1Q 2014 RESULTS ANALYST BRIEFING...Group Results 1Q 2014 6 RMmn Reported 1Q14 4Q13 % Change QoQ 1Q13...

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1Q 2014 RESULTS ANALYST BRIEFING 28 May 2014

Transcript of 1Q 2014 RESULTS ANALYST BRIEFING...Group Results 1Q 2014 6 RMmn Reported 1Q14 4Q13 % Change QoQ 1Q13...

Page 1: 1Q 2014 RESULTS ANALYST BRIEFING...Group Results 1Q 2014 6 RMmn Reported 1Q14 4Q13 % Change QoQ 1Q13 % Change YoY Revenue 2,620.0 2,979.8 -12.1 2,424.6 +8.1 Other Operating Income

1Q 2014 RESULTS

ANALYST BRIEFING

28 May 2014

Page 2: 1Q 2014 RESULTS ANALYST BRIEFING...Group Results 1Q 2014 6 RMmn Reported 1Q14 4Q13 % Change QoQ 1Q13 % Change YoY Revenue 2,620.0 2,979.8 -12.1 2,424.6 +8.1 Other Operating Income

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This presentation contains projections and “forward-looking statements” relating to the Company’s business and the sectors in which the

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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

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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.

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Page 3: 1Q 2014 RESULTS ANALYST BRIEFING...Group Results 1Q 2014 6 RMmn Reported 1Q14 4Q13 % Change QoQ 1Q13 % Change YoY Revenue 2,620.0 2,979.8 -12.1 2,424.6 +8.1 Other Operating Income

Performance Overview

Financial review

Operating highlights

Concluding remarks

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Page 4: 1Q 2014 RESULTS ANALYST BRIEFING...Group Results 1Q 2014 6 RMmn Reported 1Q14 4Q13 % Change QoQ 1Q13 % Change YoY Revenue 2,620.0 2,979.8 -12.1 2,424.6 +8.1 Other Operating Income

Key Highlights 1Q 2014

4

Key Operating Indicators

Financial Performance

• Operating revenue increased by 8.1% YoY to RM2.6bn • Reported EBIT increased by 6.3% YoY to RM316.8mn; Normalised EBIT lower by 2.1% YoY to RM293.9mn • Reported PBT up by 21.8% YoY to RM279.6mn • Reported PATAMI lower by 1.2% YoY to RM210.6mn

• Internet revenue up by 12.7% YoY to RM726mn driven by UniFi and Streamyx customers growth as well as HyppTV Content. Data revenue up by 3.5% YoY to RM606mn • UniFi customer base up 22.6% YoY, close to 653,000 customers. Overall broadband customer base grew by 5.7% YoY to 2.23mn

Page 5: 1Q 2014 RESULTS ANALYST BRIEFING...Group Results 1Q 2014 6 RMmn Reported 1Q14 4Q13 % Change QoQ 1Q13 % Change YoY Revenue 2,620.0 2,979.8 -12.1 2,424.6 +8.1 Other Operating Income

Performance Overview Financial review Operating highlights

Concluding remarks

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Page 6: 1Q 2014 RESULTS ANALYST BRIEFING...Group Results 1Q 2014 6 RMmn Reported 1Q14 4Q13 % Change QoQ 1Q13 % Change YoY Revenue 2,620.0 2,979.8 -12.1 2,424.6 +8.1 Other Operating Income

Group Results 1Q 2014

6

RMmn Reported

1Q14 4Q13 % Change QoQ 1Q13 % Change YoY

Revenue 2,620.0 2,979.8 -12.1 2,424.6 +8.1

Other Operating Income

50.2 35.8 +40.2 30.7 +63.5

EBITDA 896.7 958.0 -6.4 806.7 +11.2

Depn & Amort. 579.9 578.8 +0.2 508.7 +14.0

EBIT 316.8 379.2 -16.5 298.0 +6.3

Net Finance Cost* 40.5 60.8 -33.4 49.6 -18.3

FX (Gain) / Loss (2.9) 8.7 +>100.0 18.6 +>100.0

Profit Before Tax (PBT) 279.6 309.7 -9.7 229.5 +21.8

PATAMI 210.6 344.2 -38.8 213.2 -1.2

Normalised PATAMI 185.3 289.7 -36.0 234.0 -20.8

Note: For Normalised EBIT and Normalised PBT refer Slides 7 and 8 •Excludes FX (Gain )/Loss

