Bharti Airtel Management Presentation – Apr 2015 Disclaimer
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2 Agenda
• Introduction to Bharti Airtel
• Industry Themes
• Bharti Airtel: Growth Opportunities
• Key Performance Indicators
• Other Businesses
• Financial Overview
• Leadership
3 BHARTI AIRTEL: WHO WE ARE Bharti Airtel
1.85bn Addressable Population 4 Present in US$15.1bn 20 Countries Revenue 3
#1 Operator In India 1 #2 Operator #4 Operator In Africa 5 in the World 1 #3 in-country wireless service operator in the world 2
Source: TRAI and Informa Telecoms and Media Notes: 1. As of Dec 31, 2014 2. Based on proportionate equity subscriptions with data from Informa Telecoms and Media. In-country wireless operator refers to single country subscribers 3. FY2015 Revenue 4. Combined population for the regions in which Airtel has a footprint 5. As measured by proportionate equity subscription in a single country, according to 2014 Informa Telecoms and Media 5 Journey Through The Times
Start up (1995 - 2000) Land Grab (2001 - 2010) Multiple Plays (2011 onwards)
1998 2004 2008 2010 2010 2011 2012 2013 2014
Pan India Launch Acquired First First Launch of footprint; direct to Zain; New 3G operator Crossed launched Airtel India’s home Present in brand services to launch 300 million in Delhi Money in largest services over 20 launch launched 4G in customers and HP India telco (DTH) countries India
300 million customers
Source: Company Filings
6 Global Services Portfolio
Mobile Services across 20 countries Airtel Business (Large enterprises and carriers) • Over 225,000 Rkms1 across 50 countries, 5 continents • 310.9 mn1 wireless subscribers globally • Over 1.23 trillion minutes of calls in FY 2015 • Over 333 petabytes of data over the last year • Over 172,000 base station sites Over 324 million customers
3 Telemedia Services (Fixed Line & Broadband) FY15 Revenue: $15.1 bn • 3.4 mn1 broadband & internet customers Telemedia, 4% Digital TV, 2% • Services provided across 90 cities Airtel Business, 7%
Tower Infra, 5% Tower Infrastructure Services India • Bharti Infratel – 37,196 towers1 across 11 circles Wireless, 52% • 42% stake in Indus Tower which has 115,942 towers1 International across 15 circles Wireless, 29% • Current market cap: US$11.65 bn2
Digital TV Uniquely positioned with strong asset base • Pan India DTH, 10.1 mn1 subscribers – top 3 player Five key businesses creating an end-to-end • Coverage across 639 districts1 global telecom company
Source: TRAI and Informa Telecoms and Media 1. Bharti Airtel Quarterly Report for quarter ending Mar 31, 2015 2. Market Cap data as on Mar 31, 2015, closing exchange USD/INR rate = 62.59 3. Revenue pie chart based on pre inter-segment eliminations 7 Scale and Profitability across Diversified Segments
Segment Wise Contribution to EBITDA (FY15) FY15 YoY Growth International Revenue $15.1 bn 6.5% India Wireless Wireless Tower Infra Airtel Business Telemedia Digital TV 61% EBITDA $5.1 bn 12.0%
EBIT $2.6 bn 29.0% 19% Capex $3.1 bn 8% 5% 6% 2% Interest & Taxes $1.5 bn -1.0% Segment Wise EBITDA Margins (FY15) FCF* $1.3 bn 47.1% 40.4% Enterprise Value $35.8 bn 14.6% 37.3% 27.3% 24.0% International Operations contributed 29% of FY15 21.0% revenues Diversified suite of offerings with non-wireless segments contributing 20% to India Wireless International Tower Infra Airtel Business Telemedia Digital TV Wireless operating profit (FY15)
