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Maxis Communications Berhad (158400 – V)

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Maxis Communications Berhad (158400 – V) 5 MAXIS BERHAD (867573 – A) (INCORPORATED IN MALAYSIA) QUARTERLY REPORT FOR THE THIRD QUARTER ENDED 30 SEPTEMBER 2012 ANNOUNCEMENT The Board of Directors of Maxis Berhad (“Maxis” or “the Company”) is pleased to announce the following unaudited condensed consolidated financial statements for the third quarter ended 30 September 2012 which should be read in conjunction with the audited financial statements for the financial year ended 31 December 2011 and the accompanying explanatory notes attached to the unaudited condensed consolidated financial statements. UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENTS INDIVIDUAL QUARTER CUMULATIVE QUARTER QUARTER QUARTER PERIOD PERIOD ENDED ENDED + ENDED ENDED + 30/9/2012 30/9/2011 - 30/9/2012 30/9/2011 - Note RM’ m RM’ m % RM’ m RM’ m % Revenue 7 2,216 2,244 -1 6,661 6,535 +2 Cost of sales (746) (707) (2,196) (2,046) Gross profit 1,470 1,537 -4 4,465 4,489 -1 Other income 15 3 30 8 Administrative expenses (465) (435) (1,279) (1,231) Network operation costs (294) (281) (932) (768) Other expenses (18) (10) (44) (61) Profit from operations 18 708 814 -13 2,240 2,437 -8 Finance income 14 9 40 30 Finance cost (90) (77) (251) (223) Profit before tax 7 632 746 -15 2,029 2,244 -10 Taxation 19 (189) (208) (547) (614) Profit for the period 443 538 -18 1,482 1,630 -9 ═════ ═════ ═════ ═════ Attributable to: - Equity holders of the Company 442 537 -18 1,478 1,627 -9 - Non-controlling interest 1 1 4 3 443 538 -18 1,482 1,630 -9 ═════ ═════ ═════ ═════ Earnings per share attributable to equity holders of the Company (sen): - Basic 26 5.9 7.2 19.7 21.7 ═════ ═════ ═════ ═════ (1) (1) - Diluted 26 5.9 7.2 19.7 21.7 ═════ ═════ ═════ ═════ Note: (1) In the prior year, the diluted earnings per share was the same as basic earnings per share as the effect of dilutive potential ordinary shares was anti-dilutive. Page 1 5 MAXIS BERHAD (867573 – A) (INCORPORATED IN MALAYSIA) QUARTERLY REPORT FOR THE THIRD QUARTER ENDED 30 SEPTEMBER 2012 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INDIVIDUAL QUARTER CUMULATIVE QUARTER QUARTER QUARTER PERIOD PERIOD ENDED ENDED ENDED ENDED 30/9/2012 30/9/2011 30/9/2012 30/9/2011 RM’ m RM’ m RM’ m RM’ m Profit for the period 443 538 1,482 1,630 Other comprehensive income/(expense) (2): Net change in cash flow hedge 73 (190) 72 (144) Total comprehensive income for the period 516 348 1,554 1,486 ═════ ═════ ═════ ═════ Attributable to: - Equity holders of the Company 515 347 1,550 1,483 - Non-controlling interest 1 1 4 3 516 348 1,554 1,486 ═════ ═════ ═════ ═════ Note : (2) There is no income tax attributable to the components of other comprehensive income/(expense). Page 2 5 MAXIS BERHAD (867573 – A) (INCORPORATED IN MALAYSIA) QUARTERLY REPORT FOR THE THIRD QUARTER ENDED 30 SEPTEMBER 2012 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT AS AT AS AT 1/1/2011 30/9/2012 31/12/2011 (MFRS (Unaudited) (Audited) transition date) Note RM’ m RM’ m RM’ m Non-current assets Property, plant and equipment 8 4,450 4,971 5,007 Intangible assets (3) 11,130 11,060 11,019 Derivative financial instruments 18 3 - Deferred tax assets 134 121 96 15,732 16,155 16,122 Current assets Inventories 45 110 214 Receivables, deposits and prepayments 807 858 936 Amounts due from related parties 17 17 14 Amounts due from fellow subsidiaries 1 - - Tax recoverable 8 13 41 Cash and cash equivalents 1,149 838 898 2,027 1,836 2,103 Total assets 17,759 17,991 18,225 Current liabilities Provisions for liabilities and charges 59 65 60 Payables and accruals 2,479 2,828 3,106 Amounts due to related parties 26 23 43 Amount due to a fellow subsidiary - - 1 Borrowings 21 2 1,464 13 Taxation 96 6 100 2,662 4,386 3,323 Net current liabilities (635) (2,550) (1,220) Non-current liabilities Borrowings 21 6,741 4,409 5,061 Provisions for liabilities and charges 88 94 127 Payables and accruals 21 46 61 46 Loan from a related party 21 37 36 33 Derivative financial instruments 419 366 349 Deferred tax liabilities 520 551 620 7,851 5,517 6,236 Net assets 7,246 8,088 8,666 ══════ ══════ ══════ Note: (3) Includes telecommunication licenses with allocated spectrum rights of RM10,707 million and goodwill arising from acquisition of subsidiaries of RM219 million. Page 3 5 MAXIS BERHAD (867573 – A) (INCORPORATED IN MALAYSIA) QUARTERLY REPORT FOR THE THIRD QUARTER ENDED 30 SEPTEMBER 2012 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED) AS AT AS AT AS AT 1/1/2011 30/9/2012 31/12/2011 (MFRS (Unaudited) (Audited) transition date) RM’ m RM’ m RM’ m Equity Share capital 750 750 750 Reserves 6,488 7,334 7,916 