tele2 first quarter 2012
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FIRST QUARTER 2012
Tele2 AB
19 April 2012
2
Agenda
• About Q1 2012
• Financial review
• Concluding remarks
3
Tele2 Group Q1 Highlights
Q1 Financials
• Net sales (curr. adj.) for the
Group grew by 8 % and
amounted to SEK 10,481
million
• EBITDA amounted to SEK
2,571 (2,544) million,
equivalent to an EBITDA
margin of 25 (26) %
Q1 Operational
• Tele2’s customer base
amounted to 34.8 million
customers
• Tele2 Kazakhstan continued its
successful launch of new
regions, resulting in a net
intake of 332,000 customers
• Tele2 Russia brought in
304,000 customers
• Continued diversification of
credit portfolio
4
Focus
Continue to grow customer base and maximize the 2G opportunity
Evaluate possibilities to expand carefully through new licenses as well as by
complementary acquisitions
Make progress on technology neutrality
Market Area Russia: Overview
Population Appr. 140 million
Tele2 Russia
43 regions of Russian Federation
20.9 million subscribers
Mobile operator #4 in Russia in terms
of subscribers and revenue
Represents 29% of total net sales Q1 2012
5
Q1 Highlights Russia
EBITDA and
EBITDA MARGIN
NET SALES and
YoY NET SALES GROWTH
CUSTOMER BASE and
CUSTOMER INTAKE
SEK Million
YoY net sales
growth (right)
Net sales (left)
EBITDA
margin (right)
EBITDA (left) Customer base (left)
Customer net
intake (right)
Thousands of customers SEK Million
0
200
400
600
800
18 000
19 000
20 000
21 000
22 000
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
32%
34%
36%
38%
40%
42%
0
400
800
1 200
1 600
Q1 11 Q2 11 Q3 11 Q4 11 Q1 120%
5%
10%
15%
20%
0
1 000
2 000
3 000
4 000
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
• Increased marketing spend in the quarter
• New agreements with federal distribution
channels
• Leading to improved customer intake in
combination with higher ARPU
6
TELE2 SUBSCRIBERS AS PART OF TOTAL RUSSIAN
MOBILE MARKET
The Russian mobile market
NET ADDITIONS Tele2
Vimpelcom
MegaFon
MTS
MOBILE SUBSCRIBERS AND PENETRATION
Million subscribers 9.1%
5.6%
Million subscribers Tele2
Subs Penetration (%)
Thousands of subscribers 2010 2011 2012
TELE2 RUSSIA EBITDA MARGIN
28%
32%
36%
40%
44%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
-2 000
0
2 000
4 000
6 000
8 000
Q209
Q309
Q409
Q110
Q210
Q310
Q410
Q111
Q211
Q311
Q411
Q112
7
Revenue source development
ARPU DEVELOPMENT
RUB
TELE2 RUSSIA:
REVENUE SPLIT Q1 2012
Tele2 Vimpelcom MegaFon MTS Voice revenue (%)
The share of data revenue grows and is comparable to
the market level. ARPU is growing.
Data access
revenue (%)
211
218
0
100
200
300
400
2006 2007 2008 2009 2010 Q111
Q211
Q311
Q411
Q112
91.2%
8.8%
8
Regulatory update: Tele2 Russia
Technology neutrality
update
• Technology neutrality discussion
supported by a number of operators
• Tele2 has completed LTE1800 trials
in cooperation with NIIR* in late
March
• Tele2 expects the decision on
technology neutrality before the
end of 2012
LTE license tender update
• Tele2 perceives that it likely that
several LTE 800/2600 licenses will
be tendered before the end of 2012
and the tender terms will be
established by the new government
* NIIR = (Radio Research and Development Institute)
9
Tele2 Russia forward looking statement
The following assumptions should
be taken into account when
estimating the operational
performance of the total operations
in Russia in 2012:
• Tele2 expects the subscriber base to
reach 21.5-22 mln.
• Tele2 expects a percentage growth of
ARPU in low single digits (earlier to
remain stable) in local currency.
• Tele2 expects an EBITDA margin of
between 37-39 (earlier 39-40) percent.