*excludes Working Capital changes, includes the Cash flow from Infratel OFS and Secondary Sale during the year 8 Source: Company Filings (NSE, BSE) Note: 1. EBITDA pie chart are based on pre inter-segment eliminations WELL POSITIONED IN KEY GROWTH MARKETS Present in Growth Markets
105 million new mobile subscriptions globally
Growth markets contribute over a Central and Eastern Europe, 7 India, 12 third of new subs Western Europe, 3
- India Latin America, 8 - Bangladesh - Sri Lanka Africa, 23 -17inAfrica Middle East, 6
in millions Driving revenue growth1 Y-o-Y APAC (excluding India and China), - India: 11% 26 -Africa:6% China, 14
North America, 6
Source: Ericsson, as of Q4 2014 Note 1: As of Quarter ended Mar 2015, revenue growth on constant currency basis 10 … And Under-Penetrated Geographies
Airtel’s span: 1 Over 226 million customers in India Over 76.3 million in Africa Over 8.6 million in South Asia (Sri Lanka and Bangladesh)
Source: Ericsson, as of Q4 2014 Notes: 1. Company filings, as of Quarter ended Mar 2015 11 India: Industry Consolidation Underway Through Revenue Shares
8 Operators 14 Operators 10 Operators • Industry consolidation via market share 34% 29% gains, with top 3 now accounting for 43% over 71% of the industry revenues
• Exits by many operators post Feb 2012 SC verdict (122 licenses cancelled), 66% 71% many rationalized their footprints 57%
• Spectrum auctions fortified consolidation story 2008 2011 2014 Market share Top3 Rest
Industry wide focus on improving operational and financial health
Source: As per company’s reported numbers 12 Africa: Then and Now 2010 2015
Invested for Growth in Africa
13 of 44 The Demographic Dividend
Median Age Projected in 2020 (years) 1 17 mn more Indians between 15 to 44 years 1
30.5 27.9 619 19.4 17.8
602
World India Africa Nigeria 2013 2015
Source: UN Statistics; Euromonitor 14 Triggers To Bolster Data Uptake
Smartphone penetration in Asia 1 Driving 2G to 3G Growth 2
Singapore 72% Korea 69% Japan 50% APAC Avg 39% China 30% Thailand 26% Indonesia 26% India 10%
Smartphone shipments to India have doubled from 43.23 mn to 81.6 mn year over year (2014 vs 2013)
India is expected to have one of the fastest growth rates in the data segment driven by low cost mobile handsets and new technologies (3G/4G)
Notes: 1. IDC, Avendus estimates 2013, IDC shipments data 2015 2. Nokia MBiT 2015 15 AIRTEL: GROWTH OPPORTUNITIES Investment Highlights
1 Diversified operator with dominant position in marketplace
2 Large residual opportunity with bulk investments in place
3 Growth Strategy: Voice Secularity, Mobile Data and New Services
4 Focus on customer stickiness with increasing postpaid share
5 Focus on generating efficient utilization on operating and capital expenditures
17 1 The Leading Indian Wireless Operator
23% Wireless Subscriber Market Share1 31% Wireless Revenue Market Share2
Customer 23% 19% 16% 9% 8% 7% 7% 3.6% Market 11% 5.6% Share Bharti Airtel 7.2% 220 30.9% Vodafone
180 RCOM 153 BSNL+MTNL 17.5% Idea 107 Tata 84 80 66 63 5.6% Aircel 6.2% 23.4% Others
Bharti Airtel Vodafone Idea Reliance BSNL&MTNL Aircel Tata Others Comm Airtel has leadership in 17 circles of the total 22 circles (rank 1 or 2) with average RMS of 36.4% in these circles
Source: TRAI Notes: 1. As of Jan 31, 2015 2. For quarter ended Dec 31, 2014. Calculated on the basis of Gross Revenue for UASL + Mobile +CMTS licenses 18 1 Multiple Plays, Multiple Opportunities
