Bharti Airtel Management Presentation – Feb 2016 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
2.02 bn Addressable Population 4 Present in US$14.8 bn 20 Countries Revenue 3
#1 Operator In India 1 #2 Operator #3 Operator In Africa 5 in the World 1
35.2% EBITDA margins3
Source: TRAI and Informa Telecoms and Media Notes: 1. As of Mar 31, 2015 2. Based on proportionate equity subscriptions with data from Informa Telecoms and Media. In-country wireless operator refers to single country subscribers 3. TTM Revenue, as on Dec 31 2015 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 2015
Pan India #3 data Pan India Launch Acquired First operator operator First Launch of footprint; direct to Zain; New 3G operator in the with 4G launched Airtel India’s home Present in brand services to launch world - across in Delhi Money in largest services over 20 launch launched 4G in Crossed 334 towns and HP India telco (DTH) countries India 300 million and 3G in customers 21 of 22 circles
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 • 336 mn1 wireless subscribers globally • Over 1.35 trillion minutes of calls (TTM) • Over 448 petabytes of data over the last year • Over 178,000 base station sites 350 million customers
3 Telemedia Services (Fixed Line & Broadband) TTM Revenue: $14.8 bn 1 Telemedia, 5% Digital TV, 3% • 3.6 mn broadband & internet customers Airtel • Services provided across 87 cities Business, 7% Tower Infra, 5% Tower Infrastructure Services India Wireless, 1 • Bharti Infratel – 38,206 towers across 11 circles 53% 1 • 42% stake in Indus Tower which has 118,687 towers Africa, 25% across 15 circles • Current market cap: US$12.3 bn2
SA, 2% Digital TV Uniquely positioned with strong asset base • Pan India DTH, 11.1 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 Dec 31, 2015 2. Market Cap data as on Dec 31, 2015, closing exchange USD/INR rate = 66.2 3. Revenue pie chart based on pre inter-segment eliminations 7 Scale and Profitability across Diversified Segments
Segment Wise Contribution to EBITDA (9MFY16) 9M FY16 62% Revenue $11.1 bn
EBITDA $3.9 bn
EBIT $1.9 bn 15% 8% 5% 6% 3% Capex $2.2 bn India & SA Africa Tower Infra Airtel Telemedia Digital TV Interest & Taxes $1.0 bn Wireless Wireless business Segment Wise EBITDA Margins (3QFY16) FCF $0.7 bn
47.4% Enterprise Value $33.3 bn 46.4% 40.6% 33.3% International Operations contributed 26% of 22.9% 24.3% 9MFY16 revenues Diversified suite of offerings with non-wireless segments contributing 22% to operating profit (9MFY16) India Africa Tower Infra Airtel Telemedia Digital TV Wireless Wireless* business
Source: Company Filings (NSE, BSE) Note: 1. Segment wise contribution to EBITDA bar graph based on pre inter-segment eliminations 8 *Africa Wireless EBITDA ex tower divestment impact WELL POSITIONED IN KEY GROWTH MARKETS Present in Growth Markets
53 million new mobile subscriptions globally
Central and Eastern Europe, 5 Middle East, 1
Growth markets Western Europe, 0.25 contribute over India, 12 half of new subs Noarth America, 5 - India - Bangladesh Latin America, 1 - Sri Lanka -17inAfrica in millions
APAC (ex China and India), 10 Africa, 20
Source: Ericsson, as of June 2015 Note 1: As of Quarter ended Jun 2015, revenue growth on constant currency basis 10 … And Under-Penetrated Geographies
Airtel’s span: 1 Over 243.3 million customers in India Over 82.1 million in Africa Over 10.8 million in South Asia (Sri Lanka and Bangladesh)
Source: Ericsson, as of June 2015 Notes: 1. Company filings, as of Quarter ended Dec 2015 11 India: Industry Consolidation Underway Through Revenue Shares
