FY 2010 RESULTS BRIEFING TO ANALYST - Telekom … · This presentation has been prepared solely for...

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FY 2010 RESULTS BRIEFING TO ANALYST 25 February 2011

Transcript of FY 2010 RESULTS BRIEFING TO ANALYST - Telekom … · This presentation has been prepared solely for...

FY 2010 RESULTS

BRIEFING TO ANALYST

25 February 2011

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

Performance Overview

Financial review

Operating highlights

Concluding remarks

3

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

Performance Overview

Financial review

Operating highlights

Concluding remarks

7

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

Performance Overview

Financial review

Operating highlights

Concluding remarks

14

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

Performance Overview

Financial review

Operating highlights

Concluding remarks

19

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

Appendices

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