Financial Performance - For the fiscal year ending December 31, 2023, the company's revenue from continuing operations increased to approximately HKD 597,898,000 from HKD 562,794,000 in the previous year, representing an increase of about 6.3%[4] - The operating loss for the fiscal year ending December 31, 2023, increased to approximately HKD 427,766,000, up from HKD 325,847,000, indicating a rise in operating expenses[4] - The net loss from continuing operations decreased to approximately HKD 548,000,000, a reduction of about 12% from HKD 623,000,000 in the previous year[4] - The company's total loss for the fiscal year decreased by approximately HKD 297,000,000, a reduction of about 34% compared to the previous year[5] - The basic and diluted loss per share for continuing operations was approximately HKD 0.077, down from HKD 0.087 in the previous year[61] - The total comprehensive loss for the year was HKD 589,274,000, compared to HKD 885,718,000 in the previous year, indicating a year-over-year improvement of about 33.5%[115] - The net loss attributable to equity shareholders was HKD 589,274,000, compared to HKD 885,718,000 in the previous year, showing an improvement of about 33.5%[115] Assets and Liabilities - The total assets of the company as of December 31, 2023, were HKD 945,159,000, compared to HKD 879,494,000 in the previous year, showing an increase of approximately 7.5%[2] - The total liabilities increased significantly to HKD 2,273,976,000 from HKD 1,619,023,000, reflecting a rise in debt levels[2] - The net asset to debt ratio was reported at -118%, improving from -146% in the previous year, indicating a slight reduction in financial leverage[2] - The carrying amount of interest-bearing loans was approximately HKD 1,041 million as of December 31, 2023, up from HKD 591 million as of December 31, 2022[74] - The group's consolidated net liabilities increased to approximately HKD 1,329 million as of December 31, 2023, compared to HKD 740 million as of December 31, 2022[73] Customer Base and Market Trends - The number of broadband and telephone customers decreased to approximately 156,000 and 55,000, respectively, down from 198,000 and 68,000 in the previous year, indicating a decline in customer base[4] - Revenue from the telecommunications segment decreased by approximately HKD 13,000,000 to HKD 386,000,000, down from HKD 399,000,000 in the previous year, due to intense market competition[4] - Despite improvements in the operating environment, local consumer spending has significantly decreased due to economic pressures and increased travel outside Hong Kong[9] - The company has shifted its focus towards free television and multimedia programming after terminating its paid television service, aiming to enhance operational performance[3] Strategic Initiatives - The company terminated its paid television business on June 1, 2023, to focus resources on developing a full media platform in response to changing consumer habits post-pandemic[7] - The company aims to increase advertising revenue by integrating all media platforms and expanding its outreach beyond traditional broadcasting methods[8] - The company is actively developing digital media channels to engage a broader audience and enhance viewer participation[22] - The company is focusing on diverse and community-oriented content to enhance its unique viewing trends on HOY TV[23] - The company plans to invest in properties, facilities, and equipment to enhance profitability and shareholder returns[91] Advertising and Revenue Generation - The company recorded growth in advertising spending on its platform, particularly in sectors like food and beverage, health, and travel, driven by popular self-produced shows[13] - The company secured exclusive broadcasting rights for the 19th Asian Games in Hangzhou, successfully generating new business income and brand impact through innovative collaborations[15] - The group expanded its outdoor screen coverage for the Asian Games to 250 locations, enhancing advertising revenue through partnerships with various organizations[35] - The advertising sales team will provide customized advertising content and cross-platform bundled sales to capture more business opportunities[104] Employee and Operational Changes - As of December 31, 2023, the group had 1,070 full-time employees, a decrease from 1,151 employees as of December 31, 2022[87] - The total salary and related expenses for the year amounted to approximately HKD 409 million, compared to approximately HKD 372 million in the previous year, reflecting an increase of about 10%[87] - The company is committed to nurturing future talents in the sports and broadcasting industry through internship programs[19] Future Outlook - The year 2024 is expected to be crucial for the group's transformation to free TV and multimedia operations, with a focus on innovative content marketing strategies[92] - The recovery of economic activities and inbound tourism in the Greater Bay Area is anticipated to positively impact the advertising market in 2024[103] - The company plans to enhance its digital platform's streaming volume and quality, providing more diverse and attractive content and advertising options[99] Financial Management and Governance - The company has adhered to the principles of good corporate governance and complied with all applicable provisions of the Corporate Governance Code as of December 31, 2023[196] - The company’s board of directors has ensured effective communication with shareholders during the annual general meeting held on June 16, 2023, despite the absence of some key members[197] - The company has not reported any significant events affecting its financial performance or compliance with relevant laws and regulations as of December 31, 2023[113]

