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Ready, Set, DIGITAL! Ready, set, Annual Report 2018 DIGITAL! WorldReginfo - 1b048699-3e20-4e93-9d2b-74a252a41ee1 Table of Contents Overview An overview of our businesses, our performance, key achievements and value created, as well as our strategy moving forward 1 Financial Highlights 3 FY 2018 Achievements 5 Chairman’s Message 8 GCEO Review 11 Who We Are 13 Our Businesses and Strategy 15 The Value We Create 17 Board of Directors 27 Organisation Structure 28 Management Committee 34 Senior Management Business Reviews Insights into each of our business units 35 Group Consumer 49 Group Enterprise 55 Group Digital Life 61 Key Awards and Accolades Governance and Sustainability Our corporate governance, risk management and sustainability efforts 63 Governance and Sustainability Philosophy 65 Corporate Governance 97 Investor Relations 99 Risk Management Philosophy and Approach 108 Sustainability Performance Our financial performance 116 Group Five-year Financial Summary 118 Group Value Added Statements 119 Management Discussion and Analysis Financials Audited financial statements 129 Directors’ Statement 139 Independent Auditor’s Report 145 Consolidated Income Statement 146 Consolidated Statement of Comprehensive Income 147 Statements of Financial Position 148 Statements of Changes in Equity 152 Consolidated Statement of Cash Flows 155 Notes to the Financial Statements Additional Information Our shareholders, transactions with interested persons and other corporate information 250 Interested Person Transactions 251 Shareholder Information 253 Corporate Information 254 Contact Points 2 WorldReginfo - 1b048699-3e20-4e93-9d2b-74a252a41ee1 Singapore Telecommunications Limited | Annual Report 2018 3 WorldReginfo - 1b048699-3e20-4e93-9d2b-74a252a41ee1 Financial Highlights OPERATING REVENUE EBITDA 2018 S$17,532M 2018 S$5,089M +4.9% +1.8% 2017 S$16,711M 2017 S$4,998M NET PROFIT UNDERLYING NET PROFIT 2018 S$5,451M (1) 2018 S$3,544M +41.5% -8.4% 2017 S$3,853M 2017 S$3,871M FREE CASH FLOW SHAREHOLDER PAYOUT 2018 S$3,606M 2018 S$3,347M +18.1% +17.2% 2017 S$3,054M (2) 2017 S$2,857M RETURN ON EQUITY RETURN ON INVESTED CAPITAL (3) 2018 18.8% +4.3 2018 14.7% +3.8 percentage percentage 2017 14.5% points 2017 10.9% points CONSTANT CURRENCY NET PROFIT UNDERLYING NET PROFIT 2018 S$5,478M (1) 2018 S$3,569M +42.2% -7.8% 2017 S$3,853M 2017 S$3,871M Notes: (1) Includes an exceptional gain of S$2.03 billion from the disposal of 75.2% effective interest in NetLink Trust. (2) After payment of A$134 million (S$142 million) to the Australian Taxation Office for amended assessments under dispute. (3) Return on invested capital is defined as EBIT (post-tax) divided by average capital. For FY 2018, EBIT included the gain on disposal of economic interest in NetLink Trust. 1 WorldReginfo - 1b048699-3e20-4e93-9d2b-74a252a41ee1 UNDERLYING NET PROFIT OPERATING REVENUE Contribution by Geography Contribution by Products and Services 11% 6% 17% 12% S$17,532M 20% S$3,544M 34% Digital Business Data and Internet 47% 24% 29% ICT Sale of Equipment Regional Australia Singapore (4) Mobile Communications Others (5) Associates SHAREHOLDER PAYOUT Dividend per share (S¢) Singtel has a track record of generous shareholder payouts. 2018 17.5 3.0 For the financial year ended 31 March 2018, the Board has recommended a final ordinary dividend of 10.7 Singapore 2017 17.5 cents a share. Together with the interim dividend of 6.8 Singapore cents, the total ordinary dividend for the year is 17.5 Singapore cents, unchanged from last year. The 17.5 2016 Group also paid a special dividend of 3.0 Singapore cents from NetLink Trust divestment proceeds. 2015 17.5 Refer to page 127 for the Group’s capital management and 2014 16.8 dividend policy. Ordinary Dividend Special Dividend Notes: (4) Includes losses from Trustwave and Amobee. (5) Includes National telephone, International telephone and Pay television. Singapore Telecommunications Limited | Annual Report 2018 2 WorldReginfo - 1b048699-3e20-4e93-9d2b-74a252a41ee1 FY 2018 Achievements The Group has achieved a lot since our last annual report. We launched new products and services and bolstered our core and digital capabilities. Invested in SEA-Australia and SEA-North Asia submarine networks SJC2 Commissioned the INDIGO and SJC2 submarine cable systems with consortium partners. They will enhance connectivity between Australia and Southeast Asia as well as between Southeast Asia and North Asia when completed in mid-2019 and 2020 respectively. INDIGO Served as the official support Unveiled Asia’s first cross- network of the 2018 border payments initiative Commonwealth Games using telco wallets Optus was the official support network Launched initiative to connect telco and of the Gold Coast 2018 Commonwealth non-telco wallets across different markets Games, providing communications with the first phase between Singtel and infrastructure and managed services. AIS in Thailand planned for the third quarter of 2018. 