电视广播(00511) - 2023 - 中期财报

Financial Performance - For the six months ended June 30, 2023, segment revenue was HKD 3.13 billion, a decrease of 22% compared to HKD 4.03 billion for the same period last year[14]. - The segment EBITDA for the same period was HKD (0.12) billion, down from HKD 1.15 billion year-on-year, indicating a significant decline in profitability[14]. - The group's revenue decreased from HKD 1.82 billion to HKD 1.56 billion, a decline of 14% or HKD 260 million, primarily impacted by various factors[17]. - The EBITDA loss for the period was HKD 1.86 billion, an increase of HKD 114 million compared to the loss of HKD 720 million in the same period last year[17]. - The group recorded a shareholder loss of HKD 407 million for the period, compared to HKD 224 million in the previous year[18]. - The group recorded a loss of HKD 451 million for the six months ended June 30, 2023, compared to a loss of HKD 248 million in the same period of 2022[49]. - The company reported a pre-tax loss of HKD 446,419,000 for the six months ended June 30, 2023, compared to a loss of HKD 271,881,000 in the prior year[87]. - The company reported a pre-tax loss of HKD 406,723,000 for the six months ended June 30, 2023, compared to a loss of HKD 224,293,000 for the same period in 2022, indicating a deterioration in performance[194]. Subscriber and User Metrics - As of June 30, 2023, the total user base for TVB Anywhere and the TVB International YouTube channel reached approximately 13.6 million, with 24.3 million monthly active users on the YouTube channel alone[16]. - The number of subscribers for the myTV Gold service increased by 17% from 159,300 to 185,700[17]. - The average weekly reach of the news channel was 63.5 million home viewers, making it the highest-rated news channel in Hong Kong[6]. Content and Programming - The company signed an agreement with Youku in March 2023 to provide co-produced dramas valued at approximately RMB 700 million over the next two years[14]. - The EBITDA for the myTV SUPER segment increased by 38% to HKD 360 million, up from HKD 260 million last year, benefiting from improved cost efficiency[8]. - The company introduced two new thematic channels, "SUPER FREE" and "Golden Drama Channel," to enhance its traditional TV programming lineup[9]. - The original series "Cross My Mind (4K version)" and various entertainment programs were launched to attract new subscribers[9]. - The company is focusing on diverse high-quality Asian and sports content to retain and attract paying subscribers[9]. - The new health information program "Good Sleep, Good Rise" addresses common sleep disorders and shares improvement methods[6]. Financial Management and Governance - The company has adhered to the corporate governance code and maintained high standards of business conduct[22]. - The company has complied with the listing rules and corporate governance code throughout the reporting period[22]. - The board is led by an efficient board of directors, which includes six committees to guide and oversee the company's affairs[22]. - The company has not disclosed any other changes in the composition of the board and its committees during the reporting period[25]. Cash Flow and Liquidity - The net cash used in operating activities was HKD 76 million for the six months ended June 30, 2023, down from HKD 289 million in 2022[49]. - The net cash used in operating activities was HKD (75,511), compared to HKD (289,096) in the same period last year, indicating an improvement[115]. - The group's cash and cash equivalents decreased to HKD 598,214 as of June 30, 2023, down from HKD 723,060 at the beginning of the year[115]. Debt and Financing - Financing costs increased from HKD 26 million to HKD 70 million, primarily due to rising interest rates[18]. - The group has a capital injection of USD 33,333,000 into the joint venture Imagine Tiger Television, LLC, representing 50% equity interest[148]. - The company entered into a loan financing agreement providing HKD 700 million, with an interest rate of HIBOR + 1.25%, lower than current borrowing costs[163]. - The company issued convertible bonds worth HKD 156 million with a coupon rate of 3.5%, convertible into 35,056,164 shares within 5 years[164]. - The group repaid HKD 391,800,000 (equivalent to USD 50,000,000) to Shanghai Commercial Bank during the period[162]. Risk Management - The company continues to monitor financial risks, including market, credit, and liquidity risks[80]. - The group is assessing credit risk related to its financial instruments, particularly in light of the increasing dominance of streaming platforms in the U.S. high-end television content market[122]. Changes in Assets and Liabilities - Total liabilities increased to HKD 3,539,472,000 as of June 30, 2023, compared to HKD 3,440,813,000 as of December 31, 2022, reflecting a growth of 2.9%[69]. - Current liabilities rose to HKD 1,885,428,000, up from HKD 1,768,808,000, marking an increase of 6.6%[69]. - Non-current liabilities decreased to HKD 1,654,044,000 from HKD 1,672,005,000, a decline of 1.1%[69]. - The total equity and liabilities amounted to HKD 6,674,570,000 as of June 30, 2023, down from HKD 7,045,048,000[69]. Employee and Operational Costs - Employee benefits expenses (excluding directors' remuneration) were HKD 722,093,000, a decrease from HKD 754,960,000 in the previous year, reflecting a reduction of approximately 4.4%[184]. - The company’s total costs related to program and film copyrights were HKD 758,363,000, down from HKD 792,591,000, reflecting a decrease of approximately 4.3%[184]. - The company’s depreciation expense for the six months ended June 30, 2023, was HKD 156,317,000, down from HKD 170,152,000, showing a decrease of about 8.1%[184].