Initial Public Offering of Ooredoo Maldives Plc

Transcription

1 IPO Opens on April 30, 2017 Initial Public Offering of Ooredoo Maldives Plc LEAD FINANCIAL ADVISOR AND MANAGER TO THE OFFER Ooredoo Maldives Investor Presentation 1

2 Disclaimer This Presentation (the Presentation ) has been prepared by Ooredoo Maldives Plc ( OMPL or the Company ) solely for use with professional or institutional investors. This Presentation is strictly confidential and is furnished to you solely for your information. It should not be treated as giving investment advice and may not be copied, reproduced, distributed or otherwise made available (in whole or in part) to any other person (including any member of the press) and it may not be published, in whole or in part, by any medium for any purpose. No specific investment objectives, financial situation or particular needs of any recipient have been taken into consideration in connection with the preparation of this Presentation. The information contained in this presentation has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this Presentation. None of the Company, its advisors or any of their respective representatives or affiliates undertakes to update, complete, revise or amend the information contained in this Presentation subsequent to the date hereof. Furthermore, none of the Company, its advisors or any of their respective representatives or affiliates shall have any liability whatsoever (in negligence or otherwise) for any loss, whether direct or indirect, howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. This Presentation contains certain forward-looking statements that speak only as of the date of this Presentation. Such statements are made on the basis of assumptions and expectations that the Company currently believes are reasonable, but could in the future prove to be wrong. All forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual outcomes to differ materially from those contemplated by the relevant forward-looking statement. Important factors that could cause actual results to differ materially from the Company assumptions and expectations include, among others: The Company s ability to manage domestic and international growth and maintain a high level of customer service; future sales growth; market acceptance of the Company product and service offerings; the Company s ability to secure adequate financing or equity capital to fund its operations; network expansion; performance of the Company network and equipment; cooperation of incumbent local exchange carriers in provisioning lines and interconnecting the Company s equipment; regulatory approval processes; changes in technology; price competition and other market conditions and associated political risks. The risks referred to above are morefully described in Section 12 of the IPO Prospectus. 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 the Company. By accepting this Presentation the recipient agrees to be bound by the foregoing limitations. Ooredoo Maldives Investor Presentation 2

3 Contents 1. The Offer 2. The Company 3. Outlook for the Market and the Company 4. Key Assumptions and Financial Forecasts 5. Valuation 6. Subscription Process 7. Annexures 8. Abbreviations Ooredoo Maldives Investor Presentation 3

4 Ooredoo Maldives - A Compelling Investment Opportunity Prospective dividend yield of 10.9% for 2017F based on forecasts and IPO Offer Price Favourable Macro and Industry Dynamics Focused Growth Strategies Company Performance and Healthy Margins Strong Management Team & Shareholder Support High Dividend Yield with Potential for Further Growth The Maldivian economy has projected GDP growth of 3.9% in 2017 (as per IMF projections) Telecommunications industry is given impetus under Digital Maldives initiative Ubiquitous connectivity to drive growth in content consumption, IoT ( Internet of Things ) adoption and enterprise solutions Dynamic market for mobile data consumption growth due to enhanced 4G+ connectivity across the archipelago enabled by the Nationwide Submarine Cable ( NaSCOM ) Postpaid customer acquisitions due to Mobile Number Portability ( MNP ) Fixed Broadband growth from domestic and enterprise segments Proven track record: CAGR of 31.9% and 16.8% in revenue and total customer base 30 ppt increase in EBITDA margins over last 4 years to reach 50.4% in 2016, driven by topline growth and supported by cost optimsation Driven by approx. USD 194 Mn in network infrastructure investments (2006 to date) Highly experienced management team with blend of expatriate and local talent Ooredoo Group has operations in 10 countries spanning MENA and South East Asia with a total customer base of over 138 Mn Significant synergetic benefits via group procurement and finance policies Increasing profitability and lower capex requirements after high build out levels to support higher free cash flow ( FCF ) generation Higher FCF available for distribution with OMPL expected to maintain a high dividend payout ratio in line with dividends declared for FY 2016 (payout ratio of 85%) Potential for shareholders to earn attractive returns via increasing dividend yields and potential capital gains Ooredoo Maldives Investor Presentation 4

