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Transcript of FY 2010 RESULTS BRIEFING TO ANALYST - Telekom … · This presentation has been prepared solely for...
This presentation is not and does not constitute an offer, invitation, solicitation or recommendation to subscribe for, or purchase, any securities
and neither this presentation nor anything contained in it shall form the basis of, or be relied on in connection with any contract or commitment or
investment decision.
This presentation has been prepared solely for use at this presentation. By your continued attendance at this presentation, you are deemed to
have agreed and confirmed to Telekom Malaysia Berhad (the “Company”) that: (a) you agree not to trade in any securities of the Company or its
respective affiliates until the public disclosure of the information contained herein; and (b) you agree to maintain absolute confidentiality
regarding the information disclosed in this presentation until the public disclosure of such information, or unless you have been otherwise
notified by the Company.
Reliance should not be placed on the information or opinions contained in this presentation or on its completeness. This presentation does not
take into consideration the investment objectives, financial situation or particular needs of any particular investor.
No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the
information, opinions and conclusions contained in this presentation. None of the Company and its affiliates and related bodies corporate, and
their respective officers, directors, employees and agents disclaim any liability (including, without limitation, any liability arising from fault or
negligence) for any loss arising from any use of this presentation or its contents or otherwise arising in connection with it.
This presentation contains projections and “forward-looking statements” relating to the Company’s business and the sectors in which the
Company operates. These forward-looking statements include statements relating to the Company’s performance. These statements reflect the
current views of the Company with respect to future events and are subject to certain risks, uncertainties and assumptions. It is important to note
that actual results could differ materially from those anticipated in these forward looking statements. The Company does not undertake to inform
you of any matters or information which may come to light or be brought to the Company’s attention after the date hereof.
The forecasts and other forward-looking statements set out in this presentation are based on a number of estimates and assumptions that are
subject to business, economic and competitive uncertainties and contingencies, with respect to future business decisions, which are subject to
change and in many cases outside the control of the Company. The directors and officers of the Company believe that they have prepared the
forecasts with due care and attention and consider all best estimates and assumptions when taken as a whole to be reasonable at the time of
preparing the presentation. However, the Company’s forecasts presented in this presentation may vary from actual financial results, and these
variations may be material and, accordingly, neither the Company nor its directors or officers can give any assurance that the forecast
performance in the forecasts or any forward-looking statement contained in this presentation will be achieved. Details of the forecasts and the
assumptions on which they are based are set out in the presentation.
This presentation may not be copied or otherwise reproduced without the written consent of TM.
Disclaimer
Key Highlights FY 2010 Improvements across the board
4
Leadership in Broadband maintained•Streamyx customer base increased by 17.4% YoY•UniFi rolled out to 48 exchanges with more than
33,000 customers and 760,000 premises passed
•Revenue growth of 2.1% YoY to RM8.8bn
• EBITDA Margin at 33.1%
• Spent 5.1% of revenue to improve customer experience 5%
Headline KPI
Achieved Headline KPI
2.0%
33%
BAU Capex / Revenue improved by 1.3pp YoY to 12.8%HSBB Capex of RM1.6b lower than budgeted
Operating revenue increased by 2.1% YoY and 5.7% QoQ to RM2,320.6m in 4Q10 as a result of higher contribution from data services, internet & multimedia
Normalised EBITDA for 4Q10 is RM795.8m, up by 10.3% from 4Q09 (+7.4% QoQ) resulting in Normalised EBITDA margin of 33.5%
Normalised PATAMI up 88.9% QoQ from RM126.2m in 3Q10 to RM238.4 in 4Q10 (+579.2% YoY)
High growth of data and internet revenue +15.0% and +12.6% YoY, +11.3% and +6.3% QoQ respectively, and slower decline in voice revenue (-2.6% against 4Q09 compared to -0.7% against 3Q10)
Continuous growth in broadband with Streamyx customers up by 5.3% QoQ and 17.4% YoY. Strong expansion of WiFi Hotspots Zones to 10,982 sites as at end of 2010 from 2,245 sites YoY.
