PCCW 2009年年报(1).ppt

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 arenot historical in nature.These forward-looking statements,whichinclude,without limitation,statements regarding PCCWs futureresults of operations,financial condition or business prospects,arebased on the current beliefs,assumptions,expectations,estimates,and projections of the directors and management of PCCW about thebusiness,the industry and the markets in which PCCW operates.These statements are not guarantees of future performance and aresubject to risks,uncertainties and other factors,some of which arebeyond PCCWs control and are difficult to predict.Actual resultscould differ materially from those expressed,implied or forecasted inthese 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 thefinancial tsunami,This impacted our customers negatively and we sawa reduction in business activity and some businessclosures,Also we saw higher unemployment impactingaffordability in the community,10,2009 Macro Issues-Regulatory,The soft market conditions were compoundedby adverse regulatory decisions,In particular,removal of the fixed/mobile interconnectioncharge(FMIC)would cost about US$50m on a full-yearbasis,In response,the Company has adjusted its cost base tonegate the loss of FMIC,This adjustment to our cost base is largely completethanks to the hard work and sacrifice of our dedicatedstaff,11,2009 Macro Issues-Competition,Pricing pressure continues unabated in thetelecommunications sector,PCCW chooses when and where to compete and how it wishes to compete,We compete on the basis of our:,Unrivalled range of services under our quadplay strategyInnovation,Excellent customer service,Leadership in overall service quality,While we have the low cost base to be price competitive across all of ourlines of business,our strategy is to give customers the best quality servicesat a value-for-money price,12,As 2009 Financial Results Show,PCCW has weathered the financial tsunami relatively well,We have adjusted our cost base to counter the impacts ofadverse regulatory decisions,We are competing effectively in all our lines of business;and,Our market position has consolidated and is secure,13,2009 a Transformational Year for PCCW,We have now entered 2010 on a leaner yet stronger basis,We continue to invest in new technology,our networksand our services,We have re-emphasized and strengthened our customer-focused services,We believe that as the economic conditions improve,weare poised for growth across the business as a whole,14,Notable Growth Momentum,While our traditional lines of business continueto perform satisfactorily,we are seeingparticular growth in:,Fixed high-speed broadband demand,Customer appetite for mobile broadband data services,Content services hence we intend to apply for aFree TV(FTV)service license in Hong Kong,15,2009 FY Financial Performance,(US$million),2008,2009,ProfitAttributableto Equity HoldersRevenueCoreBusiness*EBITDACoreBusiness*,1634,0962,8211,023860,1933,2152,674961861,+18%,*Core business includes telecom,media and ICT businessesThe Board has recommended a final dividend of 13.3 HK centsper share,subject to approval of shareholders16,-,-,Dividend YieldsTotal Dividend YieldInterim Dividend yield,Special,6.00%,3.66%,3.52%,3.91%,4.40%,dividend:$1.30 pershare,distributedin May2009,1.14%,1.26%,1.31%,1.36%,1.46%,2004,2005,2006,2007,2008,2009,DPS(HK$),InterimFinal,$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 Ratios100%90%,74%,Special,52%,dividend:$1.30 persharedistributed inMay 2009Interimpayout ratio:72%,60%,2004,2005,2006,2007,2008,2009,DPS(HK$),InterimFinal,$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,CoreEBITDA,83431.6%,86030.5%,86132.2%,1,275,Margin,402,541,101,163,100,2007,2008,2009,2007,2008,2009,Core revenue surpassed 2007 pre-crisis levelsdespite economic downturn,market,20,competition and FMIC impactPCPD revenue comprised ONE Pacific Heightsbut lower Bel-Air revenue recognition*Core business includes telecom,media and ICT businesses,Core EBITDA margin lifted by higher costefficiency and turnaround of TV business,8,-y,Core and PCPD Results,(US$million),Core Business*Profit,PCPD,Attributable to Equity Holders,Core Business,193,+1163,%,y-o,193,Core profit soared 24%on the backof solid business performance,134,126,156,PCPD,Gain on disposal of PRC,59,37,37,investment propertyProfit maintained,2007,2008,2009,*Core