Operating revenue grew by 8.1% YoY

Page 7: 1Q 2014 RESULTS ANALYST BRIEFING...Group Results 1Q 2014 6 RMmn Reported 1Q14 4Q13 % Change QoQ 1Q13 % Change YoY Revenue 2,620.0 2,979.8 -12.1 2,424.6 +8.1 Other Operating Income

Normalised EBIT Normalised EBIT lower by 2.1% vs. 1Q2013

In RM mn 1Q14 4Q13 1Q13

Reported EBIT 316.8 379.2 298.0

Non Operational

FX (Gain)/Loss on International Trade Settlement (1.2) 0.6 2.0

Loss on Sale of Assets 0.2 - 0.1

Negative Goodwill on acquisition of a new subsidiary (21.9) - -

Normalised EBIT 293.9 379.8 300.1

Normalised EBIT Margin 11.1% 12.6% 12.2%

Reported EBIT Margin 11.9% 12.6% 12.1%

EBIT is calculated as Total Revenue (Operating Revenue + Oth. Operating Income) less Total Cost EBIT Margin is calculated as percentage of EBIT against Total Revenue Normalised EBIT Margin is calculated as percentage of Normalised EBIT against Normalised Total Revenue (Operating Revenue + Oth. Operating Income – Loss on Sale of Assets – Negative Goodwill on acquisition of new subsidiary) 1Q14 results includes RM6.7mn EBITDA of a 100% owned subsidiary acquired in early Jan 2014

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Page 8: 1Q 2014 RESULTS ANALYST BRIEFING...Group Results 1Q 2014 6 RMmn Reported 1Q14 4Q13 % Change QoQ 1Q13 % Change YoY Revenue 2,620.0 2,979.8 -12.1 2,424.6 +8.1 Other Operating Income

Normalised PBT

In RM mn 1Q14 4Q13 1Q13

Reported PBT 279.6 309.7 229.5

Non Operational

FX (Gain)/Loss on International Trade Settlement (1.2) 0.6 2.0

Other (Gain)/Losses* 0.7 0.7 0.2

Unrealised FX (Gain)/Loss on Long Term Loans

(2.9) 8.7 18.6

Negative Goodwill on acquisition of a new subsidiary (21.9) - -

Normalised PBT 254.3 319.7 250.3

*Comprise fair value (FV) changes of FVTPL (FV through P&L) investment, gain/loss on disposal for AFS (available for sale) investments and gain/loss on Sale of Assets

Normalised PBT higher by 1.6% vs. 1Q2013

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9

20.7 21.7

17.5 16.8

22.5 22.4

11.0 10.4

6.0 6.8

5.6 5.7

3.3 3.0 1.3 1.4

1Q13 1Q14

Bad Debt

Marketing Expenses

Supplies & material

Maintenance Cost

Other operating cost

Manpower cost

Direct cost

Dep & Amortisation

Cost % of Revenue1

Note: The classification of cost is as per financial reporting

(Please refer to Appendix for quarterly details & breakdown)

Revenue = Operating Revenue + Other Operating Income 1

RM mn RM mn

Total Cost / Revenue ( %)

RM2,157.3

87.9%

RM2,353.4

88.1%

% of Revenue

Higher cost in 1Q2014 to enhance customer experience

1Q 2014 vs. 1Q 2013 •Higher D&A due to impact of

higher depreciation for customer project, higher asset base •Higher Maintenance cost due to higher customer projects at TM Government •Higher Supplies & Materials cost due to higher cost of sales and customer projects

