Television Broadcasts Limited
FINANCIAL HIGHLIGHTS
HK$
Earnings & Dividends# Per Share
Earnings per Share Dividends# per Share 3.5
3
2.5
2
Performance Loss per share Dividends per share - Interim - Final
1.5
1
Since 2016, TVB has 0.5
Revenue from external customers
0
- Hong Kong TV broadcasting
- myTV SUPER
been transformed from a -0.5
- Big Big Channel business
-1
- Programme licensing and
2015 2016 2017 2018 2019
distribution
YEAR
traditional media to a #excludingspecialdividend
- Overseas pay TV and TVB Anywhere
- Other activities
201m9 Reavejnoue frromdEixtgerniatlaCusltopmelrsabyyer,
operating over-the-top OperatingSegment
% relating to 2018 are shown in brackets
Segment profit/(loss)* - Hong Kong TV broadcasting
services myTV SUPER HongKongTV
broadcasting
- myTV SUPER - Big Big Channel business
60% (65%)
- Programme licensing and
and TVB Anywhere, Programme
distribution - Overseas pay TV and
licensing and
TVB Anywhere
social media platform Big distribution
20% (19%)
- Other activities - Corporate support#
Big Channel Otheractivities
1% (2%)
and e-commerce
Total expenses
platform Big Big Shop. OverseaspayTV myTVSUPER
and TVB Anywhere 12% (9%)
Big Big Channel
Loss attributable to equity holders
3% (3%)
business
4% (2%)
2019 Revenue by Geographical Location
% relating to 2018 are shown in brackets
Hong Kong 72% (70%)
Total assets Total liabilities Total equity Number of issued shares
2019
2018 Change
HK$(0.67)
HK$(0.45) 48%
HK$0.30
HK$0.30
HK$0.20
HK$0.70
HK$0.50
HK$1.00
HK$'mil
HK$'mil
2,190 442 129
740
2,923 -25% 402 10% 87 47% 870 -15%
144 4
3,649
140 3% 55 -92%
4,477
(304) 40 44
412
(10) (4)
(152) 26
3,698
(295)
194 N/A 16 154% (19) N/A
414 -1%
(16 ) (17 ) (150 ) 422
-37% -74%
1% -94%
4,062 -9%
(199) 48%
31 December 2019
HK$'mil
8,595 3,006 5,589 438,000,000
31 December 2018
HK$'mil
10,256 -16% 3,949 -24% 6,307 -11%
438,000,000
Mainland China 15% (16%)
Malaysia and Singapore 7% (8%)
Ratios Current ratio Gearing
4.2 21.0%
5.9 29.1%
USA and Canada 3% (3%)
Other territories 3% (3%)
* excluding non-recurring items # comprised mainly of interest costs of TVB Notes represented the total of cost of sales, selling, distribution and transmission costs and general and administrative expenses
Celebrating its 52nd
year of operation, Television Broadcasts Limited is the
leading terrestrial TV broadcaster headquartered in Hong Kong. TVB
is also one of the largest commercial Chinese programme
producers in the world with an annual production output of over
22,000 hours of dramas and
variety programmes, in addition to documentaries and news
reports, and an archive library of
over 147,000 hours. Its
vertically integrated business model extends from content production, broadcasting to
distribution.
Television Broadcasts Limited Annual Report 2019
1
Since 2016, TVB has
been transformed from a
traditional media to a
major digital player,
operating over-the-top
services myTV SUPER and TVB Anywhere, social media platform Big Big Channel and e-commerce platform Big Big Shop.
2
Television Broadcasts Limited Annual Report 2019
p.12
Message from Vice Chairman
p.15
Group CEO Report
p.36
myTV SUPER
p.20
Hong Kong TV Broadcasting
p.40
Big Big Channel Business
p.44
International Operations
p.62
Governance
p.134
Financials
CONTENTS
OVERVIEW 4 Corporate Information 6 Milestones 8 Ratings Highlights 10 Commendations and Awards 12 Message from Vice Chairman 15 Group CEO Report 18 Business Structure
MANAGEMENT DISCUSSION AND ANALYSIS 20 Hong Kong TV Broadcasting 36 myTV SUPER 40 Big Big Channel Business 44 Programme Licensing and Distribution 47 Overseas Pay TV and TVB Anywhere 54 Financial Review
GOVERNANCE 68 Directors' Report 84 Corporate Governance Report 110 Environmental and Social Report
FINANCIALS 134 Five-Year Financial Review 135 Independent Auditor's Report 140 Audited Financial Statements
Television Broadcasts Limited Annual Report 2019
3
CORPORATE INFORMATION
CHAIRMAN EMERITUS
The late Sir Run Run SHAW GBM
BOARD OF DIRECTORS
VICE CHAIRMAN LI Ruigang
EXECUTIVE DIRECTORS Mark LEE Po On Group Chief Executive Officer Thomas HUI To
NON-EXECUTIVE DIRECTORS LI Ruigang Anthony LEE Hsien Pin CHEN Wen Chi
INDEPENDENT NON-EXECUTIVE DIRECTORS Dr. William LO Wing Yan JP Professor Caroline WANG Chia-Ling Dr. Allan ZEMAN GBM, GBS, JP Felix FONG Wo BBS, JP Belinda WONG Ching Ying
