Emirates Telecom. Group Company (etisalat Group) Pjsc · ADX:EAND
Emirates Telecom. Group Company (etisalat Group) Pjsc — e& (Emirates Telecommunications Group Company PJSC) — Q1 2023 Earnings Presentation
17 slides from Emirates Telecom. Group Company (etisalat Group) Pjsc's earnings presentation, May 3, 2023
Slide 1: Q1 2023 Results Presentation
Q1 2023 Results Presentation 3 May 2023
Slide 2: Disclaimer
Disclaimer Emirates Telecommunications Group Company PJSC (“e&” or the “Company”) and its subsidiaries have prepared this presentation (“Presentation”) in good faith, however, no warranty or representation, express or implied is made as to the adequacy, correctness, completeness or accuracy of any n
Slide 3: Q1 2023 Financial Highlights
Q1 2023 Financial Highlights Constant Currency Q1’23 Q1’22 Y/Y% Y/Y% Maintained revenue growth in constant currency driven by strong Revenue (AED m) 13,002 13,331 -2.5% +6.6% performance in all our key markets EBITDA impacted by unprecedented inflationary pressure during EBITDA (AED m) 6,183 6,801 -
Slide 4: Q1 2023 Key Developments
Q1 2023 Key Developments Group etisalat by e& e& international • e& increased its ownership in • Revenue and EBITDA continue to • Delivered strong top-line growth Vodafone Group to 14.6% witness growth in the UAE supported in constant currency across all key by ongoing improvement in business market
Slide 5: Group Revenue
Group Revenue Revenue (AED m) & YoY Growth (%) Sources of Revenue Variance (AED m) Solid revenue growth at constant currency +6.6% 163 13,331 13,331 13,135 13,002 -161 • Strong performance in 264 13,002 UAE attributed to robust economic environment -478 -117 and population growth 1% -4% -2% In const
Slide 6: Group EBITDA
Group EBITDA EBITDA (AED m) & Margin (%) Sources of EBITDA Variance (AED m) Inflation, currency and revenue mix impacting EBITDA -2.5% 6,801 32 • EBITDA in constant currency 6,801 decreased YoY by 2.5% due 6,042 6,183 -97 to inflationary pressure 51% -312 -56 6,183 • EBITDA margin impacted by -185 4
Slide 7: Group CAPEX
Group CAPEX CAPEX (AED m) & Intensity Ratio (%) Sources of CAPEX Variance (AED m) Disciplined while building premium networks 154 2,950 1,644 -135 • Lower capital spend and capex intensity ratio 1,644 22% -394 1,096 • Capital spend in the UAE 12% 1,096 -160 -13 focused on network 8% modernisation an
Slide 8: Sound Financial Position
Sound Financial Position Cash & Cash Equivalents (AED m) Total Debt (AED m) Strong balance sheet supporting Group growth 47,954 46,935 potential 32,839 31,454 29,184 • Slight decline in cash 24,244 balance vs. Q4’22 attributed to repayment of borrowings and softer working capital Q1’22 Q4’22 Q1’23 Q
Slide 9: Group Debt Profile
Group Debt Profile Borrowings by Operations (AED m) Borrowings by Currency (%) Diversified debt profile 36,941 • Total debt of AED 46.9 Euro AED 16% 19% billion Others 7% • 79% of debt is at Group MAD 6% level, mostly in bank PKR borrowings 5,463 6% 3,172 USD 1,360 47% • 63% of debt is in USD/AED Gr
Slide 10: Country Performance
Financial Highlights Country Performance
Slide 11: etisalat by e& UAE
etisalat by e& UAE Revenue (AED m) & YoY Growth (%) EBITDA (AED m) & EBITDA Margin (%) Steady revenue and profitability growth 7,800 7,968 7,963 4,039 3,968 4,072 • Revenue growth YoY despite the favourable 52% 50% 51% impact of Expo Dubai on prior year results 4% • EBITDA growth driven by 2% 2% sol
Slide 12: Key KPIs: UAE Revenue and Subscribers
Key KPIs Revenue growth across all segments supported by subscriber growth Mobile Revenue(1) (AED m) & YoY Growth (%) Fixed Revenue(2) (AED m) & YoY Growth (%) Other Revenue(3) (AED m) & YoY Growth (%) 2,885 2,913 2,238 2,866 2,859 2,841 2,792 2,167 2,169 8% 4% 2% 5% 3% 3% 1% 0% -1% Q1’22 Q4’22 Q1’2
Slide 13: Maroc Telecom Group
Maroc Telecom Group Subscribers (m) Revenue (AED m) & YoY Growth (%) Revenue and EBITDA growth in local currency +4% 76 75 75 3,232 3,070 2,886 • Stable YoY subscriber base • Revenue growth in local -5% -7% currency attributed to -16% growth in Moov Africa operations and FBB in Q1’22 Q4’22 Q1’23 Q1’
Slide 14: etisalat by e& Egypt
etisalat by e& Egypt Subscribers (m) Revenue (AED m) & YoY Growth (%) Unfavourable macro factors heavily impacted 30 31 1,298 results 28 +15% 15% 1,098 • Strong YoY subscriber 820 growth • Double-digit revenue -20% growth in local currency -37% attributed to data and voice services Q1’22 Q4’22 Q1’23
Slide 15: PTCL Group
PTCL Group Subscribers (m) Revenue (AED m) & YoY Growth (%) Strong growth in local currency despite 27 +23% challenging macro 25 26 724 671 conditions 607 • YoY subscriber growth -8% -10% mainly in mobile and fixed -16% segments • Strong revenue growth in Q1’22 Q4’22 Q1’23 Q1’22 Q4’22 Q1’23 local cu
Slide 16: FY 2023 Guidance
FY 2023 Guidance Positive outlook for 2023 despite currency impact in Q1 FY 2023 Guidance 3M 2023 Actual Revenue Growth Y-o-Y Low to mid single digit In Constant Currency +6.6% (%) growth EBITDA Margin (%) ~ 49.0% 48% EPS (AED) 1.13 – 1.15 0.25 Capex / Revenue (%) 15% - 17% 8.4% 16
Slide 17: we are
we are
e& (Emirates Telecommunications Group Company PJSC) — Q1 2023 Earnings Presentation on 6ix