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Zain Group Financial Results Zain Group Financial Results Q3 2020 Disclaimer ❖ Mobile Telecommunications Company KSCP “Zain Group” has prepared this presentation to the best of its abilities, however, no warranty or representation, express or implied is made as to the adequacy, correctness, completeness or accuracy of any numbers, statements, opinions, estimates, or other information contained in this presentation. ❖ Certain portions of this document contain “forward-looking statements”, which are based on current expectations and reasonable assumptions, we can however give no assurance they will be achieved. ❖ The information contained in this presentation is subject to change and we disclaim any obligation to update you of any such changes, particularly those pertaining to the forward-looking statements. ❖ Furthermore, it should be noted that there are a myriad potential risks, uncertainties and unforeseen factors that could cause the actual results to differ materially from the forward-looking statements made herein. ❖ Accordingly, this presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for, or otherwise acquire or dispose of, securities in any company within Zain Group. For further information about Zain Group, or the materials contained within this presentation, please direct your enquiries to our Investor Relations team via email at [email protected] or visit www.zain.com/en/investor-relations/ 2 Content 1. Results Review 2. Operations review 3. Financial Statements Zain At A Glance – 9M 2020 42% 15,040TB EBITDA MARGIN 15.7 AVERAGE ONE OF THE HIGHEST IN MILLION DAILY DATA THE REGION CUSTOMERS VOLUME $3.9 IN IRAQ BILLION IN REVENUE 4G $1.6 LONG TERM BILLION EVOLUTION IN EBITDA 48.9 (LTE) NETWORK MILLION IN JORDAN & SUDAN ACTIVE $429 CUSTOMERS MILLION IN NET INCOME OVER 16.0 MILLION 8,300 MARKET CUSTOMERS IN REPUBLIC EMPLOYEES LEADER 1 IN KUWAIT, IRAQ, OF SUDAN REPUBLIC OF SUDAN, KUWAIT JORDAN & LEBANON 5G SAUDI ARABIA & BAHRAIN 4 The World of Zain – 9M 2020 ZAIN’S WORLD CATERS TO 48.9 MILLION CUSTOMERS IN 8 COUNTRIES* IRAQ Ownership: 76% Revenue: $708 m Customers: 15.7 m Prepaid: 95% Market Share: 52% JORDAN Ownership: 96.52% KUWAIT Revenue: $359 m Ownership: 100% Customers: 3.5 m Revenue: $770 m Prepaid: 71% Customers: 2.6 m Market Share: 35% Prepaid: 62% Market Share: 38% MOROCCO SUDAN Ownership: 15.5% Ownership: 100% BAHRAIN Revenue: $278 m Ownership: 55.4% Customers: 16.0 m Revenue: $123 m Prepaid: 98% Market Share: 48% SOUTH SUDAN SAUDI ARABIA Ownership: 100% Ownership: 37.05% Revenue: $51 m Revenue: $1.6 b Customers: 1.0 m Customers: 7.0 m * exclusive of Morocco, in which Zain Prepaid: 99% Prepaid: 38% has a 15.5% ownership in the mobile operator “INWI” 5 Group Financial Highlights – Q3 2020 CUSTOMERS (000) REVENUE (USDm) -0.4% -1% 49,101 48,909 1,351 1,332 30 Sep 2019 30 Sep 2020 Q3-19 Q3-20 EBITDA (USDm) NET INCOME (USDm) -9% -14% 183 603 542 157 Margin EPS 4 4 % 45% 41% (Cent) Q3-19 Q3-20 Q3-19 Q3-20 6 Group Financial Highlights – 9M 2020 CUSTOMERS (000) REVENUE (USDm) -0.4% -2% 49,101 48,909 4,024 3,895 30 Sep 2019 30 Sep 2020 9M-19 9M-20 EBITDA (USDm) NET INCOME (USDm) -7% -14% 504 1,770 1,635 429 Margin EPS 12 10 % 44% 42% (Cent) 9M-19 9M-20 9M-19 9M-20 7 CAPEX & CAPEX / REVENUE +30% -9% 806 730 618 USD million 14% 15% 14% 2018 2019 2020E Capex Capex / Revenues * 2018 Capex includes Zain KSA Capex from Q3 2018 onwards * Capex includes only tangible assets * 2020 Capex estimated 8 TOTAL CAPEX 9M 2020 % OF OPCO CAPEX BREAKDOWN (USDm) REVENUES Kuwait 51 7% Iraq 6% Kuwait Iraq 34 5% Jordan 9% 2% S. Sudan Sudan 55 20% 2% *Total CAPEX Republic of Sudan KSA 373 24% $575m 9% Bahrain KSA 7% Jordan 9 3% 65% Bahrain 40 32% S. Sudan 10 17% Other 3 N/A * Capex includes only tangible assets 9 Group Financial Highlights TOTAL DEBT (USDm) NET DEBT (USDm) & NET DEBT/EBITDA -1% 5,390 5,286 5,613 5,565 4,809 4,993 2.2 2.3 804 572 30 Sep 2019 30 Sep 2020 30 Sep 2019 30 Sep 2020 Long Term Short Term Net Debt Net Debt/EBITDA Net Debt = Total interest bearing debt (including letters of guarantee) after deducting cash and cash equivalents 10 Group Financial Highlights – 9M 2020 REVENUE CONTRIBUTION CUSTOMER CONTRIBUTION Bahrain 3% Bahrain Iraq Jordan 2% Iraq 32% 18% 9% Kuwait Lebanon KSA 20% 5% Republic Group Revenues 14% Group Customers of Sudan $3.9B 48.9m Kuwait 7% 5% Others S.Sudan Jordan 3% KSA 2% 7% Republic 40% of Sudan 33% 11 ZAIN DIVIDENDS DIVIDEND PAYOUT RATIO DIVIDEND