5 Offer Summary Type of Security Number of Shares Offered Ordinary Voting Shares 59,120,160 Ordinary Shares, which represents 40% of the Issued Ordinary Shares. The Offeror will start by offering 22,170,060 Ordinary Shares, which represents 15% of the Issued Ordinary Shares. In the event of an oversubscription, the Offeror will meet any additional demand up to a maximum of the offered 59,120,160 shares Share Offer Price MVR Share Offer Amount Maximum of MVR 1,773,604,800 Purpose of the Offer Comply with the listing requirement stipulated on the Company s License by Communications Authority of Maldives ( CAM ) Offer Opening Date April 30, 2017 Offer Closing Date May 28, 2017* Secondary Market Trading August 07, 2017* * Note: These dates are subject to change if the 1 st day of Ramadan falls on a day that is a weekday in the Maldives Pre-Offer Post-Initial Offer Post-Total Offer Shareholder Number of Shares % Number of Shares % Number of Shares % Existing Shareholders 147,800, ,630, ,680, New Investors ,170, ,120, Total 147,800, ,800, ,800, Ooredoo Maldives Investor Presentation 5

6 Contents 1. The Offer 2. The Company 3. Outlook for the Market and the Company 4. Key Assumptions and Financial Forecasts 5. Valuation 6. Subscription Process 7. Annexures 8. Abbreviations Ooredoo Maldives Investor Presentation 6

7 Trailblazer in Maldives Telecommunications Industry 5 year CAGRs of 25% and 23% in revenue and total customer base between 2011 and 2016 Rebranded as Ooredoo Mobile infill solutions to improve street level coverage 1 st in South Asia Entry into the market as Wataniya International Wireless Broadband 2013 Tested LTE advanced successfully Inauguration of Nationwide Submarine Cable Mobile Number Portability and m-faisaa (mobile money) Launch of Fixed Broadband International subsea cable by WARF Telecom International Private Limited Introductory Listing on the Maldives Stock Exchange Ooredoo Maldives Investor Presentation 7

8 Supported by Ooredoo Group One of the fastest growing Telco groups with presence in MENA and South-East Asia 2006 Growth 2016 Markets 2 10 CAGR Customers < 2 Mn > 138 Mn 53% Employees 2,200 16,000 21% Revenue USD 1.2 Bn USD 8.9 Bn 22% EBITDA USD 726 Mn USD 3.6 Bn 17% Ooredoo Maldives Investor Presentation 8

9 Ooredoo Group, an International Telco with a Focus on Data Leadership 4G in 8 markets out of 10 markets 40% of Revenue from Data Majority Ownership by State of Qatar Ultimate Holding Company (Ooredoo Q.S.C.) listed on QSE, ADX and LSE Brand equity of USD 3.1 Bn* Investment Grade Rating of A+ / A2 / A- by Fitch / Moody s / S&P * Source: Telecoms by Brand Finance Ooredoo Maldives Investor Presentation 9

10 Fully-fledged Communications Service Operator Mobile Fixed Content Services Enterprise Solutions Financial Services Targeted data packs for social media Unlimited on-net calling & SMS Internet leased Lines Ooredoo Locate - Real time GPS Tracking Cloud services and hosted services Mobile Money Transfer (m-faisaa) Utility & Merchant Bill Payments Localised services to suit the needs of the Maldivian market Innovative solutions and in-house product development Ooredoo Maldives Investor Presentation 10

11 Unparalleled Customer Experience with Over 3,000 Touch-points Comprehensive Distribution Network 10 Ooredoo Experience Centers 93 Sales Partners 27 Business Partners Over 3,000 customer touch-points Catering to Evolving Consumer Trends My Ooredoo App, a first in the Maldives Mobile financial services Data warehouse solution with enhanced analytical tools Committed to Serve Customers 24x7 customer care call center with back up facility in Hulhumalé Self-service via kiosks across the country Self-service Interactive Voice Response Live chat option New submarine cable connecting island communities Unique Loyalty Program Ooredoo Vedhun Loyalty Program to reward long standing customers Club Premier Loyalty Program for postpaid customers Ooredoo Maldives Investor Presentation 11

