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Cultivating Convergence Annual Report 2015 CONTENTS 02 Introduction 04 Vision, Mission & Values 06 Financial Highlights 08 Chairman’s Statement 12 Group Chief Executive’s Message 18 Board of Directors 20 Batelco Group Executive Team 22 Batelco Group 25 Subsidiaries and Affiliates 32 Awards Showcase 34 Corporate Social Responsibility 40 Corporate Governance 66 Consolidated Financial Statements 104 Glossary Mr. Ahmed Hussain Al Janahi Office of the Registrar Group Company Secretary Bahrain Bourse P.O. Box 14, Manama, Bahrain Financial Harbour, th Kingdom of Bahrain Harbour Mall - 4 floor, P.O. Box 3203, Tel: +973 17 881 881 Manama, Kingdom of Bahrain Fax: +973 17 611 898 Tel: +973 17 261 260 [email protected] Fax: +973 17 228 061 www.batelcogroup.com [email protected] www.bahrainbourse.net His Royal Highness His Majesty His Royal Highness Prince Khalifa bin Salman King Hamad bin Isa Prince Salman bin Hamad Al Khalifa Al Khalifa Al Khalifa The Prime Minister of The King of the Kingdom The Crown Prince, the Kingdom of Bahrain of Bahrain Deputy Supreme Commander and First Deputy Prime Minister of the Kingdom of Bahrain Batelco | Annual Report 2015 CULTIVATING CONVERGENCE 02 Cultivating Convergence Batelco has always embedded innovation transformation with a vision to become a and forward thinking as central to its leading integrator of digital solutions and strategy. For over 100 years, the company services in order to remain viable in this has been connecting people and places via new digital world. the most up to date telecommunications services available. Today, across our Group The digital era is reinventing the way we of companies, we continue to cater to live, learn, work and play and accordingly the diverse needs of our widely differing we are investing in building the right markets by focussing on being a key platforms to enable the future digital player in the changing landscape of the services and elevate communication communications environment and cross standards. We are focussed on our technology convergence. direction to ensure we are active players in the new ecosystem. Our desire to launch the next new thing is constant as we aim to present the latest At Batelco, our commitment and end goal equipment, most advanced networks is to play a pivotal role in the integration and in-demand services to respond to our of technology to promote next generation customers’ demands. Around the world education, healthcare, smart homes we are now witnessing first-hand the and smart cities for the purpose of newest communications evolution as the improving lifestyles. We will continue to world goes digital. cultivate convergence to deliver relevant and in demand solutions to benefit our Batelco, keeping innovation at its heart, customers, wherever they are. has already begun a new phase of 03 Batelco | Annual Report 2015 | Vision, Mission & Values Batelco Group will be the leading integrator of digital solutions and services in its chosen markets. VISIONMISSION We deliver innovation and value to our customers in each market, through competitive solutions and people excellence. 04 Cultivating Convergence VALUES We are proud to We support and trust be Batelco and each other, think win keep empowering, win and work towards appreciating and our common vision motivating others Teamwork Our People We respect and We are professional, listen to our external honest and and internal transparent and keep customers, serve our promises. with a smile, deliver Integrity on our promises and are responsive to customer Customer Driven Customer requirements. We encourage We are accountable new ideas, think and learn from outside the box, are our mistakes, take open-minded and ownership and meet innovative. deadlines. Creativity Performance Ownership for Ownership for 05 Batelco | Annual Report 2015 | Financial Highlights FINANCIAL HIGHLIGHTS MARKETS OUTSIDE BAHRAIN MAKE SIGNIFICANT CONTRIBUTION - 59% OF REVENUES AND 55% OF EBITDA NOW SOURCED FROM OVERSEAS. NET PROFIT 2015 EBITDA MARGIN 37% 49.5 MILLION BAHRAIN DINAR EBITDA 2015 137.9 NET PROFIT MARGIN MILLION 13.3% BAHRAIN DINAR 06 Cultivating Convergence GROSS REVENUE NET ASSETS 372.4 573.1 MILLION MILLION BAHRAIN DINAR BAHRAIN DINAR EARNINGS CASH AND BANK PER SHARE BALANCE 29.8 160.0 FILS MILLION BAHRAIN DINAR 07 Batelco | Annual Report 2015 | Chairman’s Statement CHAIRMAN’S STATEMENT STRONG, STABLE, RELIABLE On behalf of the Board of Directors, it gives me great pleasure to present the 34th Annual Report of the Bahrain Telecommunications Company BSC and its subsidiaries and affiliates (The Batelco Group), for the year ended 31st December 2015. In 2015 the Group remained resilient favourable variance in operating and ended the year with Net Profits of expenditure in 2015 versus the previous BD49.5M (US$131.3M) in line with Net year. Profit reported in 2014 of BD49.3M The Group ended