8 Operators 14 Operators 10 Operators • Industry consolidation via market share gains, with top 3 now accounting for over 71% of the industry revenues
• Exits by many operators post Feb 2012 SC verdict (122 licenses cancelled), many rationalized their footprints
• Spectrum auctions fortified consolidation story
Market share
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 Triggers To Bolster Data Uptake
Median Age Projected in 2020 (years) 1 Smartphone penetration, India (million) 2
30.5 27.9
19.4 17.8
World India Africa Nigeria
Source: 1. UN Statistics; Euromonitor 2. Ericsson Mobility Report 2015 14 Major Momentum for Data Growth
Mobile Subscriptions, India (million) 1 Driving 2G to 3G Growth 2
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. Ericsson Mobility Report 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
24% Wireless Subscriber Market Share1 31.3% Wireless Revenue Market Share2
Others, 3.8% Aircel, 5.7% Customer Market 24% 19% 17% 11% 8% 8% 6% 7% Tata, 6.8% Share 238 BSNL + MTNL, 189 5.2% Airtel, 31.3% 167 RCom, 5.5% 111 85 84 61 68 Idea, 18.5% Vodafone, 23.1% Bharti Airtel Vodafone Idea Reliance Aircel BSNL&MTNL Tata Others Comm Airtel has leadership in 18 circles of the total 22 circles (rank 1 or 2) with average RMS of 35.9% in these circles
Source: TRAI Notes: 1. As of Oct 31, 2015 2. For quarter ended Sep 30, 2015. 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% Rolled out 3G and 4G services – with over 60,000 BTS of 3G across 21 out of 22 circles and 4G across 300+ 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
Carries over 1 trillion minutes Significant gap between realized and rack rates 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
Smartphone Network: Industry first initiatives – Unique alliances with Flipkart Infinity Plans, Wynk Music and and Samsung, Movies Home delivery of Airtel SIM
Data comes at incrementally higher EBITDA margins as compared to voice
25 of 44 3 Largest 3G Network In India
3G sites up 85% YoY 1 Expected Population Coverage Growth 2
160,000 60.0%
140,000 50.0% 120,000 41.8% 51.3% 35.8% 40.0% 100,000 33.3% 29.3% 80,000 30.0%
60,000 20.0% 40,000 77,551 62,447 52,886 10.0% 20,000 41,850 48,825
- 0.0% Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Total sites less 3G 3G sites % 3G sites
Source: 1. Company filings 2. Ericsson 26 3 4G Services Launched Key to tap into the data opportunity
Launched in 334 cities in India on mobiles, mifi, dongles, home wifis
4G launch Africa in the Seychelles, Gabon, Rwanda
Unmatched value Innovative Mega Airtel 4G brand and seamless alliances campaign customer experience • Unique alliances with • Airtel Challenge • 4G at 3G prices Flipkart and Samsung • Demonstrates superior • Infinity plans: offer internet experience unlimited voice on mobile along with data • Quick transition to Airtel 4G: SIM • Flexpage: automated swap/home delivery platform allows users of Airtel SIM to track data usage
27 3 Growth Story: Airtel Money, Wynk, Industry First Initiatives
• Offered in India and all 17 opcos in Africa • KPI: Africa (Q3FY16) Airtel Money • Sub base of 8.9 million (up 1.4x YoY), transaction Value: c$5 billion (up 81% YoY)
Wynk Music, • Carrier agnostic music and video apps with a curated library of 1.8 million songs and over 5000 movies & 20,000 other video Video content &Games • Wynk Music: 12 million downloads in just 1 year of launch
• Makes internet discovery easy for first time users One Touch • 53 million page views within 4 months of launch Internet • Accredited as “Best Mobile Service of the Year for customers” at GSMA Global Mobile Awards 2015 at Barcelona