3 WorldReginfo - 1b048699-3e20-4e93-9d2b-74a252a41ee1 Invested in data Acquired mobile analytics, robotics and operations in India Internet of Things (IoT) Airtel acquired Telenor India. It also Partnered Nanyang Technological entered into an agreement with University (NTU) and the Agency for Tata to acquire the consumer mobile Science, Technology and Research business of Tata Teleservices in India. (A*STAR) in Singapore to develop AI, advanced data analytics, robotics and IoT capabilities. Launched nationwide Debuted unlimited data, cellular IoT network talktime and SMS Launched cellular IoT network across Introduced Singapore’s first mobile Singapore, supporting CAT-M1 and plans with unlimited data, talktime NB-IoT technologies. and SMS. Created cyber security Unlocked value in hub for start-ups NetLink Trust Singtel Innov8 and the National University Reduced 100% stake in NetLink Trust to of Singapore (NUS) launched Singapore’s 24.99%, fulfilling regulatory requirements first regional cyber security start-up hub to divest stake to less than 25% before ICE71. 22 April 2018. Introduced QR code Introduced QR code payment in Singapore payment in the Philippines Launched SG QR code payment on Singtel Dash in Singapore. Globe launched QR code payment on GCash in the Philippines. Launched near-gigabit mobile data speeds Activated 800Mbps mobile data speeds at selected high-traffic outdoor locations in Singapore. Singapore Telecommunications Limited | Annual Report 2018 4 WorldReginfo - 1b048699-3e20-4e93-9d2b-74a252a41ee1 Chairman’s Message “By repositioning our businesses for a digitally centric world, we have been able to benefit from the growth of data, driven by smartphone adoption, growing video consumption and the numerous applications, which have become central to consumers’ lives.” 5 WorldReginfo - 1b048699-3e20-4e93-9d2b-74a252a41ee1 Dear Shareholders, PROGRESS IN DIGITAL TRANSFORMATION Considerable progress has been made on digitalising Singtel delivered a record profit of S$5.45 billion for the the core of Singtel’s operations, incorporating data year just ended, with the successful IPO of NetLink Trust. analytics, machine learning and artificial intelligence. However, underlying earnings declined 8%, largely the This provides critical insight into operations, drives result of a decline in Airtel’s India earnings and charges efficiency, improves agility and positions us well for from increased network investments and spectrum. the Internet of Things era. Overall, earnings remain resilient and we have made solid progress on our digital transformation. Our digital businesses are building new revenue streams with ICT and digital now accounting for nearly 25% of A CHANGING COMPETITIVE LANDSCAPE revenue. Smart cities, cloud, digital marketing and cyber In prior years, I highlighted the growing competition from security lead the growth. OTT players disrupting our business. By repositioning our businesses for a digitally centric world, we have Our digital marketing business Amobee has reached been able to benefit from the growth of data, driven by scale and is now EBITDA positive. The acquisition of Turn, smartphone adoption, growing video consumption and a global programmatic advertising platform, added new the numerous applications, which have become central to capabilities and has since been successfully integrated. consumers’ lives. In cyber security, we are integrating all the Group’s We are now entering an era of heightening competition, operations into a single global unit, as we continue to with the entry of new mobile operators across a number scale and build out a global business. This brings together of our markets – a fourth operator in both Singapore 10 advanced Security Operations Centres and 2,000 and Australia, a possible third operator in the Philippines cyber security professionals in Asia Pacific, Europe and and an aggressive new player in India which has the Americas under a newly appointed global CEO. been described as the world’s largest start-up with an investment in the order of US$30 billion. Your Board is conscious of the investment in building these new businesses and will ensure value is unlocked In India, Airtel is navigating a brutal price war led by when we judge it appropriate. the new entrant that has seen the number of operators reduced from more than a dozen to four in two years. CORE BUSINESS PROVES RESILIENT While this is painful in the short term, we have arrived Despite increased competition, our Singapore and at a more sustainable market structure. Given the right Australia businesses have proved resilient, leveraging
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