Financial Performance - Revenue from continuing operations for the six months ended June 30, 2023, increased to approximately HK$263 million, a slight rise from approximately HK$262 million for the same period in 2022[9]. - Operating expenses rose to approximately HK$373 million for the six months ended June 30, 2023, up from approximately HK$358 million in the previous year[9]. - Loss from operations before depreciation and amortisation increased to approximately HK$77 million, compared to approximately HK$32 million in the last corresponding period[9]. - Net loss from continuing operations decreased to approximately HK$149 million, representing a reduction of approximately 14% from a net loss of approximately HK$173 million for the six months ended June 30, 2022[9]. - Revenue for the six months ended June 30, 2023, was HK$263,393,000, a slight increase from HK$261,704,000 in the same period of 2022[12]. - Loss from operations increased to HK$110,060,000 compared to HK$96,100,000 in the previous year[12]. - Loss from continuing operations improved to HK$149,239,000 from HK$173,346,000 year-on-year[12]. - Total comprehensive loss for the period was HK$196,932,000, down from HK$225,801,000 in the previous year, reflecting a reduction of 12.8%[144]. - The company reported a loss of HK$196,986,000 for the six months ended June 30, 2023, compared to a loss of HK$225,874,000 for the same period in 2022, indicating an improvement in financial performance[147]. Customer Base and Market Position - The number of broadband customers decreased to approximately 172,000 in June 2023, down from approximately 201,000 in June 2022[10]. - The number of telephony customers decreased to approximately 60,000 in June 2023, down from approximately 71,000 in June 2022[10]. - Revenue from the telecommunications segment decreased by approximately HK$6 million to approximately HK$186 million for the six months ended June 30, 2023[10]. - The Group's telecommunications business covers over 2 million households in Hong Kong, with plans to convert hybrid fibre/coaxial networks into fibre optic networks for gigabit-speed broadband access[38]. - The Group's news service maintained a 24-hour broadcast on Channel 78, recognized for its credibility and influence in the industry[33]. Strategic Initiatives and New Offerings - The Group terminated all 118 pay channels on June 1, 2023, marking a strategic shift towards multimedia[21]. - The launch of the new 24-hour integrated horse racing OTT platform "i-CABLE 18 Treasure" occurred in late April 2023[22]. - The Group produced new travel and cooking programs in response to post-pandemic consumer interests, including "Good Deal in Japan" and "Master Chef's Delights 2023"[24][25]. - The Group's health-related program "Health Care Group" was launched to promote a healthy lifestyle post-pandemic[26]. - The Group secured broadcasting rights for several international events, including the highly anticipated Hong Kong Sevens and the FIVB Volleyball Nations League, enhancing its positioning as a professional sports brand[27]. - The Group launched two pilot programs on Channel 77 in preparation for the exclusive broadcast of the "19th Asian Games Hangzhou" in September 2023[29]. - Following the cessation of Pay TV, the new OTT service "i-CABLE 18 Treasure" was launched, featuring up to 14 different forms of horse racing, receiving strong support from previous subscribers[30]. Financial Position and Liabilities - Total assets as of June 30, 2023, were HK$897,556,000, up from HK$879,494,000 at the end of 2022[13]. - Total liabilities increased to HK$1,834,017,000 from HK$1,619,023,000[13]. - The net gearing ratio improved to -139% from -146%[13]. - The consolidated net liability value of the Group as of June 30, 2023, was approximately HK$936 million, compared to approximately HK$740 million as of December 31, 2022[71]. - Current liabilities exceeded current assets by HK$428 million as of June 30, 2023, down from HK$489 million as of December 31, 2022[162]. Operational Efficiency and Cost Management - The Group continues to focus on improving operational efficiency and reducing costs amid ongoing market challenges[142]. - The Group's total salaries and related costs for the six months ended June 30, 2023, were approximately HK$204 million, compared to approximately HK$171 million for the same period in 2022, reflecting an increase of about 19.3%[97]. - Depreciation expenses decreased to HK$45,793,000 in the first half of 2023 from HK$104,963,000 in the same period of 2022, indicating a reduction in asset write-downs[44]. - Interest costs paid rose to HK$21,788,000 in the first half of 2023, compared to HK$11,083,000 in the previous year, reflecting higher borrowing costs[150]. Future Outlook and Market Trends - The Group expects a positive impact on the advertising market in the second half of 2023 due to the recovery of economic activities and the tourism industry[111]. - The reopening of borders with Mainland China is anticipated to increase MTR passenger traffic and advertising revenue from MTR In-train TV[122]. - The Group plans to explore business opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area, collaborating with major media and operators in Mainland China to expand its audience base[126]. - A new roaming data service plan for the Greater Bay Area, Asia, and globally will be launched to cater to Hong Kong residents who frequently travel[129]. Financial Risks and Management - The Group is exposed to various financial risks, including market risk, credit risk, and liquidity risk[182]. - The Group's liquidity risk remains stable compared to the previous year, with no significant changes in contractual undiscounted cash outflows[188]. - The Group manages price risk by maintaining a diversified portfolio of investments with different risk and return profiles[186]. - The Group's financial risk management includes sensitivity analysis for price risk, indicating potential impacts on financial performance based on market fluctuations[192].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對 因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 有 線 寬 頻 通 訊 有 限 公 司 （於香港註冊成立的有限公司） （股份代號：1097） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 告 財務摘要 （未經審核） 截至六月三十日止六個月 二零二三年 二零二二年 千港元 千港元 （經重列） 持續經營業務 收入 263,393 261,704 經營虧損 (110,060) (96,100) 加回： 折舊 32,978 62,234 其他無形資產攤銷 449 1,709 未扣除折舊及其他無形資產攤銷前 的經營虧損（附註1） (76,633) (32,157) 持續經營業務虧損 (149,239) (173,346) ...

