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Annual Report 2019 a World Without Limits

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Annual Report 2019 a World Without Limits A WORLD WITHOUT LIMITS ANNUAL REPORT 2019 TABLE OF CONTENTS 01. Key Highlights of 2019 05 15. Saudi Arabia 49 02. Business Snapshot 07 16. Egypt 51 03. Chairman’s Statement 08 17. Morocco 53 04. Board of Directors 10 18. Pakistan 57 05. Etisalat’s Journey 14 19. Afghanistan 60 06. Group CEO’s Statement 16 14. E-Vision 61 07. Management Team 18 20. Etisalat Services Holding 62 08. Vision and Strategy 22 21. Human Capital 65 09. Key Events During 2019 29 22. Corporate Social Responsibility 69 10. Operational Highlights 30 23. Corporate Governance 73 11. Brand Highlights 34 24. Enterprise Risk Management 76 12. Etisalat Group’s Footprint 40 25. Financials 81 13. United Arab Emirates 43 26. Notice for General Assembly Meeting 170 3 KEY HIGHLIGHTS OF 2019 EBITDA NET PROFIT REVENUE (BILLION) (BILLION) (BILLION) 52.2 26.4 8.7 AED AED AED CAPEX AGGREGATE DIVIDEND PER (BILLION) SUBSCRIBERS (MILLION) SHARE 80 8.9 149 FILS AED ANNUAL REPORT 2019 4 5 ETISALAT GROUP BUSINESS SNAPSHOT Etisalat Group offers a range of communication services to consum- speed on its 5G standalone network, Etisalat enabled 5G networks ers, businesses, and government segments in multiple regions. Our across several key sites in the UAE. As part of Maroc Telecom’s inter- portfolio of products and services include mobile, fixed broadband, national development strategy and plan to consolidate the group’s TV, voice, carrier services, cloud and security, internet of things, mo- presence in Africa, Maroc Telecom completed the acquisition of Tigo bile money, and other value added services. Chad. Meanwhile, Onatel successfully launched 4G services in Burki- na Faso. In addition, Mobily was granted a fixed line service license Our operations are spread across three geographic regions in the by the Saudi Communications and Information Technology Commis- Middle East, Africa, and Asia. We operate in sixteen countries and sion, allowing the company to become a fully integrated telecom are the number one or two operator in terms of value share in most operator. In Egypt, Etisalat Misr signed agreements with Telecom of these countries. Our operations in mature markets experienced Egypt to provide its customers with virtual fixed voice and bitstream slower revenue growth due to stricter regulations and more com- services, maximising their customers’ interest. petitive environments but continued to generate strong cash flow. In emerging markets, revenue growth was stronger, supported by Etisalat maintained its practice of high cash generation, in order to growth in our subscriber base and higher penetration of our services continue to reward its shareholders and grow its business. The group due to rapid smartphone adoption. Etisalat has one of the highest sustained a generous dividend program with close to AED 21 billion credit ratings in the telecom sector (AA-/Aa3) , reflecting the com- returned to shareholders over the past three years. Since its incep- pany’s strong balance sheet and proven long-term performance. tion, Etisalat has committed to a high level of capital expenditure to support wider coverage, higher speeds, and greater capacity in its Digitalisation is a key operational theme for the telecoms industry networks. The company’s investments in its own infrastructure and given the impact it has on cost savings from automation while en- assets are ultimately investments in the regions in which it operates. hancing customers’ experience and generating incremental revenue In support of the UAE’s vision of developing a competitive knowl- opportunities. Consequently, the Etisalat Group has taken this op- edge economy, Etisalat is proud to have become one of the top ten portunity to develop an overarching vision, which is both powerful most improved fixed broadband networks in the world in 2019. The and digitally inspired: Drive the Digital Future to Empower Societies. upgrade was made possible by Etisalat’s robust fibre infrastructure, This vision has guided the Etisalat Group in its transition from a tra- which in terms of penetration maintained the number one position ditional telecom operator to an integrated digital solution provider, globally for the third consecutive year. Such developments have which in turn is enabling the group to fortify its industry-leading played a major role in the UAE sustaining its position as the region’s position. In support of this vision, the Etisalat Group’s “TARGET” business, trade, and foreign investment hub by providing reliable, strategy highlights and rejuvenates the group’s priorities, focus ar- high quality services for over four decades. eas, direction, and ambitions. In the coming years, the Etisalat Group will hold on to this leader- The group and its operating companies have sustained their invest- ship position via focused network investments with 5G spearhead- ment in network infrastructure, spectrum licenses, and the latest ing in key markets, with particular emphasis on the digital and ICT technologies with the aim of empowering customers, shareholders, segments. We will maintain focus on international operations as an and society. engine for growth while emphasizing the digital space as the prime driver for sustainable growth across all markets. By continuing to In 2019, Etisalat launched eWallet, a new mobile digital payment create the world’s best networks, the Etisalat Group will continue service aimed at empowering UAE customers with safe, convenient, delivering long-term value for the societies in which it operates and and flexible payment solutions. In addition to achieving the fastest returns to its shareholders. 