Page 10: 1Q 2014 RESULTS ANALYST BRIEFING...Group Results 1Q 2014 6 RMmn Reported 1Q14 4Q13 % Change QoQ 1Q13 % Change YoY Revenue 2,620.0 2,979.8 -12.1 2,424.6 +8.1 Other Operating Income

Lower capex/revenue ratio Group Capital Expenditure

10

125

77

27

24

16

9

0

50

100

150

200

1Q13 1Q14

Access Core Network Support System*

37 48

11

15 20

27

0

20

40

60

80

100

1Q13 1Q14 Access Core Network Support System*

162

125

38

39

36

36

0

50

100

150

200

250

1Q13 1Q14

Access Core Network Support System*

*Include Application, Support System & Others (building, land improvement, moveable plants, application & other assets)

HSBB Capex

Note : BAU – Business As Usual

RM mn

236

168

9.7

BAU Capex

68

2.8

Capex / Revenue ( %)

111

90

3.4

201

7.7

4.2 6.9

Total Capex

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Group Cash Flow & Key Financial Ratios

11

Cash balance at RM2.8bn

31 Mar 14 31 Dec 13 31 Mar 14 31 Dec 13Return on Invested Capital 6.96% 7.68% Gross Debt to EBITDA 1.86 1.92

Return on Equity 11.45% 14.80% Net Debt/EBITDA 1.12 1.04

Return on Assets 5.90% 6.27% Gross Debt/ Equity 0.94 0.90

Current Ratio 1.17 0.99 Net Debt/ Equity 0.56 0.55

WACC 6.90% 6.67% Net Assets/Share (sen) 205.0 199.5

31 Mar 14 31 Dec 13

RM mn 1Q14 1Q13

Cash & cash equivalent at start 2,514.5 3,738.3

Cashflows from operating activities 406.4 380.6

Cashflows used-in investing activities (444.4) (555.6)

Capex 201.0 236.0

Cashflows used-in financing activities 312.7 197.7

Effect of exchange rate changes (0.3) (2.3)

Cash & cash equivalent at end 2,788.9 3,758.7

Free cash-flow (EBITDA – Capex) 695.7 570.7

31 Dec 13 31 Mar 14

3

Includes reclassification of long term debt due within the next 12 months to current liabilities (RM1.5bn)

Based on Normalised EBIT (1Q14 excludes Negative Goodwill on acquisition of a new subsidiary) Based on Normalised PATAMI (1Q14 excludes Negative Goodwill on acquisition of a new subsidiary)

1

1

2

3

1 2

Page 12: 1Q 2014 RESULTS ANALYST BRIEFING...Group Results 1Q 2014 6 RMmn Reported 1Q14 4Q13 % Change QoQ 1Q13 % Change YoY Revenue 2,620.0 2,979.8 -12.1 2,424.6 +8.1 Other Operating Income

Performance Overview

Financial review

Operating highlights

Concluding remarks

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Page 13: 1Q 2014 RESULTS ANALYST BRIEFING...Group Results 1Q 2014 6 RMmn Reported 1Q14 4Q13 % Change QoQ 1Q13 % Change YoY Revenue 2,620.0 2,979.8 -12.1 2,424.6 +8.1 Other Operating Income

Voice 33%

Data 23%

Internet 28%

Others 16%

Voice 36%

Data 24%

Internet 27%

Others 13%

318

673

414

1Q13 4Q13 1Q14

644 709 726

1Q13 4Q13 1Q14

585 687 606

1Q13 4Q13 1Q14

878 911 874

1Q13 4Q13 1Q14

Group Total Revenue by Product

Data

RM mn

RM mn RM mn

Voice

Others*

Internet 1Q14

1Q13

RM mn RM mn

RM mn

RM2,620mn

RM2,425mn

*Others comprise other telco and non-telco services (i.e ICT-BPO, MMU tuition fees, customer projects)

