4Q14 and FY14 - Global TelecomEarnings+Release+4Q14.pdfThe government put in place security measures...

Global Telecom Holding 4Q14 | 0

4Q14 and FY14


4Q14 Highlights1 • Successful closing of the transaction in Algeria strengthens Djezzy’s position and prospects for growth

• Double-digit revenue growth in Bangladesh and improving trend in Pakistan more than offset by the competitive

pressure in Algeria resulting in a revenue decrease of 8% YoY to USD 759 million

• EBITDA reached USD 292 million, an organic2 decline of 19% and group EBITDA margin stood at 38.5%

• Customer base grew 4%3 YoY to reach 90 million

• Net Debt4 stood at USD 2.4 billion.

Cairo/London (February 25, 2015), Global Telecom Holding S.A.E. (‘GTH’, or ‘the Group’) (EGX: GLTD.CA, GTHE EY.

LSE: GTLD LI, GLTD: TQ), a leading provider of mobile telecommunications in Africa and Asia, announces its

unaudited consolidated financial and operating results for the fourth quarter and financial year ending December

31, 2014.

Vincenzo Nesci, Chief Executive Officer, comments:

Table 1: Group Key Indicators

Thousands 4Q14 4Q13 Change

Organic

Growth2

FY14 FY13 Change

Total customers

89,784 86,620 4% 89,784 86,620 4%

Revenue (USD) 759,358 825,573 (8%) (5%) 3,283,355 3,439,396 (5%)

EBITDA (USD)

292,162 (841,816) 135% (19%) 1,433,508 422,714 239%

EBITDA margin 38.5% (98.7%) 139% 43.7% 12.3% 255%

Net income (USD) (158,861) (2,702,597) 94% (443,440) (2,878,143) 85%

EPS (USD per

GDR)

(0.15) (0.71) n.m. (0.44) (0.88) n.m.

Capex (USD) 257,719 244,803 5% 1,252,900 418,878 199%

In the fourth quarter of 2014, our customers increased 4% YoY to reach 90 million customers, driven

by strong growth in Bangladesh and steady growth in Algeria and Pakistan. Our revenue stood at

USD 759 million for the quarter, representing an organic decline of 5% compared to the same period

last year, with an EBITDA of USD 292 million and EBITDA margin of 38.5%. Net loss for the quarter

was USD 159 million mainly due to financial expenses of USD 155 million, management fees of USD

20 million and impairment of sold assets in Burundi and Central African Republic of USD 20 million.

Our CAPEX in FY14 increased three times compared to previous year to USD 1.3 billion, due to 3G

network roll out in Algeria, Bangladesh and Pakistan as well as the investments in the network

modernization in Pakistan. The Company continues to invest in high-speed data networks in all three

markets to capture mobile data growth.

In Algeria, In January 2015, GTH announced the successful closing of the transaction in Algeria, the sale of a 51% interest to

the Fonds National d’Investissement (the “FNI”). The partnership with the FNI will strengthen Djezzy’s c position and

prospects with greater opportunities to build its operations in Algeria. The closing enables the Company to start a full

transformation program in Djezzy.

1. Income Statement and Balance Sheet figures are in US dollars and are prepared in accordance with the International Financial Reporting Standards (IFRS).

2. Organic growth for revenue and EBITDA: non-IFRS financial measures that reflect changes in revenue and EBITDA excluding foreign currency movements and other

factors, which includes business under liquidation, disposals, mergers and acquisitions (Please refer to glossary of terms for the definition of “organic growth”).

3. Customer base is adjusted for the sale of CAR and Burundi

4. Net Debt is calculated as a sum of short term debt, long term debt, less cash and cash equivalents.


CONTENTS

• Financial Results and Main Events 3

• GTH’s OPCOs Operations 8

• Financial Statements 12

• Appendix 15


1. FINANCIAL RESULTS AND MAIN EVENTS

1-1 Financial results

Thousands 4Q14 4Q13 Change Organic

Growth2

FY14 FY13 Change

Revenue (USD)

759,358 825,573 (8%) (5%) 3,283,355 3,439,396 (5%)

