1Q 2013 RESULTS ANALYST BRIEFING - listed...

23
1Q 2013 RESULTS ANALYST BRIEFING 30 May 2013

Transcript of 1Q 2013 RESULTS ANALYST BRIEFING - listed...

Page 1: 1Q 2013 RESULTS ANALYST BRIEFING - listed companytm.listedcompany.com/misc/qr/1Q13_Analyst_Deck_MD_FINAL.pdf1Q12 4Q12 1Q13 514 646 585 1Q12 4Q12 1Q13 563 626 644 1Q12 4Q12 1Q13 948

1Q 2013 RESULTS

ANALYST BRIEFING

30 May 2013

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This presentation is not and does not constitute an offer, invitation, solicitation or recommendation to subscribe for, or purchase, any securities

and neither this presentation nor anything contained in it shall form the basis of, or be relied on in connection with any contract or commitment or

investment decision.

This presentation has been prepared solely for use at this presentation. By your continued attendance at this presentation, you are deemed to

have agreed and confirmed to Telekom Malaysia Berhad (the “Company”) that: (a) you agree not to trade in any securities of the Company or its

respective affiliates until the public disclosure of the information contained herein; and (b) you agree to maintain absolute confidentiality

regarding the information disclosed in this presentation until the public disclosure of such information, or unless you have been otherwise

notified by the Company.

Reliance should not be placed on the information or opinions contained in this presentation or on its completeness. This presentation does not

take into consideration the investment objectives, financial situation or particular needs of any particular investor.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information,

opinions and conclusions contained in this presentation. None of the Company and its affiliates and related bodies corporate, and their

respective officers, directors, employees and agents disclaim any liability (including, without limitation, any liability arising from fault or

negligence) for any loss arising from any use of this presentation or its contents or otherwise arising in connection with it.

This presentation contains projections and “forward-looking statements” relating to the Company’s business and the sectors in which the

Company operates. These forward-looking statements include statements relating to the Company’s performance. These statements reflect the

current views of the Company with respect to future events and are subject to certain risks, uncertainties and assumptions. It is important to note

that actual results could differ materially from those anticipated in these forward looking statements. The Company does not undertake to inform

you of any matters or information which may come to light or be brought to the Company’s attention after the date hereof.

The forecasts and other forward-looking statements set out in this presentation are based on a number of estimates and assumptions that are

subject to business, economic and competitive uncertainties and contingencies, with respect to future business decisions, which are subject to

change and in many cases outside the control of the Company. The directors and officers of the Company believe that they have prepared the

forecasts with due care and attention and consider all best estimates and assumptions when taken as a whole to be reasonable at the time of

preparing the presentation. However, the Company’s forecasts presented in this presentation may vary from actual financial results, and these

variations may be material and, accordingly, neither the Company nor its directors or officers can give any assurance that the forecast

performance in the forecasts or any forward-looking statement contained in this presentation will be achieved. Details of the forecasts and the

assumptions on which they are based are set out in the presentation.

This presentation may not be copied or otherwise reproduced without the written consent of TM.

Disclaimer

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Performance Overview

Financial review

Operating highlights

Concluding remarks

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Key Operating Indicators

Key Highlights 1Q2013

Financial Performance

• Operating revenue increased by 1.7% YoY to RM2.4bn

• Normalised EBIT increased by 9.5% YoY to RM300.1mn; Reported EBIT increased by 9.6% YoY to RM298.0mn

• Normalised PATAMI grew by 27.6% YoY to RM234.0mn; Reported PATAMI lower by 14.9%

YoY to RM213.2mn

• Internet revenue up by 14.4% YoY to RM644mn driven by UniFi growth and HyppTV content. Data revenue up by 13.8% YoY to RM585mn.

• UniFi customer base up 68.4% YoY to >532,000 customers. Overall broadband customer base grew by 6.8% YoY to 2.11mn

4

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5

Performance Overview

Financial review

Operating highlights

Concluding remarks

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Note: For Normalised EBIT and Normalised PATAMI refer Slides 7 and 8 •Excludes FX (Gain )/Loss

