i-CABLEi--CABLECABLECommunications LimitedCommunications Limited

2008 Final Results13 March 2009

Consolidated Results2008 2007

HK$M 1H 2H FY FY %chg.

Turnover 1,069 1,011 2,080 2,304 - 10%Opex before dep’n (864) (939) (1,803) (1,759) 2%EBITDA 205 72 277 545 - 49%Depreciation (165) (193) (358) (367) - 2%Operating (loss)/profit 40 (121) (81) 178 N/AShare of profit less losses of associates - (17) (17) - N/ANet interest income & others 4 (2) 2 21 - 90%(Loss)/profit before taxation 44 (140) (96) 199 N/ATaxation (18) 3 (15) (17) - 10%Net (loss)/profit 26 (137) (111) 183 N/A

Capex 68 75 144 175 - 18%

2008

Reflected one-off:• accelerated depreciation on existing set-top-boxes in

anticipation of new conditional access system• provision for losses on film investments

2

Cash Position

Solid financial positionNet cash HK$690 millionFree cashflow HK$150 millionFCF yield* 14.1%

Final dividend cancelled to preserve cash for economic downturn & competition

* Based on the closing share price on 12 March 2009

3

Subscribers

December 2008

917,000

149,000

267,000

Pay TV Broadband Voice

December 2007

159,000

882,000

306,000

4

Pay TV

2008 2007HK$M 1H 2H FY FY %chg.Turnover 699 656 1,355 1,595 - 15%Opex before dep’n (537) (578) (1,115) (1,196) - 7%EBITDA 161 78 239 399 - 40%Depreciation (100) (133) (233) (220) 6%Operating profit/(loss) 61 (55) 6 179 - 97%

EBITDA margin 23% 12% 18% 25% - 7%Operating margin 9% -8% 0% 11% - 11%

2008

• Mini packages help to popularize CABLE TV in the mass market

5

Internet & Multimedia

2008 2007HK$M 1H 2H FY FY %chg.Turnover 295 281 576 588 - 2%Opex before dep’n (140) (168) (308) (266) 16%EBITDA 154 114 268 322 - 17%Depreciation (62) (58) (120) (142) -15%Operating profit 93 55 148 180 - 18%

EBITDA margin 52% 40% 47% 55% - 8%Operating margin 32% 20% 26% 31% - 5%

2008

• Included 2008 Beijing Olympics costs

6

Operating Expenses

HK$M 2008 2007 %chg.Programming 893 950 - 6%Network & Others 487 419 16%S, G&A 423 390 9%Sub-total 1,803 1,759 2%Depreciation 358 367 - 2%Total 2,161 2,126 2%

• Step up marketing & sales activities

• Establish prominent presence through retail shops

7

Operating Environment & Competition

Strategies:-• Continues to lead local content

production• Bundled packages maximizing

triple-play advantages• 9 retail shops in prime locations

to sharpen sales & marketing

Global economic downturn affecting the whole industry

8

10%

6%

2%

0%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

2008

Viewership

Source: 2008 CSM Media Research9

CA

BLE TV

NO

W TV

TVBP

• The most watched Pay TV in town

• Yesterday viewership reaching an average of 1,056,000 viewers

Viewership ShareAll individuals aged 4+

NO

W TV

TVBPV

HKBN

Programming

NewsNews• Multiple round-the-clock channels

• Earned long-standing trust through consistent and high journalistic standards

• CABLE News & Finance Info viewership share was more than 50% higher than key competitor *

Source: 2008 CSM Media Research * News, Finance Info & Channel 18 among all individuals

10

Programming

EntertainmentEntertainment• Popular programmes & hosts

• 5th Anniversary of CEN

• CABLE Entertainment & Movie viewership share was nearly 3 times higher than key competitor *

Source: 2008 CSM Media Research * CABLE No.1, Entertainment, CEN, Movie 1 & 2, HMC 1 & 2

among all individuals

11

Programming

SportsSportsOfficial broadcaster of top world sports events

2009-2012 UEFA Champions League2010 Vancouver Olympics2010 FIFA World Cup2010 & 2014 Asian Games2012 London Olympics

12

Monetization of Content

• Monetized our programming to diversify revenues from a multitude of sources

Newsline Express on MTR trains

Mobile Services in HK & Macau

IPTV Services in Singapore & USA

Programs sales distributed internationally

Film, Video & Music

13

Breakthroughs• Fast rise of Internet platform changes the face of industry

landscape

• Internet proliferation, mobility, capability developing fast

• Successfully maximized TV-New Media synergy

2008 2008 Olympics a successful experience:Olympics a successful experience:

2008.i-CABLE.com

Full ControlFull Control

140 million hits during the 17 days 500 hours of live events & over 2,000 clips

What to watch Where to watch When to watch

14

Sundream Motion PicturesReleased 21 films with many international awards

In the pipeline:

• The Reader 《讀愛》

• Plastic City 《蕩寇》

• Love Dog Doc《妙狗仁心》

•《怪談》

15

New Developments

• Conditional Access System to complete by end-09

• HDTV

Launch HDTV Service in 2H09

• DOCSIS 3.0 – Broadband Network

Technology / field tests in progress

Commercial strategy being evaluated

16

Outlook

• Expect more challenges ahead

• Reorganize to compete cost effectively

• Continue to acquire attractive content & produce locally relevant content

• Put in place a new defence system against piracy

• Prepare for high definition TV

17

Q & A

18

i-CABLE Communications Limited

HKSE Stock Code: 1097.HKU.S. Over-The-Counter Symbol: ICABY

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