12 Investment of USD 194 Mn into Cutting Edge Technology Landmark projects such as NaSCOM and International Subsea Cable Nationwide 4G+ network coverage across the archipelago Digital experience for customers 4G/LTE 99% Population Coverage Improved street level coverage via mobile infill solutions Significant investments on international and domestic bandwidth Transformation to digital customer experience NaSCOM, spanning 1,200 km with a 1.6 TB capacity, has expanded 4G+ network across the country NaSCOM Ooredoo Maldives Investor Presentation 12

13 High Calibre Executive Leadership (1/3) Mr. Vikram Sinha Managing Director / Executive Director >17 years in telecom, media and FMCG Served as CEO of Ooredoo Maldives from April 2014 to April Former Managing Director of Airtel Seychelles and COO at Airtel Brazzaville, Congo Holds a Bachelor of Business Management (Marketing) degree and an MBA Mr. Najib Khan Chief Executive Officer / Executive Director >25 years in telecom with expertise in managing Enterprise, Wholesale and B2C commercial activities Former Senior Director Commercial at Ooredoo Group and CXO at Bharti Airtel India Holds a Bachelor of Science in Industrial Electronics Engineering from Mumbai University Mr. Ramanathan Sivakumar Chief Financial Officer / Executive Director >25 years in telecom and manufacturing Former Financial Controller of Ooredoo Kuwait A Commerce Graduate from the University of Madras, India and a Fellow Chartered Accountant from the Institute of Chartered Accountants of India Ooredoo Maldives Investor Presentation 13

14 High Calibre Executive Leadership (2/3) Mr. M. S. Tanwar Chief Technology Officer >25 years in telecom Expertise in R&D, network engineering, projects, operations and business development Holds a Bachelor s degree in Electronics and Communications Engineering and an MBA in Operations Management Mr. Balaji Srinivasan Chief Commercial Officer >23 years of commercial experience Former Director of Marketing and Customer Experience at Essar Telecom Kenya and VP Marketing at IDEA Cellular Holds a Bachelor of Commerce Degree Mr. Mohamed Shahid Director HR and Administration >14 years of industry experience Managed the Operations, Training and HR departments at MNDF Holds an MBA with a major in Entrepreneurship Ooredoo Maldives Investor Presentation 14

15 High Calibre Executive Leadership (3/3) Mr. Sunil Mishra Head of Strategy and PMO >12 years in telecom, manufacturing and e-commerce Experienced in business strategy and planning, ERM and project management at Airtel, Flipkart and Toyota Mechanical Engineering Graduate, Post-Graduate in Business Management and Project Management Professional Ms. Gulnaz Mahir Head of Customer Care >8 years of experience Prior expertise in Finance and Commercial fields Holds a BA Honors and a Master s Degree in Economics and Finance Mr. Hussain Niyaz Head of Sales >23 years in telecom Held key posts in networks, network planning and sales within OMPL Holds an Executive Masters in Telecom Management Ooredoo Maldives Investor Presentation 15

16 MVR Mn 000 s MVR Outstanding Growth Story Resulting in Revenue CAGR of 32%... Consistent growth of customer base Product strategy generating ARPU growth Prepaid Postpaid Wireless Broadband Fixed Line Strong revenue growth Net gain in revenue market share 2, % 1,600 1,200 80% 60% 40% 75% 71% 65% 61% % 0% 25% 29% 35% 39% OMPL Incumbent Operator Source: Company data, Regulatory filings Ooredoo Maldives Investor Presentation 16

17 Times (x) MVR Mn MVR Mn MVR Mn Whilst Leading to a +30% Expansion in EBITDA Margins Expanding EBITDA margins Healthy PAT margins % % % 40% 30% 20% 10% % 30% 20% 10% 0% -10% EBITDA (LHS) EBITDA Margin (RHS) 0% % Profit After Tax (LHS) Profit After Tax Margin (RHS) Declining gearing and improved debt metrics Strong FCF generation 100% 80% 60% 40% 20% 0% Debt / Assets (LHS) Net Debt / EBITDA (RHS) Source: Company data Ooredoo Maldives Investor Presentation 17