EBITDA margin calculated based on Normalized EBITDA and Operating revenues plus other operating Income1
Key Operating Indicators
Financial Highlights 4Q 2010
Financial Performance
Encouraging revenue and profitability achievement
4Q10 vs4Q09
4Q10 vs3Q10
5
Net Dividend Yield 7.4% 6.4% 6.5% 5.6%2
ROIC
2007 2008
Capital Expenditure, excluding HSBB(RM bn)
Our capital management approach is guided by two major principles :
Striving to optimize capital productivity and ROIC
Creating shareholder value with strong commitment to dividend policy
1.8 1.4 1.2
1 TRS: Source Bloomberg2 Ordinary Dividend3 Based on RM700mn dividend payout @ RM3.51 as of 31Dec 20104 Normalised EBIT / Total Revenue5 As per Normalised in 2008 (before FRS139 requirement become effective)
21.2 16.7 14.1
2009 2010
1.1
12.8
Focus on Shareholder Value CreationGrowing enterprise value through improving return on capital
1Total Return to Shareholder (TRS)
17.2% 7.7% 42.9% 24.0%
EBIT Margin 10.8%10.4% 10.9% 10.6%4
5.1% 5.9% 5.8% 6.0%
Capex / Revenue ratio( %)
6
3
5
Note: EBITDA Margin is calculated as percentage of EBITDA against Revenue + Other Operating Income* Excludes FX (Gain )/Loss
RMmn
Reported
Comments
4Q10 3Q10% Change
QoQ4Q09
% Change YoY
FY 10 FY 09% Change
FY10 vs FY09
Revenue 2,320.6 2,194.6 +5.7 2,272.6 +2.1 8,791.0 8,608.0 +2.1Positive growth contributed by Data and Internet
Other Operating Income
52.7 39.7 +32.7 52.2 +1.0 152.9 128.8 +18.7 -
EBITDA 758.5 759.6 -0.1 738.2 +2.7 2,924.3 2,983.6 -2.0 -
EBITDA margin 32.0% 34.0% -2.0pp 31.8% +0.2pp 32.7% 34.1% -1.4pp -
Normalised EBITDA 795.8 741.0 +7.4 721.3 +10.3 2,958.5 2,967.9 -0.3 -
Normalised EBITDA Margin
33.5% 33.2% +0.3pp 31.0% +2.5pp 33.1% 34.0% -0.9pp -
Depn & Amort. 565.7 495.8 +14.1 495.2 +14.2 1,995.8 2,039.5 -2.1Higher provision for asset write-off in 4Q10
Net Finance Cost* 57.9 51.4 +12.6 56.5 +2.5 245.2 184.1 +33.22009 included interest income from AXIATA (RM67.9mn)
FX (Gain) / Loss 15.8 (139.0) -111.4 (47.3) -133.4 (303.7) (40.5) +649.9Strengthening of RM against USD by 9.9% YoY in 2010
Profit Before Tax 334.8 505.9 -33.8 253.6 +32.0 1,360.2 921.6 +47.6 -
PATAMI 400.7 438.5 -8.6 170.2 +135.4 1,206.5 643.0 +87.6 -
Normalised PATAMI 238.4 126.2 +88.9 35.1 +579.2 563.7 390.8 +44.2 -
Group Results 4Q10 and FY2010
8
In RM mn 4Q10 3Q10 4Q09* FY 10 FY 09*
Reported EBITDA 758.5 759.6 738.2 2,924.3 2,983.6
Non Operational
ESOS (Income) / Cost - net - (17.2) (9.9) (5.0) 9.3
Reversal of provision for legal case - - - - (20.0)
Impairment of AFS (available for sale)receivables
15.4 - - 15.4 -
Loss on sale of Assets 1.0 - 3.6 2.1 18.2
FX (Gain)/Loss on International trade settlement
20.9 (1.4) (10.6) 21.7 (23.2)
Normalised EBITDA 795.8 741.0 721.3 2,958.5 2,967.9
Normalised EBITDA Margin 33.5% 33.2% 31.0% 33.1% 34.0%
Reported EBITDA Margin 32.0% 34.0% 31.8% 32.7% 34.1%
Normalised EBITDA Normalised EBITDA margin in 2010 better than Headline KPI
*The comparatives for 4Q09 & FY09 were amended to be consistent with the 2010 presentation pursuant to adoption of FRS139EBITDA is calculated as Total Revenue (Operating Revenue + Oth. Operating Income) less Operating Cost (Exc. Depreciation, Amortisation & Impairment).EBITDA Margin is calculated as percentage of EBITDA against Total Revenue