• Tele2 expects capex of between SEK
1,300 - 1,500 mln.
10
Market Area Nordic: Overview
Population
14.4 million
Tele2 Sweden and Tele2 Norway
Home market and test bed for new services
Represents 40% of total net sales Q1 2012
Sweden 29%; Norway 11%
Focus
Sweden: Build on mobile growth and 4G roll-out coupled with household / corporate
fiber strategy
Norway: Roll out own network and focus on bucket-price subscriptions
11
Q1 Highlights Tele2 Sweden
• Net sales (external) amounted to SEK 3,071 mln
and EBITDA amounted to SEK 774 mln
• Net intake in Q1 boosted by temporary campaign
on postpaid subscriptions
Mobile Fixed telephony Fixed broadband Other Customer base (left)
Customer net
intake (right) EBITDA
margin (right)
YoY net sales
growth (right)
SEK Million SEK Million Thousands of customers
-80
-40
0
40
80
4 500
4 600
4 700
4 800
4 900
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12-12%
-6%
0%
6%
12%
0
1 000
2 000
3 000
4 000
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
10%
15%
20%
25%
30%
0
250
500
750
1 000
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
EBITDA and
EBITDA MARGIN
NET SALES and
YoY NET SALES GROWTH
CUSTOMER BASE and
CUSTOMER INTAKE
12
Temporary campaign to defend price
position
148,000 subscriptions sold between 8 March - 11 April of which
65,000 in Q1 2012
13
Mobile postpaid intake and extensions
Large share of
extensions on
current customer
stock, majority
opting for 24 month
subscriptions. March
intake boosted by
temporary campaign
GROSS INTAKE AND EXTENSIONS Q1 2012
Subscribers
0
5 000
10 000
15 000
20 000
25 000
30 000
35 000
40 000
45 000
50 000
Jan Feb Mar
Intake Extensions
14
Smartphone market development
* Postpaid residential, quantity of handsets
SMARTPHONE INSTALLED BASE*
Sales of top ten mobile phones
Tele2 Sweden (Q1 2012)
1. iPhone 4S 16GB
2. Samsung Galaxy S2
3. iPhone 4 8GB
4. Samsung Galaxy S2 LTE
5. Nokia Lumia 800
6. Samsung E1080
7. HTC Wildfire
8. Samsung Galaxy Nexus
9. iPhone 4S 32GB
10. Sony Xperia S
Regular handset Smartphone
0%
20%
40%
60%
80%
100%
1106 1107 1108 1109 1110 1111 1112 1201 1202 1203
15
Growth in sales of data packages
Number of customers with data packages either in subscription or
as added packages continues to increase
DATA PACKAGE CUSTOMER STOCK Q1 2012
Base
MOBILE SURF PACKAGES
Small
Medium Large
Subscribers
0
100 000
200 000
300 000
400 000
500 000
600 000
700 000
Apr2011
Maj Jun Jul Aug Sep Okt Nov Dec Jan2012
Feb Mar
16
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Prepaid to postpaid migration
PREPAID MARKET SHARES 2006-2011*
NET INTAKE SEASONAL EFFECTS
Seasonal peaks in intake are
followed by increased churn three
months later
0%
10%
20%
30%
40%
50%
2006 2007 2008 2009 2010 1H 2011
Comviq Telia Telenor
Lycamobile Tre Övriga
*Source: The Swedish Post and Telecom Authority (PTS)
0%
25%
50%
75%
100%
2005 2006 2007 2008 2009 2010 1H2011
SHARE OF PRE- AND POSTPAID
SUBSCRIPTIONS*
Prepaid Postpaid
17
Sweden: Mobile operational performance
MOBILE REVENUE SPLIT MOBILE REVENUE
and MOBILE EBITDA MARGIN
SEK Million
Revenue (left) Mobile EBITDA margin (right)
Mobile revenue will continue to grow driven by
a strong customer demand for data
Data access
revenue (%)
Voice revenue (%)
0%
10%
20%
30%
40%
0
500
1 000
1 500
2 000
2 500
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
79%
21%
18
Tele2 Sweden forward looking statement
The following assumptions should
be taken into account when
estimating the operational
performance of the Swedish mobile
operations in 2012:
• Tele2 expects mobile service revenue to
grow by approximately 3-5 (earlier 2-4)
percent.