18 Unwavering Commitment to the Maldives 29 Employee Mix Employees Continuous training and development Global best in class employee engagement scores 308 Maldivian Expatriates Society Introduced free Wi-Fi hangout areas across prime spots in Malé Launch of Ooredoo Smart Campus Signatory to UN Global Compact Joined GSMA s Connected Women Programme Partnered with local NGO Women on Boards Committed to Digital Maldives initiatives of the Government Continuously work towards connecting all communities to smart solutions Awarded the Fehi Faiy Award in 2013 for outstanding services to protect and preserve the environment Recognised with the Ran Laari Award in 2016 for being a consistent tax payer Ooredoo Maldives Investor Presentation 18

19 Contents 1. The Offer 2. The Company 3. Outlook for the Market and the Company 4. Key Assumptions and Financial Forecasts 5. Valuation 6. Subscription Process 7. Annexures 8. Abbreviations Ooredoo Maldives Investor Presentation 19

20 MVR Mn Favourable Industry Dynamics to Drive Content Consumption High mobile penetration and smartphone use 250% 50% 230% 40% 210% 30% 190% 20% 170% 10% 150% 0% Mobile Penetration Rate (LHS) Smartphone Adoption Rate (RHS) Successfully challenging competition 2,500 50% 2,000 40% 1,500 30% 1,000 20% % 0 0% OMPL (LHS) Incumbent Operator (LHS) OMPL YoY Growth (RHS) Incumbent YoY Growth (RHS) Exponential growth in content consumption Demand for content driven by rising consumption of content as a form of recreation and the emergence of trends such as digital marketing by companies Augmented by high smartphone adoption and favourable population demographics (median age of 28 in 2016) Data heavy categories such as audio and video to dominate data consumption going forward Market is ripe for new wave of growth High mobile penetration levels and internet connectivity to drive IoT adoption in Maldives, particularly with increased spending on wearables and smart homes Scope for Telcos to be total solutions providers, with emphasis on enterprise solutions/ resort focused solutions, cloud services and other smart solutions Digital Maldives initiatives aimed at ubiquitous connectivity and smart cities to serve as catalyst Source: CAM, GSMA Intelligence, Company data, Regulatory filings Ooredoo Maldives Investor Presentation 20

21 Value Accretive Strategies Leading to Margin Expansion Data leadership focused growth strategies NaSCOM to boost data revenue via superior 4G+ coverage Data consumption to be driven by demand for content and increasing smartphone usage Recently acquired ISP license expected to create high growth revenue stream via fixed broadband services Cost optimisation leading to margin expansion Emergence of NaSCOM to reduce network costs leading to significant cost efficiencies Continuous benefits in optimising capex via group procurement strengths Multiple initiatives to further optimise costs and expand EBITDA and PAT margins Postpaid segment benefits from MNP Ooredoo Maldives Investor Presentation 21

22 Growing Cash Flows Available for Distribution Moderate future capex requirements Drop in forecast capex to sales ratio expected due to significant investments made over the past few years Average forecast capex to sales as per business plan to be approx. 17% compared to an average of 24% between 2013 and 2016 Increasing FCF available for distribution FCF is forecasted to continue its growth trajectory driven by improving profitability and optimisation of capex Expected to result in attractive returns to shareholders with the ability to maintain high dividend payouts while investing for growth Ooredoo Maldives Investor Presentation 22

23 MVR High and Growing Dividend Yield to Provide Attractive Returns Estimated based on a dividend payout ratio of 85% % 12.3% 13.6% 14.9% 15.9% % A 2017F 2018F 2019F 2020F 2021F Dividend per Share Dividend Yield Ooredoo Maldives Investor Presentation 23

24 Contents 1. The Offer 2. The Company 3. Outlook for the Market and the Company 4. Key Assumptions and Financial Forecasts 5. Valuation 6. Subscription Process 7. Annexures 8. Abbreviations Ooredoo Maldives Investor Presentation 24