business includes telecom,media and ICT businesses21,Core Segments Performance,(US$million),Core Revenue,TSS Breakdown,TSSMobile,2,638,2,821,2,674,LocalTelephonyLocal Data&BroadbandInternationalOthers,607597428501,585628489537,511634472472,-13%+1%-4%-12%,TV&ContentPCCW Solutions,2,133,2,239,TSS2,089-7%,2007 2008 2009Overall TSS revenue declined dueto end of interconnect regime and,shrinkage in business activities in,Other BusinessesEliminations,the commercial sectorContinued growth in broadbandcustomer base with strong andstable ARPU is a key revenue driverTeleservices benefited from,(163)2007,(179)2008,(174)2009,operation outsourcing trend andexpansion into English speakingcountries such as US&Philippines,22,Core Segments Performance,(US$million),Core Revenue,Mobile,188,224,214,-4%,TV&,2,638,2,821,2,674,ContentPCCWSolutions,218230,287239,301236,+5%-1%,TSSMobile,OtherBusinesses,322007,112008,82009,TV&ContentPCCW Solutions,2,133,2,239,2,089,MobileA 9%increase in mobile servicerevenue on expanded 3G customerbase and higher mobile data revenue;,Other BusinessesEliminations,reduction in low-margin handset salesTV&ContentMarket leadership reinforced with moresubscriptions and higher ARPUPCCW Solutions,(163)2007,(179)2008,(174)2009,Stable revenue from IT flagship in bothHK and China markets,23,Cost Efficiency,(US$million),Core Operating Expenses,714,12%Sa722,vings,Core Opex to Revenue Ratio,TSS,636,27%,26%,24%,Mobile,TV&Content,475,495,408,2007,2008,2009,PCCW Solutions,Other BusinessesEliminations,926947136(105)2007,896853124(107)2008,1037644103(98)2009,Dynamic adjustments to thecost base to counter market andregulatory changes preservingfinancial strength and resultingin more cost-efficient operations,24,34,Core EBITDA,(US$million),Core EBITDA,TSS,953,956v,944904,40(FMIC),TSS,2007,2008,2009,MobileTV&Content,Steady performance afternormalizing FMIC impact,PCCW SolutionsOther BusinessesEliminations,953,956,904,Mobile31,0,2007,2008,2009,(118),(141),(105),Shrugged off intense competition to post,further EBITDA growth benefiting from,2007,2008,2009,more high-end 3G customers and higherdata revenue,25,Core EBITDA,(US$million),Core EBITDA,TV&Content,1,834,860,861,(11),(20),TSS,2007,2008,2009,MobileTV&Content,Significant profitabilitymilestone achieved in 2009,PCCW SolutionsOther BusinessesEliminations,953,956,904,PCCW Solutions272519,(118)2007,(141)2008,(105)2009,2007 2008 2009Continued upward trendingEBITDA provided solidcontribution,26,Group Performance,(US$million)RevenueCore BusinessCost of salesGross marginOperating expensesEBITDACore BusinessEBITDA marginDepreciation and amortizationOperating profitOther gains/(losses)*Interest incomeFinance costsResults from associates&JVsProfit before income taxIncome taxMinority interests,20084,0962,821(2,288)44%(785)1,02386025%(476)547(94)25(189)(3)286(91)(32),20093,2152,674(1,571)51%(683)96186130%(485)476242(190)(7)305(75)(37),Profit attributable to equity holders of the Company,163,193,+18%,*Includes restructuring costs&losses on fixed assets27,Liquidity&Capital Resources,Net Operating Cash Flow,Debt Profile,(US$million),(US$million),As of December 31,2009,Group Net Cashflow from Operating ActivitiesCore Business Operating Cash Flow minus Capex1,018828,Long-term Revolving Credit&Term Loan FacilitiesUS$BondsGross debt:US$4,521m,657,423,449,653,1,4871,000,1,000500,500,2007,2008,2009,2010 2011,2012 2013,2014 2015,28,Strong and steady operating cash flow andproven access to additional capital ensuresufficient cash to meet foreseeableobligations,Average cost of debt reduced toapproximately 4.1%from 5.0%p.a.in lowinterest rate environment,Credit Fundamentals,Net Debt(3),Net Debt/EBITDA(1),(US$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 cash29,Business Review,Alex Arena,Group Managing Director,30,Quadplay Update,31,Fixed lineBroadband,IPTVMobile,1,543,1,423,1,236,Stable Fixed-line BusinessSolid Customer Base Maintained Since 2004,(000),Residential LinesBusiness Lines1,400 1,407 1,407 1,408 1,406,PCCW eye Multimedia Servicesnow the de facto fixed-line phone for newline service,and more customers are receptiveto upgradeHigh price premium over traditional fixed lineEnhance customer stickiness,facilitate ARPUuplift and create new marketRevitalizing 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 BroadbandConsumer Broadband Continues to Grow Despite Fierce