Vodafone Telecel 2001 Full Year Results (1 April 2001 to 31 March 2002) António Carrapatoso, CEO May 2002.
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Vodafone TelecelVodafone Telecel2001 Full Year Results2001 Full Year Results
(1 April 2001 to 31 March 2002)(1 April 2001 to 31 March 2002)
António Carrapatoso, CEO
May 2002
Total Operating Revenues 1,025.2 M. Eur.14.0%
Service Revenues 956.7 M. Eur.16.6%
EBITDA 286.1 M. Eur.13.3%
Net Income (1) 104.8 M. Eur.30.8%
Mobile Data Revenues 52.4% 49.5 M. Eur.
Annual Capital Expenditures (2) 205.4 M. Eur.36.1%
2001 vs 2000 2001 vs 2000 in Vodafone in Vodafone TelecelTelecel
(1) Includes the impact of TelecelOnline 80% sale to Vizzavi of around 19 million euros(2) Excluding the UMTS license up-front fee (100 million euros) the decrease would have been around 7.3%
Monthly Cellular Voice MOU per Registered Cellular Customer
3.0% 139
Monthly No of SMS per Cellular Regular UserCustomers who sent at least 1 SMS in the last month ~40%to 66 SMS
Cellular Net Additions 47.5% 359,215
EOP Registered Cellular Customers 14.5% 2,838,015
million minutesTotal Cellular Voice Billed Minutes 28.6% 4,435
Churn Rate 0.7 pts 23.8%
Registered Cellular Monthly ARPU 29.37 Eur.7.1%
2001 vs 2000 2001 vs 2000 in Vodafone in Vodafone TelecelTelecel
2001 in Vodafone Telecel2001 in Vodafone Telecel Conclusion of a very successful migration to the Vodafone brandConclusion of a very successful migration to the Vodafone brand Sale of TelecelOnline 80% to Vizzavi Europe GroupSale of TelecelOnline 80% to Vizzavi Europe Group Creation of Situs, together with Optimus, for the joint management Creation of Situs, together with Optimus, for the joint management
of physical telecommunications support infrastructureof physical telecommunications support infrastructure Global Quality Certification under standard NP EN ISO 9001:2000Global Quality Certification under standard NP EN ISO 9001:2000 GPRS commercial launch and pioneer introduction, in Portugal, of GPRS commercial launch and pioneer introduction, in Portugal, of
roaming GPRS servicesroaming GPRS services Pilot launch of the Multimedia Messaging Service (MMS)Pilot launch of the Multimedia Messaging Service (MMS) Exclusive launch, in Portugal, of the HSCSD technology in Mobile Exclusive launch, in Portugal, of the HSCSD technology in Mobile
InternetInternet Pioneer launch, in Portugal, of the Voice Control Voice Mail ServicePioneer launch, in Portugal, of the Voice Control Voice Mail Service
SitusSitusTelecommunications Telecommunications infrastructure sharinginfrastructure sharing Joint venture equally owned by Vodafone and Joint venture equally owned by Vodafone and
OptimusOptimus
physical telecommunications infrastructurephysical telecommunications infrastructure(towers and roof tops)(towers and roof tops)
minimisation of the environmental impactminimisation of the environmental impact of of network infrastructurenetwork infrastructure
significant savingssignificant savings in terms of investment and in terms of investment and costscosts
constructioconstructionn
managememanagement nt
operationoperation
The establishment of Situs is The establishment of Situs is especially significantespecially significant in the telecommunications industry as it in the telecommunications industry as it
associates two telecom operatorsassociates two telecom operators in an in an extremely extremely dynamic and competitive marketdynamic and competitive market
Recent Events at VRecent Events at Vodafone odafone TelecelTelecel E-mail to speech feature enables Customers to E-mail to speech feature enables Customers to
listen to e-mails on their mobile phoneslisten to e-mails on their mobile phones
Beaches Information available via SMSBeaches Information available via SMS
ExclusiveExclusive launch of MTV launch of MTV ringing tones and logosringing tones and logos
ExclusiveExclusive launch of launch of ringing tones and logos from ringing tones and logos from
the film ‘The Lord of the Rings’the film ‘The Lord of the Rings’
Recent Events at VRecent Events at Vodafone odafone TelecelTelecel Launch of several services linked to Vodafone Launch of several services linked to Vodafone
Group’s Ferrari sponsorshipGroup’s Ferrari sponsorship Portuguese operator with the highest number of Portuguese operator with the highest number of
international roaming agreements: 231 operators international roaming agreements: 231 operators in 108 countries across the five continentsin 108 countries across the five continents
Launch of Launch of Music Box Service offering customers Music Box Service offering customers the opportunity to send music messagesthe opportunity to send music messages
Launch of Vyrus-Yorn Shopping Attack Launch of Vyrus-Yorn Shopping Attack megastore, innovative in commerce, lifestyle and megastore, innovative in commerce, lifestyle and entertainmententertainment
Internet access support at the Fr. António Vieira Internet access support at the Fr. António Vieira Youth Centre in Dili, the capital of East TimorYouth Centre in Dili, the capital of East Timor
The highest weight of cellular revenues on GDP in The highest weight of cellular revenues on GDP in Europe (estimated at around 2.3% in 2001)Europe (estimated at around 2.3% in 2001)
One of the highest mobile service penetration ratesOne of the highest mobile service penetration rates- around - around 8888% in terms of registered customers (Mar 2002)% in terms of registered customers (Mar 2002)- estimated at around 79% in terms of active customers - estimated at around 79% in terms of active customers
