ZAIN GROUP FINANCIAL RESULTS Q2 2017
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1 ZAIN GROUP FINANCIAL RESULTS Q2 2017
2 DISCLAIMER Mobile Telecommunications Company KSCP Zain Group has prepared this presentation to the best of its abilities, however, no warranty or representation, express or implied is made as to the adequacy, correctness, completeness or accuracy of any numbers, statements, opinions, estimates, or other information contained in this presentation. Certain portions of this document contain forward-looking statements, which are based on current expectations and reasonable assumptions, we can however give no assurance they will be achieved. The information contained in this presentation is subject to change and we disclaim any obligation to update you of any such changes, particularly those pertaining to the forward-looking statements. Furthermore, it should be noted that there are a myriad potential risks, uncertainties and unforeseen factors that could cause the actual results to differ materially from the forward-looking statements made herein. Accordingly, this presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for, or otherwise acquire or dispose of, securities in any company within Zain Group. For further information about Zain Group, or the materials contained within this presentation, please direct your enquiries to our Investor Relations team via at IR@zain.com or visit ZAIN GROUP Q IR PRESENTATION 1
3 CONTENTS ZAIN GROUP OVERVIEW ZAIN OPERATIONS OVERVIEW FINANCIAL STATEMENTS
4 ZAIN GROUP OVERVIEW
5 Zain At A Glance Q $1.7 BILLION IN REVENUES 45.2 MILLION ACTIVE CUSTOMERS MORE THAN 6,300 EMPLOYEES MILLION CUSTOMERS IN IRAQ MARKET LEADER IN KUWAIT, IRAQ, REPUBLIC OF SUDAN, JORDAN & LEBANON 5.5 TB AVERAGE DAILY DATA VOLUME 4G LONG TERM EVOLUTION (LTE) NETWORK IN KUWAIT, SAUDI ARABIA, JORDAN, BAHRAIN, SUDAN & LEBANON 12.9 MILLION CUSTOMERS IN REPUBLIC OF SUDAN $695 MILLION IN EBITDA 41.7% EBITDA MARGIN ONE OF THE HIGHEST IN THE REGION $270 MILLION IN NET INCOME ZAIN GROUP Q IR PRESENTATION 4
6 THE WORLD OF ZAIN Q ZAIN S WORLD CATERS TO 45.2 MILLION CUSTOMERS IN 8 COUNTRIES* MOROCCO Ownership: 15.5% LEBANON Ownership: Management Contract Customers: 2.3 m Prepaid: 86% JORDAN Ownership: 96.52% Revenues: $241 m Customers: 4.2 m Prepaid: 82% Market Share: 36% SUDAN Ownership: 100% Revenues: $213 m Customers: 12.9 m Prepaid: 99% Market Share: 46% IRAQ Ownership: 76% Revenues: $523 m Customers: 12.9 m Prepaid: 99% Market Share: 39% KUWAIT Ownership: 100% Revenues: $549 m Customers: 2.6 m Prepaid: 69% Market Share: 37% BAHRAIN Ownership: 55% Revenues: $100 m Customers: 773K Prepaid: 75% * exclusive of Morocco, in which Zain has a 15.5% ownership in the mobile operator INWI SOUTH SUDAN Ownership: 100% Customers: 552K Prepaid: 99% SAUDI ARABIA Ownership: 37.05% Revenues: $1.0 b Customers: 9.0 m Prepaid: 76% ZAIN GROUP Q IR PRESENTATION 5
7 GROUP FINANCIAL HIGHLIGHTS Q CUSTOMERS (000) REVENUES (USDm) -0.1% -6% 45,198 45, Q2-16 Q2-17 Q2-16 Q2-17 EBITDA (USDm) NET INCOME (USDm) % 344-2% Margin % EPS (Cents) 48% 40% 4 4 Q2-16 Q2-17 Q2-16 Q2-17 6
8 GROUP FINANCIAL HIGHLIGHTS H CUSTOMERS (000) REVENUES (USDm) -0.1% -9% 1,831 45,198 45,171 1,669 H1-16 H1-17 H1-16 H1-17 EBITDA (USDm) NET INCOME (USDm) % 695-1% Margin % EPS (Cents) 46% 42% 7 7 H1-16 H1-17 H2-16 H2-17 7