Equity attributable to equity holders of the Company 7,238 8,084 8,666 Non-controlling interest 8 4 - Total equity 7,246 8,088 8,666 ══════ ══════ ══════ Net assets per share (RM) 0.97 1.08 1.16 ══════ ══════ ══════ Page 4 5 MAXIS BERHAD (867573 – A) (INCORPORATED IN MALAYSIA) QUARTERLY REPORT FOR THE THIRD QUARTER ENDED 30 SEPTEMBER 2012 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY Attributable to equity holders of the Company Reserve arising from Retained Non- Share Share Merger reverse Other earnings controlling Total Period ended 30/9/2012 capital (4) premium relief (5) acquisition reserves (Note 23) Total interest equity RM’ m RM’ m RM’ m RM’ m RM’ m RM’ m RM’ m RM’ m RM’ m Balance as at 1/1/2012 750 - 29,629 (22,729) (155) 589 8,084 4 8,088 Profit for the period - - - - - 1,478 1,478 4 1,482 Other comprehensive income for the period - - - - 72 - 72 - 72 Total comprehensive income for the period - - - - 72 1,478 1,550 4 1,554 Dividends for the financial year ended 31 December 2011 - - (400) - - (800) (1,200) - (1,200) Dividends for the financial year ending 31 December 2012 - - (200) - - (1,000) (1,200) - (1,200) Employee Share Option Scheme (“ESOS”): - share options granted - - - - 1 - 1 - 1 - shares issued - 3 - - - - 3 - 3 Balance as at 30/9/2012 750 3 29,029 (22,729) (82) 267 7,238 8 7,246 31/ 3/2012 ════ ════ ═════ ══════ ═════ ═════ ══════ ═════ ═════ Period ended 30/9/2011 Balance as at 1/1/2011 750 - 30,440 (22,729) (46) 251 8,666 - 8,666 Profit for the period - - - - - 1,627 1,627 3 1,630 Other comprehensive expense for the period - - - - (144) - (144) - (144) Total comprehensive (expense)/income for the period - - - - (144) 1,627 1,483 3 1,486 Dividends for the financial year ended 31 December 2010 - - (11) - - (1,189) (1,200) - (1,200) Dividends for the financial year ended 31 December 2011 - - (700) - - (500) (1,200) - (1,200) Balance as at 30/9/2011 750 - 29,729 (22,729) (190) 189 7,749 3 7,752 ════ ════ ═════ ══════ ═════ ═════ ══════ ═════ ═════ Notes: (4) Issued and fully paid ordinary shares of RM0.10 each. (5) Pursuant to Section 60(4)(a) of the Companies Act, 1965, the premium on the shares issued by the Company as consideration for the acquisition of subsidiaries in the financial year ended 31 December 2009 are not recorded as share premium. The difference between the issue price and the nominal value of shares issued is classified as merger relief. Page 5 5 MAXIS BERHAD (867573 – A) (INCORPORATED IN MALAYSIA) QUARTERLY REPORT FOR THE THIRD QUARTER ENDED 30 SEPTEMBER 2012 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS PERIOD PERIOD ENDED ENDED 30/9/2012 30/9/2011 RM’ m RM’ m CASH FLOWS FROM OPERATING ACTIVITIES Profit for the period 1,482 1,630 Adjustments for: - non-cash items 1,154 1,046 - finance income (40) (30) - finance cost 251 223 - taxation 547 614 Payments for provision for liabilities and charges (37) (46) Operating profit before working capital changes 3,357 3,437 Changes in working capital (335) (295) Cash inflow from operations 3,022 3,142 Interest received 36 30 Net tax paid (497) (437) Net cash flows generated from operating activities 2,561 2,735 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of intangible assets (203) (121) Purchase of property, plant and equipment (401) (673) Net cash flows used in investing activities (604) (794) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of shares pursuant to ESOS 3 - Drawdown of bank borrowings - 699 Proceeds from issuance of Islamic Medium Term Notes 2,450 - Repayment of bank borrowing (1,450) - Repayment of lease financing (6) (11) Payments of finance costs (243) (211) Dividends paid (2,400) (2,400) Net cash flows used in financing activities (1,646) (1,923) NET CHANGE IN CASH AND CASH EQUIVALENTS 311 18 CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE FINANCIAL PERIOD 838 898 CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL PERIOD 1,149 916 ═════ ═════ Page 6 5 MAXIS BERHAD (867573 – A) (INCORPORATED IN MALAYSIA) QUARTERLY REPORT FOR THE THIRD QUARTER ENDED 30 SEPTEMBER 2012 PART A - EXPLANATORY NOTES PURSUANT TO MALAYSIAN FINANCIAL REPORTING STANDARD 134 1. BASIS OF PREPARATION The unaudited quarterly report has been prepared in accordance with the reporting requirements as set out in Malaysian Financial Reporting Standard (“MFRS”) 134 “Interim Financial Reporting” and Paragraph 9.22 of the Bursa Malaysia Securities Berhad Main Market Listing Requirements (“Bursa Securities Listing Requirements”) and should be read in conjunction with the Group’s audited financial statements for the financial year ended 31 December 2011 and the accompanying explanatory notes attached to the unaudited condensed consolidated financial statements.
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