• Tele2 expects an EBITDA margin of
between 30-32 (earlier 33-35) percent
assuming a stable market
environment.
19
Q1 Highlights Tele2 Norway
• Integration of Tele2 Norway completed
• Satisfactory intake of 16,000 mobile customers
• Tele2 Norway reported total external revenue of
SEK 1,135 mln, of which SEK 1,060 mln was mobile revenue
• Mobile EBITDA contribution was SEK 15 (21) mln
-25%
0%
25%
50%
75%
0
400
800
1 200
1 600
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
Mobile Fixed telephony Fixed broadband Other Customer base (left)
Customer net
intake (right) EBITDA
margin (right)
YoY net sales
growth (right)
SEK Million SEK Million Thousands of customers
EBITDA and
EBITDA MARGIN
NET SALES and
YoY NET SALES GROWTH
CUSTOMER BASE and
CUSTOMER INTAKE
-8%
-4%
0%
4%
8%
-80
-40
0
40
80
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
-20
-10
0
10
20
0
400
800
1 200
1 600
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
20
Tele2 Norway forward looking statement
The following assumptions should
be taken into account when
estimating the operational
performance of the total operations
in Norway in 2012:
• Tele2 expects a total revenue of
between SEK 5,000-5,200 mln.
• Tele2 expects an EBITDA margin of
between 2-3 percent.
• Tele2 expects capex of between SEK
850-950 mln.
21
Market Area Western Europe:
Overview
Focus
Netherlands Grow in mobile and B2B
Austria B2B & Integration of Silver Server
Germany Grow Fixed Via Mobile product
Population
106 million
Leading the group in business to business services
and consumer fixed broadband
Represents 19% of total net sales Q1 2012
Netherlands 13%; Germany 2.5%; Austria 3.5%
22
Q1 Highlights Tele2 Netherlands
SEK Million SEK Million Thousands of customers
• Mobile growth realized mainly in high value postpaid
segment
• Stable financial performance in a turbulent market
• On-going evaluation of possibilities for Tele2
Netherlands to become an MNO
• Significant intake of 13,000 mobile customers
• Secured government contract
-40
-30
-20
-10
0
0
300
600
900
1 200
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12-10%
-5%
0%
5%
10%
0
400
800
1 200
1 600
Q1 11 Q2 11 Q3 11 Q4 11 Q1 120%
10%
20%
30%
40%
0
150
300
450
600
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
Mobile Fixed telephony Fixed broadband Other Customer base (left)
Customer net
intake (right) EBITDA
margin (right)
YoY net sales
growth (right)
EBITDA and
EBITDA MARGIN
NET SALES and
YoY NET SALES GROWTH
CUSTOMER BASE and
CUSTOMER INTAKE
23
Q1 Highlights Tele2 Germany
and Tele2 Austria
• Both Austria and Germany show stable profitabilty
• Tele2 Germany: Fixed via Mobile product still
going strong with further growing customer base
• Tele2 Austria: Integration of Silver Server
proceeding according to plan. This will further
strengthen Tele2’s position in the B2B market
TELE2 GERMANY
EBITDA MARGIN
TELE2 AUSTRIA
EBITDA MARGIN
0%
10%
20%
30%
40%
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
0%
10%
20%
30%
40%
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
24
Market Area Central Europe
and Eurasia: Overview
Population
28 million
Represents 11% of total net sales Q1 2012
Estonia 1.9%; Latvia 2.3%; Lithuania 2.8%;
Croatia 2.5%; Kazakhstan 1.5%
Focus
Efficiency improvements in Baltics
Need to grow in revenue, profits and market share in Croatia
Launch two remaining regions and continue to grow rapidly in Kazakhstan
25
SEK Million SEK Million
Q1 Highlights Tele2 Estonia
• Acquisition of company Televõrgu AS is
completed on 17 February 2012
• Tele2 Estonia maintained a positive
customer net intake
-15%
-8%
0%
8%
15%
0
75
150
225
300
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
20%
24%
28%
32%
36%
0
