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Showing posts with label Dialog. Show all posts

Dialog financial Performance FY 2015

DIAL with its subsidiaries, provides telecommunication services through Mobile Operation, Fixed Telephony and Broadband Operation, and Television Operation (Satellite). It also provides digital services consisting of mobile and e-commerce; electronic payment services, and digital health, education, navigation, and enterprise services; For the FY 2015, Group revenue was recorded as LKR 73.93 Bn (+10% YoY).

Profit for the year was LKR 5.19Bn (- 15% YoY) Effective cost management positively contributed in the Gross Profits (+16%) and all most 300% increase in the finance cost badly affected the bottom-line numbers. Group has paid Super gain tax of LKR 1.8Bn and Mobile telephone
operator levy of LKR 250Mn.

  • NAV: LKR 5.81,
  • EPS: LKR 0.64
  • P/E: 16.41X, PBV: 1.80X
  • Telecommunications Sector P/E: 15.3X
  • PBV 1.4X.
  • DIAL contributed 3.03Mn to the days turnover through 9 trades of 288,744 shares
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Dialog gain 1Mn Subscribes - 2013

Locally-dominant celco Dialog captured an additional one million subscribers over the course of its full 2013 financial year, taking its subscriber tally to 8.7 million overall, according to its Group Chief Executive Officer Dr. Hans Wijayasuriya, quoted in the company’s most recent annual report.

Additionally, the company’s fixed phones and Digital Satellite Television Services reached approximately 477,000 and 332,000 Sri Lankan homes.

The company CEO said that the group’s core business, featuring the mobile, international and infrastructure units, contributed 88 per cent to the group’s consolidated revenue, which was also identified as being Rs. 63.3 billion, a number that had gone up12 per cent year-on-year (YoY).

It also emerged that “(revenue growth in combination) with continued operational improvements led to the group posting healthy YoY growth in EBITDA of 7 per cent. EBITDA for the Year 2013 was recorded at Rs. 19.9 billion. While EBITDA demonstrated substantial growth in absolute and relative terms, inflation led expansion of key input costs resulted in the contraction of the Group’s EBITDA margin by 1.5 percentage points to be recorded at 31.5 per cent. Input cost expansion was driven in the main by tariff increases with respect to fuel and electricity and moderate inflation in other direct inputs including contracting costs and transportation costs associated with the operation of a 24×7 service on a nationwide basis… Group Net Profit before Tax (NPBT) for FY 2013 was recorded at Rs. 6.3 billion relative to Rs. 4.1 billion in the previous year, reflecting an increase of 56 per cent YoY”.

Dr. Wijayasuriya also revealed that, for the first time, in its 2013 financial year, a Rs. 1.1 billion provision for income tax was recorded. This follows the ending, in the 2012 financial year, of a tax holiday.

Taking it even further, he also noted that, in 2013, the group “contributed Rs. 6.9 billion in taxes, fees and levies to the Government of Sri Lanka. Further, the group collected Rs. 10.1 billion as indirect taxes on behalf of the GoSL during the past year… Dialog Group also invested a total of Rs. 27.9 billion in Sri Lanka’s ICT infrastructure during the course of the year. The cumulative investment of the Dialog Group in Sri Lanka’s ICT sector stands at Rs. 160.4 billion (US$ 1.63 billion) as at end FY 2013. The Dialog Group continues to be recognised by the Board of Investment (BOI) to be the single largest Foreign Direct Investment (FDI) in Sri Lanka”.

At the same time, Dr. Wijayasuriya also signalled that the group had “continued to embark on penetrative forays into the domains of Digital Navigation and the delivery of digital entertainment to mobile and nomadic devices”.

Also indicated, “Dialog’s investment in the new high speed submarine cable and cable landing station will trigger the single largest infusion of international bandwidth to Sri Lanka to date. The submarine cable and cable landing station will be commissioned in the 4th Quarter of 2014″.

Summing it all up, Dr. Wijayasuriya said: “As at the end of FY 2013, Dialog’s mobile telecommunication service connects in excess of 8.7 million citizens from across all provinces of Sri Lanka, while its’ Fixed Telecommunications and Digital Satellite Television Services reached approximately 477,000 and 332,000 Sri Lankan homes respectively. Our recently seeded Mobile Payment Service eZ Cash which delivers the power of electronic transactions to all segments of Sri Lankan society now supports a subscriber base in excess of 1.2 million customers and transacted a total of Rs. 5.5 billion during the course of 2103… Our Fixed Broadband Infrastructure also laid the foundation for the expansion and consolidation of Sri Lanka’s largest Wi-Fi network spanning 2,500 hot spots distributed across the country”.
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Dialog Axiata revenue up 11%

Dialog Axiata PLC announced its consolidated financial results for the year ended 2013 on Monday. Financial results included those of Dialog Axiata PLC and of the Dialog Axiata Group post-consolidation with subsidiaries Dialog Broadband Networks Ltd. (DBN), and Dialog Television Ltd. (DTV).

