Annual Financial Review
ADJUSTED FUNDS FLOW³
For the year ended December 31,
HK$ million
2020
2021
Better/
(Worse)
Full
Full
H1
H2 Year
H1
H2
Year
y-o-y
Total EBITDA¹
Less cash outflows in respect of
capital expenditures, customer
acquisition costs and licence fees²:
Capital expenditures
5,546 6,981 12,527 5,715 7,018 12,733
(1,169) (1,208) (2,377) (1,170) (1,208) (2,378)
2%
Customer acquisition costs and
licence fees
(411) (921) (1,332)
(534) (1,166) (1,700)
(28)%
Fulfillment costs
(289)
(228) (517)
(227)
(260) (487)
6%
Right-of-use assets
(764)
(826) (1,590)
(809)
(815) (1,624)
(2)%
Adjusted funds flow³ before tax
paid, net finance costs paid and
changes in working capital
2,913
3,798 6,711
2,975
3,569 6,544
(2)%
Adjusted for:
Net finance costs paid
(378) (372)
(750)
(281)
(319) (600)
20%
Tax payment
(149) (367)
(516)
(180) (194)
(374)
28%
Changes in working capital
(106)
45
(61)
(188) 131
(57)
7%
Adjusted funds flow³
2,280
3,104
5,384
2,326
3,187 5,513
2.4%
Annual adjusted funds flow per
Share Stapled Unit (HK cents)4
71.07
72.77
KEY OPERATING DRIVERS5
2020
2021
Better/
(Worse)
H1
H2
H1
H2
y-o-y
Exchange lines in service ('000)
2,564 2,522
2,486
2,443
(3)%
Business lines ('000)
1,227
1,212 1,206
1,195
(1)%
Residential lines ('000)
1,337
1,310 1,280
1,248
(5)%
Total broadband access lines ('000)
1,622
1,627
1,634
1,637
1%
(Consumer, business and wholesale)
Retail consumer broadband access lines ('000)
1,454
1,457
1,464
1,461
0.3%
Retail business broadband access lines ('000)
157
160
161
163
2%
Mobile subscribers ('000)
4,372
4,605
4,477
4,770
4%
Post-paid subscribers ('000)
3,250
3,252
3,263 3,297
1%
Prepaid subscribers ('000)
1,122
1,353
1,214 1,473
9%
Pay TV installed base ('000)
1,348
1,352 1,373
2%
The Club members ('000)
3,043
3,178
3,293
3,541
11%
Tap & Go accounts in service ('000)
2,629
2,744
3,003 3,603
31%
5View entire presentation