EBITDA (USD) 292,162 (841,816) 135% (19%) 1,433,508 422,714 239%

EBITDA margin

38.5% (98.7%) 139% 44% 12.3% 255%

Net income (USD) (158,861) (2,702,597) 94% (443,440) (2,878,143) 85%

CAPEX1 257,719 311,331 1,252,900 617,488 103%

CAPEX1/Revenue 33% 37% 38% 18% 20%

Gross debt 5,734,096 5,173,732 11% 5,734,096 5,173,732 11%

Net debt 2,881,326 2,335,284 23% 2,881,326 2,335,284 23%

Net debt/LTM EBITDA2 1.9 1.4 1.9 1.4

EBITDA decreased organically 19% YoY as EBITDA was negatively impacted by higher network costs and higher

frequency fees in Algeria. On a reported basis, EBITDA increased 135% to USD 292, resulting in an EBITDA margin of

38.5% as the 4Q13 EBITDA was impacted by one-off adjustment related to the transaction in Algeria.

Net loss attributable to Equity Holders of the Parent amounted to USD 159 million, mainly due to finance cost of USD

155 million, management fees of USD 20 million and impairment of sold assets in Burundi and Central African

Republic of USD 20 million.

CAPEX in FY14 increased three times compared to the previous year to reach USD 1.3 billion, due to the 3G network

roll out in Algeria, Bangladesh and Pakistan as well as the investments in the network modernization in Pakistan. The

Company continues to invest in high-speed data networks in all three markets to capture mobile data growth.

Net debt increased 23% as at fourth quarter of 2014 to reach USD 2.9 billion in comparison to USD 2.3 billion as at

December 31, 2013.

On January 30, 2015, the Company announced the closing of the sale by GTH of a 51% interest in Omnium Telecom

Algeria SpA (“OTA”) to the Algerian National Investment Fund, Fonds National d’Investissement (the “FNI”), for USD

2.6 billion. GTH will continue to exercise operational control over OTA and, as a result, both GTH will continue to fully

consolidate OTA. At closing, GTH terminated its international arbitration against the Algerian State initiated on April

12, 2012 and the parties settled the arbitration and all related claims. Total net proceeds, including OTA dividends in

respect of the financial years 2008-2013 paid to GTH, amounting to approximately USD 3.8 billion net of all taxes and

after settlement of all outstanding disputes between the parties, as well as the payment of associated fines, have

been used by GTH to pay down existing shareholder loans provided by VimpelCom to GTH.

1. CAPEX excludes license fees.

2. Net Debt/LTM EBITDA is calculated for the annualized figures, where LTM EBITDA adjusted on settlements as a result of closing of transaction in Algeria.


2. GTH Operations

The Group operates in three countries with favourable dynamics in Africa and Asia. It is worth highlighting that

GTH serves a population of 415 million people.

PAKISTAN

Population: 196.2 million

GDP Growth: 3.6%

GDP/Capita PPP: USD 3,100

Pop. Under 15 years: 33%

BANGLADESH


GDP Growth: 5.8%



ALGERIA


GDP Growth: 3.1%



ZIMBABWE


GDP Growth: 3.2%

GDP/Capita PPP: USD 600


Figures from CIA factbook.


2-1 Djezzy, Algeria

Table 10: Djezzy key indicators

Financial data 4Q14 4Q13 Change

Operational data 4Q14 4Q13 Change

Revenue (USD 000) 395,566 447,932 (12%)

Customers (000) 18,383 17,574 5%

Revenue (DZD bn) 33.7 35.9 (6%)

ARPU (USD)1 7.2 8.7 (18%)

EBITDA (USD 000)¹ 197,503 261,384 (24%)

ARPU (DZD)1 610 689 (12%)

EBITDA (DZD bn)¹ 16.8 21.6 (22%)

MOU2 182 211 (13%)

EBITDA Margin 49.8% 60.1%

Churn2 5.7% 6.1% (0.4%)

Capex (USD 000) 108,899 51,004 114%

Omnium Telecom Algérie SpA (“OTA” or “the company”) operates a mobile network in Algeria and provides a range

of prepaid and post-paid products encompassing voice, data and multimedia, using the corporate brand Omnium

Telecom Algeria SpA (formerly known as Orascom Telecom Algérie SpA) and the dual commercial brand of “Djezzy”

and “Allo”. OTA is focusing on maintaining value through key strategic pillars. These strategic pillars are oriented

towards value segmentation, distribution control, operational excellence, new revenue streams and assets

monetization, control of regulatory risks, and finally retaining key staff members as well as introducing new talent

development programs.

In 4Q14, Djezzy’s revenue decreased 6% YoY, mainly due to the Company’s delayed commercial launch of 3G.