9 CAPEX & CAPEX / REVENUES % -20% % 18% 15% F Capex Capex / Revenues F = Forecasted ZAIN GROUP Q IR PRESENTATION 8
10 TOTAL CAPEX H CAPEX BREAKDOWN OPCO H (USDm) % OF REVENUES Iraq Bahrain 1% Kuwait 3% Others 4% Kuwait 5 1% Iraq 44 8% Sudan 70 33% Jordan 12% *Total CAPEX $143m KSA % Republic of Sudan 49% Jordan 17 7% Bahrain 1 1% * Group Total Capex (excluding KSA) = USD 143 million Others 6 N/A ZAIN GROUP Q IR PRESENTATION 9
11 GROUP FINANCIAL HIGHLIGHTS H TOTAL DEBT (USDm) NET DEBT & NET DEBT/EBITDA +4% +29% 3,333 3,475 2,964 2,604 2,215 2, ,260 H1-16 H1-17 H1-16 H1-17 Long Term Short Term Net Debt Net Debt/EBITDA Net Debt = Total interest bearing debt (excluding letters of guarantee) after deducting cash and cash equivalents ZAIN GROUP Q IR PRESENTATION 10
12 GROUP FINANCIAL HIGHLIGHTS H REVENUE CONTRIBUTION CUSTOMER CONTRIBUTION Iraq Bahrain 6% Republic of Sudan 13% Group Revenues $1.7B Jordan 14% Bahrain 2% KSA 20% Iraq 28% Group Customers 45.2m Kuwait 6% Lebanon 5% Others 3% Kuwait 33% S.Sudan 1% Jordan 9% Republic of Sudan 29% ZAIN GROUP Q IR PRESENTATION 11
13 ZAIN DIVIDENDS DIVIDEND PAYOUT RATIO DIVIDEND YIELD (%) 77% 89% 80% 76% 87% 7% 8% 8% 8% 7% DIVIDEND PER SHARE (Fils) CASH DIVIDEND (USDm) ZAIN GROUP Q IR PRESENTATION 12
14 ZAIN OPERATIONS OVERVIEW
15 ZAIN KUWAIT MARKET SHARE FINANCIALS (USDm) 1983 Year of launch 100% Ownership 188% Penetration Zain 37% m Customers $25 ARPU 39% EBITDA Margin VIVA OOREEDOO Viva ZAIN 38% Ooredoo 32% G Technology 2,189 Number of sites 100% Coverage Q2-16 Q Aggressive market competition in the country Customer base dropped by 9% Strong concentration on cost optimization initiatives Data revenues (excluding SMS & VAS) formed 32% of total revenues H1-16 H1-17 Revenues EBITDA Net Income ZAIN GROUP Q IR PRESENTATION 14
16 ZAIN IRAQ MARKET SHARE FINANCIALS (USDm) 2003 Year of acquisition 76% Ownership 86% Penetration Zain 39% m Customers $7 ARPU 34% EBITDA Margin VIVA OOREEDOO Asiacell 38% ZAIN 38% Korek 23% G Technology 4,424 Number of sites 99% Coverage Q2-16 Q Worsening economic conditions and currency exchange rate Price war in Jan 2017 and accelerated OTT impact Customer base jumped by 15% due to higher acquisition in Northern region Strong focus on cost optimization H1-16 H1-17 Revenues EBITDA Net Income ZAIN GROUP Q IR PRESENTATION 15
17 ZAIN SUDAN MARKET SHARE FINANCIALS (SDGm) 2006 Year of acquisition 100% Ownership 55% Penetration 1,713 Zain 46% 1, m Customers $3 ARPU 38% EBITDA Margin VIVA OOREEDOO MTN 26% ZAIN 38% Sudani 28% G Technology 2,500 Number of sites 90% Coverage Q2-16 Q2-17 Impressive YoY growth in local currency SDG terms Revenues 38%, EBITDA 22% and Net income 14% Customers grew by 3%, to reach 12.9m Significant cost optimization savings Data revenues (excluding SMS & VAS) grew 69% YoY, and formed 15% of total revenues 3,373 2,445 1,045 1, H1-16 H1-17 Revenues EBITDA Net Income ZAIN GROUP Q IR PRESENTATION 16
18 ZAIN KSA FINANCIALS (USDm) 2008 Year of acquisition 37% Ownership 154% Penetration m Customers $17 ARPU 33% EBITDA Margin VIVA OOREEDOO ZAIN 38% (88) 4G Technology 8,598 Number of sites 95% Coverage Q2-16 Q2-17 The healthy performance was triggered by: 9% YoY growth in revenues 59% YoY growth in EBITDA Recording first-ever half yearly net profit of USD 14 million Strong focus on cost optimization License extension impact also contributed to the net income Data revenues (excluding SMS & VAS) grew by 42% YoY, and formed 50% of total revenues 956 1, (154) H1-16 H1-17 Revenues EBITDA Net Income ZAIN GROUP Q IR PRESENTATION 17