BOARD COMMITTEES
EXECUTIVE COMMITTEE Mark LEE Po On Chairman LI Ruigang Thomas HUI To
AUDIT COMMITTEE Dr. William LO Wing Yan Chairman Anthony LEE Hsien Pin Professor Caroline WANG Chia-Ling Felix FONG Wo
REMUNERATION COMMITTEE Belinda WONG Ching Ying Chairman LI Ruigang Felix FONG Wo
NOMINATION COMMITTEE Felix FONG Wo Chairman Thomas HUI To Anthony LEE Hsien Pin Dr. William LO Wing Yan Dr. Allan ZEMAN Belinda WONG Ching Ying
RISK COMMITTEE Felix FONG Wo Chairman Mark LEE Po On Dr. William LO Wing Yan Professor Caroline WANG Chia-Ling
INVESTMENT COMMITTEE Anthony LEE Hsien Pin Chairman Mark LEE Po On Thomas HUI To Adrian MAK Yau Kee Chief Financial Officer and
Company Secretary
SENIOR MANAGEMENT
Mark LEE Po On Group Chief Executive Officer Desmond CHAN Shu Hung Deputy General Manager
(Legal and International Operations)
Felix TO Chi Hak Deputy General Manager
(Programme and Production)
Adrian MAK Yau Kee Chief Financial Officer and
Company Secretary
COMPANY SECRETARY
Adrian MAK Yau Kee Email: companysecretary@.hk Fax: +852 2358 1337
REGISTERED OFFICE
TVB City, 77 Chun Choi Street Tseung Kwan O Industrial Estate Kowloon, Hong Kong
4
Television Broadcasts Limited Annual Report 2019
AUDITOR
PricewaterhouseCoopers Certified Public Accountants Registered Public Interest Entity Auditor
LEGAL ADVISERS
Freshfields Bruckhaus Deringer Mayer Brown Stephenson Harwood
PRINCIPAL BANKERS
Shanghai Commercial Bank Limited Bank of Communications Co., Ltd. Hong Kong Branch Standard Chartered Bank (Hong Kong) Limited The Hongkong and Shanghai Banking Corporation Limited Chong Hing Bank Limited UBS AG
SHARE REGISTRAR AND TRANSFER OFFICE
Computershare Hong Kong Investor Services Limited Shops 1712-1716, 17th Floor Hopewell Centre, 183 Queen's Road East Wan Chai, Hong Kong
STOCK CODES
TVB Ordinary Shares
The Stock Exchange of Hong Kong: 00511
Reuters:
0511.HK
Bloomberg:
511 HK
TVB ADR Level 1 Programme:
TVBCY
TVB Finance Guaranteed Notes
The Stock Exchange of Hong Kong: 04577
ISIN:
XS1495978329
Common Code:
149597832
AMERICAN DEPOSITARY RECEIPTS
BNY Mellon Shareowner Services P. O. Box 30170 College Station TX 77842-3170 USA
INVESTOR RELATIONS
Email: ir@.hk Fax: +852 2358 1337
WEBSITE
CORPORATE CALENDAR
FOR TELEVISION BROADCASTS LIMITED SHAREHOLDERS
FIRST BOOK CLOSE PERIOD 29 April 2020 to 27 May 2020, both dates inclusive
ANNUAL GENERAL MEETING 27 May 2020
EX-DIVIDEND DATE OF 2019 FINAL DIVIDEND 1 June 2020
SECOND BOOK CLOSE PERIOD 3 June 2020 to 5 June 2020, both dates inclusive
PAYMENT OF 2019 FINAL DIVIDEND* 16 June 2020
* Subject to Shareholders' approval at 2020 annual general meeting of the Company
FOR HOLDERS OF US$500,000,000 AGGREGATE PRINCIPAL AMOUNT OF 3.625 PERCENT GUARANTEED NOTES DUE 2021 ISSUED BY TVB FINANCE LIMITED
INTEREST PAYMENT FOR 2020 1st interest payment: 11 April 2020 2nd interest payment: 11 October 2020
MATURITY DATE 11 October 2021
Television Broadcasts Limited Annual Report 2019
5
MILESTONES
1971
Launched the rst colour production Enjoy Yourself Tonight (EYT)
1967
Obtained a Broadcasting Licence in September and commenced free-to-air broadcasting on 19 November as the
rst wireless commercial television in Hong Kong. Headquartered on Broadcast Drive, Kowloon
1988
Television Broadcasts (TVB) became the listed parent company of the Group after a group reorganisation. TVB moved to Clearwater Bay
1973
Organised the rst Miss Hong Kong Pageant which has since become an iconic annual event
1994
Obtained approval from Broadcasting Authority to establish a regional satellite television broadcast service for audiences across Asia
1993
Launched TVBS Channel (TVBS), its rst satellite TV service in Taiwan
1997
Launched the Company's rst website carrying information on the station's programmes and artistes
2012
Sir Run Run Shaw retired as Chairman and was honoured as Chairman Emeritus
Dr. Norman Leung became Executive Chairman of TVB
2008
Adopted high de nition broadcasting
2011
Young Lion Holdings, acquired a 26% shareholding in TVB from Shaw Brothers (Hong Kong)
6
Television Broadcasts Limited Annual Report 2019
2015
TVB exited Taiwan operations by way of two transactions ? two respective transactions in January 2015 and March 2016
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