Following the launch in July 2014, Djezzy grew its mobile customer base by 5% YoY to 18.4 million at the end of

2014, the second consecutive quarter of growth. In total, Djezzy had 1.2 million 3G customers at the end of 2014.

The market remained challenging in 4Q14 with continued aggressive price competition, resulting in a service

revenue decline of 7% YoY. Djezzy launched a new prepaid offer “Go”, which achieved encouraging uptake. Djezzy

also launched an unlimited postpaid offer “Infinity” at the end of December, which was supported by OTT

partnerships with WhatsApp, Opera Mini and the 3G “Be-Djezzy” applications. Mobile data revenue increased by

36% QoQ.

Mobile ARPU decreased 12% YoY due to the churn of high-value customers as a result of the delayed 3G services

but partly compensated by continued customers increase.

EBITDA, excluding 4Q13 and 4Q14 adjustments of the Algeria transaction, decreased 22% YoY, adversely impacted

by higher network costs, due to the 3G roll-out, higher frequency costs due to 3G frequencies and to higher 2G

utilisation rate, and HR costs.

CAPEX increased to USD 415 million in FY14 and CAPEX to revenue has also grown from 5% to 23% following the

investment in high speed 3G network. Currently, Djezzy’s 3G services are available in 21 provinces, including the

largest four provinces in terms of population.

Philip Tohme, CEO of OTA, will be departing Djezzy at the end of February. Vincenzo Nesci, Executive Chairman of

OTA, will assume his responsibilities.

1. EBITDA excluding one-off charges related to the closing of transaction in Algeria

2. Figures for three months period


2-2 Mobilink, Pakistan

Table 11: Mobilink key indicators



Revenue (USD 000) 250,739 233,667 4%

Customers (000) 38,460 37,638 2%

Revenue (PKR bn) 25.5 25.7 (1%)

ARPU (USD)1 2.0 2.2 (9%)

EBITDA (USD 000) 98,952 92,261 11%

ARPU (PKR)1 204 219 (7%)

EBITDA (PKR bn) 10.1 9.6 6%

MOU1 273 222 23%

EBITDA Margin 41.5% 37.4%

Churn1 7.0% 7.3% (0.3%)

Capex (USD 000) 89,226 90,405 (1%)

Pakistan Mobile Company Limited (“PMCL”) operates under the brand “Mobilink” and has established itself as a

market leader amongst Pakistan’s Mobile network operators, providing prepaid and postpaid voice and data

services to individuals and corporate clients across Pakistan. Mobilink is focused on retaining and strengthening

its market share to achieve revenue growth, whilst continuing to reduce operational costs.

The government put in place security measures after the terrorist attack on a school in Peshawar, particularly

biometric verifications for all mobile subscriptions, which requires verification of all existing customers.

Consequently, customer growth is expected to slow down in 2015.

In 4Q14, Mobilink completed its 2G network modernization, improving the capacity of its network and secured its

leading customer market share. Mobilink’s revenue decreased 1% YoY mainly due to lower VAS revenue,

resulting from management’s decision to shift to a fully transparent charging regime, and lower voice revenue,

due to price competition. Mobilink’s service revenue increased 5% QoQ and decreased 2% YoY, showing an

improved YoY trend. Mobile data revenue increased by 58% YoY due to attractive data bundles, promotions with

free trial periods, iPhone6 launch and 3G network expansion. MFS revenue increased four times due to successful

retail promotions along with increased active agent base and footprint. MFS now represents 2% of total service

revenue.

In addition, Mobilink made a strategic decision to exit from the International Clearing House (ICH), which resulted

in higher international incoming revenue in 4Q14. Consequently, the increase in data, MFS and international

incoming revenue offset the decline in voice and VAS revenue.

ARPU decreased 7% YoY due to price dilution in an aggressive market as competitors actively matched offers. The

customer base increased 2% YoY. Mobilink maintains a policy of price simplicity and transparency, consequently

closing the gap in NPS for four quarters in a row.

EBITDA increased to PKR 10 billion mainly due to a one-off adjustment related to intercompany charges between

Pakistan and GTH, which does not impact GTH’s consolidated financial statements.

CAPEX excluding licenses in 2014 almost doubled to USD 351 million, mainly due to the 2G network

modernization and 3G roll out.


