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The Egyptian Company for Mobile Services [Mobinil] First Quarter 2009 Earnings Release
The Egyptian Company for Mobile Services (Mobinil) Page 1 of 7
Press Release/ 1Q 2009 Earnings Release
Mobinil continues to lead mobile telecommunications in the Egyptian market with 21.179
million subscribers which represents an increase of 31%; 1.064 million net additions; revenue
growth of 10%; EBITDA growth of 21% and consolidated net income reached EGP 424 million.
Cairo: April 29th, 2009 The Egyptian Company for Mobile Services (Mobinil) announced its first quarter
2009 consolidated results. The reported figures reflect:
􀂃 21.179 million Subscribers, an increase of 31% over the same period last year.
􀂃 Subscribers’ additions reached 1.064 million subscribers.
􀂃 Net revenues reached EGP 2,490 million representing an increase of 10% over the same period last
year.
􀂃 EBITDA reached EGP 1,215 million representing an increase of 21% over the same period last year.
􀂃 Net income reached EGP 424 million.
Commenting on first quarter 2009 results, Alex Shalaby, Chairman said:
“Mobinil continued to grow in tough economic times and delivered on its identified growth strategy.
This again confirms Mobinil’s success in building ties with its customers by providing quality services. In
difficult economic conditions it is also gratifying to see Mobinil achieving on its profitability."
Commenting on first quarter 2009 results, Hassan Kabbani, CEO said:
“I am pleased to announce the continuation of our excellent performance, and delivering on our
objectives, especially in a very challenging global economical environment; Mobinil is maintaining its
market leadership by offering innovative services and competitive offers.
We will pursue our aggressive investment plan of 2009, continue our 3G rollout and to provide the best
possible quality of mobile telecommunication service to the Egyptian market.”
The reported first quarter net revenues reached EGP 2,490 million representing a growth of 10% over
the same period last year.
First quarter blended ARPU reached EGP 39 with a decline of 16% over the same period last year mainly
driven by the change of subscriber mix as we continue to penetrate lower market segments.
EBITDA for first quarter reached EGP 1,215 million representing an increase of 21% over the same
period last year and reflecting an EBITDA margin of 48.8%.This EBITDA includes reversals of provisions
amounting to 58 MEGP. This EBITDA margin is also improved by the higher gross margin, and our cost
prudence measures.
Net Profit for first quarter reached EGP 424 million representing a decrease of 6% over the same period
last year. Imputed interest amounts relative to 3G instalment payments charged during the first quarter
amounted to EGP 29 million and higher interest costs are the main driver for the decrease.
Capital expenditure for the first quarter reached EGP 420 million.
The Egyptian Company for Mobile Services [Mobinil] First Quarter 2009 Earnings Release
The Egyptian Company for Mobile Services (Mobinil) Page 2 of 7
Press Release/ 1Q 2009 Earnings Release
Key performance highlights for first quarter 2009
123
4
1 Customers connected to the network at the end of the period.
2 Number of customers making an outgoing chargeable call during the last three months (including voice, messaging or other data services) or receiving an incoming
voice call.
3 ARPU calculations are based on the closing subscribers' figures.
4 2008 1Q Revenues has been restated for comparative purposes
Closing Base (KSub) 1 21,179 16,161 31%
Postpaid (KSub) 659 555 19%
Prepaid (KSub) 20,520 15,606 31%
Churn rate -8.6% -6.3% 36%
Active Base (KSub) 2 20,325 15,017 35%
Postpaid (KSub) 659 555 19%
Prepaid (KSub) 19,666 14,462 36%
Blended ARPU 3 39 47 -16%
Postpaid ARPU 212 277 -23%
Prepaid ARPU 32 36 -10%
Global without visitor Roaming 38 44 -14%
Blended ARPU "Annual Rolling" 44 52 -14%
Postpaid ARPU "Annual Rolling" 248 291 -15%
Prepaid ARPU "Annual Rolling" 35 38 -8%
Global without visitor roaming "Annual Rolling" 42 49 -14%
Global Revenue "MEGP" 4 2,490 2,261 10%
Connection fees 34 30 12%
Handset & others 18 20 -10%
Service Revenue 2,344 2,080 13%
Roaming Revenue 94 131 -28%
EBITDA 1,215 1,004 21%
EBITDA % 48.8% 44.4% 10%
Income before tax 567 550 3%
Net income 424 451 -6%
Total number of s ites 3,899 3,405 15%
Total number of switches & Gateways 35 29 21%
1Q 2009 1Q 2008
Growth
Growth
Growth
Commercial KPIs 1Q 2009
Financial KPIs 1Q 2009 1Q 2008
1Q 2008
Operational KPIs
The Egyptian Company for Mobile Services [Mobinil] First Quarter 2009 Earnings Release
The Egyptian Company for Mobile Services (Mobinil) Page 3 of 7
Press Release/ 1Q 2009 Earnings Release
Commercial highlights for first quarter 2009
􀂃 Mobinil offers 5 PT Off-Peak Promotion
Mobinil availed a new Off-Peak promotion allowing all prepaid customers to make On-Net calls at a
discounted minute rate between 12AM and 12PM.
