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Grameenphone Ltd.May 8, 2012
First Quarter 2012
Tore JohnsenChief Executive Officer
Quality conscious acquisition . . .
+ 3%
Slide 3
+ 18%● Addition of 1.1Mn subscriptions
● Intensified market competition
● Customer centric services and value adding product offerings
● Consistent revenue growth with healthy profitability
● Growth contribution from the rural
Source: BTRC
31.98 33.82
35.25 36.49 37.63
43.8% 44.3% 43.6% 42.7% 42.1%
Q1'11 Q2'11 Q3'11 Q4'11 Q1'12
Subscriptions (Mn) Market Share
Slide 4
Easy money transfer
Customer centricity . . .
eCare - the on-line portal for customers
Customized value propositions
Popularity of Data usage . . .
● 5.8Mn internet users, 143% increase from a year ago
● Mini-packs driving user growth
● Gaining popularity in the rural areas
● “Internet Utshab” and free internet campaign “GP Click” created a good momentum
+ 11%
+ 143%
Slide 5
2.4 3.0
3.4
5.2 5.8
7.5% 8.9% 9.8%14.4% 15.5%
Q1'11 Q2'11 Q3'11 Q4'11 Q1'12
Data users (Mn) % of total Subs
15th Annual General Meeting . . .
● Successful completion of 15th AGM on 10 April 2012; 3rd AGM after listing
● Shareholders approved 2011 financial statements and 205% cash dividend (including 140% interim cash dividend) among other agenda
● Fast track dividend payment; 61,000 shareholders received dividend within 48 hours of AGM completion
● Physical distribution of dividend warrants completed on 21 April 2012
Slide 6
Q1 2012 Financial Results
Fridtjof RustenChief Financial Officer
12% Revenue Growth . . .
Total Revenue (Mn BDT)
+ 1.7%
+ 12.3%● Subscription driven revenue growth
● Growth from both voice and non voice services
● Customized campaigns for customer ease
● Good contribution from infrastructure sharing, data and roaming services
Slide 8
20,672
22,732 22,828 22,828 23,222
Q1'11 Q2'11 Q3'11 Q4'11 Q1'12
2,867
3,899
5,633
6,492
5,204
14%17%
25%28%
22%
Q1'11 Q2'11 Q3'11 Q4'11 Q1'12
9,886
12,066 13,200 12,458 12,789
48% 53% 58% 55% 55%
Q1'11 Q2'11 Q3'11 Q4'11 Q1'12
Healthy profit margin . . .
EBITDA (Mn BDT) EBITDA Margin
NPAT (Mn BDT) NPAT Margin
● Consistent revenue growth and cost optimization
● Pressure on opex from currency devaluation and energy price hikes
● Stable EBITDA margin
Slide 9
8,788 8,969
11,912 10,961
9,930
6.51 6.64 8.82 8.12 7.35
Q1'11 Q2'11 Q3'11 Q4'11 Q1'12
Key Financial Figures . . .
Net Asset Value (NAV)
NOCF (Mn BDT) NOCF/Share (BDT)
Net Operating Cash Flow (NOCF)
Earnings per Share (EPS) - BDT
Slide 10
50,899 45,662
32,391
38,883
44,087
37.69 33.82
23.99 28.80
32.65
Q1'11 Q2'11 Q3'11 Q4'11 Q1'12
NAV (Mn BDT) NAV/Share (BDT)
2.12
2.89
4.17 4.81
3.85
Q1'11 Q2'11 Q3'11 Q4'11 Q1'12
10,136
13,500
9,442
13,993 13,078
23,636
11,206
Q1'11 Q2'11 Q3'11 Q4'11 Q1'12
Network Investment & Contribution to Govt.
Slide 11
Investments (Mn BDT)
Tax, VAT, Duties (Mn BDT)
2G renewal fees (Mn BDT)
● Continuous investment for network capacity expansion and quality improvement
● Invested BDT 174.7 billion since inception
● BDT 3.2 billion payment as income tax and BDT 2.1 billion as SIM tax in Q1’12.
● Accumulated contribution since inception BDT 256.4 billion
Network Investments
Contribution to National Exchequer
2,061
3,451
4,490
2,961
3,727
Q1'11 Q2'11 Q3'11 Q4'11 Q1'12
Regulatory Landscape
2G License renewal● The Court has given judgment in favor of GP
declaring MCF for 2008 spectrum as illegal.
● The Court has directed GP to pay 100% fees toBTRC and 15% VAT to NBR while allowing to getrebate on the VAT.
● GP filed a petition seeking clarification from theAppellate Division on the above as the rebatemechanism contradicts with present VAT scheme.
Slide 13
Regulatory landscape . . .
3G License● BTRC has sent the draft 3G licensing guideline to
MoPT on 28 Mar’12.
● It is expected that the draft guideline will be openfor consultation by June 2012 and proposedauction to be initiated by Sept 2012.
Draft VAS guideline● MoPT has published a draft guideline on Value
Added Service (VAS) on 20 Mar’12.
● The draft guideline does not reflect internationalbest practice.
● An industry position paper has been submitted toMoPT and is expected to be reviewed anddiscussed with the industry on this issue.
Unpredictable regulatory regime● The Industry is experiencing initiation of various
directives, guidelines and policies without priorconsultation.
● This reflects the need for a long-term regulatoryroadmap for a sustainable industry growth.
● An industry aligned position paper on“Transparent Consultation Process on TelecomRelated Matters” has been prepared and will beshared with relevant stakeholders.