2-3 banglalink, Bangladesh

Table 12: banglalink key indicators



Revenue (USD 000) 146,106 128,418 14%

Customers (000) 30,789 28,838 7%

Revenue (BDT bn) 11.3 10.0 13%

ARPU (USD)1 1.6 1.4 10%

EBITDA (USD 000) 59,597 43,251 38%

ARPU (BDT)1 122 110 10%

EBITDA (BDT bn) 4.6 3.4 38%

MOU1 186 183 2%

EBITDA Margin 40.8% 33.7% 8%

Churn1 5.1% 6.9% (2%)

Capex (USD 000) 58,963 93,533 (37%)

Banglalink Digital Communications Limited (“BDCL”) provides its services under two brand names: “banglalink”

and “Icon”. BDCL’s marketing strategy is oriented towards targeting different consumer segments with tailored

products and services to cater for the needs of these segments.

Banglalink continued to improve its market position in 2014, demonstrating strong performance with double-digit

YoY growth. In 4Q14, Banglalink’s revenue increased 13% YoY due to an increase in ARPU of 10% YoY and 7% YoY

growth in customer base to 30.8 million. Banglalink maintained its leading NPS in the market. The superior

customer experience is a result of attractive 3G offers and affordable smartphone promotions. Since the 3G

launch a year ago, data revenue has increased 85% YoY in 4Q14. This is the result of the widest 3G network in the

market and attractive data bundles, which enabled data traffic monetization.

ARPU surged 10% on the back of the strong growth in data revenue and customers since 3G launch in 4Q13.

EBITDA increased 38% YoY driven by revenue growth and savings on customer acquisition costs due to the

optimization of the distribution.

CAPEX increased YoY in 2014 to USD 178 million, as 2G coverage and modernization projects along with the 3G

network rollout were completed in 2014.

1. Figures for three month period.

1. Figures for three month period.


1. Management presentation developed from IFRS financials.

2. Incremental impairment of assets held for sale relating to CAR and Burundi’s expected sale.

3. Equates to net income after minority interest.

4. 4Q13 & FY13 figures are restated.

3. Financial Statements (IFRS)

Income Statement¹

USD thousands 4Q14 4Q134 Change FY14 FY134 Change

Revenue 759,358 825,573 -8% 3,283,355 3,439,396 -5%

Other Income 31,837 20,656

55,387 23,330

Total Expense (499,033) (1,688,045)

(1,905,234) (3,040,012)

EBITDA¹ 292,162 (841,816) 135% 1,433,508 422,714 239%

Depreciation of property and equipment (129,853) (236,764)

(539,360) (665,899)

Amortization of intangible assets (37,006) (33,344)

(131,464) (107,087)

Gains/(losses) on sold property, equipment,

intangibles, goodwill and scrapping (4,842) (6,696)

(6,574) (8,152)

Impairment loss² (20,452) (7,842)

(90,300) (64,096)

Operating Income 100,009 (1,126,462) 109% 665,810 (422,520) 258%

Financial Expense (155,180) (128,747)

(618,392) (503,270)

Financial Income (5,596) 11,344

11,554 42,872

Foreign Exchange Gain (Loss) (2,675) (23,022)

(125,181) (269,406)

Share of Loss from Associates - (38,699)

- (139,155)

Other non-operating gains / losses (13,140) -

(13,140) -

Impairment of financial assets - (625,429)

- (625,429)

Management fees income / expense within

VimpelCom (19,882) (11,397)

(20,775) (16,875)

Profit Before Tax (96,464) (1,942,412) 95% (100,124) (1,933,783) 95%

Income Tax (62,397) (760,185)

(343,316) (944,360)

Profit for the Period (158,861) (2,702,597) 94% (443,440) (2,878,143) 85%

Attributable to:

Equity Holders of the Parent³ (161,881) (2,651,868)

(459,617) (2,842,143)

Earnings Per Share (USD/GDR)


1. The equity caption in 2013 balance sheet has been adjusted to reflect the impact of post balance sheet events, a one-off charge of USD 2 billion, as per the Share

Purchase Agreement signed by VimpelCom and GTH with FNI, which oblige GTH upon completion to discontinue legal dispute with respect to the tax receivable and

account for the fines imposed by the Algerian Treasury.

