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Welcome to the World's Fastest Mobile Network

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Welcome to the World's Fastest Mobile Network WELCOME TO THE WORLD’S FASTEST MOBILE NETWORK ANNUAL REPORT 2020 1 TABLE OF CONTENT 01. Key Highlights of 2020 01 15. Saudi Arabia 53 02. Business Snapshot 03 16. Egypt 57 03. Chairman’s Statement 05 17. Morroco 61 04. Board of Directors 07 18. Pakistan 65 05. Etisalat’s Journey 11 19. Afghanistan 73 06. Group CEO’s Statement 13 20. E-vision 74 07. Management Team 17 21. Etisalat Services Holding 75 08. Vision and Strategy 21 22. Human Capital 77 09. Response to COVID-19 25 23. Corporate Social Responsibility 83 10. Key Events During 2020 31 24. Corporate Governance 91 11. Operational Highlights 33 25. Internal Control 97 12. Brand Highlights 37 26. Financials 103 13. Etisalat Group’s Footprint 45 27. Notice for Annual 185 General Meeting 14. United Arab Emirates 47 KEY HIGHLIGHTS OF 2020 154 51.7 MILLION AED BILLION AGGREGATE REVENUE SUBSCRIBERS 26.4 9.0 AED BILLION AED BILLION EBITDA NET PROFIT 120.0* 7.1 FILS AED BILLION DIVIDEND CAPEX PER SHARE *Inclusive of one-time special dividend tisalat Group is a regional, leading, integrated Etisalat remains committed to realising its vision of ‘driving the telecommunications company with around 154 million digital future to empower societies’. This vision is continuing BUSINESS Ecustomers. The Group offers a range of communication to guide the Group in its transition from a traditional telecom services to consumers, businesses and government segments in operator to an integrated digital solutions provider. multiple regions. Its portfolio of products and services includes The Group and its operating companies have sustained their mobile communications, fixed broadband, Internet, Internet investment in network infrastructure, spectrum, licences and SNAPSHOT protocol television (IPTV), voice, carrier services, cloud and the latest technologies, with the aim of empowering customers, security, Internet of things (IoT), mobile money, and other value- shareholders and society. Etisalat’s aim for its networks is that they added services (VAS). will do more than just connect people. Etisalat intends to make its The Group’s operations are spread across three geographic regions customer’s lives safer and help to conserve natural resources. The in the Middle East, Africa and Asia. It operates in 16 countries and Group’s capital expenditure is focused on investment in building is the highest-ranking or second-highest ranking operator in terms digital capabilities and data centres, the enhancement of network of value share in most of these countries. Its operations in mature capacity and speed, and the deployment of 5G. markets are experiencing slower revenue growth in traditional As a result of its investments and unceasing efforts, Etisalat was telecom services due to stricter regulations, over-the-top (OTT) recognised as the fastest mobile network in the world by Ookla. It disruptions and more competitive environments but continue to was also recognised as the fastest fixed broadband network in the generate strong cash flow. The main sources of revenue growth Gulf Cooperation Council (GCC) and Arab region. are digital services and international markets. This is supported by growth in the Group’s subscriber base and a higher penetration of In 2020, Etisalat maintained its high cash generation in order to its data services. Etisalat’s credit ratings continue to be one of the continue rewarding its shareholders and growing its business. The highest in the telecom sector (AA-/Aa3), reflecting the company’s Group has sustained a generous dividend programme, with close strong balance sheet, its proven long-term performance and its to AED 24 billion returned to shareholders in the past three years. stable cash flow. It will continue to assess organic as well as inorganic expansion opportunities to further accelerate its growth. The telecom industry has witnessed significant transformation over the years. This transformation has been further accelerated due to In the coming years, the Etisalat Group will maintain its focus on the COVID-19 pandemic. The industry (including the Etisalat Group) international operations as an engine for growth while emphasising has made it possible for businesses to sustain their operations and the digital space as the prime driver for sustainable growth across for people to stay connected during these unprecedented times. all markets. The company will continue the digital transformation It has also supported e-learning and delivered digital health of its business, focusing on innovation in its existing assets by solutions, etc. As such, new and exciting growth opportunities building new capabilities that are digitally enabled and sustainable. have been created for the Group, across the different markets, as By continuing to create the world’s best and fastest networks, connectivity and digital solutions have increased in importance. Etisalat Group will deliver returns for its shareholders and