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MAXIS-Annualreport2013.Pdf MAXIS BERHAD (867573-A) THE JOY OF Maxis Berhad (867573-A) BEING ENABLED Level 18, Menara Maxis ANNUAL REPORT 2013 Kuala Lumpur City Centre Off Jalan Ampang 50088 Kuala Lumpur maxis.com.my ANNUAL REPORT 2013 ANNUAL REPORT WHO WE ARE WE ARE THE LEADING Today, our customers enjoy an The people of Maxis are the COMMUNICATIONS extensive range of data services pillars of our Company. We SERVICE PROVIDER IN such as mobile Internet browsing, prepare for the future today by MALAYSIA, ENABLING BOTH social networking, downloading developing the skills and talents INDIVIDUAL AND BUSINESS of applications and a portfolio of all employees, making Maxis CUSTOMERS TO CONNECT of integrated mobile, fixed a great place to work for great AND COMMUNICATE and enterprise solutions. Their people. Underpinning this is the ANYTIME, ANYWHERE experience is further enriched Maxis Way, our approach to work AND FROM ANY DEVICE. with our increasing library of that champions passion, positivity WE ARE PASSIONATE digital content and entertainment and collaboration. ABOUT WHAT WE DO, AND solutions. This is in addition to WE ARE COMMITTED TO our voice calls, text and picture Beyond connecting people with PROVIDING AN UNMATCHED messaging services. our services, we are passionate EXPERIENCE TO OUR about making a positive impact CUSTOMERS. 13 million customers choose on the community in which to be with us as we stand for we operate. Our Corporate the widest coverage, innovative Responsibility efforts aim solutions and excellent service. to develop and enrich our We want our customers to enjoy community, customers and access to all the services they partners, creating a fun place need. That is why we continually to work and advocating work to enhance our high-speed environmentally friendly practices. network, which is the largest in the country. In addition, our super high-speed 4G network in 2013 is already available in major areas across the country. Maxis Berhad Annual Report 2013 OVERVIEW Who We Are 6 Chairman’s Statement 14 Segmental Analysis 2 How We’ve Performed 9 CEO’s Statement 15 Investor Relations 3 Financial Highlights 12 Group Quarterly Financial Performance 17 Corporate Information OVERVIEW 4 What’s Important To Us 13 Summarised Group Statement of Financial Position 2-17 OUR BUSINESS 18 What We Live For < 18-31 20 What We Do 22 Directors’ Profi les 28 Maxis Management Team OUR BUSINESS STRATEGIC REVIEW 32-45 > 32 Our Customers 34 Our Products 36 Our Network and Systems 38 Our People 42 Our Corporate Responsibility STRATEGIC REVIEW STRATEGIC CONTENTS CORPORATE GOVERNANCE 46 Corporate Governance < 46-67 59 Audit Committee Report 62 Statement on Risk Management and Internal Control 67 Directors’ Responsibility Statement 68-171 GOVERNANCE CORPORATE FINANCIAL STATEMENTS 68 Directors’ Report 84 Notes to the Financial Statements 74 Statements of Profi t or Loss 168 Supplementary Information 75 Statements of Comprehensive Income 169 Statement by Directors 76 Statements of Financial Position 169 Statutory Declaration 78 Statements of Changes in Equity 170 Independent Auditors’ Report to the Members of Maxis Berhad 82 Statements of Cash Flows FINANCIAL STATEMENTS OTHER INFORMATION 172 Size of Shareholdings 174 30 Largest Shareholders 183 Additional Disclosures 172 Distribution Table According to 176 Information on Substantial 184 Material Contracts Category of Shareholders Shareholders 189 Glossary 173 Directors’ Interest in Shares 178 List of Properties Held 190 Notice of Annual General Meeting 180 Disclosure of Recurrent Related Party Proxy Form Transactions OTHER INFORMATION 2 HOW WE’VE PERFORMED Revenue Non-Voice Subscriptions RM9.1 b 44.6% 12.9 m Stable revenue in a maturing OF MOBILE REVENUE Increased smartphone industry. Solid contribution from penetration to 56%. mobile Internet. EBITDA* 1 PAT* 2 CAPEX 3 RM4.5 b RM2.1 b RM815 m EBITDA grew 3.7%. Driven by higher revenue CAPEX spend to deliver the best and EBITDA. network experience. Free Cash Flow Dividends RM2.3 b RM3.0 b Steady free cash fl ow level. Enhancing shareholders’ value, in which 40 sen per share was paid out in 2013. Notes: * Normalised for one-off items 1 Earnings Before Interest, Taxes, Depreciation and Amortisation 2 Profi t After Tax 3 Capital Expenditure Maxis Berhad | Annual Report 2013 Maxis Berhad Annual Report 2013 3 FINANCIAL HIGHLIGHTS OVERVIEW 2012-2013 YOY 2013 2012 2011 CHANGE FINANCIAL RESULTS FINANCIAL INDICATORS (RM’m) Revenue 9,084 8,967 8,800 1.3% EBITDA 4,310 4,359 4,423 (1.1%) Normalised EBITDA (1) 4,522 4,359 4,423 3.7% Profi t from operations 2,825 2,864 3,232 (1.4%) PBT (“Profi t Before Tax”) 2,496 2,576 3,004 (3.1%) PAT 1,772 1,860 2,531 (4.7%) OUR BUSINESS Normalised PAT (2) 2,097 2,049 2,192 2.3% Profi t attributable to equity holders of the Company 1,765 1,856 2,527 (4.9%) FINANCIAL RATIOS EBITDA margin (%) 47.4% 48.6% 50.3% Normalised EBITDA