Year to Year (YoY) Growth of 12% 
The Group demonstrated strong revenue growth across mobile, international, digital pay television, tele-infrastructure and fixed line businesses to record consolidated revenue of Rs. 63.3 b for FY 2013, delivering a year-to-date growth of 12%. Group revenue for Q4 2013 was recorded at Rs. 16.3 b, reflecting growth of 1% quarter-on-quarter.

Revenue growth in combine with continued operational improvements led to the Group posting a healthy 7% YTD growth in EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation) with FY 2013 EBITDA being recorded at Rs. 19.9 b. Group EBITDA Margin for FY 2013 declined marginally by 1.5 percentage points on YTD basis to 31.5%.

Group EBITDA contracted by 12% QoQ due to higher cost base including escalation of network and other operating costs.

Group Net Profit decrease of 14% Compared with 2012
Group Net Profit for FY 2013 was recorded at Rs. 5.2 b, a decrease of 14% compared to FY 2012, inclusive of a provision for income tax of Rs. 1.1 b, following the Company completing its tax holiday as at the end of FY2012. Group Net Profit Before Tax (NPBT) was recorded at Rs. 6.3 b.


Non-operational performance below EBITDA was positively impacted by the appreciation of the SLR relative to the USD by 0.8% QoQ, resulting in the recognition of a non-cash translational foreign exchange gain of Rs. 347 m in the fourth quarter.

Inclusive of the recognition of the said non-cash transnational foreign exchange gain, Group net profit for Q4 2013 decreased by 27% to be recorded at Rs. 1.1 b. On normalising for the foreign exchange gain, Group NPAT was recorded at Rs. 769 m, decreased by 56% QoQ. Group net profit for FY 2013 was recorded at Rs. 5.2 b, a decrease of 14% compared to FY 2012.

While the corresponding period in 2012 featured substantial non-cash foreign exchange losses (totalling to Rs. 2.2 b), the accounting impact of the said losses were mitigated through the recognition of the reversal of deferred tax provisions amounting to Rs. 2.3 b.

Group NPAT post normalization for the non-cash foreign exchange loss was recorded at Rs. 5.9 b for FY2013, representing a decrease of 5% relative to the corresponding period in 2012 on similarly normalised basis excluding exceptional provisions and reversals.

In line with the performance of the Group and taking into account forward investment requirements to serve the nation’s demand for mobile, fixed, broadband and digital television services, the Board of Directors of Dialog Axiata resolved to propose for consideration by the shareholders of the Company, a cash dividend to ordinary shareholders representing 45% of Group earnings and translating to 29 cents per share and totaling to Rs. 2,362 m. 

The dividend so proposed will be considered for approval by the shareholders at the Annual General Meeting of the Company, the date pertaining to which would be notified in due course.

At an entity level, Dialog Axiata PLC featuring the mobile, international and tele-infrastructure segments of the Group portfolio continued to contribute a major share of Group revenue (88%) and of Group EBITDA (89%).

Company revenue grew by 1% QoQ on the back of its over eight million mobile subscriber base, to reach Rs. 14.2 b in Q4 2013. 
Revenue for FY 2013 was recorded at Rs. 55.4 b, up 11% relative to FY 2012. 
Underpinned by strong revenue performance Company EBITDA for FY 2013 grew by 9% to be recorded at Rs. 17.6 b translating to an YTD EBITDA margin of 32%.
Company NPAT for Q4 2013 was recorded at Rs. 1.6 b, a decrease of 8% QoQ. 
Company NPAT for FY 2013 was recorded at Rs. 6.1 b, representing a contraction of 2% compared to FY 2012, due to the differential in exceptional charges and reversals recorded in the periods under comparison.
                          

On normalised basis, Company NPAT increased by 6% on YTD basis relative FY 2012. 

Following the expiry of its 15-year tax holiday in 2012, the Company recorded a provision for income tax on the basis of 2% of revenue amounting to Rs. 277 m in Q4 2013 and Rs. 1.1 b for FY 2013.

In December, Dialog secured the distinction of being appointed the first and only authorised Partner and Service Provider for Apple iPhone in Sri Lanka. Following the establishment of the partnership between Apple and Dialog, 4G compatible Apple iPhones can now be connected on 4G mode to Dialog’s 4G LTE network. 