YoY revenue growth driven by Internet and Others

+12.7%

+2.4%

13

-0.4%

-4.0%

+3.5%

-11.8%

+30.4%

-38.5%

Page 14: 1Q 2014 RESULTS ANALYST BRIEFING...Group Results 1Q 2014 6 RMmn Reported 1Q14 4Q13 % Change QoQ 1Q13 % Change YoY Revenue 2,620.0 2,979.8 -12.1 2,424.6 +8.1 Other Operating Income

Retail 76%

Global & Wholesale

15%

Others 9%

Retail 77%

Global & Wholesale

15%

Others 8%

1,854 2,207 1,983

1Q13 4Q13 1Q14

Positive YoY growth across all segments

14

Group Total Revenue by Line of Business

* Others comprise revenue from VADS, Property Development, TM R&D, TMIM, UTSB and MKL

197

294 248

1Q13 4Q13 1Q14

374 478

388

1Q13 4Q13 1Q14

Global & Wholesale

1Q14 1Q13 RM2,620mn RM2,425mn

Retail

RM mn RM mn RM mn

Others*

+7.0%

-10.1%

+4.0%

-18.8%

+25.8%

-15.5%

Page 15: 1Q 2014 RESULTS ANALYST BRIEFING...Group Results 1Q 2014 6 RMmn Reported 1Q14 4Q13 % Change QoQ 1Q13 % Change YoY Revenue 2,620.0 2,979.8 -12.1 2,424.6 +8.1 Other Operating Income

2,364 2,337 2,317 2,296 2,262

1,474 1,463 1,453 1,442 1,423

532 577 607 635 653

1Q13 2Q13 3Q13 4Q13 1Q14

Fixed Line Residential Fixed Line Business UniFi

448 484 509 530 544

84 93 98 105 109

1Q13 2Q13 3Q13 4Q13 1Q14

UniFi Residential UniFi Business

1,292 1,291 1,290 1,292 1,292

285 285 287 288 285

532 577 607 635 653

1Q13 2Q13 3Q13 4Q13 1Q14

Streamyx Residential Streamyx Business UniFi

Net adds (in thousand)

In thousand

In thousand

+5.7%

+0.7%

Physical Highlights

Broadband Customer Growth

Fixed Line Customer Growth

4,370

2,109

Net adds (in thousand)

532

UniFi

15

*Call Usage Only ** Streamyx Net ARPU *** Blended ARPU

ARPU (RM) 1Q13 2Q13 3Q13 4Q13 1Q14

Fixed Line (DEL)* 31 32 31 33 30

Streamyx Broadband** 80 82 83 85 86

UniFi*** 178 180 183 185 188

ARPU

577

+45

+44

2,153

4,377

In thousand

+30

607 2,184

+31

4,377

2,215

+31 +28

635

4,373

+22.6%

+2.8%

-0.8%

-0.8%

2,230

+15 +18

653

4,338

Healthy broadband growth, higher take up of high speed broadband

Page 16: 1Q 2014 RESULTS ANALYST BRIEFING...Group Results 1Q 2014 6 RMmn Reported 1Q14 4Q13 % Change QoQ 1Q13 % Change YoY Revenue 2,620.0 2,979.8 -12.1 2,424.6 +8.1 Other Operating Income

Performance Overview

Financial review

Operating highlights

Concluding remarks

16

Page 17: 1Q 2014 RESULTS ANALYST BRIEFING...Group Results 1Q 2014 6 RMmn Reported 1Q14 4Q13 % Change QoQ 1Q13 % Change YoY Revenue 2,620.0 2,979.8 -12.1 2,424.6 +8.1 Other Operating Income

Key Takeaways & 2014 Business Priorities

Financial Performance

Broadband Champion

• Operating revenue grew by 8.1% YoY led by Internet, Data and Others

• Reported EBIT up by 6.3% YoY Normalised EBIT lower by 2.1% YoY • Reported PBT up by 21.8% YoY • Reported PATAMI lower by 1.2% YoY • Lower Capex/Revenue ratio at 7.7%

• Total broadband customer base grown to 2.23mn • Increasing number of customers on high speed broadband