long- term value for the societies in which it operates ETISALAT GROUP | ANNUAL REPORT 2020 On the whole, we are very pleased with our financial In 2020, the board of directors and I designated new and operational results for 2020. Our numbers management to oversee this transformation. This included surpassed those of various market leaders, while many the appointment of a Chief Transformation Officer companies and sectors struggled to stay afloat. and Etisalat Group’s first female C-suite executive, our Group Chief Human Resources Officer. The appointment is Etisalat’s share price performance remained positive a testament to our commitment to gender equality in the throughout the year. In addition to sustaining our total workplace and is in line with our values. dividend of AED 0.80 per share, we are pleased to be proposing a special one-time dividend of AED 0.40 per Maintaining a Positive Outlook share, bringing the total dividends for the year to AED 1.20 per share representing a dividend payout ratio of 115% and Despite news about virus mutations and concerns of a high dividend yield for year 2020. This is a testament to prolonged lockdowns, we remain positive about our our commitment of enhancing shareholder value. prospects for 2021 and beyond. The future looks promising, as COVID vaccines are currently being rolled out, robust government recovery plans to enhance the economies, The Changing Landscape and a number of mega events are expected in our key The telecom industry has been evolving drastically with a operating markets. number of challenges destroying value for the sector as a whole and for shareholders in particular. The competition The digital economy will drive global progress by from OTT service providers cannot be disregarded. The increasing digitisation in the future. The lessons result of this competition is that lucrative core that were learnt in shifting to a ‘new normal’ will open revenue is being eroded, and operators are being forced up many new business opportunities. The industries that to rethink the way in which they offer their services. Their are pre-emptively adopting emerging technologies and CHAIRMAN’S focus on areas of growth has become more aggressive, telco-enabled digital services have upside potential particularly in the digital space. What’s more, the current due to the improvements in and increased efficiency of global recession and economic pressures are forcing their operations. The adoption of these technologies and STATEMENT businesses to rethink their supply chain models and services in all nations is critical to realising the Sustainable to strive for synergy wherever possible, while rationalising Development Goals. investments and the cost of networks. Closing Remarks he Annual Report for 2020 presents the main we are not claiming to have foreseen a global pandemic in A Call for Transformation Let me close by extending my appreciation to the business highlights of the Group during the events any of our scenarios, we have always planned for a future We believe in the work that our Group does and our role leadership of the UAE, who are the inspiration and of an unprecedented year. It evidences our sheer that is predominantly digital. T in transforming societies and businesses of all sizes. We motivation behind every success that the Etisalat Group resilience during this time and outlines the Group’s vision understand the necessity of our own transformation, has had on its journey. Our trust in the support of our and plans for the coming years. We have long been recognised as one of the most valuable given the enormous changes that are taking place leadership is unmatched and the UAE’s unique positioning brands in the Middle East and Africa, as we have invested in our ecosystem and the ambitious agenda that we are and strong political ties serve as catalysts for our The Repercussions of an Unforgettable Year in infrastructure and digital capability for many years. pursuing. For this reason, we have launched a Group-wide operations in all markets. Our investments have helped us to maintain our position The black swan events of 2020 catalysed rapid, drastic transformation programme to address the challenges as a leading telecom providers in terms of ICT readiness changes to the way in which we live and work. Never and seize potential opportunities while shaping a new A note of gratitude, too, for our shareholders, customers and adoption, broadband subscriptions, fibre penetration before have businesses and individual citizens been as future for our Group as a leading telecommunications and employees. It has been a difficult year, and we truly and mobile coverage, among otherthings. Although we reliant on the telecom industry in order to stay connected. provider. value the collaborative spirit of all our stakeholders. addressed our ICT readiness long before the pandemic, It goes without saying that telecom operators were under Thank you for allowing us to be a part of your life. We some of our customers were, understandably, hesitant immense pressure in 2020.
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