Media Business Development - The Group launched HOY Infotainment (Channel 78) in November 2022, an all-new free-to-air news and infotainment channel to strengthen its media business and expand influence[13]. - Channel 77 was rebranded to HOY TV in October 2022, with an upgraded programme line-up, enhancing viewer experience and satisfaction[13]. - The launch of new channels and rebranding efforts are expected to escalate the development of the Group's media business to a new stage[13]. - The Group aims to continue producing high-quality programmes and acquiring popular overseas content to increase viewership and customer satisfaction[14]. - The Group's initiatives in 2022 laid a solid foundation for expanding its customer base and contributed to a new chapter in Hong Kong's media industry[11]. - The Group produced diverse programs in 2022, including dramas, lifestyle shows, and health segments, contributing to increased viewership and advertising revenue[54]. - The Group's sports programming included major events such as the FIBA 3x3 Basketball World Tour and the FINA World Swimming Championships, broadcasted across various media channels[61]. - HOY TV's community-centered program "City Focus" highlighted over 300 community issues by the end of December 2022, aligning with its mission to serve audience needs[57]. - The Group's new informative English talk show "Friday Beyond Spotlights" provided insights from business elites and entrepreneurs to a global audience[58]. - The Group's commitment to a "customer-centric" and "quality focus" approach remains a core purpose in its operations[14]. Audience Engagement and Viewership - The average weekday patronage of the MTR in December 2022 estimated that approximately 4.4 million people were watching the Group's programmes daily[14]. - The average daily viewership of the group's programs on MTR was about 4.4 million passengers, following the opening of the East Rail Line cross-harbour section in December 2022[16]. - The group's Facebook pages accumulated over 2 million followers by December 31, 2022, with engagement reaching approximately 110 million, a 90% increase from 2021[17]. - Monthly active users of HOY's website and mobile application increased by approximately 46% in 2022 compared to 2021, while i-cable.com saw a 136% increase in active users[17]. - The Group produced viewer-centric programmes like "Cooking in Pandemic" and "Anti-pandemic Quick Tips" to engage audiences during the COVID-19 pandemic[45]. Telecommunications and Broadband Services - The Group operates one of the largest wireline telecommunications networks in Hong Kong, serving over 2 million households[26]. - The Group's Pay TV customer base decreased from 715,000 in December 2021 to 662,000 in December 2022, representing a decline of approximately 7.4%[32]. - The Broadband customer base also saw a slight decrease from 202,000 in December 2021 to 198,000 in December 2022, a reduction of about 2.0%[32]. - The telecommunications business revenue decreased compared to the previous year, but the number of broadband customers remained stable in 2022 due to value-for-money campaigns[71]. - The Group launched diverse service subscription packages with new contents and smart home solutions to increase customer retention in broadband services[71]. Environmental, Social, and Governance (ESG) Initiatives - The Group is dedicated to adopting environmental protocols and creating a favorable environment for staff development and community engagement[85]. - The Group's ESG working group validates key material ESG issues linked to business continuity and societal importance[104]. - The Group's environmental impact management includes policies on air emissions, waste management, and energy management[108]. - The Group's commitment to anti-corruption and labor standards is reflected in its policies and practices[108]. - The Group's community support initiatives and employee development programs are aligned with its corporate social responsibility (CSR) strategies[110]. Employee Development and Workplace Environment - The Group's total workforce in 2022 was 1,169 employees, a decrease of 6 from 1,175 in 2021[187]. - The majority of employees (91.1%) were based in Hong Kong, with only 8.9% in other regions[187]. - The company conducted approximately 159 corporate training events in 2022, significantly up from 50 events in 2021, involving 1,139 participants[198]. - Total training hours increased to 42,302 in 2022 from 38,184 hours in 2021, reflecting a focus on employee development[198]. - The Group emphasizes a positive working environment and aims to promote workforce diversity across age, gender, and nationality[176]. Financial Performance and Challenges - The Group faced significant competition in the telecommunications sector, leading to continuous price reductions and a slowdown in service installations and upgrades[30]. - The Group's advertising revenue from TV and MTR In-train TV was severely impacted in 2022 due to the pandemic and economic downturn[30]. - Recurrent losses have weakened the Group's financial position, increasing dependency on external financing[82]. - Pay TV subscription revenue decreased due to a contracting customer base and intense competition from new streaming services, leading to a continuous decline in media segment revenue compared to 2021[64]. Sustainability and Resource Management - The Group reported a total of 4,734 tonnes of greenhouse gas emissions in 2022, down from 5,405 tonnes in 2021, representing a reduction of approximately 12.4%[150]. - The Group recorded a reduction of approximately 17% in electricity consumption, from 13,810,209 kWh in 2021 to 11,454,969 kWh in 2022, due to the adoption of more energy-saving appliances and green initiatives[166]. - The Group implemented measures to promote waste reduction, including going paperless and encouraging the use of electronic copies, resulting in a reduction of paper waste from 13 tonnes in 2021 to 3 tonnes in 2022[157]. - Diesel consumption decreased by 12%, from 56,094 liters in 2021 to 49,355 liters in 2022, attributed to a reduction in the vehicle fleet size and shorter travel distances[167]. - The Group's CO2 emissions intensity for scope 1 was approximately 0.23 tonnes per employee in 2022, down from 0.25 tonnes per employee in 2021[152].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對 因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 有 線 寬 頻 通 訊 有 限 公 司 （於香港註冊成立的有限公司） （股份代號：1097） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 全 年 業 績 公 告 財務摘要 截至十二月三十一日止年度 二零二二年 二零二一年 千港元 千港元 收入 895,199 989,197 經營虧損 (588,185) (308,629) 折舊 207,344 214,992 其他無形資產攤銷 4,064 4,040 減值虧損 240,854 – 未扣除折舊、其他無形資產攤銷及 減值虧損前之經營虧損（附註1） (135,923) (89,597) ...

