draft dtacdtac-th.listedcompany.com/misc/financial/2011/... · 2011. 7. 20. · q111 q211 q311 q411...

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dtac second quarter 2011

20 July 2011

key highlights

Investor Relations: www.dtac.co.th E-mail: [email protected] Tel: 662 202 8882

  Operating free cash flow of THB 6.0 billion (YTD: THB 12.9 billion)

  Strong revenue growth of 12.9% YoY (1st half: 12.3%)

  Net adds of 384k (YTD: 1.1 million)

highlights operational

274 257 253 250 249 245

52 50 57 59 57 55

326 308 311 309 306 300

Q110 Q210 Q310 Q410 Q111 Q211

incoming outgoing

-2.5% -1.9%

blended MOU (mins / month / sub)

218 213 208 215 212 208

54 51 55 56 55 54

272 264 263 271 267 262

Q110 Q210 Q310 Q410 Q111 Q211

incoming outgoing

blended ARPU (THB / month / sub)

subscribers

631

352 296

685 725

384

20.3 20.6 20.9 21.6 22.3 22.7

Q110 Q210 Q310 Q410 Q111 Q211

Net add (in thousands) Accum subs (in millions)

  Net adds slowed down due to seasonality.

  Higher contribution from non-voice service.


5

-0.9% -1.9%

regulatory

Challenges on dtac’s nationality

•  Complaints regarding dtac’s violation of FBA and Telecom Act have been filed with authorities. •  On the basis of its register of shareholders at

present, dtac believes that it is in compliance with the laws and regulations. •  dtac affirms that its customers, partners,

shareholders and all stakeholders as well as its business operations will not be affected by the ongoing entity investigation process.

7 Investor Relations: www.dtac.co.th E-mail: [email protected] Tel: 662 202 8882

3G 850 MHz

•  dtac obtained usage licenses for 3G 850 MHz from NBTC. •  3G service to be launched in Q311, initially with 400

base stations. •  Coverage expansion of up to 1,220 base stations is

expected by year end.


Complaint on True/CAT deal

•  dtac filed a petition with the Central Admin Court against CAT, seeking •  a judicial review of the agreements between CAT and

True Group on HSPA service, and •  an injunction to stop CAT from executing the contracts

until all relevant authorities have reviewed and approved the deal.

•  The Central Admin Court accepted only the plaint on the legality of CAT BoD’s resolution approving the deal between CAT and True.

•  dtac filed an appeal requesting •  to terminate CAT BoD’s resolutions allowing CAT to enter

into a deal with True, •  CAT and BoD to stop honoring and terminate the deal

with True, •  CAT to provide 3G-HSPA service on 850 MHz on its own, •  CAT to act in accordance with the 1992 Public Private

Joint Venture Act.

financial highlights

robust YoY revenue growth

service revenue (excl IC) breakdown quarterly revenue (THB million)

10

16.2%

4.1% 4.1%

56.6%

19.1%

VAS IR

Others Prepaid airtime

Postpaid airtime


Q111

12.8% 5.4%

4.1%

57.3%

20.5%

Q210 13,364 14,422 14,353

3,126 3,578 3,599 970 1,675 1,764 17,460

19,675 19,717

Q110 Q210 Q310 Q410 Q111 Q211

Service revenue excl IC IC Revenue Handset & Other

+12.9% +0.2%

16.5%

3.7% 4.1%

57.0%

18.8%

Q211

higher revenue in all categories


11

17,460

19,717

Tota

l rev

enue

Q21

0

High

er v

oice

rev

High

er V

AS re

v

High

er IR

High

er ID

D &

Othe

rs

High

er IC

High

er h

ands

et a

nd

star

ter k

it sa

le

Tota

l rev

enue

Q21

1

42%

30%

28% 29%

38%

33%

Edge/GPRS Messaging

Others

47%

25%

28%

Q211

strong growth in non-voice service

VAS breakdown VAS revenues (THB million)


Q210 Q111

1,774

2,331 2,366

13.3% 16.2% 16.5%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

500

1,000

1,500

2,000

2,500

Q110 Q210 Q310 Q410 Q111 Q211

VAS revenue % to Service rev excl IC

+1.5% +33.4%

CoS well contained

% to service revenue (excl IC) cost of services (THB million) excluding amortization, IC


