电视广播(00511) - 2023 - 中期业绩

Revenue Performance - Revenue for the Hong Kong television broadcasting segment increased by 5% to HKD 628 million, while OTT segment revenue remained stable at HKD 168 million[2]. - Revenue from the China mainland business decreased by 22% to HKD 313 million due to the concentration of co-productions and synchronized dramas in the second half of 2023[2]. - E-commerce segment revenue fell by 41% to HKD 271 million as the company focused on higher-margin products[2]. - Total group revenue for the period was HKD 1.56 billion, a decrease of 14% compared to HKD 1.82 billion in the same period last year[2]. - Total revenue decreased by 14% to HKD 1.56 billion, primarily due to a decline in sales from the e-commerce business[32]. - Revenue from Hong Kong operations decreased to HKD 1,069,504,000, down 13% from HKD 1,230,565,000 in 2022[94]. - Revenue from mainland China dropped to HKD 315,363,000, a decline of 22% compared to HKD 405,697,000 in the prior year[94]. Profitability and Losses - The group recorded an EBITDA loss of HKD 186 million, an increase from a loss of HKD 72 million in the same period last year, but an improvement compared to a loss of HKD 266 million in the second half of 2022[2]. - The loss attributable to shareholders was HKD 407 million, higher than the loss of HKD 224 million in the same period last year, but significantly narrowed compared to a loss of HKD 583 million in the second half of 2022[2]. - The EBITDA loss for the period was HKD 186 million, an increase of HKD 114 million compared to the loss of HKD 72 million in the same period last year[35]. - The company reported a loss attributable to shareholders of HKD 406,723, compared to a loss of HKD 224,293 in the previous year, representing an increase of 81.3%[72]. - Basic and diluted loss per share for the period was HKD 0.93, compared to HKD 0.51 in the same period last year, indicating a significant increase in losses per share[72]. - The company reported a loss of HKD 450,582,000 for the six months ended June 30, 2023, compared to a loss of HKD 247,691,000 in the same period of 2022, representing an increase in loss of approximately 82%[82]. - Total comprehensive loss for the period amounted to HKD 473,206,000, up from HKD 274,869,000 in the previous year, indicating a year-over-year increase of about 72%[82]. Cost Management - The company has made significant progress in cost reduction, with total administrative expenses decreasing by 13% or HKD 64 million compared to the same period last year[7]. - The company reduced its total administrative expenses by 13% to HKD 443 million during the period[33]. - The company has reduced its workforce by 6.6% from 3,854 to 3,599 full-time employees as part of cost-cutting measures[37]. - The company plans to focus on selling higher-margin products to improve profitability amidst declining e-commerce demand[68]. Future Outlook - The company expects a strong rebound in revenue from the China mainland business in the second half of 2023 due to multiple co-productions and synchronized dramas planned for production or broadcast[7]. - The company expects to achieve positive EBITDA in the second half of 2023 and for the full year of 2024 due to revenue generation and cost-saving measures[17]. - The group is collaborating with Taobao for live streaming, expecting increased revenue contributions from this initiative in the second half of the year[41]. Financing and Liquidity - The company entered into financing agreements totaling HKD 700 million and HKD 156 million in convertible bonds to enhance liquidity for future operations[37]. - As of June 30, 2023, the group had unrestricted cash and bank balances of HKD 887 million, down from HKD 1,020 million as of December 31, 2022[51]. - The current ratio as of June 30, 2023, was 2.0, compared to 2.3 as of December 31, 2022[52]. - Total borrowings amounted to HKD 2,288 million, an increase from HKD 2,176 million at the end of 2022, with bank loans constituting HKD 2,084 million[52]. - The group anticipates having sufficient available funds to operate its business for the foreseeable future based on cash flow forecasts and additional financing[111]. Employee and Operational Metrics - The number of registered users for the myTV SUPER service reached 10.4 million, with subscribers for the premium service myTV Gold increasing by 17% to 185,700[6]. - The OTT streaming segment's subscriber count for the myTV Gold service increased by 17% from 159,300 to 185,700 during the period[21]. - The company's employee benefit expenses (excluding directors' remuneration) were HKD 722,093,000, slightly down from HKD 754,960,000 in 2022[95]. - As of June 30, 2023, the group had a total of 3,599 full-time employees, a decrease from 3,854 as of December 31, 2022[137]. Investment and Asset Management - The group completed a partial repayment of USD 35 million of the promissory note to reduce its debt obligations to TVB, with USD 20 million reinvested into Imagine for a minority stake[124]. - The group's total non-current assets as of June 30, 2023, were valued at HKD 207,253 thousand, slightly up from HKD 206,479 thousand at the end of 2022[123]. - The cumulative expected credit loss provision increased to HKD 266,900,000 as of June 30, 2023, from HKD 225,300,000 as of December 31, 2022[148].