Financial Performance - i-CABLE Communications Limited's revenue for the six months ended June 30, 2022, declined by approximately HK$62 million to approximately HK$431 million from approximately HK$493 million for the same period in 2021[8]. - The Group recorded an increase in net loss to approximately HK$226 million for the six months ended June 30, 2022, representing an increase of approximately 29% compared to a net loss of approximately HK$175 million for the same period in 2021[8]. - The total revenue for the six months ended June 30, 2022, was HK$431,430,000, down from HK$493,483,000, representing a decrease of approximately 12.59%[17]. - The basic loss per share increased from HK$2.5 to HK$3.2, reflecting a deterioration in financial performance[17]. - The Group recorded a net loss of approximately HK$226 million for the six months ended 30 June 2022, compared to a net loss of approximately HK$175 million for the same period in 2021[70]. - The total comprehensive income for the period was HK$(225,801,000), compared to HK$(175,256,000) in the same period of 2021[145]. - The Group's loss before taxation was HK$218,160,000, compared to HK$171,512,000 in the same period of 2021[143]. Revenue Segments - Revenue generated from the telecommunications segment decreased by approximately HK$12 million from approximately HK$204 million for the six months ended June 30, 2021, to approximately HK$192 million for the six months ended June 30, 2022[12]. - The media segment's pay TV subscription customer base contracted, negatively impacting revenue from pay TV subscriptions during the six months ended June 30, 2022[14]. - Revenue from the media segment decreased by approximately 17% to approximately HK$240 million for the six months ended June 30, 2022, down from approximately HK$289 million in the same period of 2021[70]. - Revenue for the telecommunications segment decreased from approximately HK$204,000,000 to HK$192,000,000, a decline of about 5.88% year-on-year[13]. Operating Expenses - Operating expenses decreased from approximately HK$648 million for the six months ended June 30, 2021, to approximately HK$580 million for the six months ended June 30, 2022[9]. - The effective cost-saving initiatives implemented since Forever Top became the controlling shareholder in September 2017 have led to a consistent reduction in operating expenses over the past four years[9]. - The cost of services decreased by approximately HK$65 million to approximately HK$448 million, with programming costs down by approximately 19% and cost of sales down by approximately 14%[59]. - Operating expenses for the media segment decreased by approximately 17% to approximately HK$323 million for the six months ended June 30, 2022, compared to approximately HK$387 million for the same period in 2021[72]. - Operating expenses for the telecommunications segment decreased by approximately 2% to approximately HK$121 million for the six months ended June 30, 2022, down from approximately HK$123 million in the same period of 2021[72]. Customer Metrics - The number of broadband customers in June 2022 remained stable compared to June 2021[12]. - The number of broadband customers remained stable despite the challenging business environment due to the COVID-19 pandemic[27]. - Despite a saturated market and price wars, the number of broadband subscribers remained stable as of June 30, 2022, compared to the previous year, attributed to effective sales and marketing strategies and network quality recognition[104]. Strategic Initiatives - The Group launched several viewer-centric programs to enhance engagement and address community needs during the pandemic[32]. - The Group produced special programmes for the 25th anniversary of the HKSAR, including "A 25-Year Journey" and "Stories of Lion Rock Spirit," enhancing brand recognition and driving demand from government and commercial clients[35]. - The Group's investment in high-quality programmes, such as "Guru's Travel Depart" and "In the Storm," improved its brand image and viewer recognition[34]. - The Group's digital transformation efforts included revamping websites to enhance user experience, resulting in a more stable live streaming service[44]. - The Group aims to expand TV spectrum coverage to 99% by the end of 2022 and launch a new Free TV channel, Channel 78, to reach a larger audience[113]. Financial Position - The total assets decreased from HK$1,485,592,000 to HK$1,379,712,000, a reduction of approximately 7.1%[20]. - The net gearing ratio significantly worsened from 504% to -1,149%[20]. - As of June 30, 2022, the Group's cash and bank balances were approximately HK$63 million, down from HK$70 million as of December 31, 2021, representing a decrease of about 10%[73]. - The Group's current liabilities exceeded its current assets by HK$418 million, compared to HK$410 million as of December 31, 2021[174]. - The total deficit amounted to HK$80 million as of June 30, 2022, compared to total equity of HK$146 million as of December 31, 2021[174]. Future Outlook - The Group expects to capture more business opportunities through innovative content and integrated marketing solutions to further expand revenue streams[113]. - The Group will continue to explore opportunities to acquire more content and invest in streaming technologies to meet changing viewer preferences[116]. - The Group anticipates a growth in audience numbers with the addition of new channel 78 by the end of 2022, which may drive new product and business development[125]. - The Group plans to enrich its content by bringing in more quality global infotainment choices and establishing strategic partnerships with industry players to create unique value propositions[119]. Debt and Financing - The Group's interest-bearing borrowing of HK$295 million drawn from a banking facility of HK$400 million, which is immediately repayable on demand[174]. - During the six months ended June 30, 2022, the controlling shareholder of Forever Top advanced unsecured loans of HK$170 million to the Group[174]. - The Group entered into a loan agreement for an unsecured loan of HK$80 million with an interest rate of 3.0% per annum for a term of 3 years[131]. - The Group's banking facility was last renewed in mid-March 2019, and the Directors expect it to be successfully renewed under similar terms[180]. Organizational Changes - The Group is undergoing organizational restructuring, including cost-saving initiatives and strategic reviews of its business portfolio[182]. - The management is conducting strategic reviews to optimize the Group's structure for improved performance and cost efficiency[108]. Accounting Standards - The group adopted several amendments to accounting standards effective from January 1, 2022, which did not significantly affect the accounting policies or financial results[192]. - The amendments include HKFRS 3, HKFRS 16, and HKAS 16, among others, relevant to the group's operations[192].

