Scan the Code to view the page in AR CONTENTS 06 94 Independent Auditors’ About Us Report and Financial Statements 22 Strategic Report 152 Corporate Information 46 Enriching Sustainable Development 64 Corporate Governance This is the Annual Report (the “Annual Report”) of Ooredoo Maldives Plc (“Ooredoo Maldives” or the “Company”) for the year 2020. 78 The Annual Report includes the Directors’ Report, Financial Statements for the year ended 31st'HFHPEHUDQGNH\RSHUDWLRQDODQGȴQDQFLDO Report of the Audit and highlights during the year 2020. It contains both factual and forward-looking Risk Committee statements. The forward-looking statements should not be considered as facts as they are based on assumptions and predictions which might differ from the end result. 84 Report of the Nomination and Remuneration Committee 90 Subsidary Companies 4 OOREDOO MALDIVES PLC OOREDOO MALDIVES PLC 5 ABOUT US VISION Enriching people’s lives as a leading international communications company OUR BUSINESS MISSION Ooredoo Maldives is a member of Ooredoo Group, a leading international communications To provide world class, innovative communications products and services to the company with operating businesses in 10 countries across the Middle East, North Africa and people of, and visitors to the Maldives Southeast Asia. Launched in August 2005 as Wataniya Telecom Maldives Private Limited, it revolutionized the local telecommunication industry through the introduction of world-class network technologies and innovative solutions to help people enjoy the internet. On 6th October 2016, the Company changed its legal status to a public limited company and thereby re-registered as Ooredoo Maldives Public Limited Company. Our majority shareholder CORE VALUES :DWDQL\D,QWHUQDWLRQDO)=//&KROGVDQGWKH0DOGLYHV3HQVLRQ$GPLQLVWUDWLRQRɚFH holds 5.64% of the issued shares of the Company, while the remaining 3.86% of the shares are held by other public shareholders. CARING The Company is driven by its vision of enriching people’s lives through telecommunications We make things easy for you. With us, everything is simple and transparent. We and technology to help people achieve their full potential. We cater to customers across respond quickly to your requests, and show concern and respect. Maldives including small to medium businesses, large corporates and state institutions, providing a wide range of innovative voice, data, broadband, content, enterprise and e-commerce services tailored to the growing needs of today’s consumers and businesses. By CONNECTING the end of 2020, our subscriber base was over 345,000 with Compound Annual Growth Rate We play an active role in our local communities, deploying our reliable, trust- (“CAGR”) remaining constant at 0.01% the last 5 years. worthy networks to deliver relevant services that give you access to the solutions and support you need. Since the beginning of the Company’s establishment in the Maldives, we have continued to remain at the helm of revolutionary changes in the development of the telecommunications industry in the Maldives by introducing leading edge technologies and innovative solutions. CHALLENGING :HZHUHWKHȴUVWRSHUDWRUWRODXQFKWKHȴUVWHYHUDQGIDVWHVW**1HWZRUNVDQG*+RPH We love a challenge because we have an ever youthful spirit, fueling our passion Broadband services in the Maldives. We remain committed to enrich the lives of Maldivians by WREHWKHEHVWDQGHQDEOLQJXVWROHDGFKDQJHDQGLQQRYDWLRQWREHQHȴWRXU providing them with the latest advancements of the telecommunications industry. customers. 6 OOREDOO MALDIVES PLC OOREDOO MALDIVES PLC 7 OUR 15 YEARS JOURNEY (2005-2020) 2020 • Celebrated 15 years of service in the Maldives • Renewed Telecommunications Licence • Enabled 24/7 Live Chat on Ooredoo App, Web and Ooredoo “Evee” 2019 on Viber • Introduced Digital Centers in 7 islands in the Maldives • Passed MVR 2 Billion Revenue Mark • Launched “Visit Maldives Now” Campaign • ,QWURGXFWLRQRI+'9RLFHVHUYLFHVWRWKH0DOGLYHV • Inaugurated special digital kiosks for tourists in Velana International • SuperNet expanded to over 65% of the Maldives Airport • Launch of Voice over Wi-Fi services, for the 1st time in the Maldives • Successfully landed Maldives-Sri Lanka Cable • Launch of LTE Roaming Services • Rolled out 5G and AirFibre – 1st 5G Broadband Service in the Maldives • Expansion of Ooredoo Color Run to Addu City • Launch of Ooredoo Moolee e-commerce platform • 1st Startup launched under NIRU Accelerator Program • Establishment of Digital Classroom at Maafushi Rehabilitation Center, powered by Ooredoo Smart Campus 2018 • 5G demonstration, with the highest ever experienced speeds in Maldives 2017 • Re-launch of Ooredoo Mas Race • Donation of 3 Sea Ambulances to the Government of Maldives • Launch of Niru Accelerator