2. Net Debt is calculated as a sum of short term debt, long term debt, less cash and cash equivalents.

Balance Sheet¹

USD thousands 31-Dec 31-Dec

2014 2013

Assets

Property and Equipment (net) 2,302,542 2,043,998

Intangible Assets and goodwill 1,647,338 1,425,596

Other Non-Current Assets 107,548 88,194

Non-Current Assets (NCA) 4,057,429 3,557,788

Cash and cash equivalents 2,852,770 2,838,448

Trade and other receivables 176,840 249,337

Assets held for sale 0 170,380

Other Current Assets 470,881 622,997

Current Assets (CA) 3,500,491 3,881,162

Total Assets 7,557,920 7,438,950

Equity attributable to equity owners of the parent

(1,725,907) (1,141,305)

Equity of non-controlling interests

55,275 39,282

Equity

(1,670,632) (1,102,023)

Liabilities

Long Term Debt 5,444,710 140,562

Other Non-Current Liabilities 565,319 403,271

Non-Current Liabilities (NCL) 6,010,029 543,833

Short Term Debt 289,386 5,033,170

Trade and other payables 944,136 854,992

Other Current Liabilities 1,985,001 2,108,978

Current Liabilities (CL) 3,218,523 7,997,140

Total Liabilities 9,228,552 8,540,973

Total Liabilities and Equity 7,557,920 7,438,950

Net Debt2 2,881,326 2,335,284


Cash Flow Statement

USD thousands 31-Dec 31-Dec

2014 2013

Cash Flows from Operating Activities

Profit (Loss) for the Period (443,440) (2,878,143)

Adjustment to reconcile net profit to cash flows from operating

activities (545,090) 4,472,370

Changes in working capital 68,785 (111,995)

Interest paid (90,669) (113,495)

Interest received 10,609 12,062

Income tax paid (242,201) (252,560)

Net Cash from Operating Activities 1,242,006 1,128,239

Cash Flows from Investing Activities

Proceeds from disposal of property, plant and equipment, intangible

assets and financial assets 199,811 24,486

Purchase of property, plant and equipment and intangible assets (1,215,901) (544,658)

Disposal of subsidiaries, net of cash disposed 68,000 50,000

Net cash from investing activities (948,090) (470,172)

Cash Flows from Financing Activities

Proceeds from borrowings, net of fees paid 1,953,598 1,282,929

Repayment of borrowings (1,925,713) (1,152,367)

Change in other financial liabilities - 28,432

Net cash from financing activities 27,885 158,994

Net Increase in Cash and Cash Equivalents 321,801 817,061

Cash and Cash Equivalents at the beginning of the period 2,838,448 2,025,773

Net Foreign Exchange Difference on Cash Accounts (307,479) 21,628

Cash and cash equivalent reclassified as Held for Sale - (26,014)

Cash and cash equivalent at end of period 2,852,770 2,838,448


4. Appendix

Foreign Exchange rates applied to the Financial Statements

Change3

Change3

Currency December

2013

September

2014

December

2014

Dec 2014

vs Dec 2014 vs

Dec 2013 Sept 2014

Egyptian Pound/USD

Income Statement1

6.903 7.150 7.150 4% 0%

Balance Sheet2

6.948 7.144 7.153 3% 0%

Algerian Dinar/USD

Income Statement1

78.699 81.253 87.009 10.56% 7%

Balance Sheet2

78.380 83.217 87.920 12% 6%

Pakistan Rupee/USD

Income Statement1

106.925 102.529 100.899 (6%) (2%)

Balance Sheet2

105.326 102.652 100.523 (5%) (2%)

Bangladeshi Taka/USD

Income Statement1

77.671 77.384 77.695 0.03% 0.40%

Balance Sheet2

77.665 77.375 77.925 0.33% 0.71%

1. Represents the average monthly exchange rate from the start of the year until the end of the period.

2. Represents the spot exchange rate at the end of the period.

3. Appreciation /Depreciation of US dollars in comparison to local currency.


Ownership structure and consolidation methods

Subsidiary Ownership

Dec 31

Consolidation Method

Dec 31

2013 2014 2013 2014

Mobile Operations

International Wireless

Communications Pakistan Limited 100.00% 100.00% Full Consolidation Full Consolidation