Accordingly, Dialog’s 4G and 3G HSPA+ networks will provide Apple users with unparalleled connectivity and a superior smart phone experience.

Dialog Television (DTV), the digital pay television business of the Dialog Group, continued its positive growth momentum recording YTD revenue growth of 21% to reach Rs. 3.6 b for FY 2013. DTV EBITDA was recorded at Rs. 662 m for FY 2013, an improvement of 4% YTD underpinned by strong revenue growth.

Net profit for FY 2013 was recorded at negative Rs. 302 m, compared to a net profit of Rs. 11 m in FY 2012 mainly due to one-off impairment of assets relating to DVBT and DVBT CPEs. On excluding the alluded one-off impairment, NPAT was recorded at Rs. 28 m. DTV’s Pay TV subscriber base increased by 26% YoY to be recorded at 332,000 as at the end of FY 2013.

Dialog Broadband Networks (DBN) featuring the Group’s fixed telecommunications and broadband business recorded revenue of Rs. 5.8 b for FY 2013, representing a YTD increase of 15%. Revenue growth YTD was achieved in the main through the successful consolidation of Suntel Ltd., supplemented by healthy growth in data and voice solutions revenues. EBITDA contracted by 12% on a YTD basis due to high network and other costs associated with fixed LTE deployment.

DBN’s net loss for FY 2013 was recorded at Rs. 483 m relative to the net loss of Rs. 120 m in FY 2012. Negative NPAT performance is attributed to additional depreciation charges accruing from build out of the company’s fixed 4G LTE network and the amortisation of spectrum license fees associated with fixed 4G LTE spectrum assets.

Group capital expenditure for FY 2013 was recorded at Rs. 28.3 b. Group capital expenditure for FY 2013 included strategic investments in spectrum assets featuring the acquisition of Spectrum for Mobile 4G-LTE services and the payment of spectrum re-farming fees to enable the conversion of Spectrum amalgamated through the acquisition of Sky TV for the purpose of providing fixed 4G-LTE services.

Capital expenditure for FY 2013 additionally included investments made on account of mobile license and 2G spectrum renewals. On the back of significantly higher capital expenditure, the Group recorded a negative free cash flow of Rs. 8.4 b for FY 2013.

Notwithstanding the expansion of capital investments, the Dialog Group continues to exhibit a structurally-robust balance sheet with the Group’s net debt to EBITDA being maintained at a modest level of 1.29x as at end of FY 2013.
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Dialog Axiata Group has recorded strong growth 2nd Q 16.5b

Strong Growth
The Dialog Axiata Group has recorded strong growth in revenue across all segments to reach Rs. 15.6 b in Q2 2013 and Rs. 30.9 b for 1H 2013 respectively, representing an increase of 3% Quarter-On-Quarter (QoQ) and 15% year-to-date (YTD).

Group Earnings Before Interest, Tax, Depreciation and Amortisation increased by 1% QoQ to be recorded at Rs. 5.05 b in Q2 2013. The performance of Q1 2013 is inclusive of the positive impact of a TDC (Telecommunications Development Charge) refund of Rs. 429 m. Group EBITDA for 1H 2013 was posted at Rs. 10 b up 9% YTD, yielding an EBITDA margin of 33%.

Non-operational performance below EBITDA was characterised by non-cash translational foreign exchange losses amo-unting to Rs. 856 m for Q2 2013 following the depreciation of the SLR relative to the USD by 2.8% QoQ.

Foreign exchange loss impact
  • Non-cash transnational foreign exchange loss, Group Net profit for Q2 2013 was posted at Rs. 950 m exhibiting a contraction by 40% QoQ. 
  • Group Net Profit for 1H 2013 was recorded at Rs. 2.5 b, compared to a net profit of Rs. 349 m in the corresponding period in 2012 which was similarly impacted by an exceptional non-cash translational foreign exchange loss of Rs. 2.9 b. 
  • Group NPAT post normalisation for the non-cash foreign exchange loss was recorded at Rs. 1.8 b and Rs. 3.4 b for Q2 2013 and 1H 2013 respectively.

Mobile sector provide 87% contribution and 8 Million Subscribers
Dialog Axiata PLC, featuring the mobile, international and tele-infrastructure segments of the Group portfolio, continued to contribute a major share (87%) of Group revenue and (88%) of Group EBITDA.

Underpinned by the contribution from its eight million strong mobile subscriber base, Company revenue grew by 3% QoQ to reach Rs. 13.7 b, with revenue for 1H 2013 being recorded at Rs. 27.1 b, up 13% relative to 1H 2012. During Q2 2013, the company earned the distinction of becoming the first operator in South Asia to launch 4G FD-LTE high speed mobile broadband services.

