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].
有线宽频(01097) - 2021 - 年度财报