Orascom Telecom Algerie SPA1

96.81% 96.81% Full Consolidation Full Consolidation

Telecom Ventures Limited2 100.00% 100.00% Full Consolidation Full Consolidation

Non-Mobile Operations

Ring Distribution SAE


Telecom CS Limited 100.00% 100.00% Full Consolidation Full Consolidation

Telecom ESOP Limited 100.00% 100.00% Full Consolidation Full Consolidation

Moga Holding Limited 100.00% 100.00% Full Consolidation Full Consolidation

Oratel International Inc. Limited 100.00% 100.00% Full Consolidation Full Consolidation

Consortium Algerien de

Telecommunications SPA3

50.00% 50.00% Proportionate

Consolidation Equity Consolidation

Global Telecom Holding 100.00% 100.00% Full Consolidation Full Consolidation

Financial Powers Plan Limited


Iraq Holding Limited4 100.00% 100.00% Full Consolidation Full Consolidation

Global Telecom Finance SCA 100.00% 100.00% Full Consolidation Full Consolidation

Telecom Holding Canada (Malta)

Limited5 100.00% 100.00% Full Consolidation Full Consolidation

International Telecommunications

Consortium Limited 50.00% 50.00%

Proportionate

Consolidation Equity Consolidation

Sawyer Limited


Global Telecom Oscar SA 100.00% 100.00% Full Consolidation Full Consolidation

Telecom Management Group Limited 100.00% 100.00% Full Consolidation Full Consolidation

Global Telecom One S.à.r.l 100.00% 100.00% Full Consolidation Full Consolidation

Waseela Microfinance Bank Limited 100.00% 100.00% Full Consolidation Full Consolidation

Cortex for Services & Consultations

SAE 100.00% 100.00% Full Consolidation Full Consolidation

1. Currently known as “Omnium Telecom Algeria”, Direct and Indirect stake through Moga Holding Limited and Oratel. Pro-forma Algeria closing.

2. Telecom Ventures Limited owns 100% of Sheba Telecom which operates under the trade name banglalink.

3. Direct and indirect stake through International Telecommunications Consortium Limited.

4. Iraq Holding Limited owns 100% of Orascom Telecom Iraq, which sold Iraqna in December 2007.

5. The holding company for GTH’s Share in Globalive, which has been accounted for under the equity method.


Glossary of Terms

Average Revenue per User (“ARPU”): Average monthly recurrent revenue per customer (excluding visitors

roaming revenue and connection fee). This includes airtime revenue (national and international), as well as,

monthly subscription fee, SMS, GPRS & data revenue. Quarterly ARPU is calculated as an average of the last three

months.

Capital Expenditure (“CAPEX”): Tangible and Intangible fixed assets additions during the reporting period,

includes work in progress, network, IT, and other tangible and intangible fixed assets additions but excludes

license fees.

Churn: Disconnection rate. This is calculated as the number of disconnections during a month divided by the

average customer base for that month.

Churn Rule: A customer is considered churned (removed from the customer base) if he exceeds the 90 days from

the end of the validity period without recharging. It is worth noting that the validity period is a function of the

scratch denomination. In cases where scratch cards have open validity, the customer is considered churned in

case he has not made a single billable event in the last 90 days (i.e. outgoing or incoming call or sms, wap

session). Open cards validity is applied for OTA, Mobilink and banglalink so far.

Minutes of Usage (“MOU”): Average airtime minutes per customer per month. This includes billable national and

international outgoing traffic originated by customers (on-net, to land line & to other operators). Also, this

includes incoming traffic to customers from landline or other operators.

Organic Growth for Revenue and EBITDA: Are non-IFRS financial measures that reflect changes in Revenue and

EBITDA excluding foreign currency movements and other factors, such as business under liquidation, disposals,

mergers and acquisitions. We believe readers of this earnings release should consider these measures as it is

more indicative of the Group’s ongoing performance. Management uses these measures to evaluate the Group’s

operational results and trends.

Contact Information Investor Relations Ola Tayel

Investor Relations Manager

Email: [email protected]

Tel: +202 2461 8640

Website: www.gtelecom.com

Disclaimer This presentation contains statements that could be construed as forward looking. These statements appear in a number of places in this presentation and

include statements regarding the intent, belief or current expectations of the customer base, estimates regarding future growth in the different business

lines and the global business, market share, financial results and other aspects of the activity and situation relating to the company. Such forward looking

statements are no guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in the forward

looking statements as a result of various factors. You are cautioned not to place undue reliance on those forward looking statements, which speak only as of

the date of this presentation, which is not intended to reflect Global Telecom Holding’s business or acquisition strategy or the occurrence of unanticipated

events

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