Bangladesh revenue increased by 25.8%
to RM2,623.0 million driven by increase
in data and device bundled packages.
Data revenue posted exceptional
growth of 78.9% at local currency and
contributed towards 9.7% of total FY15
revenue, approximately 4.0 pp higher
than the previous year. The revenue
growth also positively impacted EBITDA,
which generated an increase of 21.2% to
reach RM944.2 million. Bangladesh PAT
expanded 8.1%, due to higher EBITDA and
partly being offset by higher depreciation
arising from capital expenditure and
impairment losses, as well as higher net
finance costs in FY15.
Cambodia continued with another year of
stellar performance, posting outstanding
growth in all key financial metrics, despite
being in a challenging market. Revenue
expanded 54.4% during the year driven
by an increase in voice as well as data
revenue. Arising from the growth in
revenue coupled with sustained focus
on cost management and efficiency,
Cambodia’s EBITDA and PAT grew 80.6%
and more than 100% respectively. Smart’s
total data subscribers grew an impressive
71.4% from the prior year to close the year
at 3 million customers of its now 7.6 million
strong subscriber base.
Excellent performance from regional
associates in India and Singapore
contributed towards the Group’s strong
results in FY15.
India achieved a solid 14.5% growth in
revenue for the nine month period ending
December 2015 driven by an increase in
net adds by 14.1 million to reach 172 million
subscriber base as at 31 December 2015.
India also continued its EBITDA growth
momentum, posting an increase of 21.5%.
PAT in the period grew 11.2% due to
higher EBITDA, partly off-set by higher
depreciation and amortisation costs as
well as net finance costs.
2015 saw Singapore posting 7.5%
expansion in total revenue, driven by
higher handset sales. Mobile data usage
continued to grow with revenue from
mobile data for FY15 increasing 10.7 pp
year on year to reach 46.3% of service
revenue. EBITDA and PAT increased by
1.9% and 1.5% respectively. At year end,
its Net Debt to EBITDA ratio remained
healthy at 1.0x.
The Group ended the year with healthy
balance sheet position. Cash and bank
balance is at a strong RM5.5 billion
after dividend payment and issuance of
USD500 million Sukuk during the year.
Group total assets grew 14.3% in FY15
with higher property, plant and equipment
due to continuous targeted investments
in network infrastructure across the
Group’s footprint. Post the issuance of
USD500 million Sukuk in November 2015,
the Group’s Gross Debt to EBITDA ratio
stood at 2.25x and Net Debt to EBITDA
ratio at 1.49x. The Group also successfully
hedged 67.3% of its USD-denominated
debt, particularly in Indonesia as a result
of initiatives taken to mitigate currency
volatility.
During the year, the Group’s Board of
Directors declared an interim tax exempt
dividend under single tier system of 8
sen per share, which was paid in the
fourth quarter of FY15. In the light of the
Group’s performance, the proposed Ncell
acquisition and anticipated regulatory
developments, the Group’s Board
of Directors has recommended and
announced a tax exempt final dividend
under single tier system of 12 sen per
share, bringing the total dividend declared
for FY15 to 20 sen per share. The final
dividend is subject to the approval of the
shareholders at the forthcoming Annual
General Meeting (AGM).
GROUP FINANCIAL
ANALYSIS
axiata group berhad | annual report 2015
030