Market Performance and Subscriber Growth - i-CABLE experienced significant volatility in the marketplace due to the COVID-19 pandemic, but managed to navigate these challenges effectively[13]. - The company recorded growth in both the number of broadband subscribers and advertising revenue compared to 2020[13]. - Broadband customers increased to 202,000 in December 2021, up from 197,000 in December 2020, reflecting a growth of approximately 2.5%[40]. - Pay TV customers decreased to 715,000 in December 2021, down from 736,000 in December 2020, indicating a decline of about 2.9%[40]. - The Group recorded growth in advertising revenue compared to 2020, driven by the successful broadcast of the Tokyo 2020 Olympic Games[38]. - The Free TV's viewership reached new heights during the Olympic Games, recording nearly 7 rating points[52]. - The digital platforms recorded significant increases in viewership, with i-cable.com page views and users rising by 194% and 133%, respectively, and hkopentv.com page views and users increasing by 282% and 286%[52]. Strategic Initiatives and Future Plans - i-CABLE plans to continue investing in and expanding its core fiber network to enhance service quality and explore new business opportunities[17]. - The company aims to become one of the leading telecommunications network operators in Hong Kong[17]. - The Group's strategic initiatives are aimed at enhancing customer service and expanding its market presence[17]. - The Group plans to expand its fiber network connectivity to meet increasing market demand[21]. - The Group aims to enhance customer satisfaction to drive business and revenue performance[37]. - The Group aims to continue expanding revenue streams in overseas markets by introducing premium content across multiple platforms[63]. Financial Performance - The Group's revenue for the year ended December 31, 2021, decreased by approximately HK$80 million or 7% to approximately HK$989 million compared to HK$1,069 million in 2020[176]. - Loss from operations for the year ended December 31, 2021, was approximately HK$309 million, representing an increase in loss of approximately 32% compared to HK$234 million in 2020[176]. - The Group recorded a net loss of approximately HK$364 million for the year ended December 31, 2021, compared to HK$275 million in 2020[176]. - The net gearing ratio increased to approximately 504% as of 31 December 2021, compared to 136% as of 31 December 2020, primarily due to the issuance of the 2021 LCS and a decrease in total equity[181]. - The consolidated net asset value of the Group as of 31 December 2021 was approximately HK$146 million, representing a decrease of approximately 60% from HK$365 million as of 31 December 2020[183]. Operational Challenges - The Group acknowledges the challenges posed by intensified competition among multimedia platforms affecting its Pay TV business[38]. - The Pay TV business in Hong Kong is facing intense competition due to the rise of subscription-based streaming services and premium video sharing channels, leading to a reduction in the customer base[41]. - In 2021, the Group experienced a decline in audience size and average revenue per user (ARPU) for Pay TV, which negatively impacted advertising opportunities[42]. - The Group faced business challenges in 2021 due to the closure of cross-border points, affecting passenger flow and advertising spending on MTR In-train TV[63]. Environmental, Social, and Governance (ESG) Initiatives - The Group established several environmental targets for sustainability performance, including replacing all Euro IV diesel vehicles by 2027[77]. - A policy to reduce paper usage was imposed starting in 2022[77]. - The Group actively engages stakeholders to align long-term sustainability goals with their expectations[80]. - The Group's ESG report adheres to principles of materiality, quantitative assessment, balance, and consistency[76]. - The Group emphasizes ESG issues related to product responsibility, employee safety, supply chain management, and environmental protection[87]. Employee and Workforce Management - The total workforce in 2021 was 1,175 employees, a decrease from 1,285 in 2020, representing a reduction of approximately 8.6%[149]. - The gender distribution in 2021 was 784 males and 391 females, with females making up about 33.3% of the total workforce[149]. - The employee turnover rate in 2021 was 37.1%, an increase from 34.6% in 2020[153]. - The Group conducted approximately 50 corporate training events in 2021, involving 1,068 participants and totaling 38,184 training hours, compared to 49 events and 36,211 hours in 2020[158]. - The overall percentage of employees trained in 2021 was 58%, a decrease from 87% in 2020[160]. Capital Expenditure and Financing - The Group's capital expenditure on property, plant, and equipment for the year ended 31 December 2021 amounted to approximately HK$120 million, an increase from HK$100 million in 2020[195]. - The Group financed its operations primarily through internally generated cash flows, available credit facilities, and net proceeds from the issuance of the 2021 LCS[196]. - The net proceeds raised from the issuance of the 2021 LCS were intended for capital expenditures, including approximately HK$100 million for network infrastructure enhancement and approximately HK$80 million for programme acquisitions[188].

