from the down-cycle to the up-cycle
TRANSCRIPT
![Page 1: From the Down-Cycle to the Up-Cycle](https://reader031.vdocuments.mx/reader031/viewer/2022030211/58a180e41a28abca5a8b4dd1/html5/thumbnails/1.jpg)
EMEA Telecommunications Service Providers
2016 Outlook
![Page 2: From the Down-Cycle to the Up-Cycle](https://reader031.vdocuments.mx/reader031/viewer/2022030211/58a180e41a28abca5a8b4dd1/html5/thumbnails/2.jpg)
The sector is
2016 Outlook
Transitioning
![Page 3: From the Down-Cycle to the Up-Cycle](https://reader031.vdocuments.mx/reader031/viewer/2022030211/58a180e41a28abca5a8b4dd1/html5/thumbnails/3.jpg)
from the
Down-Cycle
Up-Cycleto the
Transitioning
![Page 4: From the Down-Cycle to the Up-Cycle](https://reader031.vdocuments.mx/reader031/viewer/2022030211/58a180e41a28abca5a8b4dd1/html5/thumbnails/4.jpg)
from the
Down-Cycle
Up-Cycleto the
![Page 5: From the Down-Cycle to the Up-Cycle](https://reader031.vdocuments.mx/reader031/viewer/2022030211/58a180e41a28abca5a8b4dd1/html5/thumbnails/5.jpg)
Down-Cycle
Up-Cycle
Cut Opex
-90%
![Page 6: From the Down-Cycle to the Up-Cycle](https://reader031.vdocuments.mx/reader031/viewer/2022030211/58a180e41a28abca5a8b4dd1/html5/thumbnails/6.jpg)
Down-Cycle
Up-Cycle
Cut Dividends
-80%
Down-Cycle
![Page 7: From the Down-Cycle to the Up-Cycle](https://reader031.vdocuments.mx/reader031/viewer/2022030211/58a180e41a28abca5a8b4dd1/html5/thumbnails/7.jpg)
Down-Cycle
Up-Cycle
Asset Sales
-70%
Down-Cycle
![Page 8: From the Down-Cycle to the Up-Cycle](https://reader031.vdocuments.mx/reader031/viewer/2022030211/58a180e41a28abca5a8b4dd1/html5/thumbnails/8.jpg)
Down-Cycle
Up-Cycle
Hybrids
-50%
Down-Cycle
![Page 9: From the Down-Cycle to the Up-Cycle](https://reader031.vdocuments.mx/reader031/viewer/2022030211/58a180e41a28abca5a8b4dd1/html5/thumbnails/9.jpg)
Down-Cycle
Up-Cycle
Raise Equity
-20%
Down-Cycle
![Page 10: From the Down-Cycle to the Up-Cycle](https://reader031.vdocuments.mx/reader031/viewer/2022030211/58a180e41a28abca5a8b4dd1/html5/thumbnails/10.jpg)
Down-Cycle
Up-Cycle
Increase Capex
+20%
![Page 11: From the Down-Cycle to the Up-Cycle](https://reader031.vdocuments.mx/reader031/viewer/2022030211/58a180e41a28abca5a8b4dd1/html5/thumbnails/11.jpg)
Down-Cycle
Up-Cycle
Increase Dividends
+60%
Up-Cycle
![Page 12: From the Down-Cycle to the Up-Cycle](https://reader031.vdocuments.mx/reader031/viewer/2022030211/58a180e41a28abca5a8b4dd1/html5/thumbnails/12.jpg)
Down-Cycle
Up-Cycle
M & A
+70%
Up-Cycle
![Page 13: From the Down-Cycle to the Up-Cycle](https://reader031.vdocuments.mx/reader031/viewer/2022030211/58a180e41a28abca5a8b4dd1/html5/thumbnails/13.jpg)
Down-Cycle
Up-Cycle
Buybacks
+90%
Up-Cycle