Telemedia: DTH: One of four EBIT customers positive, on Airtel, generating DSL ARPU> significant Rs 1000 OFCF
Tower Co: Wireless: Consolidating Integrated the data 20 growth growth, Telco markets sharing factor>2
Airtel Airtel Business: Money: 50 countries, Building 5 continents Scale
Source: Company Filings 19 2 India: Investments To Yield Results
Industry Prime Nominal Wide Largest leading spectrum to Value of spectrum optical fiber revenue2 yield data liberalized presence: network yield/MHz at growth: spectrum at 16.1%3 amongst 2x avg with Virtually Pan USD 12 spectrum private same India 3G & billion1 market share players cost/MHz 4G
Source: 1. Including Qualcomm licenses, excluding administered spectrum 2. Annualized 9M Revenues for FY15, Utilization based on 2G/3G spectrum 3. Ex 20 MHz BWA spectrum holding in 8 circles 20 2 India: Strong Spectrum Position
Bharti Airtel’s Spectrum Position Spectrum Holdings
Spectrum Industry Industry Spectrum Spectrum held Bharti spectrum Spectrum across 900/1800/2100/2300 bands, more or Band Spectrum ex BSNL/MTNL by Bharti Market Share ex less fungible across technologies (MHz) (MHz) (MHz) BSNL/MTNL Hold 553.5 MHz (393.45 MHz paired & 160 MHz 900 439.6 295.2 116.4 39.4% unpaired) spectrum
1800 955.3 877.3 177.1 20.2% During Mar’15 auctions, the company spent ~58% of the overall spend on acquiring growth spectrum 2100 535.0 425.0 100.0 23.5% Only operator with pan India 3G & 4G footprint - widest broadband footprint in India. 2300 660.0 440.0 80.0 18.2% Bharti has rolled out 3G and 4G services - with over 17 million 3G customers and close to 300,000 customers in 4G LTE across 19 cities
Bharti Airtel plans to leverage its existing network and superior spectrum position for data roll-outs
Source: TRAI, Department of Telecom, Company Filings 21 2 India: Incumbent with Growth Opportunity
Penetration Share
< 60% No 1 Share 60% - 90% No 2 Share 90% + No 3 Share
22 2 Africa: Geographical Opportunity & Performance
Mobile Penetration(%) Number of Countries < 60% 8 60% - 90% 6 > 90% 3
Market Position Number of Countries
# 1 8 # 2 6
# 3 3
Number of <=2 3 >=4 competitors No. of countries1 962
Through organic as well as in-country acquisitions we are #1 or #2 in 14 markets
Source: Company data, CIA World Factbook, World Bank Note: 1. Only GSMA telecoms considered 23 3 Growth Lever: Voice Secularity
Volume Growth Value Growth
Significant gap between realized and rack rates Carries over 1 trillion minutes (VRPM up 3.5% from trough of 35 paise) Secular Volume growth Y-o-Y 1 paisa upside adds $200 mn to top line
Significant headroom for value as well as volume upside on a secular basis
24 of 44 3 Growth Lever: Data Across 2G/3G/4G
Converged opportunity across India’s first 4G network technologies
Sole operator to be part of Industry first initiatives Google’s Android One devices strategy
Data comes at incrementally higher EBITDA margins as compared to voice
25 of 44 3 Largest 3G Network In India
3G sites up 56.0% YoY 1 Expected Population Coverage Growth 2
250000 40.0%
48,825 35.0% 200000 41,850 34,564 38,055 33.3% 30.0% 31,301 29.3% 150000 26.9% 25.0% 24.7% 22.6% 20.0%
100000 15.0%
10.0% 50000 5.0%
0 0.0% Q4'14 Q1'15 Q2'15 Q3'15 Q4'15
3G Sites Total Sites % 3G sites
Source: 1. Company filings 2. Ericsson 26 3 4G Services Launched Key to tap into the data opportunity