25 Growth in Data Consumption to Drive Revenue Year Ended Dec 31 (MVR Mn unless otherwise stated) 2017F 2018F 2019F 2020F 2021F Mobile Revenue 1, , , , ,350.4 Non-Mobile Revenue Total Revenue 1, , , , ,708.3 YoY growth 17.9% 12.4% 9.3% 8.4% 7.0% Blended ARPU* (MVR) YoY growth 11.0% 8.0% 7.3% 7.7% 6.4% Total Subscribers (000 s) * Blended ARPU is arrived at by dividing total revenue generated via subscribers by the total average number of subscribers as at the end of the period, and hence does not include revenue generated via other segments Blended ARPU for the forecast period is expected to be driven by growth in data consumption per subscriber Accordingly, Mobile Revenue is expected to grow at a CAGR of 9.3% on the back of the expansion in Blended ARPU, supplemented by subscriber growth via the benefits from MNP Non-Mobile Revenue is projected to be driven by an increase in revenue from fixed broadband services with the growth in fixed broadband subscribers, together with growth in revenue from enterprise solutions such as internet leased lines, workgroup solutions, cloud services etc. Source: NDBIB forecasts Ooredoo Maldives Investor Presentation 25

26 Capex Optimisation Supports Higher Dividend Payouts Year Ended Dec 31 (MVR Mn unless otherwise stated) 2017F 2018F 2019F 2020F 2021F Capital Expenditure Capex to Revenue 21.2% 17.1% 12.8% 16.6% 16.6% Dividends Estimated at 85% of Net Profit Payout ratio 85.0% 85.0% 85.0% 85.0% 85.0% Dividend Per Share (MVR)* Dividend Yield at the Offer Price 10.9% 12.3% 13.6% 14.9% 15.9% * Estimated based on a dividend payout ratio of 85% Capital expenditure forecasts are based on the Company s business plans and are expected to decline over time as a percentage of revenue after high build out levels over the past few years OMPL declared a dividend of MVR Mn (MVR 2.75 per share) prior to the IPO, for FY This amounted to a dividend payout ratio of 85% and it has been assumed that the Company would continue to maintain the same dividend payout ratio over the forecast period Source: NDBIB forecasts Ooredoo Maldives Investor Presentation 26

27 MVR Mn MVR Mn MVR Mn Expected Topline Growth Reflected in Future Margin Expansion Revenue growth EBITDA and EBITDA margins 3,000 1,600 52% 2,500 1,200 51% 2,000 1,500 1, % 49% F 2018F 2019F 2020F 2021F F 2018F 2019F 2020F 2021F EBITDA (LHS) EBITDA margin (RHS) 48% PAT and PAT margins 1, % 34% 33% 32% 31% F 2018F 2019F 2020F 2021F 30% PAT (LHS) PAT margin (RHS) Source: NDBIB forecasts Ooredoo Maldives Investor Presentation 27

28 Contents 1. The Offer 2. The Company 3. Outlook for the Market and the Company 4. Key Assumptions and Financial Forecasts 5. Valuation 6. Subscription Process 7. Annexures 8. Abbreviations Ooredoo Maldives Investor Presentation 28

29 Discounted Cash Flow : Equity Valuation of MVR 4,799 Mn Free Cash Flow Based Valuation (MVR Mn unless otherwise stated) 2017F 2018F 2019F 2020F 2021F Profit Before Tax ,023.1 Add/(Less): Non-Cash Items Tax Paid (89.7) (103.8) (117.9) (131.3) (143.3) Operating Cash Flow Before WC Changes , , ,277.4 Changes in Working Capital Assets (1.1) Capital Expenses (404.0) (365.6) (299.8) (420.1) (449.6) Free Cash Flow to the Firm Add: Terminal Value 6,563.9 Free Cash Flow to the Firm With Terminal Value ,390.6 Present Value of Free Cash Flow to the Firm With Terminal Value ,522.9 Enterprise Value 5,357.2 Less: Net Debt / Minority Interest (558.6) Equity Value 4,798.7 Value per Share of OMPL (MVR) WACC and Terminal Growth Rate Weighted Average Cost of Capital 15.97% Terminal Growth Rate 3.00% Source: NDBIB forecasts Ooredoo Maldives Investor Presentation 29