20
40
60
80
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
-10
0
10
20
30
0
150
300
450
600
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
YoY net sales
growth (right)
Net sales (left)
EBITDA
margin (right)
EBITDA (left) Customer base (left)
Customer net
intake (right)
EBITDA and
EBITDA MARGIN
NET SALES and
YoY NET SALES GROWTH
CUSTOMER BASE and
CUSTOMER INTAKE
Thousands of customers
26
• Rights obtained for 2 x 20 MHz in the 2.6
GHz frequency band
• EBITDA margin amounted to 37%
Q1 Highlights Tele2 Latvia
32%
34%
36%
38%
40%
0
30
60
90
120
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12-25%
-20%
-15%
-10%
-5%
0
100
200
300
400
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12-40
-20
0
20
40
0
300
600
900
1 200
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
SEK Million SEK Million
EBITDA and
EBITDA MARGIN
NET SALES and
YoY NET SALES GROWTH
CUSTOMER BASE and
CUSTOMER INTAKE
Thousands of customers
YoY net sales
growth (right)
Net sales (left)
EBITDA
margin (right)
EBITDA (left) Customer base (left)
Customer net
intake (right)
27
• Mobile license of obtained 2 x 20 MHz in the 2.6 GHz
frequency band
• EBITDA margin amounted to 41% partly driven by
seasonality
Q1 Highlights Tele2 Lithuania
-15%
-10%
-5%
0%
5%
0
100
200
300
400
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
10%
20%
30%
40%
50%
0
40
80
120
160
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
-30
-15
0
15
30
0
500
1 000
1 500
2 000
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
SEK Million SEK Million
EBITDA and
EBITDA MARGIN
NET SALES and
YoY NET SALES GROWTH
CUSTOMER BASE and
CUSTOMER INTAKE
Thousands of customers
YoY net sales
growth (right)
Net sales (left)
EBITDA
margin (right)
EBITDA (left) Customer base (left)
Customer net
intake (right)
28
• Q1 result below expectation
• 6% revenue tax was re-stated from February 2012
• Positive customer net intake in all segments
Q1 Highlights Tele2 Croatia
0%
3%
6%
9%
12%
0
15
30
45
60
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
-8%
-6%
-4%
-2%
0%
0
125
250
375
500
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12-50
-25
0
25
50
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
EBITDA (left)
EBITDA margin
(right)
Net sales(left)
Net sales YoY
growth (right) EBITDA-CAPEX
EBITDA CAPEX
EBITDA and
EBITDA MARGIN
NET SALES and
YoY NET SALES GROWTH
EBITDA-CAPEX
SEK Million SEK Million SEK Million
29
Tele2 Croatia forward looking
statement
The following assumption should
be taken into account when
estimating the operational
performance of the Croatian mobile
operations in 2012:
• Tele2 expects Croatia to reach an
EBITDA margin of 20 percent by Q3
2013.
30
Customer base (left)
Customer intake
(right)
Q1 Highlights Tele2 Kazakhstan
• Commercial launch of the Tele2 brand completed in
14 out of 16 regions
• More than 1 900 BTS on air
• Solid net intake of 332,000 customers
• Total number of customers amounted to 1.7 million
-200
0
200
400
600
0
500
1 000
1 500
2 000
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
0
50
100
150
200
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
NET SALES ARPU (SEK) and
MINUTES OF USE
CUSTOMER BASE and
CUSTOMER INTAKE
Net sales
SEK Million Thousands of customers
0
25
50
75
100
0
15
30
45
60
0111
0211
0311
0411
0511
0611
0711
0811
0911
1011
1111
1211
0112
0212
0312
Minutes of use
(right)
ARPU (left)
SEK MoU
31
Launch status Tele2 Kazakhstan
Almaty
Taldykorgan
Karagandy
Aktobe
Oral
Aktau
Kyzyl-Orda
Kokshetau
Astana
Petropavl
Kostanay
Pavlodar
Shymkent
Taraz
Semey
Oskemen
Atyrau
Two regions with the main cities of Shymkent and Taraz were launched in March.
The commercial launch of the remaining two regions is expected in April.