• Launched in 19 cities in India on mobiles, mifi, dongles, home wifi routers • Africa’s first 4G service: 4G launch in the Seychelles • Partnering Nokia Networks to launch ultrafast 4G services in India’s first FDD‐LTE on 1800 MHz – India’s first FDD‐LTE deployment across 6 circles
Airtel 4G is now available in 19 cities
27 3 Growth Story: Airtel Money, Wynk, Industry First Initiatives
• Offered in India and all 17 opcos in Africa Airtel • KPI: Africa (Q4FY15) Money • Sub base of 6.2 million (up 1.8x YoY), transaction Value: $2,925 million (up 31% YoY)
• Carrier agnostic music app with a curated library of 1.8 million Wynk songs • 5 million downloads in just 6 months of launch
One • Makes internet discovery easy for first time users • 53 million page views within 4 months of launch Touch • Accredited as “Best Mobile Service of the Year for customers” at GSMA Internet Global Mobile Awards 2015 at Barcelona
28 4 Quality Subscriber Acquisitions
India: Churn % Africa: Churn %
8.50%
6.70% 6.10% 7% 6.10% 5.80%
5.50%
3.20% 3.10% 3.20% 2.40% 2.50% 2.70%
Sep‐12 Feb‐13 Jul‐13 Dec‐13 May‐14 Oct‐14 Mar‐15 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15
• Airtel has industry wide lowest churn at 2.5% • In Africa, churn % decreased from 7% to 5.8% YoY
• Led to rationalization of Gross Acquisition Costs driving INR 10bn savings
Source: As per company’s reported numbers 29 4 Increasing High Value Customers
203 5.5% 5.4% 5.4% 202 5.4% 5.3% • Postpaid Myplan for customers and enterprise 201 5.3% 200 202 5.2% • Extended Myplan for prepaid customers 5.1% 202 199 5.1% 198 5.0% • Expand company owned retail stores 4.9% 197 198 4.9% • Strengthen DTH & Enterprise businesses 196 198 4.8%
195 196 4.7% 194 4.6% Mar-14 Jun-14 Sep-14 Dec-14 Mar-15
ARPU (INR) Postpaid customers (%)
Postpaid subscriber base inching up
30 of 44 5 Focus On Efficient Utilization Of Opex/Capex
78.9% 77.7% 76.6% 77.4% 75.6% 229,616 232,171 228,452 230,155 • Invested for growth -> yielding results
222,193 • Passive Infrastructure sharing
45.0% 44.3% • Divestment of towers in Africa underway 44.0% 43.9% 43.0%
Mar-14 Jun-14 Sep-14 Dec-14 Mar-15
Total revenues Opex to Total revenues Capex Productivity
(INR Mn)
Increasing Operating and Capital expenditure productivity
31 of 44 KEY PERFORMANCE INDICATORS India Performance Indicators
Total Subscribers (mn) Minutes on Network (mn)
226 277,869 10% YoY 5% YoY 217
212 270,827 209 267,485 206 264,843 263,905
Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Voice Realization per minute (paisa) Bharti Airtel’s Data and 3G Base (mn)
Up from a trough of 35 paise 50 41.8% 50.0% 40.0% 38.08 37.69 37.67 31.8% 38.5% 37.16 40 28.9% 40.0% 36.22 19.4 12.5 16.9 30 10.3 15.4 30.0%
20 20.0% 25.3 26.8 24.7 25.3 27.0 10 10.0%
0 0.0% Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Source: Company Filings 3G Data subs 2G Data subs 3G subs as % of total data subs 33 India: Significant Upside From ‘Data’
Bharti Airtel’s Non Voice Revenues as a % of Volumes doubling YoY (bn MBs) Mobile Revenues 1
82% YoY 86.6 25% 77.3 20% 67.7 15% 55.6 47.7 10%
5%
0%
Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Data Revenue Other Non Voice Non Data Revenue
Annualized data revenues have surpassed USD 1 billion
Source: Company filings Note: 1. For Mobile Services India 34 Africa Performance Indicators
Total Subscribers (mn) and Total Minutes (bn) Minutes of Usage per sub