9
In RM mn 4Q10 3Q10 4Q09* FY 10 FY 09*
Reported PATAMI 400.7 438.5 170.2 1,206.5 643.0
Non Operational
ESOS (Income) / Cost - net - (17.2) (9.9) (5.0) 9.3
Impairment of AFS (available for sales)receivables
15.4 - - 15.4 -
Reversal of provision for legal case - - - - (20.0)
FX (Gain)/Loss on International trade settlement
20.9 (1.4) (10.6) 21.7 (23.2)
Loss on sale of Assets 1.0 - 3.6 2.1 18.2
Other (Gain)/Loss – net** (215.4) (154.7) (19.8) (373.3) (120.5)
Non-recurring net finance cost - - (51.1) - (75.5)
Forex (Gain)/ Loss on long term loans*** 15.8 (139.0) (47.3) (303.7) (40.5)
Normalised PATAMI 238.4 126.2 35.1 563.7 390.8
Normalised PATAMI Higher PATAMI due to overall improvement in revenue and tight cost management
*The comparatives for 4Q09 & FY09 were amended to be consistent with the 2010 presentation pursuant to adoption of FRS139.** Comprise fair value (FV) changes of FVTPL (FV through P&L) investment and gain/loss on disposal for AFS (available for sale) investments. It also include FV changes of derivatives instruments. 2010 included gain on disposal of Measat, gain on disposal of AXIATA shares, FX forward Contract.***Includes FV of FX forward contract
10
RM mn
Total Cost / Revenue ( %)
Revenue = Operating Revenue + Other Operating Income
Cost % of Revenue1
The comparatives for 4Q09 & FY09 were amended to be consistent with the 2010 presentation pursuant to adoption of FRS139Note: The classification of cost is as per financial reporting
(Please refer to Appendix for quarterly details & breakdown)
Improvement in Cost/revenue ratios will continue to be emphasized
1
RM7,792.7
89.2%
RM8,015.4
89.6%
Lower bad debt due to reversal of previous year’s provision due to improved collection and assessment of impairment on specific basis
Slight increase in marketing expenses due to Unifi launch, product and branding advertisement, HSBB awareness
Higher maintenance cost due to the need to maintain 2 networks / systems
Lower depreciation & amortisationdue to revision of asset useful life and retirement of assets
Higher manpower costs due to new collective agreement (CA) and increase in staff headcount (to support HSBB programme)
23.3 22.3
20.7 20.6
17.8 18.9
10.2 10.8
6.0 6.2
5.1 5.74.2 4.31.9 0.7
FY09 FY10
Bad Debt
Marketing Expenses
Supplies & material
Maintenance Cost
Other operating cost
Manpower cost
Direct cost
Dep & Amortisation
11
8681,102
1,107838
574 772
0
500
1000
1500
2000
2500
3000
FY09 FY10
Access Core Network Support System* 271591
720
530
347463
0
200
400
600
800
1000
1200
1400
1600
1800
FY09 FY10
Access Core Network Support System*
597 511
387308
227309
0
200
400
600
800
1000
1200
1400
FY09 FY10
Access Core Network Support System*
Group Capital Expenditure
Total Capex
HSBB Capex**
Note : BAU – Business As Usual
** Gross capex to be shared with Government equallyNote: Government grant treated as deferred income, to be amortised progressively to match against the depreciation of assets
*Include Application, Support System &Others (building, land improvement, moveable plants,application & other assets)