Program, a 1st of its kind learning based • Inauguration of Ooredoo Flagship Building (groundbreaking) business accelerator program in the Maldives • Nationwide 4G+ Launch • Amazon Prime Video Offer introduced to the Maldives for the 1st time • 3DUWQHUHGZLWK81'30DOGLYHV +RXVLQJ'HYHORSPHQW&RUSRUDWLRQ Ltd for Smart Cities Project • Launch of Ooredoo Magey Plan • Launch of Ooredoo Next • /DXQFKRI2RUHGRR)DVH\KD+RPH%URDGEDQG • Commencement of secondary market trading on the Maldives Stock Exchange • Introduction of Ooredoo Color Run 2016 • Introduction of Mobile Number Portability • Launch of Ooredoo Smart Campus • Introduction of m-Faisaa, the 1st mobile money platform in the Maldives 2015 • Launch of Ooredoo SuperNet (Fixed Broadband) • Conversion of Ooredoo Maldives from a Private Limited Company to • Crossed MVR 1 Billion Revenue Mark a Public Limited Company • /DXQFKRI+XDZHL(DV\0DFURDQHZWHFKQRORJ\ZLWKDFDUERQ • Completion of Nationwide Submarine Cable Project footprint of zero, which enhances user experience while meeting the • Achieved goal of reaching MVR 1.5 Billion Revenue Mark increasing demands of customers • Partnership with Facebook to Launch Free Basics Services in the Maldives • 2RUHGRR0DOGLYHVJUDQWHGOLFHQVHWRSURYLGHȴ[HGOLQHLQWHUQHW services • Nationwide Submarine Cable Project kick off 2014 • Launch of Cross Functional Projects • Trial and launch of 4G LTE Advanced, for the 1st time in the Maldives • Passed MVR 771 Million Revenue Mark • /DXQFKRI:L)L+DQJRXW 8 OOREDOO MALDIVES PLC OOREDOO MALDIVES PLC 9 2013 OUR 15 YEARS • Launched the Maldives’ 1st LTE network for Fixed and Mobile Broadband • Rebranded from Wataniya Telecom Maldives Private JOURNEY Limited to Ooredoo Maldives Private Limited 2012 (2005-2020) 2011 • Launch of video broadcast over 3G • Introduction of Single Ran Towers • Introduction of Prepaid Broadband 2010 • Launch of Information and Communication Technology Incubator 2009 • Launch of wLocate • Launch of Wireless Broadband 2008 • Launch of 3G 2007 • Inauguration of 1st+6'31HWZRUN • Launch of SMS based information services 2006 • Establishment of 1st International Subsea Cable 2005 • Launch of Mobile Virtual Private Network (MVPN) • Wataniya Telecom Maldives Private Limited commenced its services in the Maldives 10 OOREDOO MALDIVES PLC OOREDOO MALDIVES PLC 11 Chairman’s Message - Mr. Andrew Tor Oddvar Kvalseth Dear Shareholders, Supporting Communities Acknowledgement On behalf of the Board of Directors, it At the core of everything we do, lies our vision of enriching is my honor to present to you the 2020 lives. This commitment we have made to the people of Maldives remained close to our hearts this year, as we I would like to thank our Board of Directors, Executive Annual Report of Ooredoo Maldives. made it our highest priority to support our customers and Management and the entire team of Ooredoo Maldives for 2020 marked fifteen incredible years communities throughout the pandemic, and the new normal your dedicated efforts to enrich the lives of our customers. for the Company, in our journey of which followed. I am both humbled and amazed by the sheer dedication of enriching the lives of our customers our team, who have kept the momentum high and have not and creating a Digital Maldives which Together with Ooredoo Group, we contributed MVR 2.5 compromised on quality, while working remotely for over PLOOLRQ 7ZRDQGD+DOI0LOOLRQ0DOGLYLDQ5Xȴ\DD WRZDUGV nine months. It is your deep-rooted caring for our customers inspires new growth potential for medical equipment and Personal Protective Equipment that drives our achievements as a company. communities and businesses. (PPE) for the Covid-19 response and worked closely with stakeholders to provide key connectivity solutions for I take this moment to appreciate our customers for their Enriching the Digital Lives of Customers emergency response workers, doctors, teachers, small WUXVWDQGVXSSRUWRYHUWKHSDVWȴIWHHQ\HDUVLQWKH0DOGLYHV businesses and more. Beyond our normal business, we <RXUFRQȴGHQFHLQXVKXQJHUIRUQHZWHFKQRORJLHVDQG Innovation is often born at times of crisis. 2020 was a year used our local and international resources to support passion for innovation encourages us to reach new heights. that we could not have envisaged, however I am proud of the rebuilding of the tourism sector, following the global 7KHZRUOGRQFHDJDLQORRNVWRZDUGVDQHZHUDȴOOHGZLWK the heartfelt commitment of the team to support customers pandemic. endless possibilities, and our commitment to connect our at a time when the need for digital was unprecedented. customers to these opportunities remains strong. We turned to virtual events to continue community With relentless efforts from our employees and partners to engagement initiatives to bring us closer to customers and adapt