28 4 Quality Subscriber Acquisitions
India: Churn % Africa: Churn %
3.30% 5.90% 3.50% 3.40% 5.80% 5.80% 2.70% 2.50%
5.50% 5.40%
Dec‐14 Mar‐15 Jun‐15 Sep‐15 Dec‐15 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15
• Airtel has industry wide lowest churn at 3.4% • In Africa, churn decreased from 7% in June 2014 to 5.9% in Dec 2015 • Led to rationalization of Gross Acquisition Costs driving INR 10bn savings
Source: As per company’s reported numbers 29 4 Increasing High Value Customers
205 5.9% 6.0% 200 5.8% 5.9% • Postpaid Myplan for customers and enterprise 195 5.8% 190 5.7% 5.6% • Extended Myplan for prepaid customers 185 5.6% 180 • Expand company owned retail stores 5.4% 200 5.5% 175 5.4% 193 5.4% 170 • Strengthen DTH & Enterprise businesses 181 165 176 5.3% 170 160 5.2% 155 5.1% Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Data ARPU Postpaid customers
Postpaid subscriber base inching up, Data ARPU up 18% YoY
30 5 Focus On Efficient Utilization Of Opex/Capex
,000 85.00% 240,659 78.90% 80.00% ,000 77.40% 76.20% 74.50% 75.00% ,000 238,357 236,709 72.20% 70.00% ,000 65.00% • Invested for growth -> yielding results
60.00% ,000 • Passive Infrastructure sharing 232,171 55.00% ,000 50.00% • Divestment of towers in Africa underway 230,155 ,000 43.90% 43.30% 43.00% 43.10% 43.20% 45.00% ,000 40.00% Dec‐14 Mar‐15 Jun‐15 Sep‐15 Dec‐15
Total Revenues Capex Productivity Opex to Total Revenues
(INR Mn)
Increasing Operating and Capital expenditure productivity
31 KEY PERFORMANCE INDICATORS India Performance Indicators
Total Subscribers (mn) Minutes on Network (mn)
9% YoY
12% YoY 243 290,802 290,459 235 282,138 231 226 277,869
217 267,485
Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16
Voice Realization per minute (paisa) Bharti Airtel’s Data and 3G Base (mn)
21.4 23.9 28.1 37.67 50.0 19.4 60.0% 36.22 16.9 51.2% 34.93 43.2% 46.8% 34.58 33.75 40.0 40% 41.8% 40.0% 30.0
20.0 20.0% 25.3 27.0 28.1 27.1 26.8 10.0
0.0 0.0% Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 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 Strong Volume Growth Mobile Revenues 1
73% YoY
30% 133.9
25% 115.0 102.0 20% 86.6 77.3 15%
10%
5%
0% Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 (bn MBs) Data Revenue Other Non Voice Non Data Revenue
Annualized data revenues have surpassed USD 1.9 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
32.8 34.6 33.7 145 100.0 30.4 31.0 35.0 140 137 141 138 30.0 80.0 25.0 60.0 20.0 15.0 40.0 74.6 76.3 78.3 80.8 82.1 10.0 20.0 5.0 0.0 0.0 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Subscribers (m) Total Minutes (bn) Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 ARPU (USD) Capex (USDm)MoU per and sub. perNumber month of Sites
400 19,712 20,000 18,819 19,146 19,330 350 18,347 4.6 300 18,000 250 200 4.3 4.3 357 4.3 150 4.2 284 16,000 100 184 150 162 50 0 14,000 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 ARPU (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 112% YoY (Mn MBs)
37% YoY 15,406 14,292 112% YoY 20,049 12,289 13,039 16,483 11,242 13,843 11,256 9,475
Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 3G sites up 33% YoY 1 Mobile Money: Transactions Value (USD mn)
67% YoY 4,898 19,712 18,347 18,819 19,146 19,330 3,762 3,325 12,262 2,925 2,892 10,722 11,457 9,228 10,011
Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Sites of which 3G 36 OTHER BUSINESSES Telemedia Services
• 9MFY16: 6% YoY revenue growth, 24% 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: 3.6 million – Broadband penetration at 48.1% of customer base – Average ARPU of $16.1 per month for quarter ended Dec 31, 2015 Leading private operator with market share of 13.43%1