30 Estimated Dividend Yield of 10.9% for FY 2017F at Offer Price Offer Price Equity Value of OMPL (MVR Mn) 4,798.7 Number of Shares in Issue (Mn) Value per Share of OMPL (MVR) IPO Discount 7.6% Offer Price (MVR) Price Multiples / Dividend Yield at Offer Price Trailing P/E (x) 9.3 Forward P/E (x) 7.8 Trailing EV/EBITDA (x) 6.1 Forward EV/EBITDA (x) 5.2 Dividend Yield estimate for FY 2017F* (%) 10.9 * Based on 85% payout of profit after tax for FY 2017F The Offer Price at MVR results in an estimated dividend yield of 10.9% for FY 2017F to IPO investors based on a dividend payout ratio of 85%, in line with the dividend declared for FY 2016 OMPL expects to maintain the said payout ratio in the future resulting in growth in dividend yields, while meeting the investment needs of the Company to generate future growth Ooredoo Maldives Investor Presentation 30

31 Contents 1. The Offer 2. The Company 3. Outlook for the Market and the Company 4. Key Assumptions and Financial Forecasts 5. Valuation 6. Subscription Process 7. Annexures 8. Abbreviations Ooredoo Maldives Investor Presentation 31

32 Subscription Process Applications are invited from the following categories of investors from the Maldives and outside of the Maldives: Individuals (applying for themselves or on behalf of third parties) Guardians applying on behalf of Minors i.e. those under 18 years of age Companies, Cooperative Societies and Associations Partnerships Who Can Apply Modes of Payment Applicants can pay using the following methods; Cash Cheque Direct deposit to bank account m-faisaa Debit / Credit card (online applications only) Telegraphic transfer (foreigners only) Statutory Bodies, Funds and Other Entities How and Where to Apply? Potential investors can subscribe through: Online application Physical applications available at the Distribution and Collection Points including selected Ooredoo Experience Centres, Ooredoo Business Partners, Post Offices, SBI and MIB Bank Branches and Licensed Dealing Companies as listed in the Prospectus dated April 13, 2017 available at and stockexchange.mv/ipo/ompl/ipo_application_form.pdf and ndbib.com/downloads.php or at the same collection centers OMPL Documents Available for Inspection The Memorandum of Association Articles of Association Material contracts summarised in Section 9.6 of the Prospectus Past financial statements (audited financial statements of FY 2016 and five year summary) Valuation report of OMPL prepared by NDB Investment Bank Limited Fairness Opinion given by Ernst & Young Material contracts are available for inspection subject to confidentiality requirements Ooredoo Maldives Investor Presentation 32

33 Contents 1. The Offer 2. The Company 3. Outlook for the Market and the Company 4. Key Assumptions and Financial Forecasts 5. Valuation 6. Subscription Process 7. Annexures 8. Abbreviations Ooredoo Maldives Investor Presentation 33

34 Group Structure and Board of Directors Group Structure Board of Directors Ooredoo Q. S. C. (Qatar) Board of Directors Designation 100% Ooredoo International Investments LLC 92% National Mobile Telecommunication Company (Ooredoo Kuwait) 100% Wataniya International FZ-LCC 99.99%* Ooredoo Maldives Plc 65% WARF International (Private) Limited Mr. Khalid Ibrahim Al Mahmoud Mr. Vikram Sinha Dr. A. Hamid Mohd A Marafi Mr. Ian Grant Fenton Mr. Khalid Hassan Al-Hammadi Uza. Dheena Hussain Mr. Najib Khan Mr. Ramanathan Sivakumar Chairman / Independent Director Executive Director / Managing Director Independent Director Independent Director Independent Director Non-Executive Director / Company Secretary Executive Director / Chief Executive Officer Executive Director / Chief Financial Officer * The balance shareholding of OMPL is between 11 other shareholders, holding 1 share each Ooredoo Maldives Investor Presentation 34

35 Forecast Summary Income Statement Year Ended Dec 31 (MVR Mn unless otherwise stated) F 2018F 2019F 2020F 2021F Revenue 1, , , , , ,708.3 EBITDA , , , ,399.6 EBIT ,015.1 Profit Before Tax ,023.1 Profit After Tax Share of Profits of Minority Interest (13.2) (21.4) (27.2) (32.1) (36.1) (41.1) Net Income Attributable to Equity Holders Year Ended Dec 31 (MVR Mn unless otherwise stated) F 2018F 2019F 2020F 2021F EBITDA margin 50.4% 50.6% 50.6% 50.7% 51.2% 51.7% EBIT margin 36.3% 37.2% 37.1% 37.1% 37.4% 37.5% Profit After Tax margin 30.5% 30.9% 31.3% 31.8% 32.1% 32.1% Earnings Per Share ± (MVR) Dividend Per Share ± * (MVR) Source: NDBIB forecasts ± FY 2016 Earnings Per Share and Dividend Per Share has been adjusted for the share consolidation carried out pre-ipo * Estimated based on a dividend payout ratio of 85% Ooredoo Maldives Investor Presentation 35