YIELD (%) 95% 87% 8% 8% 76% 7% 66% 66% 6% 6% 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 DIVIDEND PER SHARE (Fils) CASH DIVIDEND (USDm) 35 35 33 506 462 30 30 447 427 388 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 12 Content 1. Results Review 2. Operations review 3. Financial Statements ZAIN KUWAIT MARKET SHARE FINANCIALS (USDm) 1983 100% 157% Year of launch Ownership Penetration 274 273 Zain 38% VIVA ZAIN 2.6 m $23 36% 31% 38% 110 102 Customers ARPU EBITDA Margin OOREEDOOSTC 74 67 27%31% Ooredoo 35% 5G 2,572 100% Q3-19 Q3-20 Technology Number of sites Coverage 818 770 ▪ Revenue drop is mainly due to decrease in airtime and roaming revenue air travel restrictions and the 1-month free airtime & 5GB free data usage ▪ The impact of COVID-19 on revenue is ~USD 56 million 322 277 ▪ Strong concentration on cost optimization to reduce the overall 217 189 pandemic impact to the bottom line ▪ Data revenue formed 39% of total revenue 9M-19 9M-20 ▪ ~USD 15 million gain on sale and leaseback Towers Revenue EBITDA Net Income ▪ Received $4m support by the Government to support local employees 14 ZAIN KSA FINANCIALS (USDm) 2008 37% 113% Year of acquisition Ownership Penetration 536 515 VIVA ZAIN 31% 38% 253 7.0 m $21 45% 205 Customers ARPU EBITDA Margin OOREEDOO 31% 32 16 Q3-19 Q3-20 5G 9,890 99% Technology 1,645 Number of sites Coverage 1,562 ▪ YoY consolidated revenue impacted by 5% mainly due to decrease in airtime revenue and handset sales. ▪ The impact from COVID-19 on revenue ~USD 110 million 761 695 ▪ Major focus on cost optimization initiatives to minimize the COVID-19 impact ▪ Higher D&A due to 5G rollout and two new licenses 102 60 ▪ Lower benefits from regulatory agreements (CITC waiver) 9M-19 9M-20 ▪ Data revenue formed 51% of total revenue, 10% YoY growth Revenue EBITDA Net Income ▪ Successfully raised at preferential terms a Murabaha facility of SAR6b ($1.6b) loan to refinance existing debt of SAR3.85b ($1.03b) with access to additional liquidity of SAR1b ($267m) with a consortium of eight banks 15 ZAIN IRAQ MARKET SHARE FINANCIALS (USDm) 2003 76% 93% Year of acquisition Ownership Penetration 270 244 Zain 52% VIVA ZAIN 31% 38% 15.7 m $5 40% 115 101 Customers ARPU EBITDA Margin OOREEDOO 31% 33 Asiacell 12 48% 3G 4,859 100% Q3-19 Q3-20 Technology Number of sites Coverage 792 708 ▪ Top line impacted due to the intense competition and extended nationwide lockdown due to the pandemic 335 ▪ The impact of COVID-19 on revenue is ~USD 92 million 285 ▪ Robust growth in enterprise (B2B) segment 36 61 ▪ Net income increased by 68% due to lower amortization following the license extension 2G + 3G for an additional 8 years to expire on 9M-19 9M-20 August 2030 Revenue EBITDA Net Income ▪ 4G services planned in early 2021 16 ZAIN JORDAN MARKET SHARE FINANCIALS (USDm) 2003 96.52% 76% Penetration Year of launch Ownership 128 125 Zain 35% VIVA ZAIN 31% 38% 3.5 m $10 44% 56 57 Customers ARPU EBITDA Margin OOREEDOO Orange Umniah31% 21 22 32% 33% 4G 3,041 100% Q3-19 Q3-20 Technology Number of sites Coverage 369 359 169 160 ▪ YoY revenue impacted by 3% mainly due to decrease in airtime, 59 56 roaming revenue ▪ The impact of COVID-19 on revenue is ~USD 18 million 9M-19 9M-20 ▪ Further reduction in local interconnection rates (from 8.4 fils to 5.2 fils) Revenue EBITDA Net Income ▪ Data revenue grew by 11% YoY, and formed 46% of total revenue 17 ZAIN SUDAN MARKET SHARE FINANCIALS (SDGm) 2006 100% 76% Year of acquisition Ownership Penetration 5,482 Zain 48% 3,557 VIVA ZAIN 31% 38% 16.0 m $2 44% 2,425 Customers ARPU EBITDA Margin OOREEDOO 1,634 31%MTN Sudani 1,118 727 28% 24% 4G 2,786 90% Q3-19 Q3-20 Technology Number of sites Coverage 14,903 ▪ Impressive YoY growth in USD & SDG terms on account of price revamp. 9,978 ▪ COVID-19 impact on revenue ~SDG 601 mln (~$11m) 6,504 ▪ Customer base grew by 3%, to reach 16 million 4,035 ▪ ~18% currency devaluation affected the financial results in USD terms 1,627 1,921 (from 45 in December 2019 to 55 SDG/USD in September 2020) ▪ Significant cost optimization savings 9M-19 9M-20 Revenue EBITDA Net Income ▪ Data revenue grew 128% YoY, and formed 25% of total revenues 18 ZAIN BAHRAIN FINANCIALS (USDm) 2003 55% 129% Year of launch Ownership Penetration 40 39 $18 34% 15 ARPU EBITDA Margin 14 3 4 Q3-19 Q3-20 5G 634 100% Technology Number of sites Coverage 121 123 ▪ Revenue increased by 1% YoY, due to increase in data, interconnect 42 42 revenue.
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