RM mn
2,5492,712
1,338
1,584
29.630.8
BAU Capex
1,211 1,128
14.112.8
Capex / Revenue ( %)
Increase in Capex due to HSBB in line with plan while BAU Capex is decreasing
12
31 Dec 2010 31 Dec 09 31 Dec 10 31 Dec 09Return on Invested Capital 6.03% 5.81% Gross Debt to EBITDA 2.09 2.30
Return on Equity 7.67% 4.53% Gross Debt/ Equity 0.72 0.96
Return on Assets 4.73% 4.37% Net Debt/ Equity 0.27 0.46
Current Ratio 1.62 1.39 Net Assets/Share (sen) 216.1 197.2
3
31 Dec 10
2
Based on Normalised PATAMI, comparative for Dec’09 is amended to be consistent with current year computation
31 Dec 10
Group Cash Flow & Key Financial Ratios
31 Dec 09 31 Dec 09
RM mn FY10 FY09
Cash & cash equivalent at start 3,490.2 2,094.7
Cashflows from operating activities 2,973.4 3,056.0
Cashflows from / (used-in) investing activities (1,446.9) 2,546.4
Capex* 2,198.9 1,739.1
Cashflows from financing activities (1,534.2) (4,205.9)
Effect of exchange rate changes 5.5 (1.0)
Cash & cash equivalent at end 3,488.0 3,490.2
Free cash-flow (EBITDA – Capex) 725.4 1,244.5
•net of HSBB grant received from Government ( FY10 – RM513.1mn, FY09 - RM809.9mn)1 Net of dividend payout and capital repayment in FY09 (FY10 - RM724mn, FY09 – RM4,204.4mn)
Strong Cash Balance to support futurebusiness requirements
1
3
Based on Normalised EBIT
2
1
Reclassification of certain other operating cost and other operating income for FY09 to be consistent with FY10
2
1
13
1
Voice47%
Data18%
Internet18%
Others17%
Voice44%
Data20%
Internet19%
Others17%
480383 440
1,480 1,521
4Q09 3Q10 4Q10 FY09 FY10
388 411 4371,561 1,653
4Q09 3Q10 4Q10 FY09 FY10
427 441 491
1,521 1,754
4Q09 3Q10 4Q10 FY09 FY10
978 960 9534,046 3,863
4Q09 3Q10 4Q10 FY09 FY10
Group Total Revenue by Product
Data
RM mn
RM mn
RM mn
Voice
Others
InternetFY10
FY09
RM mn
-4.5%-2.6%
+12.6%+5.9%
-8.3%
+2.8%+15.0% +15.3%
RM mn
RM mn
RM8,791mn
RM8,608mn
15
651 560 585
420 450 446
370 355 358
300 352 347
4Q09 3Q10 4Q10
Consumer SME Enterprise Government
Retail77%
Global10%
Wholesale9%
Others4%
193 185 193
4Q09 3Q10 4Q10
Retail78%
Global10%
Wholesale9%
Others3%
274222
276
4Q09 3Q10 4Q10
+78.5%
Group Total Revenue by Line of Business
Global Others*
FY10
FY09
WholesaleRM mn
+4.3%
+0.0%
RM mn
+63.4%
RM mn
+24.3%
+0.7%
Retail
RM mn
+1.1%
-0.3%
65 71 116
4Q09 3Q10 4Q10
1,7361,7171,741
RM8,791mn
RM8,608mn
16
* Others comprise of revenue from Property Development, TM R&D, TMIM, UTSB and MKL
UniFi update – leading & shaping the future
17
1
UniFi update as at today…
2
3
4
delivered more than 780,000 premises passed covering 60 exchanges
activated close to 50,000 customers
a landmark agreement was signed with an access-seeker to provide HSBB (Access) service on a wholesale arrangement for a period of 10 years
TM is on track to deliver 1.1 million premises passed by end 2011 covering 78 exchanges
5 in excess of 770K km of fibre core access has been deployed to facilitate access service
6 International capacity upgraded by over 130Gbps
Continued HSBB market leadership...