Source: Company Filings Note 1: As of Aug 2015, TRAI report 38 Airtel Business
India’s leading and most trusted provider of ICT services
• 9MFY16: 20% YoY revenue growth, 28% 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
• 9MFY16: 16% YoY revenue growth, 55% 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 ~11.1 million subscribers – Lowest industry churn of 0.7% – 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 (Q3FY16) – Average ARPU of $3.5 per month for quarter ended Dec 31, 2015
40 Tower Infrastructure
• 9MFY16: 3% YoY revenue growth, 4% YoY EBITDA growth
• Holds a 42% stake in Indus Towers, amongst 2.23 the largest tower companies in the world, 120,000 2.17 2.00 2.1 Sharing Factor (x) 100,000 operating in 15 circles, thereby enabling the 88,055 1.80 Company to provide leading pan-India passive 80,000 1.60 infrastructure services 60,000 118,687 49,849 1.40 40,000 Towers 1.20 • Sharing factor (Tenancy ratio) of ~2.1x per tower 20,000 38,206 38,206 0 1.00 Indus Bharti Infratel Bharti Infratel • Bharti Infratel conducted its Initial Public Offering Standalone Consolidated in December 2012, raising $761m for a 10% Indus Pro-rata share Sharing Factor stake
• Current market capitalization of US$12.3 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 Dec 31, 2015 41 FINANCIAL OVERVIEW Steadily Improving Financials
Consolidated revenues grew 6.6% YoY1
• India – Broad based revenue growth across mobile, DTH, enterprise segments – Revenues up 11.6% YoY on underlying basis » Mobile revenues grew 10.1% YoY » DTH up 19% YoY » Airtel Business grew 19% YoY
• Africa – Revenue growth1 4.6% YoY – Airtel Money has 9.5 mn active customers, up 67% YoY, transacting close to $5 bn / quarter
• Strong operating leverage – EBITDA margin expansion2 of 150 bps YoY – Net Income up2 17.5% YoY
Notes: 1. Adjusted for reduction in termination rates and Africa tower divestments. 43 2. TTM Steadily Improving Financials (Consolidated) 1
Total Revenues (US$bn) Cash Flow from Operations (US$bn)
CAGR of 11.5% (INR)
CAGR of 3.6% ($) 4.7
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 Driving increased Profitability
• Incremental EBITDA margins at 76% YoY
• Scale and Profitability across diversified segments • Among Top 3 in every non-mobile segment (TowerCo, DTH, Telemedia, B2B) • 36% of consolidated EBITDA comes from businesses other than India mobility • 22% from India non-mobile businesses • 15% from International mobility businesses
• Robust growth in Indian non-mobility businesses – 19% YoY in Airtel Business and 19% in Digital TV
• Non wireless segments contribute 24% to operating profit (9M FY16)
• Africa showing signs of growth with bulk operating investments already in place – monetization to catalyze transition to FCF neutrality
45 Diversified debt profile; focus on deleveraging
Over last 3 years:
Leverage: Net Debt to EBITDA down from 3x to 2.3x
Average Maturity: Average tenors pushed out from 2 years to 6 years
Diversified debt mix: 100% bank to a mix of bonds, bank, ECA and DoT debt
Currency diversification: 75% USD to a mix of USD (43%), INR (34%), EUR (14%), Rest (8%)
Interest: 100% floating to a balanced mix of fixed and floating
Strategic initiatives undertaken include Airtel QIP, Infratel IPO & further sell down Deleveraging in Africa via tower sales and divestment of 2 countries to Orange
46 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 Akhil Gupta • 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
One of only 3 listed companies in India to score 100% on a Composite Disclosure Index (FTI Consulting Inc.)
49 THANK YOU