32
Tele2 Kazakhstan forward-looking statement
The following assumptions should be
taken into account when estimating the
operational performance of the total
operations in Kazakhstan in 2012:
• Tele2 expects the subscriber base to reach
2.5-2.7 (earlier 2.3-2.5) mln.
• Tele2 expects an EBITDA contribution of
between SEK -350 to -400 (earlier -325 to
-375) mln.
• Tele2 expects capex of between
SEK 550-600 mln.
• Tele2 expects to reach EBITDA break-even
by 2H 2013.
• Tele2 expects to reach a long-term mobile
customer market share of 30 percent.
33
Agenda
• About Q1 2012
• Financial review
• Concluding remarks
34
Group results
SEK million Q1 2012 Q1 2011 % FY 2011
Net sales 10 481 9 642 8.7% 41 001
EBITDA 2 571 2 544 1.1% 11 212
EBITDA margin (%) 24.5% 26.4% -1.9% 27.3%
Depreciaion & associated companies -1 189 -970 22.6% -4 158
Depreciation of net sales (%) -11.3% -10.1% -1.3% -10.1%
One-off items 1 99 -4
EBIT 1 383 1 673 -17.3% 7 050
Normalized EBIT 1 382 1 574 -12.2% 7 054
Normalized EBIT margin (%) 13.2% 16.3% -3.1% 17.2%
Financial items -178 -74 140.5% -674
Taxes -336 -373 -9.9% -1 472
Net profit 869 1 226 -29.1% 4 904
Discontinued operations - -13 -100.0% -7
Net profit 869 1 213 -28.4% 4 897
35
Currency movements Q1 2012
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
EUR RUB NOK
Average Q1 2012 vs. Q1 2011 Fixing rate Mar 2012 vs. Dec 2011
EUR/EUR pegged and RUB currencies represent 58%
of external sales and 72% of EBITDA
36
Depreciation
8.5%
9.0%
9.5%
10.0%
10.5%
11.0%
11.5%
0
300
600
900
1 200
1 500
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
Depreciation Depreciation of net sales (%)
Change Y-on-Y for Q1 • Acquisition of Network Norway
(SEK 86 mln) of which surplus
depreciation and amortisation of
SEK 63 mln
• Upgrade/replacement of
networks in the Baltics during
2012 - 2013 (SEK 69 mln)
• Sweden SEK 43 mln
• Kazakhstan SEK 19 mln
DEPRECIATION and
DEPRECIATION % OF NET SALES
SEK Million
37
Financial items
Financial items (MSEK) Q1 2012 Q1 2011 FY 2011
Interst income/costs -178 -41 -483
Exchange rate differences, external -13 -9 -24
Exchange rate differences, intragroup 53 17 13
Other financial items -40 -41 -180
Total -178 -74 -674
38
Taxes
Deferred tax assets at year to date
amounted to SEK 2.7 (Dec 2011: 3) billion
Taxes in income statement (MSEK) Q1 2012 Q1 2011 FY 2011
Normal -336 -373 -1 580
One off - - 108
Total -336 -373 -1 472
Taxes in cash flow statement (MSEK) Q1 2012 Q1 2011 FY 2011
Normal -202 -225 -948
One off - - -
Total -202 -225 -948
39
Cash flow
Cash flow (MSEK) Q1 2012 Q1 2011 FY 2011
OPERATING ACTIVITIES
Before paid tax 2 517 2 664 10 895
Paid taxes -202 -225 -948
Change in working capital -419 -257 -257
CF from operating activities 1 896 2 182 9 690
INVESTING ACTIVITIES
CAPEX -830 -1 016 -5 572
% of net sales 7.9% 10.5% 13.6%
CF after CAPEX 1 066 1 166 4 118
Shares and participations -198 3 -1 563
Total 868 1 169 2 555
40
Proforma financial debt profile
12.8
12.1
-2.5
0.0
2.5
5.0
7.5
10.0
12.5
15.0
Q4 11 Q1 12
SOURCES OF FUNDING SEK Billion
Revolving credit facility Russia bond Other financing Commercial paper
Norwegian bond Off BS items Cash Proforma net debt
41
Bal. sheet consideration / Fin. leverage
Shareholder
remuneration
Cash / Buffer
M&A / New growth
opportunities
When available, invest in value accretive M&A or
new business opportunities meeting Tele2’s
strict financial hurdles
Enhance shareholder value by distributing
recurring cash to shareholders
Retain financial buffer
Prudent assessment based on (a) status of operations, (b) future strategic opportunities,
(c) competitive landscape and (d) general macroeconomic status
C
A
S
H
G
E
N
E
R
A
T
I
O
N
42
Net debt and dividend targets
Shareholder remuneration
“Tele2 will seek to pay a progressive ordinary dividend of no less than 50 percent
of net income excluding one-off items. Extraordinary dividends and the authority to
purchase Tele2’s own shares will be recommended or sought when the anticipated
total return to shareholders is deemed to be greater than the achievable returns
from the deployment of the capital within the group's operating segments or the
acquisition of assets within Tele2’s economic requirements.”