140 69.1 71.4 74.6 76.3 136 136 138 137 80.0 69.4 35.0 30.4 30.0 60.0 31.0 25.0 29.0 28.2 28.3 30.4 20.0 40.0 15.0 20.0 10.0 5.0 0.0 0.0 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Subscribers (m) Total Minutes (bn) MoU per sub. per month
ARPU (USD) and ARPM (Usc) Capex (USDm) and Number of Sites
400 20,000 7.0 6.0 18,819 350 6.5 5.0 300 17,935 18,347 4.1 4.1 3.9 17,792 17,781 6.0 3.6 4.0 250 18,000 5.5 3.2 5.6 5.4 200 5.5 5.1 3.0 357 150 5.0 2.0 265 284 16,000 100 4.4 176 160 4.5 1.0 50 4.0 0.0 0 14,000 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 ARPU (US$) ARPM (US¢) Capex (US$m) Number of Sites Source: Company Filings 35 Africa: Data and Mobile Money Are The Stars
Data Customer Base (‘000s) Volumes up 84% YoY (Mn MBs)
36% YoY 30,379 84% YoY 11,256 27,116 26,365 9,475 22,305 23,650 8,061 6,114 6,541
Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 3G sites up 44% YoY 1 Mobile Money: Transactions Value (USD mn)
3,345 17,792 17,781 17,935 18,347 18,819 2,925 2,892 31% YoY
2,200 2,186 10,011 9,228 8,104 6,923 7,165
Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Sites of which 3G 36 of 44 OTHER BUSINESSES Telemedia Services
• FY15: 13% YoY revenue growth, 22% YoY EBITDA growth
• Pan-India presence of 90 cities
• Operates in the entire broadband continuum - fixed line voice and high speed broadband across Homes and Office segments, broadband (via DSL), IPTV, internet leased line and MPLS services
• Key Performance Indicators – Customer base: 3.4 million – Broadband penetration at 44.2% of customer base – Average ARPU of $16.6 per month for quarter ended Mar 31, 2015 Leading private operator with market share of 12.41%1
Source: Company Filings Note 1: As of Oct 2014 38 Airtel Business
India’s leading and most trusted provider of ICT services
• FY15: 6% YoY revenue growth, 1% YoY EBITDA growth
• Customer base across - enterprises, governments, carriers and small and medium business.
• Diverse portfolio of services - voice, data, video, network integration, data centers, managed services, enterprise mobility applications and digital media.
• Strategically located submarine cables and satellite network - global network running across 225,000 Rkms, covering 50 countries and 5 continents.
Source: Company Filings Note: 1. Post FY09 this segment was reclassified 39 Digital TV Services
• FY15: 19% YoY revenue growth, 102% YoY EBITDA growth • First Company in India which provides real integration of all the three screens viz. television, mobile and computer enabling our customers to record their favorite TV programs through mobile and web • Launched “Airtel Digital TV” service in October 2008 as fifth operator providing Direct-to-Home (DTH) services in India – Subscriber base of ~10.1 million subscribers – Lowest industry churn of 1% – Present across 639 districts – Offer 430 channels including 22 HD channels and 4 interactive services – Also offers High Definition (HD) Set Top Boxes and Digital TV Recorders with 3D capabilities delivering superior customer experience • Key Performance Indicators (Q4FY15) – Average ARPU of $3.4 per month for quarter ended Mar 31, 2015
40 Tower Infrastructure
• 6% YoY revenue growth, 13% YoY EBITDA growth