43% of total broadband customers on 4Mbps and above

>665,000 Unifi customers to date; 43% takeup rate

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Game Changing Year : Information and Innovation Exchange -To become Malaysia’s Broadband Champion -To develop a full suite of converged communications services PIP 3.0 initiatives -Continued Growth, Fundamental Productivity Shift, Institutional

Health Drivers

2014 Business Priorities

Page 18: 1Q 2014 RESULTS ANALYST BRIEFING...Group Results 1Q 2014 6 RMmn Reported 1Q14 4Q13 % Change QoQ 1Q13 % Change YoY Revenue 2,620.0 2,979.8 -12.1 2,424.6 +8.1 Other Operating Income

Appendices

Page 19: 1Q 2014 RESULTS ANALYST BRIEFING...Group Results 1Q 2014 6 RMmn Reported 1Q14 4Q13 % Change QoQ 1Q13 % Change YoY Revenue 2,620.0 2,979.8 -12.1 2,424.6 +8.1 Other Operating Income

19

Normalised EBITDA Normalised EBITDA higher by 8.0% vs. 1Q2013

In RM mn 1Q14 4Q13 1Q13

Reported EBITDA 896.7 958.0 806.7

Non Operational

FX (Gain)/Loss on International Trade Settlement (1.2) 0.6 2.0

Loss on Sale of Assets 0.2 - 0.1

Negative Goodwill on acquisition of a new subsidiary (21.9) - -

Normalised EBITDA 873.8 958.6 808.8

Normalised EBITDA Margin 33.0% 31.8% 32.9%

Reported EBITDA Margin 33.6% 31.8% 32.9%

Note : EBITDA 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 Normalised EBITDA Margin is calculated as percentage of Normalised EBITDA against Normalised Total Revenue (Operating Revenue + Oth. Operating Income – Loss on Sale of Assets – Negative Goodwill on acquisition of a new subsidiary) 1Q14 results includes RM6.7mn EBITDA of a 100% owned subsidiary acquired in early Jan 2014

Page 20: 1Q 2014 RESULTS ANALYST BRIEFING...Group Results 1Q 2014 6 RMmn Reported 1Q14 4Q13 % Change QoQ 1Q13 % Change YoY Revenue 2,620.0 2,979.8 -12.1 2,424.6 +8.1 Other Operating Income

20

Normalised PATAMI

In RM mn 1Q14 4Q13 1Q13

Reported PATAMI 210.6 344.2 213.2

Non Operational

FX (Gain)/Loss on International Trade Settlement (1.2) 0.6 2.0

Other (Gain)/Losses* 0.7 0.7 0.2

Unrealised FX (Gain)/Loss on Long Term Loans

(2.9) 8.7 18.6

Tax Incentives** - (29.5) -

Impact of tax rate changes - (35.0) -

Negative Goodwill on acquisition of a new subsidiary (21.9) - -

Normalised PATAMI** 185.3 289.7 234.0

*Comprise fair value (FV) changes of FVTPL (FV through P&L) investment, gain/loss on disposal for AFS (available for sale) investments and gain/loss on Sale of Assets

**Current year tax incentives: 1Q14: Nil, 1Q13: RM53.6mil (HSBB)

Normalised PATAMI was lower due to expiry of HSBB related tax incentives

Page 21: 1Q 2014 RESULTS ANALYST BRIEFING...Group Results 1Q 2014 6 RMmn Reported 1Q14 4Q13 % Change QoQ 1Q13 % Change YoY Revenue 2,620.0 2,979.8 -12.1 2,424.6 +8.1 Other Operating Income

Cost % of Revenue

21

1Q14 4Q13 1Q13

Comments (1Q14 vs 1Q13)

Operating Revenue (RM mil) 2,620.0 2,979.8 2,424.6 -

Other Operating Income (RM mil)

50.2 35.8 30.7 -

Direct Costs % 16.8 17.1 17.5 Higher absolute cost due to content cost and USP cost RM mil. 447.8 516.9 430.0