Financial Performance - For the six months ended June 30, 2021, the company's revenue was approximately HKD 524.9 million, a slight decrease from HKD 493.5 million in the same period last year[34]. - The company's revenue for the six months ended June 30, 2021, decreased by approximately HKD 32 million or 6% to about HKD 493 million, compared to HKD 525 million for the same period in 2020[50]. - The overall revenue for the group in the first half of 2021 was HKD 493,483,000, down from HKD 524,893,000 in the first half of 2020[200]. - The media segment's revenue declined by approximately 13% to about HKD 289 million, down from HKD 334 million in the same period last year, primarily due to a decrease in subscriber income[55]. - The telecommunications segment's revenue increased by approximately 7% to about HKD 204 million, compared to HKD 191 million for the same period in 2020[56]. - The group reported a loss before interest and tax of HKD 175,216,000 for the period[200]. - The company reported a total comprehensive loss of HKD 175,256,000 for the six months ended June 30, 2021, compared to a loss of HKD 176,428,000 in the same period of 2020, indicating a slight improvement of 0.66%[112]. Operating Expenses and Losses - Operating expenses decreased from approximately HKD 680 million to HKD 648 million over the past year, reflecting effective cost control measures implemented since September 2017[26]. - The operating loss for the six months ended June 30, 2021, was approximately HKD 154 million, a slight improvement from an operating loss of HKD 155 million in the same period last year[50]. - The telecommunications segment's operating profit before depreciation and amortization decreased by approximately 7% to about HKD 81 million, compared to HKD 87 million for the same period in 2020[58]. - The media segment's operating expenses before depreciation and amortization decreased by approximately 10% to about HKD 387 million, down from HKD 429 million in the same period last year[55]. Customer and Subscriber Metrics - The number of broadband customers increased by approximately 5% compared to June 2020, contributing to a revenue increase in the telecommunications segment from HKD 191 million to HKD 204 million[27]. - The broadband subscriber base increased by approximately 5% compared to the end of June 2020, reaching around 190,000 subscribers, attributed to network upgrades and improved customer retention management[81]. - The pay-TV subscriber base decreased, leading to a decline in revenue from this segment, although advertising revenue from the Hong Kong Open TV platform improved compared to the previous year[28]. Financial Position and Debt - Total assets increased to HKD 1,663.8 million from HKD 1,608.3 million, while total liabilities rose from HKD 1,243.1 million to HKD 1,329.3 million[34]. - The net debt-to-equity ratio increased to 179% from 136% year-on-year, indicating a rise in financial leverage[35]. - The company's total equity decreased from HKD 365,167,000 as of December 31, 2020, to HKD 334,521,000 as of June 30, 2021, a decline of about 8.39%[124]. - Total liabilities increased from HKD 1,243,113,000 as of December 31, 2020, to HKD 1,329,279,000 as of June 30, 2021, reflecting an increase of approximately 6.93%[124]. - Current liabilities exceeded current assets by over HKD 256 million as of June 30, 2021, compared to HKD 413 million as of December 31, 2020[153]. Strategic Initiatives and Future Plans - The company has implemented new sales and marketing strategies to enhance broadband service retention and has upgraded its network to provide high-speed GPON services[41]. - The company plans to enhance its fiber network and explore opportunities in 5G mobile communication, aiming to increase new subscriber numbers through cross-selling to existing customers[96]. - The company plans to continue investing in property, plant, and equipment, and will explore market expansion opportunities to enhance profitability and shareholder returns[86]. - The company will begin deploying 10G GPON broadband services and offer business broadband and enterprise solutions to create new revenue streams[96]. - The company is exploring opportunities in the Greater Bay Area, collaborating with major media and operators to expand its business[94]. Cash Flow and Financing - Cash flow from operating activities showed a net outflow of HKD 41.1 million, a significant decrease from a net inflow of HKD 5.6 million in the previous year[146]. - The company generated HKD 200 million from issuing convertible bonds, with net cash from financing activities amounting to HKD 168 million[146]. - The company has received ongoing financial support from its major shareholder, which holds approximately 43.2% of the company's shares[158]. - Cash flow forecasts indicate that the company will have sufficient working capital to meet its financial obligations over the next twelve months[158]. Market and Competitive Landscape - The advertising revenue from pay-TV has decreased due to intensified competition from multimedia platforms, impacting overall performance in this segment[40]. - The company continues to focus on diversifying its service offerings to retain broadband customers and improve overall market competitiveness[41]. - The company will closely monitor and review expenditures on content development and new media to maintain competitiveness[97]. Risk Management - The group faces various financial risks, including market risk, credit risk, and liquidity risk, with no changes in risk management policies since December 31, 2020[171]. - A sensitivity analysis indicated that a 1% increase or decrease in the investment prices of financial assets measured at fair value would result in a loss reduction or increase of approximately HKD 157,000 for the period[175]. - The fair value of long-term convertible bonds would decrease by approximately HKD 2,600,000 and HKD 455,000 if the company's stock price increased or decreased by HKD 0.01, respectively[175].