􀂃 Mobinil offers 4G Modem Swap Promotion
Mobinil launched a modem-swap promotion allowing customers from all Mobile Operators to swap
their old USB modems with the new Mobinil 4G HSPA modem free of charge bundled with one of
Mobinil's Internet Everywhere data buckets.
􀂃 Mobinil launches Prepaid Internet line
Mobinil launched Prepaid Internet line to allow customers to enjoy the fastest Internet speed in Egypt
while paying as they consume rather than committing to fixed monthly consumption.
􀂃 Mobinil launches handset Clearance at Shops and Franchises
Mobinil launched Sale up to 50% on handsets, in addition to exclusive offers on Alo, Primo &
Mobinil Business lines.
􀂃 Mobinil offers to Star customers Free number Promotion
Mobinil availed a promotion for all customers of Star 100 & Star 500 allowing them to make free
calls all day to any Mobinil number of their choice.
􀂃 Mobinil launches bundle for mother’s day
Mobinil launched a variety of handsets bundled with ALO and Primo lines.
Corporate Social Responsibility
􀂃 Mobinil partner of Cairo’s first Regional e-Waste Forum
Mobinil has been a proud partner in the Regional e-Waste Forum organized by the Center of
Environmental Development in Arab Region and Europe [CEDARE] in collaboration with the UN
Environment Program and inaugurated by H.E. Dr Tarek Kamel, Minister of Communication and IT.
The forum presented success stories and explored channels for cleaner production, resource
conservation and controlling hazardous waste. It created a platform of stakeholders capable of
implementing potential business opportunities and creating jobs.
􀂃 Mobinil issues Health and Environment Booklet
Mobinil’s booklet aims to convey direct environmental awareness messages for the public in order to
correct the wrong perception about the harms of cellular networks and mobile phones.
􀂃 Mobinil won the best investor relations award
Mobinil has been nominated and selected by the Global trade matters-Egyptian exchange
[GTM/EGX] Strategic Advisory Board as the winners of the GTM/EGX 2009 Best Investor relations
Award. The Annual GTM/EGX Awards are the first national business awards to recognize the crucial
role of the private/public sector companies traded on the EGX 30 Index.
The Egyptian Company for Mobile Services [Mobinil] First Quarter 2009 Earnings Release
The Egyptian Company for Mobile Services (Mobinil) Page 4 of 7
Press Release/ 1Q 2009 Earnings Release
Currency : EGP in (000)'s
The Egyptian Company for Mobile Services
Consolidated Balance Sheet
For the period ended March 31, 2009
31/3/2009 31/12/2008 Y to Y %
Assets
Current assets 1 829 222 1 587 594 241 628 15.2 %
Net fixed assets 8 062 969 7 870 041 192 928 2.5 %
Assets under construction 787 854 1 000 561 (212 707) (21.3) %
Net intangible assets 3 129 197 3 186 777 (57 580) (1.8) %
Rent deposit 12 765 12 139 626 5.2 %
Investment in Affiliated Companies 900 900 - -
Total Assets 13 822 907 13 658 012 164 895 1.2 %
Liabilities and Shareholders’ Equity
Current liabilities 5 376 340 5 101 553 274 787 5.4 %
Current portion of long term debt 327 200 327 200 - -
Long term liabilities 5 809 100 5 987 099 (177 999) (3) %
Total Liabilities 11 512 640 11 415 852 96 788 0.8 %
Shareholders’ Equity
Paid-up capital 1 000 000 1 000 000 - -
Treasury shares (11 355) (11 355) - -
Reserve (gains from treasury shares) 33 981 84 895 (50 914) (60 %)
Legal reserve 200 000 200 000 - -
Equity settled share based payments 10 710 8 089 2 621 32.4 %
Current year earnings 423 987 1 970 229 (1 546 242) -
Retained earnings 653 483 59 244 594 239 -