Manpower % 22.4 20.4 22.5 Higher absolute cost due to annual increments

RM mil. 599.4 614.4 551.3

Supplies & Materials % 5.7 7.0 5.6 Higher due to cost of sales and customer projects RM mil. 152.3 211.9 136.7

Bad & Doubtful Debts % 1.4 0.9 1.3 Higher due to impairment of trade receivables

RM mil. 36.4 27.2 31.4

Marketing Expenses % 3.0 4.2 3.3 Lower charges and commission

RM mil. 78.8 125.7 80.9

Maintenance Cost % 6.8 8.4 6.0 Higher maintenance cost due to customer projects at TM Government RM mil. 181.1 254.8 147.1

Other Operating Costs % 10.4 10.2 11.0 Higher absolute cost due to international services and professional fees RM mil. 277.7 306.7 271.2

Depreciation & Amortisation % 21.7 19.2 20.7 Higher due to impact of customer project and higher asset base RM mil. 579.9 578.8 508.7

Total (RM mil) 2,353.4 2,636.4 2,157.3 -

Total (%) 88.1 87.4 87.9 -

Page 22: 1Q 2014 RESULTS ANALYST BRIEFING...Group Results 1Q 2014 6 RMmn Reported 1Q14 4Q13 % Change QoQ 1Q13 % Change YoY Revenue 2,620.0 2,979.8 -12.1 2,424.6 +8.1 Other Operating Income

7,136.7

162.6

8,076.7

4,865.0

1,151.0

1,999.5

51.4

9.8

15,376.0

5,722.2

1,847.7

440.9

2,514.9

918.7

5,770.5

3,172.8

1,590.2

1,007.5

(48.3)

14,572.0

852.3

15,376.0

Group Balance Sheet

22

As at 31 Dec 2013

7,333.9

170.8

8,522.5

5,288.2

1,190.4

1,980.5

51.1

12.3

16,027.2

6,582.1

2,463.7

451.8

2,799.2

867.4

5,628.0

2,920.5

1,592.7

1,114.8

954.1

14,217.5

855.6

16,027.2

Shareholders’ Funds

Non-Controlling Interests

Deferred & Long Term Liabilities

Long Term Borrowings

Deferred Tax

Deferred Income

Derivative financial liabilities

Other payables

Current Assets

Trade Receivables

Other Receivables

Cash & Bank Balances

Others

Current Liabilities

Trade and Other Payables

Short Term Borrowings

Others

Net Current (Liabilities)/Assets*

Property Plant & Equipment

Other Non-Current Assets

RM Million As at 31 Mar 2014

*Due to reclassification of long term debt due within the next 12 months to current liability (RM1.5bn)

Page 23: 1Q 2014 RESULTS ANALYST BRIEFING...Group Results 1Q 2014 6 RMmn Reported 1Q14 4Q13 % Change QoQ 1Q13 % Change YoY Revenue 2,620.0 2,979.8 -12.1 2,424.6 +8.1 Other Operating Income

727 754 726

383 390 392

643 706 725

112 373

149

1Q13 4Q13 1Q14

Others

Internet

Data

Voice

RETAIL

23 Note: Total revenue is after inter-co elimination. Revenue of product is before inter-co elimination

RM mn -10.1%

+7.0%

Revenue by Product

2,207 1,983

1,854

154 155 150

247 340

265

19

29

26

1Q13 4Q13 1Q14

Others

Data

Voice

Others : Include internet

Revenue by Product

RM mn -18.8%

+4.0%

478

388 374

GLOBAL & WHOLESALE

Page 24: 1Q 2014 RESULTS ANALYST BRIEFING...Group Results 1Q 2014 6 RMmn Reported 1Q14 4Q13 % Change QoQ 1Q13 % Change YoY Revenue 2,620.0 2,979.8 -12.1 2,424.6 +8.1 Other Operating Income

THANK YOU Any queries please email to : [email protected]

•Investor Relations • Level 11 (South Wing) •Menara TM •JlnPantaiBharu •50672 Kuala Lumpur, Malaysia • Tel (603) 2240 4848/ 7366 / 7388