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Q1 2011 Grameenphone Ltd.
May 2, 2011
Tore JohnsenChief Executive Officer
Growth momentum . . .
+ 6.7%
Aggressive Acquisition• Addition of 2 million subscriptions, quarter
ended with nearly 32 million subscriptions
• Stable subscription market share
• Subsidy driven growth reaching lower ARPU segment and rural people
Strong Revenue Growth• Voice revenue in line with subscription
growth
• Stable growth in data revenues
• Growth in revenue from mobile device
Slide 3
+ 33.8%
Getting closer to customers. . .
Dynamic pricing• Location-based discount offer in tariff
• Efficient utilization of network capacity
• Well accepted by over 1 crore customers
Postpaid revamp• Prioritizing customer need
• Flexibility and comfort
New price plan for SME• Introduced three new price plans
• Customized to cater various necessity
Increase rural footprint• Over 186,000 retail outlets
• Micro-financing through BRAC and CARE
• Bangla contents in handsets
Slide 4
Slide 5
• Stable revenue growth from internet usage
• 2.4Mn internet users, 61% increase from a year ago
• Internet mini-packs getting popular
• Investment in progress to improve data quality
• Data usage trend indicates 3G preparedness
Stable growth in data . . .(in BDT Crore)
Data Revenues
+ 4.4%
+ 41.7%
Embracing future-proof technology . . .
Slide 6
Network modernization• Network up-gradation in progress
• GP appreciates customers’ patient support during temporary service disruptions
• Cutting edge technology and more sophisticated in nature to cater increased service requirement
• Better customer experience
• Simpler network architecture
Driving business growth• Reduced power consumption
• Reduction of carbon footprint withdrawing 7,500 air conditioners
• 50% less space requirement for base stations
14th Annual General Meeting
Slide 7
● 2nd AGM, after getting listed with the stock exchanges, held on 19 April 2011
● Conducted in compliance with all regulatory requirements
● Around 100,000 annual reports distributed within regulatory timeline
● Shareholders approved 2010 financial statements and 120% total cash dividend (including 35% interim dividend) among other agenda
● More than 41,000 shareholders having online banking facility received dividend within 24 hours of AGM completion
Q1 2011 Financials
Raihan ShamsiDeputy CEO andChief Financial Officer
● Growth driven by voice revenue
● Revenue growth in line with subscription growth
● Subscriber-friendly campaigns
● New subscribers contributing in revenue growth
● Revenues from mobile device
Revenues . . .
+ 5.5 %
(in BDT Crore)
Slide 9
+ 21.3 %
Total Revenues
EBITDA margin . . .(in BDT Crore)
Slide 10
● Improved EBITDA driven by revenue growth
● Heavy subsidy of BDT 209 crores
● Cost optimization initiatives in progress
EBITDA EBITDA %
Net Profit after Tax . . .
● BDT 287 crores net profit after tax
● Devaluation of Taka against foreign currencies resulted loss of BDT 29 crores
● Higher income tax expenses, BDT 309 crores in Q1’11
(in BDT Crore)
Slide 11
NPAT NPAT %
Earnings per Share . . .
Slide 12
(in BDT)
● Stabilized EPS in competitive market
● EPS affected by subsidy on SIM Tax
● Profitability maintained through business growth
● Visible result of cost optimization initiatives
Key Financial Figures . . .
Slide 13
Net Asset Value (NAV) Net Operating Cash Flow (NOCF)
NAV (BDT Crore)NAV/Share (BDT)
NOCF (BDT Crore)NOCF/Share (BDT)
● Investment for network capacity and data quality
● Implementing the vision of rural footprint
● Higher capex in Q4’10; waited till Q3’10 for better deal for network modernization (Huaweii agreement)
● 12 solar BTS rolled out during the quarter
● Invested over BDT 16,000 crores since inception
Investing for sustainable business . . .(in BDT Crore)
Slide 14
Contribution to National Exchequer. . .(in BDT Crore)
Slide 15
Payments against SIM Tax
Payments against Corporate Tax
Other payments to NBR (Import duty, VAT, etc)
Payments to BTRC
Withholding tax and other payments
● BDT 944 crore payments to the national exchequer during the first quarter
● BDT 23 crore more payments against corporate tax compared to last quarter
● Q4’10 import duty was higher due to higher investment on network
● Since inception, Grameenphone’s contribution to the National exchequer stands at BDT 19,446 crores
For every 100 Taka revenue GP earns,
Govt. gets around 50Taka from various
sources
Regulatory Landscape
Challenges . . .
Slide 17
− Regulators published renewal framework in Jan’11.
− Framework proposed upfront fee of $1.6Bn from four renewing operators
− Contains elements not relevant to renewal of license e.g. unified licensing, social obligation fund etc.
− Renewing operators expressed reservation and provided feedback within timeline
− Regulators have initiated dialogues with renewing operators
2G License Renewal
− Some progress has taken place regarding the 3G licensing
− The regulators need to put up a development roadmap for the telecom industry,including clear guidelines for 3G licensing
− A stable and long term telecom policy is a dire necessity to stimulate industrygrowth and enable the mobile operators to make further investments in newservices and technologies like 3G
Q&A