1,133 1,165 1,135 1,163 1,212 1,261 1,311 1,393
200 206 263 268 273 280 285287
0
500
1,000
1,500
2,000
1Q 09 2Q 09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
Residential Business
2,784 2,792 2,797 2,767 2,763 2,775 2,794 2,799
1,506 1,528 1,534 1,554 1,553 1,558 1,533 1,535
0
1,000
2,000
3,000
4,000
5,000
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
Residential Business
771 796 8251,345 1499 1,761 1,492
6,608499 507 525
724746
772940
4,374
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
Other States Klang Valley
In thousand
1,370 1,398 1,431
In thousand
+0.3%
4,320
+17.4%
4,331
+0.2%
4,321
1,485
+5.3%
4,316
Physical Highlights
Broadband Customers Growth
Fixed Line Customers Growth
WiFi Hotspot Zones
ARPU (RM) 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
Business* 74 76 61 59 65 69 63 59
Residential* 20 20 19 18 18 18 17 21
Streamyx Broadband** 88 85 86 84 82 81 77 78
1,303 1,350
2,069 2,245
+430.8%
+351.6%
*Call Usage Only ** Streamyx Gross ARPU only
+54
Net adds (in thousand)
+33+28
1,541
+56
2,533
4,333
+37
1,333
1,270
4,290
2,432
4,327
+55
1,596 10,982
+84
1,680
4,334
Note: inclusive of NBI initiative
18
Broadband champion - with continued growth in all segments
Key Takeaways
UniFi / Broadband
Financial Performance
Focus on Excellence
• Continuous focus on excellence in all areas – product profitability, focusing on upselling and retention as well as effective product delivery
• Excellence in operational efficiency – focusing on cost optimisation and effective capex spend
• Leadership excellence – focusing on developing a high value workforce through up-skilling and talent management
• Achievement of all 2010 Headline KPIs:
Revenue growth of 5.7% QoQ and 2.1% YoY with data and internet asthe main drivers
Normalised EBITDA margin of 33.1%
• Continued leadership for both revenue and physical market share
• Product bundling and enhanced go-to-market strategy yielded positive
results evidenced by Streamyx customer growth of 17.4%
• On track to meet UniFi target of 1.1mn premises passed in 2011
Shareholder Value• Commitment to create shareholder returns through improving return on
capital and commitment towards high dividend yield – total dividend payoutof RM700m and capital distribution of RM1,037m
Customer Centricity
• Continuous emphasis to further improve quality of service• Keeping customers informed on continuous improvements in key measures
for quality of service as the main focus• Spent 5.1% of revenue to improve customer experience as per our
commitment
Outlook 2011
21
Unifi - on track to meet 1.1m premises passed covering 78 exchange areas
Capitalise on growth in demand for internet and data by further enhancing our product offerings and customer service
Dividend policy unchanged
1 Using TRiM index measuring end to end customer experience at all touch points. TRiM (Measuring, Managing and Monitoring) is a standardized indicator system. It analyzes, measures and portrays stakeholder relationships on the basis of standardized indicators. The TRI*M Index is an indicator of the status quo of a particular relationship. The index is made up of four points of view on the stakeholder relationship, e.g. for customer loyalty: overall rating, recommendation, repeat purchasing of product/services, and a company's competitive advantage. The information is based on surveys/interviews on a sample customer base.”
Headline KPIs 2011Target
2013Target
Revenue growth (%)
EBITDA Margin (%)
Customer Satisfaction Measure
2.5 3.5– 4.5
32 Mid 30s
70 721
4Q10 3Q10 4Q09 FY10 FY09 FY10 vs FY09
Operating Revenue (RM mil) 2,320.6 2,194.6 2,272.6 8,791.0 8,608.0 -
Other Operating Income(RM mil)
52.7 39.7 52.2 152.9 128.8 -
Direct Costs % 19.5 19.4 19.4 20.6 20.7 •Higher USP cost•Content cost and outpayment for VSATRM mil. 463.8 433.3 451.2 1,840.0 1,809.5
Manpower % 20.9 18.3 16.7 18.9 17.8 • Increase due to new CA• increase in headcounts due to HSBBRM mil. 497.1 409.0 387.3 1,692.9 1,554.7
Supplies & Materials % 7.4 5.2 6.6 5.7 5.1 • Higher subscriber equipment costs in line with customer acquisition cost for
UniFi and broadband packagesRM mil. 175.9 117.1 153.7 514.1 441.6
Bad & Doubtful Debts % 0.8 0.8 0.4 0.7 1.9 • Lower due to reversal of excess provision for voice and data servicesRM mil. 18.4 17.5 9.7 66.9 164.5
Marketing Expenses % 3.7 4.7 6.0 4.3 4.2 • Higher A&P for UniFi related activities &promotion•Higher commission in line with increase in broadband customersRM mil. 87.8 105.3 140.4 385.7 363.8
Maintenance Cost % 5.7 6.6 9.0 6.2 6.0 • Higher due to maintaining two networks and increase in installation activities.