6.6% 6.4% 6.1%

5.1% 5.1% 5.3% 5.9% 6.4% 6.3%

6.7% 6.4% 6.7%

26.3% 26.4% 27.3% 27.5% 27.0% 27.1%

10.0%

15.0%

20.0%

25.0%

30.0%

Q110 Q210 Q310 Q410 Q111 Q211

Network Opex Other cost Regulartory cost

5,231 5,542 5,610

39.1% 38.4% 39.1%

20.00%

25.00%

30.00%

35.00%

40.00%

45.00%

0

2,000

4,000

6,000

8,000

10,000

12,000

Q110 Q210 Q310 Q410 Q111 Q211

Total % to Service rev excl IC

7.3% 1.2%

  net IC balance is expected to decline.

net IC balance

normalized net IC cost (THB million)

-145 -82

142 245 238 260

Q110 Q210 Q2102 Q310 Q410 Q211


higher gen admin expenses

% to normalized revenue SG&A (THB million) excluding amortization


2,399 2,284 2,402

13.7% 11.6% 12.2%

0

0.02

0.04

0.06

0.08

0.1

0.12

0.14

0.16

0

500000

1000000

1500000

2000000

2500000

3000000

3500000

4000000

4500000

5000000

Q110 Q210 Q310 Q410 Q111 Q211

SG&A % to total revenue

0.7% 5.0%

9.9% 10.0% 10.5% 10.2% 8.2% 8.9%

4.3% 3.8% 3.8% 3.7%

3.4% 3.3% 4.9% 5.0%

3.7% 4.1%

2.0% 1.5% Q110 Q210 Q310 Q410 Q111 Q211

Admin excl A&D as % of total revenues

Selling and Marketing expenses as % of total revenues

Bad debt as % of postpaid revenues

strong EBITDA and net profit growth


net profit (THB million) EBITDA (THB million)

6,025

7,236 6,938

34.2% 36.6% 34.9%

10.00%

100.00%

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Q110 Q210 Q310 Q410 Q111 Q211

EBITDA EBITDA margin

-4.1% +15.2%

2,430

3,332 3,026

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

Q110 Q210 Q310 Q410 Q111 Q211

-9.2% +24.5%

healthy financial position debt repayment (THB billion) operating FCF (THB billion)

  THB 21.8 billion cash on hand

financial ratios

5.4 5.0 6.1

5.0 6.9 6.0

0.6 1.0 0.9

1.6 0.3 0.9

Q110 Q210 Q310 Q410 Q111 Q211

Operating FCF (EBITDA - Capex) Capex

0.2 0.1

84.5 93.1 95.2

163.8 179.8 193.8

17.7 21.2 26.6 27.2 32.9 39.9

Q110 Q210* Q310* Q410* Q111* Q211*

Net debt to EBITDA

Net debt to Equity

FFO to Total Debt (%)

Interest Coverage Ratio

* Net cash 17

0.7 3.0

0.7 4.6

Q111 Q211 Q311 Q411 2012-2015

Interest Bearing Debt Repayment Early repayment

none

outlook 2011

Free cash flow

Revenue growth

Approx. THB 19.0 billion  CAPEX at THB 6 - 7 billion

High single digit

5 – 6 million net adds for the industry.  Maintain sub market share, but  Quality of sub is more important.

Net adds


appendix

postpaid

net adds (’000 subs) MOU (mins/month/sub) ARPU (bt/month/sub)

1

14

6

14

18

8

Q110 Q210 Q310 Q410 Q111 Q211

396 383 386 377 369 365

106 101 126 131 129 126

502 484 512 509 498 491

Q110 Q210 Q310 Q410 Q111 Q211

incoming outgoing

1.4% -1.4%

553 559 558 557 557 555

109 105 122 125 126 124

662 664 680 682 683 679

Q110 Q210 Q310 Q410 Q111 Q211

incoming outgoing


+2.2% -0.6%

prepaid

net adds (’000 subs) MOU (mins/month/sub) ARPU (bt/month/sub)

630

338 290

671 707

376

Q110 Q210 Q310 Q410 Q111 Q211

178 171 166 175 173 170

46 45 47 48 47 46

224 216 213 222 220 216

Q110 Q210 Q310 Q410 Q111 Q211

outgoing incoming

259 242 238 236 236 231

46 44 49 51 48 48

304 286 287 286 284 279

Q110 Q210 Q310 Q410 Q111 Q211

outgoing incoming

-2.6% -1.8%


-0.3% -1.9%

registered vs active subs (in million)

21.1 21.5 21.8 22.2 22.6 23.0 23.3 24.0 24.7 25.2

18.9 19.2 19.3 19.7 20.3 20.6 20.9 21.6 22.3 22.7

Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111 Q211

registered subs active subs 23 Investor Relations: www.dtac.co.th

E-mail: [email protected] Tel: 662 202 8882

draft dtacdtac-th.listedcompany.com/misc/financial/2011/... · 2011. 7. 20. · q111 q211 q311 q411...

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