• Holds a 42% stake in Indus Towers, amongst 2.17 the largest tower companies in the world, 120,000 2.11 2.00 2.03 Sharing Factor (x) 100,000 operating in 15 circles, thereby enabling the 85,,892 1.80 Company to provide leading pan-India passive 80,000 1.60 infrastructure services 60,000 115,942 48,696 1.40 40,000 Towers 1.20 • Sharing factor (Tenancy ratio) of ~2.03x per 20,000 37,196 37,196 tower 0 1.00 Indus Bharti Infratel Bharti Infratel Standalone Consolidated • Bharti Infratel conducted its Initial Public Offering Indus Pro-rata share Sharing Factor in December 2012, raising $761m for a 10% stake
• Current market capitalization of US$11.65 bn1 Bharti Infratel owns 42% stake in Indus Towers – one of the world’s largest passive infrastructure providers
Source: Company Filings Note 1 As of Mar 31, 2015 41 FINANCIAL OVERVIEW Steadily Improving Financials (Consolidated) 1
note: in INR terms
Continued margin improvement
*Net of Mobile Termination cuts Source: Company Filings 33 Note: 1. Africa operations consolidated starting from 8th June 2010 Steadily Improving Financials (Consolidated) 1
Total Revenues (US$bn) Cash Flow from Operations (US$bn)
CAGR of 11.5% (INR)
4.7 CAGR of 3.6% ($) 15.1 4.0 4.1 4.0 14.3 14.1 14.2 3.6 13.1
FY11 FY12 FY13 FY14 FY15 FY11 FY12 FY13 FY14 FY15
Source: Company Filings Note: 44 1. Africa operations consolidated starting from 8th June 2010 Stable Margin Growth
35.00% 32.90% 33.70% 33.70% 33.50%
18.56% 16.10% 16.90% 17.20% 15.20%
13.50% 13.30%
7.10% 5.8% 3.6%
Q4'14 Q1'15 Q2'15 Q3'15 Q4'15
GR YoY growth % EBITDA % EBIT %
Source: Company Filings Note: 45 1. Africa operations consolidated starting from 8th June 2010 Diversified debt profile; focus on deleveraging
Leverage ratios improving
11.8 3
2.5 2.19 2.1 2.08 2.04 2.06 10.8 10.7 2 10.6 10.1 10.1 1.5
9.8 9.6 1
0.5
8.8 0 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15
Net Debt ($bn) Net Debt-EBITDA Ratio
Many strategic initiatives undertaken, further deleveraging through Africa tower sale underway
Note: 1. As of March 31, 2015 46 of 44 LEADERSHIP Leadership in Business
Amongst top 100 Estimated brand Number 1 service Top Treasury most valuable value of over USD brand in India Team, Asia; Adam brands globally 11 bn, 2012 Brand Equity’s most Smith Award, Study by Millward Published in Financial trusted brands annual EuroFinance Brown, May 2012 Times survey, 2013
Bags five awards, “Brand Airtel Nigeria won 3 tele.net Telecom One of top ten Leadership award industry awards at Operator Awards brands in Africa Nigerian Telecom in Telecom, 2012” 2013 Within3yearsof Awards Brand Leadership Including most operations there Including telecom Awards admired telecom brand of the year operator
Sunil Bharti Mittal, Chairman Rajan Bharti Mittal, Vice Chairman & MD Akhil Gupta, Deputy Group CEO & MD • Honorary Degree awarded by • ‘Indian Business Leaders of the • ‘Outstanding Contribution to the Newcastle University - 2012 Year’ award at the Global India Sector’ award at the Telecom • ‘Business Leader for the World Business Meeting, 2011 Operator Awards 2012 Award’ from INSEAD in 2011 • CFO India Hall of Fame by CFO India, 2011 48 Highest Standards of Corporate Governance
Credit Rating and Information Services of India (“CRISIL”) has assigned its Governance and Value Creation rating “CRISIL GVC Level 1” to the corporate governance and value creation practices of Bharti Airtel
Quarterly financials audited on IFRS, IGAAP basis
IG rating from 3 International Rating Agencies
Diversified Board – 50% independent directors
SingTel representatives on the Board of the company
Professional organization with empowerment to operating team
49 THANK YOU