RM mil. 135.8 147.3 208.4 555.0 523.7
Other Operating Costs % 9.9 11.0 10.1 10.8 10.2•Higher rental for building and equipment
RM mil. 235.9 245.3 235.8 965.0 895.4
Depreciation & Amortisation % 23.8 22.2 21.3 22.3 23.3-
RM mil. 565.7 495.8 495.2 1,995.8 2,039.5
Total (RM mil) 2,180.4 1,970.6 2,081.7 8,015.4 7,792.7 -
Total (%) 91.9 88.2 89.5 89.6 89.2 -
Cost % of Revenue
The comparatives for 4Q09 & FY09 were amended to be consistent with the 2010 presentation pursuant to adoption of FRS139 23
7,709.4
150.8
8,630.3
5,506.0
1,664.2
1,432.1
28.0
16,490.5
6,938.5
1,801.5
527.8
3,488.5
1,120.7
4,289.5
3,639.2
26.0
624.3
2,649.0
13,112.1
729.4
16,490.5
6,987.5
142.5
8,371.5
5,796.9
1,588.7
985.9
-
15,501.5
6,180.0
1,781.0
503.0
3,490.7
405.3
4,441.0
2,934.6
916.6
589.8
1,739.0
12,404.3
1,358.2
15,501.5
Shareholders’ Funds
Minority Interests
Deferred & Long Term Liabilities
Long Term Borrowings
Deferred Tax
Deferred Income
Derivative financial liabilities
Current Assets
Trade Receivables
Other Receivables
Cash & Bank Balances
Others
Current Liabilities
Trade and other Payables
Short Term Borrowings
Others
Net Current Assets
Property Plant & Equipment
Other Non-current Assets
RM MillionAs at 31 Dec 2010 As at 31 Dec 2009
Group Balance Sheet
24
Consumer33%
SME26%
Enterprise21%
Government20%
773 875 787
180228
215
399327 431
647 383 394
0
500
1000
1500
2000
4Q09 3Q10 4Q10
Others
Internet
Data
Voice
3,215 3,177
735 871
1,598 1,637
1,3911,454
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
FY09 FY10
Others
Internet
Data
Voice
Total Revenue By Products
RM mn
RM mn +1.8%
+1.1%
1,7171,741
6,6606,783 FY10
Note : Breakdown is before inter company elimination
-0.3%
RETAIL
Revenue by ProductRevenue by Business Unit
FY09
Note: Total revenue is after inter-co elimination. Revenue of product is before inter-co elimination
1,736
Consumer35%
SME26%
Enterprise22%
Government17%
RM mn
RM mn
RM6,783mn
RM6,660mn
25
73 58 58
129 146 154
19 1423
0
50
100
150
200
250
4Q09 3Q10 4Q10Voice Data Others
327256
498566
67 65
0
200
400
600
800
1000
FY09 FY10
Voice Data Others
ASP16%
MC84%
ASP19%
MC81%
RM mn
RM mn
MC : Malaysian CarrierASP : Application Service Provider
Others : Include internet
WHOLESALE
Revenue by ProductRevenue by Customer Segment
786 755
-3.9%
193 185193
+4.3%
+0.0%
FY10
FY09
Note: Total revenue is after inter-co elimination. Revenue of product is before inter-co elimination 26
122 113 111
161112
168
5
95
0
100
200
300
400
4Q09 3Q10 4Q10
Others
Data
Voice
469 446
462 493
23 28
0
200
400
600
800
1000
1200
FY09 FY10
Others
Data
Voice
Africa & Middle East
9%America
7%
Europe11%
South Asia40%
North Asia15%
Oceania7%
Others13%
885 915
FY10
FY09RM mn
RM mn
Others : Include internet
274
GLOBAL
Revenue by Product
Revenue by Region+3.4%
222276
+0.7%
+24.3%
Note: Total revenue is after inter-co elimination. Revenue of product is before inter-co elimination
Africa & Middle East
8%
America14%
Europe7%
South Asia42%
North Asia12%
Oceania6%
Others11%
27
THANK YOUAny queries please email to : [email protected]
•Investor Relations• Level 11 (North Wing) •Menara TM •JlnPantaiBharu •50672 Kuala Lumpur, Malaysia • Tel (603) 2240 4848/ 7366 / 7388