36 Forecast Statement of Financial Position Year Ended Dec 31 (MVR Mn unless otherwise stated) F 2018F 2019F 2020F 2021F Non-Current Assets Property Plant and Equipment 1, , , , , ,448.5 Other Non-Current Assets , , , , , ,561.7 Current Assets Cash and Financial Investments 1, , , ,326.5 Other Current Assets , , , , , ,711.0 TOTAL ASSETS 2, , , , , ,272.8 Total Equity , , , , ,983.6 Non-Current Liabilities Loans and Borrowings Other Non-Current Liabilities Current Liabilities Loans and Borrowings Other Current Liabilities 1, , , , , , , , , , , ,271.1 TOTAL EQUITY AND LIABILITIES 2, , , , , ,272.8 Net Asset Value Per Share ± (MVR) Source: NDBIB forecasts ± FY 2016 Net Asset Value Per Share has been adjusted for the share consolidation carried out pre-ipo Ooredoo Maldives Investor Presentation 36

37 Forecast Statement of Cash Flows Year Ended Dec 31 (MVR Mn unless otherwise stated) F 2018F 2019F 2020F 2021F Cash Flow from Operating Activities Profit Before Tax ,023.1 Add/Less: Non-Cash Items Net Change in Working Capital (1.1) Cash From Operating Activities , , , ,419.6 Interest Paid (0.4) (31.9) (14.4) Tax Paid (8.5) (89.7) (103.8) (117.9) (131.3) (143.3) Net Cash Flow From Operating Activities , , ,276.3 Cash Flow From Investing Activities Net Capital Expenses (344.0) (404.0) (365.6) (299.8) (420.1) (449.6) Net Movement in Financial Assets (461.9) Financial Income ± Net Cash Flow From Investing Activities (794.5) (387.5) 46.3 (291.8) (412.2) (441.6) Cash Flow From Financing Activities Net Movement in Loans & Borrowings (151.5) (92.3) (451.4) Dividend Paid - (406.5) (481.9) (544.8) (605.0) (659.6) Net Cash Flow From Financing Activities (151.5) (498.8) (933.3) (544.8) (605.0) (659.6) Net Increase/(Decrease) in Cash & Cash Equivalent (100.5) (18.8) Cash & Cash Equivalent at the Beginning Cash & Cash Equivalent at the End Source: NDBIB forecasts ± Financial Income has been adjusted for under Cash Flow From Investing Activities Ooredoo Maldives Investor Presentation 37

38 Contents 1. The Offer 2. The Company 3. Outlook for the Market and the Company 4. Key Assumptions and Financial Forecasts 5. Valuation 6. Subscription Process 7. Annexures 8. Abbreviations Ooredoo Maldives Investor Presentation 38

39 Abbreviations ADX ARPU CAGR EBITDA EV/EBITDA FCF IoT ISP LSE MENA MNP NaSCOM P/E PAT ppt QSE TB Telco WACC Abu Dhabi Securities Exchange Average Revenue Per User Compounded Annual Growth Rate Earnings Before Interest, Tax, Depreciation and Amortisation Enterprise Value to EBITDA Free Cash Flow Internet of Things Internet Service Provider London Stock Exchange Middle East and North Africa Mobile Number Portability Nationwide Submarine Cable of Ooredoo Maldives Plc Price to Earnings Profit After Tax Percentage points Qatar Stock Exchange Terabyte Telecommunications Service Provider Weighted Average Cost of Capital Ooredoo Maldives Investor Presentation 39

40 Thank You Follow us Website: Twitter: Facebook: facebook.com/ooredoomaldives Ooredoo Maldives Investor Presentation 40