Financial Performance - The company’s revenue for the year ended December 31, 2020, decreased by approximately HKD 92 million or 8% to about HKD 1,069 million, compared to HKD 1,161 million in 2019[125]. - Service costs for the same period decreased by approximately HKD 172 million to about HKD 1,012 million, with production costs and network expenses decreasing by approximately 20% and 8% respectively[125]. - The company reported an operating loss of approximately HKD 234 million, an improvement of about 36% compared to an operating loss of HKD 364 million in 2019[125]. - Net loss for the year was approximately HKD 275 million, compared to HKD 397 million in 2019, with basic and diluted loss per share of approximately HKD 0.039[126]. - Revenue from the media segment decreased by approximately 13% to about HKD 656 million due to a decline in subscriber income[128]. - The telecommunications segment's revenue increased by approximately HKD 4 million to about HKD 413 million, with operating profit before depreciation increasing by about 4% to approximately HKD 172 million[131]. - As of December 31, 2020, the company's cash and bank balances were approximately HKD 157 million, down from HKD 242 million in 2019[132]. - The net asset liability ratio increased to approximately 136% from 68% in 2019, indicating a rise in debt proportion[132]. - The company's total net assets decreased by approximately 43% to about HKD 365 million compared to HKD 640 million in 2019[132]. - The group reported a total compensation and related expenses of approximately HKD 403 million for the year ended December 31, 2020, down from HKD 529 million in 2019[153]. Subscriber Trends - The company recorded a decrease in cable TV subscribers from 772,000 in December 2019 to 736,000 in December 2020, reflecting a decline of approximately 4.67%[19]. - Broadband service subscribers increased by about 13% from 175,000 in December 2019 to 197,000 in December 2020, attributed to effective sales and marketing strategies[20]. - The broadband subscriber base increased by approximately 13% from about 175,000 as of December 31, 2019, to about 197,000 as of December 31, 2020[154]. Operational Strategies - The company is actively pursuing restructuring plans, including cost-saving measures and new program launches, to improve profitability[18]. - The operational strategy focuses on producing quality programs and enhancing service levels to drive business performance and revenue growth[40]. - The company aims to leverage the opportunities presented by the 5G network era to create new revenue streams through enhanced communication services[18]. - The company aims to strengthen partnerships with telecommunications operators to enhance network coverage and provide B2B services, which will be a key focus for future development[11]. - The company is committed to enhancing customer service, developing new media, and improving high-speed broadband services to boost competitiveness[166]. Environmental, Social, and Governance (ESG) Initiatives - The company has established an Environmental, Social, and Governance (ESG) working group to oversee ESG data collection and reporting processes[46]. - The company has identified key ESG issues, including product responsibility, employee health and safety, and supply chain management, which are critical to its operations[52]. - The company has set health and safety policies to provide a safe and healthy workplace for all employees[63]. - The company has not reported any significant incidents of legal or regulatory violations affecting its business operations during the reporting period[60]. - The company has not reported any violations of occupational safety and health regulations during the reporting period[65]. - The company has implemented various measures to enhance employee awareness of occupational safety, including annual fire drills and safety training courses[64]. - The company aims to reduce carbon emissions in its supply chain, with over 82% of suppliers based in Hong Kong[70]. - The company achieved a reduction in nitrogen oxide emissions to 0.55 tons in 2020 from 0.69 tons in 2019[77]. - Total greenhouse gas emissions decreased to 7,880 tons in 2020, compared to 8,712 tons in 2019[78]. - The company has not experienced any significant incidents related to environmental law violations during the reporting period[85]. Corporate Governance - The board of directors held four meetings during the fiscal year ending December 31, 2020, with all directors being notified at least 14 days in advance for regular meetings[185]. - Non-executive directors attended 100% of the board meetings, with attendance records showing all non-executive directors present at 4 out of 4 meetings[185]. - The company has confirmed the independence of all non-executive directors as per the listing rules, ensuring they can provide appropriate guidance to the group[181]. - The board is composed of a balanced mix of executive and non-executive directors, ensuring diverse skills and experiences to meet the group's business needs[185]. - The company has established clear distinctions between the responsibilities of the board and senior management, with strategic policy decisions reserved for the board[181]. - The company has implemented appropriate reporting formats for interim reports, annual reports, and other relevant documents to provide a balanced assessment of performance and outlook[181]. - The company’s governance practices include regular updates to directors on their responsibilities and the group's management and business activities[181]. - The board has a policy for the rotation and re-election of non-executive directors every three years, ensuring accountability and fresh perspectives[189]. Future Plans and Opportunities - Future plans include expanding fiber optic core network coverage and enhancing services to major data centers in Hong Kong, anticipating significant demand growth in the data center business in 2021[11]. - The company aims to optimize resources through strategic partnerships and enhance its content offerings to increase overseas market revenue[28]. - The Greater Bay Area presents significant opportunities for the company, with plans to collaborate with major media and operators in the region[164]. - The company has launched the "Cable News OTT App" to expand audience reach and enhance cross-platform synergies, with new lifestyle programs set to debut in 2021[164]. - In 2021, the company anticipates increasing demand for data center services, planning to extend service coverage to major data centers and commercial buildings across Hong Kong[161].

