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FY2013 Results Presentation. 20 January PDF

FY2013 Results Presentation 20 January 2014 Forward looking statements Important note This presentation and the following discussion may contain forward looking statements by M1 Limited ( M1 ) relating
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FY2013 Results Presentation 20 January 2014 Forward looking statements Important note This presentation and the following discussion may contain forward looking statements by M1 Limited ( M1 ) relating to financial trends for future periods Some of the statements contained in this presentation or arising from this discussion which are not of historical facts are statements of future expectations with respect to financial conditions, results of operations and businesses, and related plans and objectives. Such forward looking statements are based on M1 s current views and assumptions including, but not limited to, prevailing economic and market conditions and currently available information. These statements involve known and unknown risks and uncertainties that could cause actual results, performance or achievements to differ materially from those in the forward looking statements. Such statements are not, and should not be construed, as a representation as to future performance or achievements of M1. In particular, such statements should not be regarded as a forecast or projection of future performance of M1. It should be noted that the actual performance or achievements of M1 may vary significantly from such statements. 1 Overview Financial highlights for 2013 Service revenue increased 6.3% YoY to S$820m EBITDA margin at 38.1% of service revenue Net profit after tax increased 9.4% YoY to S$160m Performance highlights Mobile customer base stable at 2.11m Customer acquisition cost decreased 6.7% to S$346 Fibre customer base increased 33,000 YoY to 85,000 Proposed dividends Final dividend of 7.1 cents Special dividend of 7.1 cents 2 Agenda Financial highlights Performance highlights Developments and outlook 3 Operating revenue (S$m) -6.4% 1,077 1, % % Handset sales Fixed services International call services Mobile services 4 Cost of sales (S$m) -17.7% % 424 Handset costs % Traffic Expenses Other costs Wholesale costs of f ixed services 5 Other operating expenses (S$m) +3.9% -0.5% -2.5% Depreciation & amortisation Staff costs Facilities expenses Leased circuit costs Advertising & promotion Other G&A expenses Doubtful debt provision 6 EBITDA & net profit after tax EBITDA (S$m) & margin on service revenue Profit after tax (S$m) & margin on service revenue EBITDA margin (on service revenue) 4Q12 1Q13 2Q13 3Q13 4Q13 FY2012 FY % 39.5% 37.1% 37.7% 38.2% 38.9% 38.1% PAT margin (on service revenue) 19.5% 20.5% 18.9% 19.2% 19.6% 19.0% 19.5% +4.1% -2.1% % +2.0% +7.1% % Capex & free cash flow Capex (S$m) Free cash flow (S$m) % % +15.5% % -91.5% +1.2% (17) 5 8 Financial leverage S$m FY2012 FY2013 Change Cash & cash equivalents % Net debt % Net assets % Net debt/equity (x) % Net debt/ebitda (x) % EBITDA/Interest (x) % Net assets per share (cents) % EPS - diluted (cents) % 9 Agenda Financial highlights Performance highlights Developments and outlook 10 Mobile customers Postpaid customer base ( 000) Prepaid customer base ( 000) 1,095 1,107 1,116 1,125 1,130 1, , Q12 1Q13 2Q13 3Q13 4Q13 4Q12 1Q13 2Q13 3Q13 4Q13 11 Postpaid mobile Postpaid mobile revenue (S$m) Postpaid monthly ARPU (S$) ARPU allocated to handset sales +5.4% +0.2% +5.0% % -1.4% % Prepaid mobile Prepaid mobile revenue (S$m) Prepaid monthly ARPU (S$) +10.9% -12.3% % -3.9% +6.6% % Mobile market share Overall market share* Postpaid & prepaid market share* Postpaid 25.7% 25.7% 25.6% 25.3% 25.0% 26.1% 25.3% 25.7% 25.6% 25.3% 4Q12 1Q13 2Q13 3Q13 Nov-13 Prepaid 26.7% 25.0% 25.7% 25.8% 25.6% 4Q12 1Q13 2Q13 3Q13 Nov-13 4Q12 1Q13 2Q13 3Q13 Nov-13 * - Based on published statistics available at the time of submission 14 Postpaid mobile Acquisition cost per postpaid customer (S$) Monthly churn rate (postpaid) 1.3% 1.1% 1.1% 1.0% 1.2% 1.3% 1.1% Note: Cash basis 15 Mobile data ARPU & non-voice contribution Data plan ARPU (S$) Mobile data and SMS contribution to service revenue -12.5% -3.9% -10.3% SMS Mobile Data 43.4% 38.3% 39.5% 41.2% 42.3% 41.6% 37.6% % 13.0% 12.8% 12.6% 12.4% 13.6% 12.7% 25.1% 26.5% 28.4% 29.7% 31.0% 24.1% 28.9% 16 Fixed services Fibre Customer base ( 000) Fibre monthly ARPU (S$) -12.6% % -9.3% Q12 1Q13 2Q13 3Q13 4Q13 17 International call services International retail minutes (million mins) International call services revenue (S$m) 1, % 1, % % -3.8% +3.8% % Agenda Financial highlights Performance highlights Developments and outlook 19 Developments and outlook for 2014 Continual network investments Mobile services Most advanced core network with the completion of phase 1 upgrade Nationwide rollout of 3G network on 900 MHz in 1Q14 Upgrade 4G network to LTE-Advanced by end 2014 Growth in mobile data revenue Postpaid customers upgrading their smartphone plans Increasing adoption of smartphones and data usage by prepaid base Opportunities for further growth Fixed services Enhanced service offerings Fibre penetration currently at 40% Improvements to fibre fulfillment 20 Guidance for 2014 Estimate moderate growth in FY2014 net profit after tax Financial guidance Capex to be around S$130m Spectrum rights payment of S$40m in December 2014 and S$64m in September 2016 Dividend policy Maintain 80% payout ratio Regularly review capital requirements 21 Thank you 22
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