RMmn Reported

1Q13 4Q12 % Change QoQ 1Q12 % Change YoY

Revenue 2,424.6 2,809.3 -13.7 2,383.8 +1.7

Other Operating Income

30.7 74.2 -58.6 26.6 +15.4

EBITDA 806.7 900.1 -10.4 782.6 +3.1

Depn & Amort. 508.7 506.3 +0.5 510.6 -0.4

EBIT 298.0 393.8 -24.3 272.0 +9.6

Other Gains / (Loss) (0.1) 0.5 -120.0 1.4 -107.1

Net Finance Cost* 49.6 54.7 -9.3 41.6 +19.2

FX (Gain) / Loss 18.6 (5.4) -444.4 (67.9) -127.4

Profit Before Tax (PBT) 229.5 346.2 -33.7 299.3 -23.3

PATAMI 213.2 363.2 -41.3 250.6 -14.9

Normalised PATAMI 234.0 288.4 -18.9 183.4 +27.6

Group Results 1Q2013

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Normalised EBIT

In RM mn 1Q13 4Q12 1Q12

Reported EBIT 298.0 393.8 272.0

Non Operational

Loss on Sale of Assets 0.1 0.2 0.1

FX (Gain)/Loss on International trade settlement 2.0 (5.1) 2.0

Impairment of AFS – receivables - (1.2) -

Realisation of tax refund related to a previous RM bond - (38.8) -

Normalised EBIT 300.1 348.9 274.1

Normalised EBIT Margin 12.2% 12.3% 11.4%

Reported EBIT Margin 12.1% 13.7% 11.3%

EBIT is calculated as Total Revenue (Operating Revenue + Oth. Operating Income) less Operating Cost EBIT Margin is calculated as percentage of EBIT against Total Revenue Normalised EBIT Margin is calculated as percentage of Normalised EBIT against Normalised Total Revenue (Operating Revenue + Oth. Operating Income – Loss on Sale of Assets – Realisation of tax refund related to a previous RM bond)

7

Normalised EBIT higher by 9.5% YoY

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Normalised PATAMI

In RM mn 1Q13 4Q12 1Q12

Reported PATAMI 213.2 363.2 250.6

Non Operational

Loss on Sale of Assets 0.1 0.2 0.1

FX (Gain)/Loss on International trade settlement 2.0 (5.1) 2.0

Impairment of AFS – receivables - (1.2) -

Realisation of tax refund related to a previous RM bond - (38.8) -

Other (Gain)/Losses* 0.1 (0.5) (1.4)

Unrealised FX (Gain)/Loss on Long Term loans 18.6 (5.4) (67.9)

Tax Incentives - (53.4) -

S108 shortfall from utilisation of tax incentives - 29.4 -

Normalised PATAMI** 234.0 288.4 183.4

8

* Comprise of fair value (FV) changes of FVTPL (FV through P&L) investment gain/loss on disposal for AFS (available for sale) investments. **Current year tax incentives: 1Q13:RM53.6mil (HSBB), 1Q12: RM26.0mil (last mile).

Normalised PATAMI higher by 27.6% YoY

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21.2 20.7

18.2 17.5

19.3 22.5

10.2 11.0

7.5 6.0

6.1 5.6

3.9 3.3 2.2 1.3

1Q12 1Q13

Bad Debt

Marketing Expenses

Supplies & material

Maintenance Cost

Other operating cost

Manpower cost

Direct cost

Dep & Amortisation

Revenue = Operating Revenue + Other Operating Income

Cost % of Revenue1

Note: The classification of cost is as per financial reporting

(Please refer to Appendix for quarterly details & breakdown)

Improved cost/revenue ratio

1

RM mn RM mn

Total Cost / Revenue ( %)

RM2,138.4

88.7%

RM2,157.3

87.9%

% of Revenue

1Q 2013 vs. 1Q 2012

•Higher Manpower cost due to higher salaries and staff benefits •Lower Direct cost due to lower international outpayment •Lower D&A due to lower provision for write-off •Lower Maintenance cost due to lower customer projects

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169 162

60 38

58

36

0

50

100

150

200

250

300

1Q12 1Q13

Access Core Network Support System*

53 37

23

11

22

20

0

20

40

60

80

100

1Q12 1Q13 Access Core Network Support System*

116 125

37 27

36 16

0

40

80

120

160

200

1Q12 1Q13

Access Core Network Support System*

Improved capex/revenue ratio Group Capital Expenditure

** Gross capex to be shared with Government equally up to RM4.8bn Note: Government coinvestment treated as deferred income, to be amortised progressively to match against the depreciation of assets

*Include Application, Support System & Others (building, land improvement, moveable plants, application & other assets)

HSBB Capex**

Note : BAU – Business As Usual

RM mn

287

189

12.0

BAU Capex

98

4.1

Capex / Revenue ( %)

168

68

2.8

236

9.7

6.9 7.9

Total Capex

10

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31 Mar 13 31 Dec 12 31 Mar 13 31 Dec 12Return on Invested Capital 6.79% 6.67% Gross Debt to EBITDA 2.25 2.10

