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Grameenphone Ltd. – Financial Results 1Q2015
Rajeev Sethi, CEO
A challenging start for 2015
Political Turmoil
Intense Competition
52 Mn Subscriber
25.2 Bn BDT Revenue
Enhancing usability & brand preference
● Response towards competition
− 1 paisa/sec to any local operator
● Simplification of customers offers
− Recharge offer across all price plans
− BDT 1 VAS offer for 5 popular services
● On ground activation through ‘Cholo Bangladesh’
− Fan day across all 64 districts
Strengthening position of Internet for ALL
● 3G geographical coverage enhancement by 8%
● Radical simplification of internet portfolio
● Internet through retail
● Driving relevance of internet usage
− Application for Alor Pathshala
− Online Teaching Excellence Center
Sustainability Report 2014
● Information about our economic, environmental, social and governance performance
● Media of spreading transparency and accountability
● Major areas covered in the report
− Communication Services & Society
− Responsible Business Practices
− HSSE
− Climate & environment
− Supply Chain sustainability
● Full report archived in company website
1.0% Revenue growth
NBR’s claim against Replacement SIM
Spectrum Auction
Online verification of NID for SIM registration
Revision of Tariff Directive
1% surcharge on mobile phone
usage
Regulatory updates
Grameenphone Ltd. – Financial Results 1Q2015
Dilip Pal, CFO
1.0% Revenue growth
1% Revenue growth
54.2% EBITDA margin
3.7 Bn BDT Capex
39.4% OCF margin
Financial Highlights
1Q2015 Muted revenue growth with contribution from Data and VAS
+ 6.6%* Revenue (BDT Bn) and Growth (YoY) Data Revenue (BDT Bn) and Contribution (%)
● 68% data revenue growth with increasing contribution to topline
● 37% VAS revenue growth
● Ongoing political tension and competition putting pressure on voice
24.9 26.2 25.6 25.9 25.2
6.3%9.8%
2.4%6.7%
1.0%
Q1'14 Q2'14 Q3'14 Q4'14 Q1'15
1.0 1.2
1.4 1.5
1.6
3.9% 4.7% 5.4% 5.8% 6.5%
Q1'14 Q2'14 Q3'14 Q4'14 Q1'15
10
● Gradual improvement in campaign takers driving RG base
● Contribution of data
● ARPU erosion of 6.7%
Stable AMPU with encouraging minutes growth trend
Competitive offers creating stress on APPM
1Q 2015 Stimulating usage through competitive offers
ARPU, AMPU and APPM
166 170 165 161 155
240 250 243 238 239
0.69 0.68 0.68 0.68 0.65
Q1'14 Q2'14 Q3'14 Q4'14 Q1'15
ARPU (BDT) AMPU APPM (BDT)
11
● Reduction in subscriber acquisition and operation & maintenance cost
● Higher energy cost and investment in the market
1Q 2015 Efficiency in opex resulting in higher EBITDA growth
* EBITDA before other item
*EBITDA (BDT Bn) and Margin
2.0% YoY
5.1% QoQ
13.4
14.2 14.0
13.0
13.7
53.7% 54.0% 54.3% 50.0% 54.2%
Q1'14 Q2'14 Q3'14 Q4'14 Q1'15
Opex (BDT Bn) and Margin
9.4 9.7 9.5 10.3
9.2
37.5% 36.8% 36.9% 39.5% 36.4%
Q1'14 Q2'14 Q3'14 Q4'14 Q1'15
2.1% YoY
10.5% QoQ
*Capex (BDT Bn) and Capex/Sales%
12
● Extensive 3G site rollout
Higher geographical and population coverage
● 2G coverage expansion
● Capacity enhancement for catering higher volume of data and voice
● Flexibility of IT infrastructure for better product and service offerings
1Q 2015 Investment for strengthening network superiority
* Excluding license fees
34% YoY
37% QoQ
2.8
3.7
2.8
5.9
3.7
11.1% 14.1% 11.1%
22.7%14.8%
Q1'14 Q2'14 Q3'14 Q4'14 Q1'15
1Q2015 Operating cash flow of BDT10 Bn despite higher capex
+ 6.6%* *OCF (BDT Bn) and OCF/Sales% OCF Development (BDT Mn)
6.4% YoY
40% QoQ
* OCF equals EBITDA minus Capex
10.6 10.5 11.1
7.1
10.0
42.6% 40.0% 43.3%
27.4%39.4%
Q1'14 Q2'14 Q3'14 Q4'14 Q1'15
10,637 9,95674 192
947
Q1'14 Gross Profit Opex Capex Q1'15
1Q2015 Healthy NPAT margin with earnings growth
+ 6.6%* NPAT (BDT Bn) and Margin EPS (BDT)
● Full drawdown of long-term syndicated loan
3.7% YoY
38% QoQ
3.7% YoY
38% QoQ
3.96 3.82 4.01 3.96
2.87
Q1'14 Q2'14 Q3'14 Q4'14 Q1'15
5.16 5.42 5.35
3.88
5.35
20.7% 20.7% 20.9%15.0%
21.3%
Q1'14 Q2'14 Q3'14 Q4'14 Q1'15
Summing up
● Business performance impacted by political turmoil and competition
● Topline growth to be fuelled by growing mobile internet
● Maintaining healthy EBITDA, OCF and NPAT margin
● Investment for strengthening network superiority
Thank You