Competition,(000)WholesaleBusiness,Churn rate maintained at 1%,Consumer953857,998,1,11799,1,176104,1,237 1,275110107,1,302 1,305 1,297114,88,94,80715H1,798H2,840H1,952H2,1,005H1,1,060H2,1,099H1,1,126H2,1,136H1,1,146H2,2005,2006,2007,2008,2009,33,IncreasedSpeed,N,w,nu,ve,Unique and Successful Broadband StrategyGrow,1000M,ARPU,100MVDSL 2100M50M30MADSL2+18M,Introducedin 2009,ew,Re,throeGDifferentiateAuto Network Selector,Introducedin 2009,ADSL1.5-8M,Over 6,000 hotspots,Ubiquitous wireless platform,Increased Mobility34,Netvigator Redefines Broadband ServiceNetvigator Broadband Also Includes:Wi-Fi,Wireless and Content,35,Home fixed line broadbandup to 1,000M19 free now TV channels&4 self-produced channels,+,High speed outdoor broadband,over 6,000 Wi-Fi hotspots in townUbiquitous mobile broadbandanytime anywhere,738,PCCW mobile PerformanceContinue Growing PCCW mobile BaseRevenue&ARPU,-Total service revenue up 9%y-o-y-3G exit ARPU HK$183-Blended(2G+3G)post-paid exit ARPU HK$138,+8%y-,o-y,3G base+28%y-o-y,3G2G Post-paid2G Prepaid(000)781,92155,957119,1,071206,1,176288,1,313414,1,408470,1,422529,456282H2,491290H1,516350H2,462376H1,460405H2,459429H1,440459H2,430508H1,376517H2,2005,2006,2007,2008,2009,Targeting High-end Customers to Enhance Profitability36,-,-,-,-,Unique Offerings for SmartphonesPCCW Has Engineered Its High Speed Networks and Its Content Servicesto Meet the Needs of Smartphones,Smart Service Exclusive quadplay content andservicesSmart Data Mobile data price-cap protection Hassle-free data usage gives youpeace of mind,Smart Connectivity Strongest network:HSPA+Fiber PCCW Wi-Fi with over 6,000 hotspotsSmart Apps Exclusive tailor-made applicationsHD on mobile TV playerNews always onMOOV playerNETSync on mobile,Over 70%of Our New Handset-plan Subscribers Chose Smartphones as Their Handset37,Developing the Smartphone Market,38,Engineering Ingenuity Introduced exclusive customizedU-Android interface-helping growpenetration in different segments,Open to All Smartphones Creative concierge service satisfyingcustomers with various smartphoneneeds,Mobile Data Usage&Revenue Surging3G Data Revenue,+57%,Data Revenue Growth Total data revenue increasedby 34%y-o-y3G data revenue which,2008,2009,represents 36%of 3Gservice revenue,surged by,Mobile DataRevenue+34%,57%y-o-y Leadership in wirelessbroadband continues to fuelgrowth of mobile data usageand revenue,39,2008,2009,Growth Despite Economic Challenges,(000),Steady,Growth Momentum,Installed Base,153,169,171,171,174,Installed base ARPU(HK$/month),125,9,27,55,67,80,87,94758,818,882,927,953,992,1,001,147,269,361,441,549,608,H2,H1,H2,H1,H2,H1,H2,H1,H2,H1,H2,H1,H2,2003,2004,2005,2006,2007,2008,2009,40,Leading Pay TV Operator in Hong Kong,Widest and most comprehensive spectrum of sports content with world-class football,such as Spanish La Liga,Italia Serie A,Copa del Rey,all tennis grand slams and other popularinternational sports including World Snooker Tour,World Athletics Championships,World VolleyballChampionships,Badminton Super Series and golf tours etc.,Key Football Content 2010,Most Comprehensive Tennis 2010 All 4 Grand Slams and over 700 Hours of ATP Tour,now Select offers,convenient time shiftingfor key sports properties,such as La Liga,Italia Serie A,FA Cup,ATP,J-League etc.,Key International Sports Content 2010,41,Capturing Growth Opportunities Market Leader of general entertainment offering both breadth and depth in content line-up with the most and the newest 1st run home entertainment proposition on pay-TV:,Enhance Customer Viewing Experience,Compelling HD content,New content offeringsHD42,2009 a Transformational Year for PCCW,We have now entered 2010 on a leaner yet stronger basis,We continue to invest in new technology,our networksand our services,We have re-emphasized and strengthened our customer-focused services,We believe that as the economic conditions improve,weare poised for growth across the business as a whole,43,MajpjMVcyzj21HLfrvy96dv02lPPfYgxUS7IYmZkyEmZ0kGeYZS3bpLCkYH1lt4EK7CxmUX3ijoYSOer7ZuaVWYgz4EpZrUirVpMzzvNtf1XZw5oswSXOtFaejnOcmfE1lZgnN1RSXg8wLCG8CVQ3XPJMvodPFWcpiYJgZazNSEPNIaklYSu7qSd1UpaxmZDlpN9zW7kljfsLCLi26Yv109ffbnDH8LbUN1G6ACURQ39eG12KHL9tXsZ1jzgoCK8g1kuNOh5eFvcmVT5ZYVQt9zk3rp3qLnf02FovEXxVRxjCcFRNppiJljNiOuk6fONnyX7fyGg7sXZ49BmCN5oy9VesHpKzdjTKwjrkCEQCFDehVmGax3lrOEbw63VscA3YSijtUKoCyiLzAlVRp7l4QgPNHxvJFFDyjUVN3oHlMah0XBd4uTbkfPIhHtw0ev