Return on Equity 13.38% 12.31% Net Debt/EBITDA 1.08 0.87

Return on Assets 5.39% 5.17% Gross Debt/ Equity 1.04 1.04

Current Ratio 1.09 1.03 Net Debt/ Equity 0.51 0.49

WACC 6.04% 6.10% Net Assets/Share (sen) 198.4 192.7

31 Mar 13

Group Cash Flow & Key Financial Ratios

31 Dec 12

RM mn 1Q13 1Q12

Cash & cash equivalent at start 3,738.3 4,212.6

Cashflows from operating activities 326.3 242.8

Cashflows used-in investing activities (501.3) (541.4)

Capex 236.0 287.0

Cashflows from financing activities 197.7 147.8

Effect of exchange rate changes (2.3) 1.9

Cash & cash equivalent at end 3,758.7 4,063.7

Free cash-flow (EBITDA – Capex) 570.7 495.6

1

Based on Normalised PATAMI 2

1

31 Dec 12 31 Mar 13

2

Based on Normalised EBIT 1

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12

Performance Overview

Financial review

Operating highlights

Concluding remarks

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Voice 40%

Data 21%

Internet 24%

Others 15%

Voice 36%

Data 24%

Internet 27%

Others 13%

359

630

318

1Q12 4Q12 1Q13

514 646 585

1Q12 4Q12 1Q13

563 626 644

1Q12 4Q12 1Q13

948 907 878

1Q12 4Q12 1Q13

Group Total Revenue by Product

Data

RM mn

RM mn RM mn

Voice

Others*

Internet 1Q13

1Q12

RM mn RM mn

RM mn

RM2,425mn

RM2,384mn

*Others comprise other telco and non-telco services (i.e ICT-BPO, MMU tuition fees, customer projects)

-7.4%

-3.2%

13

Internet and Data revenue now 51% of Group

+14.4%

+2.9%

+13.8%

-9.4%

-11.4%

-49.5%

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Retail 75%

Global & Wholesale

17%

Others 7%

Retail 76%

Global & Wholesale

15%

Others 8%

1,800 2,035 1,854

1Q12 4Q12 1Q13

177

318

197

1Q12 4Q12 1Q13

407 457 374

1Q12 4Q12 1Q13

Global & Wholesale

1Q13 1Q12 RM2,425mn RM2,384mn

* Others comprise revenue from VADS (reclassified from retail), Property Development, TM R&D, TMIM, UTSB and MKL

Retail

RM mn RM mn RM mn

Others*

14

+3.0%

-8.9%

-8.1%

-18.2%

+11.3%

-38.1%

Higher revenue from Mass Market segment Group Total Revenue by Line of Business

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269 326 359 406 448

47 58

68 77

84

1Q12 2Q12 3Q12 4Q12 1Q13

UniFi Residential UniFi Business

2,524 2,468 2,429 2,390 2,364

1,526 1,509 1,497 1,486 1,474

316 384 427 483 532

1Q12 2Q12 3Q12 4Q12 1Q13

Fixed Line Residential Fixed Line Business UniFi

1,356 1,330 1,309 1,296 1,292

302 297 292 287 285

316 384 427 483 532

1Q12 2Q12 3Q12 4Q12 1Q13

Streamyx Residential Streamyx Business UniFi Net adds (in thousand)

In thousand

In thousand

+6.8%

+2.1%

Physical Highlights

Broadband Customer Growth

Fixed Line Customer Growth

+43

4,370

2,109 1,974

4,366

+0.1%

+0.3%

+10.1%

Net adds (in thousand)

+68.4%

532

316

UniFi

+37

2,011

+49

+68

384

4,361

2,028

427

+43

+17

4,353

Continued growth in Broadband

2,066

+38 +56

483

4,359

15

*Call Usage Only ** Streamyx Net ARPU *** Blended ARPU

ARPU (RM) 1Q12 2Q12 3Q12 4Q12 1Q13

Fixed Line (DEL)* 34 35 34 32 32

Streamyx Broadband** 79 79 80 81 82

UniFi*** 181 178 181 181 178

ARPU

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16

Performance Overview

Financial review

Operating highlights

Concluding remarks

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Key Takeaways & 2013 Business Priorities

17

Key Takeaways & 2013 Business Priorities

Financial Performance

Broadband Champion

• Operating Revenue grew by 1.7% YoY • Normalised EBIT up by 9.5% YoY Reported EBIT up by 9.6% YoY

• Normalised PATAMI grew by 27.6% YoY Reported PATAMI lower by 14.9% YoY • Internet & Multimedia revenue grew by 14.4% YoY

• Total broadband customers cumulatively grew 6.8% YoY to 2.11mn • UniFi customers grew by 68.4% YoY, takeup rate ~38%

Commitment to being Trusted Broadband Champion with enhanced services –Streamyx 8Mbps launched in January, HyppTV over Broadband, HyppTV Everywhere

planned for 3Q2013

Ongoing PIP 3.0 initiatives – Continued Growth, Fundamental Productivity Shift, Institutional Health Drivers