margin (%) 49.8% 48.6% 50.3% PBT margin (%) 27.5% 28.7% 34.1% PAT margin (%) 19.5% 20.7% 28.8% Normalised PAT margin (%) 23.1% 22.9% 24.9% Interest cover ratio 7.9 8.4 12.1 Earnings per share (sen) - basic 23.5 24.7 33.7 STRATEGIC REVIEW STRATEGIC - fully diluted 23.5 24.7 33.7 Dividends per share (sen) (3) 40.0 40.0 40.0 FINANCIAL POSITIONS FINANCIAL INDICATORS (RM’m) Equity attributable to equity holders of the Company 6,002 7,049 8,084 Total assets 17,330 17,802 17,991 Total borrowings 7,525 7,312 6,331 FINANCIAL RATIOS Return on Invested Capital (%) 16.1% 15.9% 20.5% Return on Average Equity (%) 27.1% 24.5% 30.2% Return on Average Assets (%) 12.0% 12.2% 15.4% CORPORATE GOVERNANCE CORPORATE Gearing ratio 1.12 0.90 0.68 Net assets per share (RM) 0.80 0.94 1.08 Notes: (1) In Year 2013, excludes one-off items of RM212 million comprising (i) Career Transition Scheme (“CTS”) costs of RM143 million; (ii) provision for contract obligations of RM65 million; and (iii) write down of Home assets of RM4 million (2) Exclude one-off items (after tax effect) for the following years: (a) Year 2013 - RM325 million comprising (i) CTS costs of RM107 million; (ii) provision for contract obligations of RM49 million; (iii) write down of assets of RM65 million; and (iv) accelerated depreciation of RM104 million (b) Year 2012 - RM189 million comprising (i) accelerated depreciation of RM121 million; and (ii) write down of assets of RM100 million, offset by last mile broadband tax incentive of RM32 million (c) Year 2011 - RM339 million comprising last mile broadband tax incentive of RM352 million offset by accelerated depreciation of RM13 million (3) Dividends per share consist of interim and fi nal dividends declared and proposed in respect of the designated fi nancial years. FINANCIAL STATEMENTS OTHER INFORMATION 4 WHAT’S IMPORTANT TO US THESE ARE THE FIVE KEY AREAS OF FOCUS FOR US. THEY FORM THE RUNNING THEMES THROUGHOUT THIS REPORT. HAPPY CUSTOMERS BEST NETWORK Our top priority is to provide our We believe network coverage and customers with services and solutions quality make a real difference in they need to enrich their everyday how our customers connect to the lives. It is also of importance to us that people and things that matter most to they enjoy an unmatched customer them. Increasingly, our customers are experience while using our services. becoming more sophisticated, and with To this end, we have undertaken this, their demand for mobile Internet many initiatives across our entire has been increasing strongly. That is service delivery platform (product why expanding our networks’ reach and feature, pricing, network coverage and maintaining their quality and resiliency quality, distribution network, loyalty to deliver the best voice and data are programmes, employee training and key areas of focus for us. Network customer service just to name a few) so improvements also represent our largest that our customers enjoy the best we and most important capital expenditure. have to offer. Going forward, we will further increase investments in these areas to deliver an overall unmatched customer experience. Maxis Berhad | Annual Report 2013 Maxis Berhad Annual Report 2013 5 OVERVIEW OUR BUSINESS BEST PEOPLE INNOVATIVE SOLUTIONS STRATEGIC GOVERNMENT AND INVESTOR RELATIONS STRATEGIC REVIEW STRATEGIC Developing and retaining the right Our industry is maturing fast, Maxis maintains regular engagement people is critical to us. In laying the with mobile SIM penetration already with key regulatory authorities. Our foundation for change, the emphasis exceeding 140%. Competition is licences and spectrum allocations are is on creating a great place to work intensifying among established essential to business operations and for great people. We are building operators and new entrants as they we seek to ensure compliance, in GOVERNANCE CORPORATE leadership and capability in the skills push to increase their market share. addition to maintaining or procuring most crucial to our business, particularly In addition, more non-traditional suffi cient spectrum. We engage our in diversifying our product and service Internet players are expanding into regulatory authorities on key policy offerings. We work hard to retain the telecommunications space with decisions impacting the business to our best people and to provide an substitutes that tend to displace ensure stable policies and supportive environment that will motivate them traditional voice and SMS services. regulatory conditions, in line with to give their best and reach their full We will continue to build our best practices. We also participate potential. competitive advantage by providing actively in various industry bodies that our customers with innovative products can shape regulatory policy, such as and services, to provide a differentiated the Communications and Multimedia experience and better value.
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