7 ETISALAT GROUP Capitalising on the current digital wave, Etisalat has tran- Thanks to a decade of support sitioned to an integrated ICT solutions provider by digitis- As we reflect back at the decade - a period which has ing consumer needs across our markets. Digital financial witnessed changes and technology revolution - it is re- services like ‘ewallet’ will empower societies with safe, markable how much we have evolved as a telco player and convenient and flexible payment solutions. accomplished. This was only possible due to the continu- ous support and vision of the UAE leadership, the loyalty Facilitating multiple modes of digital interaction was inte- of our customers and the trust of our shareholders. CHAIRMAN’S gral to enable innovation and enhance customer experience. The ‘Robotic Centre of Excellence’ has delivered automated A special thanks to Etisalat management team for their solutions for efficiency and was part of our endeavour to commitment and dedicated work that has helped us drive a STATEMENT bring digital transformation across our services. digital future providing a platform for futuristic 5G tech- nologies and continue this progress and success across the “Etisalat Group has led Building the network of the future company. 5G today has given us an opportunity to spur innovation the digital transformation across many industries while enabling emergent technolo- gies to become an integral part of UAE economy and life- by proactively responding style. Etisalat has moved beyond traditional telco busi- nesses to explore new opportunities in a fast changing Obaid Humaid Al Tayer to technological competitive landscape. Chairman - Etisalat Group advancements” Etisalat has made major strides in 5G this year setting new milestones regionally and globally such as making the first 5G call from Burj Khalifa the tallest building in the world to connecting the first international airport with As we begin our journey into the next decade, 2019 was a to transform and lead in the digital space driven by our ultra-fast 5G speeds and transforming a smart and sus- testimony to Etisalat Group leadership locally, regionally bold vision. tainable district with 5G technology. and internationally. Etisalat continued reinforcing its core business, explore new growth opportunities, while tran- Etisalat Group continued to achieve strong financial per- While we continue to deploy the 5G networks, Etisalat set sitioning to the digital era and being well geared for the formance and maintained its high credit rating (AA-/Aa3) benchmarks globally in Fiber to the Home (FTTH) by main- future. reflecting a proven long-term performance and efforts to taining the UAE’s position as a global leader for the third provide value to shareholders, which was the drive behind consecutive year. Our networks were also ranked as the Digital transformation proposing a final dividend of AED 0.4 per share, bringing fastest mobile network in MENA and broadband network Etisalat Group has led the digital transformation by pro- the total dividends for the year to AED 0.8, in line with our in GCC, Africa and Arabian region, due to our continuous actively responding to technological advancements and policy in previous years. This represents a dividend yield of efforts to build one of the world’s most advanced networks. bringing the latest global innovations to nurture creativi- 5% and dividends payout ratio of 80%. ty. It has become clear that the paradigm shift in the tele- Extended Portfolio com industry is now in full force. Digital transformation is Customer experience remains at the core of our Next generation networks and digital transformation bring becoming present in more areas of life, and we have striv- business both immense opportunities and challenges as we move to en to be at the forefront leading it. Our current success is For more than four decades, Etisalat has been able to meet the future. As a telco playing a key role in major digital a result of understanding the need our customers have to the needs and expectations of millions of customers across projects and creating new digital ecosystem, it is integral to rely on Etisalat to deliver. our footprint. Enhancing customer experience remains at enhance and diversify our digital portfolio and offerings as the core of our strategy enabling us to launch innovative well as adding value to the business with calculated acqui- Financial performance services and solutions making a positive impact on their sitions that combine products, people and pipelines taking Etisalat’s performance in the past year is a proof of its daily lives.
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