband, over 6,000 Wi-Fi hotspots in town Ubiquitous mobile broadband anytime anywhere 738 PCCW mobile Performance Continue Growing PCCW mobile Base Revenue & ARPU - Total service revenue up 9% y-o-y - 3G exit ARPU HK$183 - Blended (2G + 3G) post-paid exit ARPU HK$138 +8% y- o-y 3G base +28% y-o-y 3G 2G Post-paid 2G Prepaid (000) 781 921 55 957 119 1,071 206 1,176 288 1,313 414 1,408 470 1,422 529 456 282 H2 491 290 H1 516 350 H2 462 376 H1 460 405 H2 459 429 H1 440 459 H2 430 508 H1 376 517 H2 2005 2006 2007 2008 2009 Targeting High-end Customers to Enhance Profitability 36 - - - - Unique Offerings for Smartphones PCCW Has Engineered Its High Speed Networks and Its Content Services to Meet the Needs of Smartphones Smart Service Exclusive quadplay content and services Smart Data Mobile data price-cap protection Hassle-free data usage gives you peace of mind Smart Connectivity Strongest network: HSPA + Fiber PCCW Wi-Fi with over 6,000 hotspots Smart Apps Exclusive tailor-made applications HD on mobile TV player News always on MOOV player NETSync on mobile Over 70% of Our New Handset-plan Subscribers Chose Smartphones as Their Handset 37 Developing the Smartphone Market 38 Engineering Ingenuity Introduced exclusive customized U-Android interface - helping grow penetration in different segments Open to All Smartphones Creative concierge service satisfying customers with various smartphone needs Mobile Data Usage & Revenue Surging 3G Data Revenue +57% Data Revenue Growth Total data revenue increased by 34% y-o-y 3G data revenue which 2008 2009 represents 36% of 3G service revenue, surged by Mobile Data Revenue +34% 57% y-o-y Leadership in wireless broadband continues to fuel growth of mobile data usage and revenue 39 2008 2009 Growth Despite Economic Challenges (000) Steady Growth