Financial Performance - The total revenue for the six months ended June 30, 2020, was HKD 524.89 million, compared to HKD 571.88 million for the same period in 2019, indicating a decline in revenue[38]. - The group's revenue for the six months ended June 30, 2020, decreased by approximately HKD 47 million or 8% to about HKD 525 million, compared to HKD 572 million for the same period in 2019[57]. - Revenue from the media segment decreased by approximately 13% to about HKD 334,000,000 for the six months ended June 30, 2020, down from HKD 386,000,000 in 2019[61]. - Revenue from the telecommunications segment increased by approximately 3% to about HKD 191,000,000 for the six months ended June 30, 2020, compared to HKD 186,000,000 in 2019[62]. - The company reported a net loss of approximately HKD 176 million for the six months ended June 30, 2020, compared to a loss of HKD 210 million in the same period of 2019[149]. - The company reported a basic loss per share of HKD 2.5 cents, an improvement from HKD 3.3 cents in the previous year[116]. - The total comprehensive loss for the period was HKD 176,428,000, compared to HKD 209,528,000 in the previous year, showing a 15.8% improvement[119]. Operating Expenses and Losses - The operating expenses decreased from approximately HKD 770 million for the six months ended June 30, 2019, to approximately HKD 680 million for the six months ended June 30, 2020, due to effective cost control measures implemented by the company[30]. - The company reported an operating loss of HKD 155.05 million for the six months ended June 30, 2020, improved from a loss of HKD 197.91 million in the same period of 2019[38]. - The operating loss for the six months ended June 30, 2020, was approximately HKD 155 million, a reduction of about 22% compared to an operating loss of approximately HKD 198 million for the same period in 2019[57]. - The company experienced a loss of HKD 175,994,000 before tax for the six months ended June 30, 2020, compared to a loss of HKD 209,448,000 for the same period in 2019[139]. Subscriber and Customer Metrics - The number of broadband customers increased by approximately 16% in June 2020 compared to June 2019, contributing to a revenue increase in the telecommunications segment from approximately HKD 186 million to approximately HKD 191 million[32]. - The number of pay TV subscribers decreased from 786,000 in June 2019 to 754,000 in June 2020, reflecting a continued contraction in the subscriber base[43]. - The average revenue per user (ARPU) for pay TV services declined during the period, impacted by negative economic sentiment and increased market competition[43]. - The group experienced a 16% increase in broadband subscribers, reaching approximately 164,000, due to network upgrades and improved customer loyalty programs[89]. Assets and Liabilities - The total assets decreased from HKD 1,878.75 million as of December 31, 2019, to HKD 1,633.36 million as of June 30, 2020[39]. - The net asset to liability ratio increased to 121% as of June 30, 2020, compared to 68% as of December 31, 2019, indicating a higher level of debt relative to equity[39]. - The group's total net assets decreased by approximately 28% to about HKD 464,000,000 as of June 30, 2020, from HKD 640,000,000 as of December 31, 2019[66]. - As of June 30, 2020, the company's current liabilities exceeded its current assets by approximately HKD 373 million, an increase from HKD 252 million as of December 31, 2019[149]. - The company has outstanding interest-bearing loans of HKD 295 million, which are part of a total bank loan facility of HKD 400 million that requires immediate repayment[149]. Financing and Capital Expenditures - Financing costs increased by approximately HKD 10,000,000 or 83% to about HKD 22,000,000 for the six months ended June 30, 2020, compared to HKD 12,000,000 for the same period in 2019[58]. - Capital expenditures for the six months ended June 30, 2020, amounted to approximately HKD 56 million, a decrease from HKD 66 million for the same period in 2019[83]. - The company raised approximately HKD 652 million through rights issue and long-term convertible securities, with planned uses including HKD 140 million for capital expenditures[73]. - The company has approximately HKD 55 million of unutilized funds from the rights issue, intended for various investments to enhance returns[80]. Strategic Initiatives and Market Position - The company has launched new subscription packages with innovative content to enhance customer loyalty and address the competitive market environment[44]. - The group has expanded its Hong Kong core fiber network and upgraded broadcasting and network equipment to enhance transmission quality and service coverage[46]. - The group is committed to increasing core network capacity to meet new business demands and prepare for future development[46]. - The group plans to continue investing in properties, plants, and equipment to enhance profitability and shareholder returns, supported by internal cash flow and available loan facilities[93]. - The group is focusing on cost-saving plans, launching new programs and channels, and reviewing its business portfolio to improve financial performance[94]. - The group aims to capitalize on opportunities in the Greater Bay Area through partnerships with major media and operators in the region[100]. Employee Metrics - As of June 30, 2020, the group had 1,365 employees, a decrease from 1,490 employees as of June 30, 2019, with total salary and related expenses amounting to approximately HKD 229 million, down from HKD 287 million in the same period last year[88].