Interim distributions 0 (1 071 474) 1 071 474 -
Minority Interest (539) 2 532 (3 071) -
Total Shareholders’ Equity 2 310 267 2 242 160 68 107 3 %
Total Liabilities & Shareholders’ Equity 13 822 907 13 658 012 164 895 1.2 %
The Egyptian Company for Mobile Services [Mobinil] First Quarter 2009 Earnings Release
The Egyptian Company for Mobile Services (Mobinil) Page 5 of 7
Press Release/ 1Q 2009 Earnings Release
Currency : EGP in (000)'s
The Egyptian Company for Mobile Services
Consolidated Income Statement
For the period ended March 31, 2009
1Q 2009
(1)
1Q 2008
(2)
Variance
(1)-(2) %
Revenues 2 490 189 2 261 251 228 938 10.1 %
Cost of Sales 456 863 471 650 (14 787) (3.1) %
Gross Margin 2 033 326 1 789 601 243 725 13.6%
Gross Margin % 81.7 % 79.1 % 2.6 3.3 %
* Operating Expenses excluding D & A 818 721 785 677 33 044 4.2 %
Depreciation and Amortization 494 589 352 066 142 523 40.5 %
Operating Margin 720 016 651 858 68 158 10.5 %
Operating Margin % 28.9 % 28.8 % 0.1 0.3 %
EBITDA 1 214 605 1 003 924 210 681 21 %
EBITDA % 48.8 % 44.4 % 4.4 9.9 %
Non Operating Expenses
Interest 174 659 85 390 89 269 104.5 %
Other Non-Operating Income /
Expenses (21 759) 16 365 (38 124) (233) %
Total Non Operating Expenses 152 900 101 755 51 145 50.3 %
Net profit before taxes 567 116 550 103 17 013 3.1 %
Net profit after taxes 424 051 451 447 (27 396) (6.1)%
* Included provision no longer required
The Egyptian Company for Mobile Services [Mobinil] First Quarter 2009 Earnings Release
The Egyptian Company for Mobile Services (Mobinil) Page 6 of 7
Press Release/ 1Q 2009 Earnings Release
Currency : EGP in (000)'s
The Egyptian Company for Mobile Services
Consolidated Cash Flows Statement
For the period ended March 31, 2009
1Q 2009 1Q 2008 Variance %
Cash flow from operating activities 563 953 588 972 (25 019) (4.2)%
Cash flow from Investment activities (646 444) (627 420) (19 024) (3)%
Free Cash Flow (82 491) (38 448) (44 043) 114.6 %
Cash flow from financing activities (12 317) 45 998 (58 315) (126.8) %
Net Cash Flow changes (94 808) 7 550 (102 358) (1355.7)%
Beginning cash balances 275 681 45 448 230 233 506.6 %
Ending cash balances 180 873 52 998 127 875 241.3 %
The Egyptian Company for Mobile Services [Mobinil] First Quarter 2009 Earnings Release
The Egyptian Company for Mobile Services (Mobinil) Page 7 of 7
Press Release/ 1Q 2009 Earnings Release
About the company
Activity To establish, operate and maintain a GSM wireless communication network in co-operation
with the Egyptian authority for telecommunications according to law no. 8 issued in 1997,
and to provide mobile communication services inside the Arab Republic of Egypt in
accordance with its license agreement
Listing ECMS is listed on the Cairo and Alexandria Stock Exchange
RIC: EMOB.CA
Capital
Structure
Authorized capital EGP 3,000,000,000
Issued and fully paid–in capital
EGP 1,000,000,000
(100,000,000 shares @ EGP10.00 / share)
Shareholder
Structure
Mobinil Telecom
FT Orange Group 71.25%
Orascom Telecom Holding 28.75%
51.03%
Orascom Telecom Holding 20%
Free Float 28.97%
More information
Mobinil Investor Relations
Silvana Samir Gerges
Senior Analyst, Investor Relations
Telephone +20 12 320-6179
Fax +2 012 320-0094
e-mail
investors@mobinil.com
Mobinil Media Relation
Taha Saifullah
Manager, Media Relations
Telephone +20 12 320-6770
Mobile +20 12 313-8955
Fax +2 012 320-6755
e-mail
mediarelations@mobinil.com
Nelly Abdel Hamid
Expert, Media Relations
Telephone +20 12 320-6771
Mobile +20 12 2267023
Fax +20 12 320-6755
e-mail
mediarelations@mobinil.com