19 ZAIN JORDAN MARKET SHARE FINANCIALS (USDm) 2003 Year of launch 96.52% Ownership 142% Penetration Zain 36% m Customers $9 ARPU 48% EBITDA Margin VIVA OOREEDOO Umniah 32% ZAIN 38% Orange 32% G Technology 2,535 Number of sites 100% Coverage Q2-16 Q Higher data and interconnect revenues Customer base increased by 3% YoY Data revenues (excluding SMS & VAS) grew by 15% YoY, and formed 37% of total revenues H1-16 H1-17 Revenues EBITDA Net Income ZAIN GROUP Q IR PRESENTATION 18
20 ZAIN BAHRAIN FINANCIALS (USDm) 2003 Year of launch 55% Ownership 215% Penetration K $15 30% VIVA ZAIN 38% Customers ARPU EBITDA Margin OOREEDOO G Technology 499 Number of sites 100% Coverage Q2-16 Q Customer base decreased by 12% YoY Data revenues (excluding SMS & VAS) grew by 36% YoY, and formed 43% of total revenues H1-16 H1-17 Revenues EBITDA Net Income ZAIN GROUP Q IR PRESENTATION 19
21 TOUCH Management Contract MARKET SHARE 2004 Year of acquisition MC Ownership 83% Penetration touch 54% 2.3 m 1,311 99% VIVA ZAIN 38% Customers Number of sites Coverage OOREEDOO Alfa 46% 4G Technology Zain operates in Lebanon under a management contract since June 2004, when it was rebranded to mtc-touch, and subsequently to touch ZAIN GROUP Q IR PRESENTATION 20
22 FINANCIAL STATEMENTS
23 BALANCE SHEET Unaudited Audited Unaudited 30-Jun Dec-16 Assets KD 000 Current assets 30-Jun-16 Cash and bank balances 154, , ,739 Trade and other receivables 479, , ,672 Inventories 19,313 16,418 15,317 Investment securities at fair value through profit or loss Non-current assets , , ,720 Investment securities available for sale 18,315 22,134 24,590 Investments in associates and joint ventures 190, , ,932 Dues from associates 397, , ,256 Other assets 15,044 15,598 15,485 Property and equipment 753, , ,922 Intangible assets and goodwill 959,173 1,007,237 1,152,711 2,333,911 2,415,182 2,643,896 Total Assets 2,988,602 3,091,702 3,409,616 Unaudited Audited Unaudited 30-Jun Dec Jun-16 Liabilities and Equity KD 000 Current liabilities Trade and other payables 564, , ,480 Due to banks 381, , ,738 Non-current liabilities 946, , ,218 Due to banks 670, , ,146 Other non-current liabilities 36,436 48,953 38,572 Equity Attributable to the Company s shareholders 706, , ,718 Share capital 432, , ,706 Share premium 1,707,164 1,707,164 1,707,164 Treasury shares (567,834) (567,834) (567,834) Legal reserve 216, , ,353 Foreign currency translation reserve (1,131,206) (1,100,094) (773,181) Treasury shares reserve 1,967 1,967 1,967 Investment fair valuation reserve 4,068 3, Hedge reserve (320) (120) (525) Retained earnings 517, , ,994 1,180,140 1,265,129 1,491,638 Non-controlling interests 155, , ,042 Total equity 1,335,893 1,422,482 1,647,680 Total Liabilities and Equity 2,988,602 3,091,702 3,409,616 ZAIN GROUP Q IR PRESENTATION 22