Balance sheet
“Tele2 has a target net debt to EBITDA ratio of between 1.25 and 1.75 times over
the medium term. The company’s longer term financial leverage should be in line
with the industry and the markets in which it operates and reflect the status of its
operations, future strategic opportunities and contingent liabilities.”
43
12.8 12.1
2.9 2.9
0.00
0.25
0.50
0.75
1.00
1.25
1.50
1.75
2.00
0.0
2.5
5.0
7.5
10.0
12.5
15.0
17.5
20.0
Q4 11 Q1 12
PROFORMA FINANCIAL NET DEBT / EBITDA 12'M ROLLING SEK Billion / Ratio
Proforma Net Debt Ordinary dividend (to be paid May 2012)
Extraordinary dividend (to be paid May 2012) Leverage Net
Leverage Gross
Debt position and ratio
Upper limit
Lower limit
44
Group financials Mobile Fixed telephony Other Fixed broadband
GROUP EBITDA and
GROUP EBITDA MARGIN
GROUP CAPEX (BS) ROCE (NORMALISED)
GROUP NET SALES
SEK Million SEK Million
SEK Million Percent
Group EBITDA
margin
20%
22%
24%
26%
28%
30%
0
1 000
2 000
3 000
4 000
Q1 11 Q2 11 Q3 11 Q4 11 Q1 120
3 000
6 000
9 000
12 000
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
0
500
1 000
1 500
2 000
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
19%
21%
22%
19%
15%
0%
5%
10%
15%
20%
25%
Q1 Q2 Q3 Q4 Q1
45
0%
15%
30%
45%
60%
0
400
800
1 200
1 600
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
Mobile EBITDA: Sweden and Russia
SWEDEN EBITDA and EBITDA
MARGIN (MOBILE)
SEK Million
EBITDA margin (right)
EBITDA (left)
RUSSIA EBITDA and EBITDA
MARGIN (MOBILE)
0%
15%
30%
45%
60%
0
400
800
1 200
1 600
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
SEK Million
EBITDA margin (right)
EBITDA (left)
46
Agenda
• About Q1 2012
• Financial review
• Concluding remarks
47
Concluding remarks
• Create a strong network based
operator in Norway
• Start exploiting 4G services in
Sweden
• Evaluate MNO opportunities in the
Netherlands
• Complete the launch of mobile
services in all regions in
Kazakhstan
• Progress within technology
neutrality
48
Q&A
49
50
Norway: Current market positions
High perceived price
Low perceived price
Low perceived
quality/service
High perceived
quality/service
51
0
3 000
6 000
9 000
12 000
15 000
Q1 11 Q1 12
Currency-adjusted sales and EBITDA
CURRENCY-ADJUSTED SALES SEK Million
+ 8%
CURRENCY-ADJUSTED EBITDA SEK Million
0
500
1 000
1 500
2 000
2 500
3 000
Q1 11 Q1 12
+ 1%
52
Group mobile EBITDA
* Norway, Netherlands and Germany are treated as MVNO
SEK Million
GROUP MOBILE EBITDA
0%
7%
14%
21%
28%
35%
0
500
1 000
1 500
2 000
2 500
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12
Mobile EBITDA, own infrastructure Mobile EBITDA, MVNO
Mobile EBITDA margin, own infrastructure (%) Mobile EBITDA margin, total group (%)
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