the year with a strong (US$130.8M). balance sheet and financial position. The Group’s Gross Revenues stood at As of 31 December 2015, net assets BD372.4M (US$987.8M) for the year were BD573.1M (US$1,520.2M) with versus BD389.7M (US$1,033.7M) in the substantial cash and bank balances of previous year, a decrease of 4% year BD160.0M (US$424.4M). Earnings per over year as a result of competitive share for the full year in 2015 stood pressure in a number of markets. at 29.8 fils, compared with 29.7 fils reported in 2014. EBITDA for the year was BD137.9M (US$365.8M) versus EBITDA of BD144.7M (US$383.8M) for 2014, a 5% decrease year over year. Although EBITDA was negatively impacted by reduced operating results, the Group was able to continue its cost containment discipline with a 6% 08 Cultivating Convergence • Consolidated Net Profit of BD49.5M (US$131.3M) for the year • Gross Revenues of BD372.4M (US$987.8M) for the year • EBITDA of BD137.9M (US$365.8M) representing a 37% margin for the full year Hamad bin Abdulla Al Khalifa Chairman of the Board Bahrain Telecommunications Company BSC 09 Batelco | Annual Report 2015 | Chairman’s Statement continued GOING FORWARD INTO 2016, OUR COMMITMENT AND END GOAL IS TO PLAY A PIVOTAL ROLE IN ENABLING THE INTEGRATION OF THE LATEST TECHNOLOGIES IN ALL BATELCO GROUP’S OPERATIONS Financial Highlights: our digital solutions portfolio, will BD millions 2015 2014 • Gross Revenues of BD372.4M ultimately boost subscriber numbers Final cash dividends proposed (US$987.8M) for the year; 24.95 24.95 and the bottom line. Interim cash dividends paid 16.63 16.63 Our strategy and on-going efforts • Consolidated Net Profit of BD49.5M to achieve operational excellence (US$131.3M) for the year; Donations at 2.5% 1.24 1.23 continues and our goal is to deliver sustainable, profitable revenue growth • EBITDA of BD137.9M (US$365.8M) Transfer to statutory reserve 0.96 3.96 to deliver value for our stakeholders. representing a 37% margin for the full year; The Board of Directors will recommend Auditors • Markets outside of Bahrain contribute to the Annual General Assembly of The Board of Directors will recommend 59% of revenues and 55% of EBITDA; Shareholders a full year cash dividend the re-appointment of KPMG Fakhro as of BD41.58M (US$110.29M), at a value Batelco’s auditors for the financial year • Subscriber base of over 9 million; of 25 fils per share, of which 10 fils per ending 31st December 2016. share was already paid during the third • Substantial cash and bank balances of quarter of 2015 with the remaining 15 Community Matters BD160.0M (US$424.4M); and fils to be paid in cash following the AGM Batelco is proud of the meaningful role in March 2016. it plays in supporting health, education, • EPS of 29.8 fils and recommended sports and social/cultural endeavours. We continue to face demanding market dividends of BD41.58M (US$110.29M) During 2015 approximately BD2M was conditions across a number of our for the full year, equivalent to 25 committed as part of Batelco’s CSR Group’s operations with the impact fils per share, marking the Group’s programme with the aim of making a reflected in reduced subscriber numbers ongoing ability to deliver strong value major positive difference in the lives of and negative revenue trends. While and returns to shareholders. all citizens. some of our operations ended the year on a positive note, the overall picture As part of the wide ranging support, Proposed Appropriations remains challenging. Nonetheless, 30,000 Ramadan Baskets were Based on the financial results, the Board we are optimistic that our cost distributed to needy families during the of Directors has recommended for the transformation activities, investment holy month of Ramadan, BD200,000 approval of shareholders, the following in new networks including fibre and was paid toward the Crown Prince appropriations for the year 2015. efforts to develop and strengthen International Scholarship Fund as 10 Cultivating Convergence Over 9M SUBSCRIBER BASE OF OVER 9 MILLION part of a BD1M five year commitment and their efforts in facing operational next generation education and and the BDF Cardiac Centre received challenges during 2015 must be healthcare, support the establishment BD100,000 as part of Batelco’s ongoing commended. Businesses today have of smart homes and smart cities, with annual commitment to support their objectives of increasing revenue, facing the ultimate goal of improving our efforts. Across the Kingdom several competition and improving efficiency, lifestyles. organisations benefitted from financial while at the same time having the With our strategy we are fit to respond support including UCO Parents Care, challenge of decreasing cost. Having to new trends and technologies with Bahrain Diabetic Society and Bahrain the right teams in place gives us emphasis on the field of digitisation.
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