24 INCOME STATEMENT Six months ended 30-Jun KD 000 Revenue 508, ,884 Cost of sales (143,708) (133,644) Earnings per share Six months ended 30-Jun Fils Basic Gross profit 364, ,240 Operating and administrative expenses (148,543) (162,048) Depreciation and amortization (97,322) (109,990) Provision for impairment trade and other receivables (4,178) (1,376) Operating profit 114, ,826 Interest income 11,737 3,633 Investment income 427 (1,636) Share of results of associates and joint ventures 1,045 (18,455) Other (expense)/income (2,162) 3,900 Finance costs (19,847) (15,625) Provision for impairment loss on property and equipment (21,292) - Loss from currency revaluation (12,482) (17,265) Net monetary gain 24,019 - Profit before contribution to KFAS, NLST, ZAKAT, income taxes and Board of Directors' remuneration 95,764 99,378 Contribution to Kuwait foundation for Advancement of Sciences (620) (469) National Labour Support Tax and Zakat (3,382) (3,723) Income tax expenses (7,696) (10,298) Board of Directors remuneration (138) (138) Profit for the period 83,928 84,750 Attributable to: Shareholders of the Company 82,286 81,964 Non-controlling interests 1,642 2,786 83,928 84,750 ZAIN GROUP Q IR PRESENTATION 23
25 CASH FLOW STATEMENT Six months ended 30-Jun KD 000 Cash flows from operating activities Profit for the period before income tax 91,624 95,048 Adjustments for: Depreciation and amortization 97, ,990 Interest income (11,737) (3,633) Investment income (427) 1,636 Share of loss of associates and joint ventures (1,045) 18,455 Provision for impairment loss on property and equipment 21,292 - Finance costs 19,847 15,625 Loss on currency revaluation 12,482 17,265 Net monetary gain (24,019) - Operating profit before working capital changes 205, ,386 Increase in trade and other receivables (49,752) (31,516) (Increase)/decrease in inventories (2,889) 12,511 Decrease in trade and other payables (4,906) (87,062) Cash generated from operations 147, ,319 Paid to Kuwait Foundation for Advancement of Sciences (250) (500) National Labour Support Tax and Zakat paid (5,049) (2,599) Income tax paid (9,325) (14,698) Net cash from operating activities 133, ,522 Six months ended 30-Jun KD 000 Cash flows from investing activities Deposits maturing after three months and bank balances blocked (7,418) 61 Net cash outflow on acquisition of non-controlling interest/a subsidiary - (26) Purchase of investments (3,963) (668) Proceeds from sale of investments 8,068 3,009 Acquisition of property and equipment (net) (42,378) (56,973) Acquisition of intangible assets (net) (7,650) (26,416) Interest received 12,359 3,573 Dividend received Net cash used in investing activities (40,736) (76,739) Cash flows from financing activities Proceeds from bank borrowings 219, ,764 Repayment of bank borrowings (208,768) (55,669) Loan to an associate (5,776) (14,592) Dividends paid to Company s shareholders (134,319) (115,938) Dividends paid to minority shareholders of subsidiaries (1,718) (1,908) Finance costs paid (20,850) (11,534) Net cash used in financing activities (151,607) (98,877) Net decrease in cash and cash equivalents (59,175) (45,094) Effect of foreign currency translation (2,146) (2,905) Cash and cash equivalents at beginning of period 177, ,266 Cash and cash equivalents at end of period 115, ,267 ZAIN GROUP Q IR PRESENTATION 24
26 THANK YOU FINANCIAL STATEMENTS Website : zain.com IR@zain.com Note: Mobile Penetration rates are sourced from WCIS as of June 2017
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