Company EBITDA for Q2 2013 reached Rs. 4.4 b representing stable performance in accounting terms and substantial growth on normalized basis relative to the previous quarter during which a TDC (Telecommunications Development Charge) refund of Rs. 404 m was recognized. Accordingly Company EBITDA increased by 8% YTD to record at Rs. 8.8 b for 1H 2013.

Company NPAT was impacted by non-cash transnational foreign exchange losses as alluded to previously in the context of Group performance. Company NPAT for the quarter decreased by 42% QoQ to reach Rs. 985 m. Company NPAT for 1H 2013, was recorded at Rs. 2.7 b compared to a NPAT of Rs. 451 m in the corresponding period in 2012. Following the expiry of its 15-year tax holiday at the end of FY 2012, the Company provided for income tax based on 2% of revenue amounting to Rs. 275 m in Q2 2013 and Rs. 552 m in 1H 2013 respectively.
Dialog Television Positive Perfrmance
Dialog Television (DTV), the digital pay television business of the Dialog Group, continued its positive performance trajectory to reach a revenue figure of Rs. 1.7 b for 1H 2013, exhibiting growth of 21% on YTD basis. EBITDA for the same period was recorded at Rs. 298 m, exhibiting a contraction of 23% YTD. EBITDA contraction resulted in the main from cost expansion associated with enhancements effected to the company’s service offering including but not limited to the launch of HD services, expansion of channel genres and the launch of prepaid services.

Performance for 1H 2013 was also impacted by a one-off provision of Rs. 33 m made on account of unrecoverable input VAT. Accordingly DTV net profit for 1H 2013 contracted by 91% on an YTD basis to be recorded at Rs. 10 m. The company’s pay TV subscriber base grew by over 49,000 subscribers YoY to be recorded at 288,000 as at end Q2 2013.

Dialog Broadband Networks revenue increase of 38%
Dialog Broadband Networks (DBN), encompassing the Group’s fixed telecommunications business, recorded a significant revenue increase of 38% YTD driven by strong growth in organic revenues as well as from the consolidation of Suntel Ltd.

Revenue was recorded at Rs. 2.9 b for 1H 2013. Aided by the healthy revenue growth and synergies achieved through the DBN-Suntel amalgamation, EBITDA for 1H 2013 reached Rs. 866 m, an improvement of 35% YTD. 

DBN NPAT for 1H 2013 was recorded at negative Rs. 97 m, representing a significant improvement of 48% compared to the figure of negative Rs. 186 m posted for the corresponding period in 2012.

DBN secured the distinction of launching the country’s first 4G LTE service for home and enterprise customers in December 2012. DBN’s fixed TD-LTE 4G high speed broadband services operate in the 2.3 GHz frequency band.

In May 2013 DBN, entered into a share purchase agreement with the shareholders of Sky Television and Radio Network Ltd. (Sky) for the acquisition of 100% of the ordinary shares in issue of Sky at a consideration of Rs. 800 m.

Sky is a licensed pay television operator in possession of spectrum resources in the 2.3GHz spectrum band. The acquisition of the additional spectrum resource will enable DBN to enhance its Fixed 4G-LTE services in terms of capacity, burst speeds and bandwidth delivered to Sri Lankan homes and enterprises.

Following the completion of the acquisition, the amalgamation of Sky with DBN has been completed with effect from 3 July 2013 and the assets, liabilities and operations of Sky in their entirety have been since subsumed by DBN.

In line with the Group continuing to make aggressive strategic investments in high speed mobile and fixed broadband infrastructure and spectrum, capital expenditure for 1H 2013 increased by over twofold on a YTD basis, to reach Rs. 14.3 b.

Group capital expenditure for Q2 2013 included strategic investments in spectrum assets featuring the acquisition of spectrum for mobile 4G-LTE services from the TRCSL and the payment of spectrum re-farming fees to enable the conversion of spectrum amalgamated through the acquisition of Sky TV for the purpose of providing fixed 4G-LTE services. Spectrum-related investments totaled Rs. 5.2 b.

On the back of significantly higher capital expenditure, the Group recorded a negative Free Cash Flow (FCF) of Rs. 4.3 b for 1H 2013. Notwithstanding the expansion of capital investments, the Group’s net debt to EBITDA ratio remained at a modest level of 0.99x as at end of June 2013, demonstrating the strength and robustness of the Group’s balance sheet to meet the ambitious expansion programs centered on the development of next generation high speed broadband infrastructures.
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