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Appendices

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Normalised EBITDA

In RM mn 1Q13 4Q12 1Q12

Reported EBITDA 806.7 900.1 782.6

Non Operational

Loss on Sale of Assets 0.1 0.2 0.1

FX (Gain)/Loss on International trade settlement 2.0 (5.1) 2.0

Impairment of AFS – receivables - (1.2) -

Realisation of tax refund related to a previous RM bond - (38.8) -

Normalised EBITDA 808.8 855.2 784.7

Normalised EBITDA Margin 32.9% 30.1% 32.6%

Reported EBITDA Margin 32.9% 31.2% 32.5%

EBITDA is calculated as Total Revenue (Operating Revenue + Oth. Operating Income) less Operating Cost (Exc. Depreciation, Amortisation & Impairment). EBITDA Margin is calculated as percentage of EBITDA against Total Revenue Normalised EBITDA Margin is calculated as percentage of Normalised EBITDA against Normalised Total Revenue (Operating Revenue + Oth. Operating Income – Loss on Sale of Assets – Realisation of tax refund related to a previous RM bond)

19

Normalised EBITDA higher by 3.1% YoY

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1Q13 4Q12 1Q12 Comments

Operating Revenue (RM mil) 2,424.6 2,809.3 2,383.8 -

Other Operating Income (RM mil)

30.7 74.2 26.6 -

Direct Costs % 17.5 15.5 18.2 Lower absolute cost QoQ but higher as a % of revenue due to slower revenue growth RM mil. 430.0 447.4 438.9

Manpower % 22.5 21.0 19.3 Lower absolute cost QoQ but higher as a % of revenue due to slower revenue growth RM mil. 551.3 604.7 465.6

Supplies & Materials % 5.6 6.8 6.1 Lower equipment cost and customer acquisition cost RM mil. 136.7 195.9 147.7

Bad & Doubtful Debts % 1.3 (0.1) 2.2 -

RM mil. 31.4 (4.0) 53.2

Marketing Expenses % 3.3 3.9 3.9 Lower dealers commission

RM mil. 80.9 112.3 94.4

Maintenance Cost % 6.0 9.3 7.5 Lower maintenance due to lower customer projects RM mil. 147.1 266.9 181.0

Other Operating Costs % 11.0 12.5 10.2 -

RM mil. 271.2 360.2 247.0

Depreciation & Amortisation % 20.7 17.6 21.2 Lower provision for write-off

RM mil. 508.7 506.3 510.6

Total (RM mil) 2,157.3 2,489.7 2,138.4 -

Total (%) 87.9 86.3 88.7 -

Cost % of Revenue

20

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6,894.8

165.2

8,513.7

5,130.2

1,202.6

2,129.4

51.5

15,573.7

6,808.8

1,740.9

466.1

3,738.7

863.1

6,622.2

3,545.5

2,010.2

1,066.5

186.6

14,637.6

749.5

15,573.7

As at 31 Dec 2012

7,098.9

174.3

8,485.8

5,139.4

1,191.6

2,082.6

72.2

15,759.0

7,151.1

2,063.5

444.0

3,759.1

884.5

6,548.0

3,025.1

2,209.2

1,313.7

603.1

14,383.8

772.1

15,759.0

Shareholders’ Funds

Non-Controlling Interests

Deferred & Long Term Liabilities

Long Term Borrowings

Deferred Tax

Deferred Income

Derivative financial liabilities

Current Assets

Trade Receivables

Other Receivables

Cash & Bank Balances

Others

Current Liabilities

Trade and Other Payables

Short Term Borrowings

Others

Net Current Assets

Property Plant & Equipment

Other Non-Current Assets

RM Million As at 31 Mar 2013

Group Balance Sheet

21

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RETAIL

22

758 737 727

318 392 383

558 625 643

171 286 112

0

500

1000

1500

2000

2500

1Q12 4Q12 1Q13

Others Internet Data Voice

RM mn

-8.9%

+3.0%

1,854 2,035

1,800

Revenue by Product

194 182 154

237 312

247

21

23

19

0

100

200

300

400

500

600

1Q12 4Q12 1Q13

Others

Data

Voice

Note: Total revenue is after inter-co elimination. Revenue of product is before inter-co elimination

Revenue by Product

407

457

374

RM mn

-8.1%

-18.2%

GLOBAL & WHOLESALE

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THANK YOU Any queries please email to : [email protected]

•Investor Relations • Level 11 (South Wing) •Menara TM •JlnPantaiBharu •50672 Kuala Lumpur, Malaysia • Tel (603) 2240 4848/ 7366 / 7388