(Mar 2002)(Mar 2002)
High and increasing weight of the cellular High and increasing weight of the cellular revenues in the Total Telecommunications revenues in the Total Telecommunications Market (it is estimated that it reached 50% Market (it is estimated that it reached 50% in 2001)in 2001)
One of the most developed
Mobile Market in PortugalMobile Market in Portugal
(1) Market estimates
Fixed Sector Fixed Sector vs Mobile Mobile Sector Sector (1)(1)
(2001) 2.72.7billion billion euroseuros
2.72.7 billion billion euroseuros
Reasons:– tariffs 10% - 15% lower than the European averagetariffs 10% - 15% lower than the European average– high handset subsidisation, especially in the high handset subsidisation, especially in the corporate corporate
segment and in pre-paid with contract segment and in pre-paid with contract – high cost of interconnection and leased lineshigh cost of interconnection and leased lines– high spectrum fees (2% of Service Revenues)high spectrum fees (2% of Service Revenues)– high network investment in relative terms (each high network investment in relative terms (each
operator with more than 2,500 base stations) and operator with more than 2,500 base stations) and respective costsrespective costs
• The EBITDA margin on service revenues’ level in The EBITDA margin on service revenues’ level in Portugal is one of the lowest in EuropePortugal is one of the lowest in Europe(~29% vs. ~35%/40%) (~29% vs. ~35%/40%)
One of the most competitive
Mobile Market in PortugalMobile Market in Portugal
The cellular revenues’ average yearly growth, from 2001 to The cellular revenues’ average yearly growth, from 2001 to 2005, will be between 6% to 10% in nominal terms2005, will be between 6% to 10% in nominal terms
The weight of the cellular market in the total The weight of the cellular market in the total telecommunications services’ market will reach 55% by telecommunications services’ market will reach 55% by 20052005
Mobile data will represent over 20% of the mobile Mobile data will represent over 20% of the mobile operators’ service revenues in 5 years (in 2001 it operators’ service revenues in 5 years (in 2001 it represented between 5% to 7%)represented between 5% to 7%)
Consolidation in the sector takes place as a result of the Consolidation in the sector takes place as a result of the Portuguese mobile market’s small dimension Portuguese mobile market’s small dimension
In maturity, the mobile service penetration rate in Portugal, in terms of users, will In maturity, the mobile service penetration rate in Portugal, in terms of users, will stabilise at around 85% in 2002 (the reported figures could be higher than 100% stabilise at around 85% in 2002 (the reported figures could be higher than 100% considering SIM cards’ multi-counting and machine to machine communications)considering SIM cards’ multi-counting and machine to machine communications)
Mobile Market in Portugal - Mobile Market in Portugal - The FutureThe Future
It is estimated that
High development of GPRS in the end of 2002 High development of GPRS in the end of 2002 and during 2003 and 2004and during 2003 and 2004
Review of the UMTS commercial launch date Review of the UMTS commercial launch date until December 2002until December 2002
Mobile Market in PortugalMobile Market in PortugalTechnological EvolutionTechnological Evolution
Progressive launching of UMTS from 2003 with Progressive launching of UMTS from 2003 with greater development in 2004 / 2005greater development in 2004 / 2005
Vodafone TelecelVodafone TelecelCellular Net AdditionsCellular Net Additions
1997
413,864
1998
625,314
1999
369,081
2000
575,628
2001
471,704
Jan-Mar2002
51,036
Quarterly Distribution[Calendar Years]
Vodafone TelecelVodafone TelecelRegistered Cellular Registered Cellular CustomersCustomers
(1) Customers who generated a chargeable event in the previous three months
2,786,979
2001
90% (1)
Active Customers
745,252
1997
1,370,566
1998
1,739,647
1999
2,315,275
2000
2,838,015
Mar2002
[Calendar Years]
1997 (1) 1998 (1) 1999 (2) 2000 (3) 2001 (3)
Vodafone TelecelVodafone TelecelCChurnhurn Rate Rate
(1) Calendar Year (period between January and December) (2) Period between January 1999 and March 2000(3) Financial Year (period between April and March)
18.8% 19.7%23.1% 23.8%
30.1%
Vodafone TelecelVodafone TelecelSubscriber Acquisition Cost Subscriber Acquisition Cost (5) (6)(5) (6) per per Gross AdditionGross Addition
(1) Calendar Year (period between January and December) (2) Period between January 1999 and March 2000(3) Financial Year (period between April and March)(4) Unaudited(5) Includes 4 components: advertising, commissions to the channels, handset subsidies and welcome package(6) Includes retention costs
175150 150
125140
1997 (1) 1998 (1) 1999 (2) 2000 (3) 2001 (3)
[EUR]
Vodafone TelecelVodafone TelecelFixed Indirect Access Fixed Indirect Access Registered CustomersRegistered Customers
43,000
Mar 2000
89,000
Mar 2001
128,000
Mar 2002
At the end of March 2002 around 80% were business
customers
Vodafone TelecelVodafone TelecelOperating and Service Operating and Service RevenuesRevenues
Service Revenues grew around 17% in the year ended March 2002 when compared with the prior
year(1) Calendar Year (period between January and December) (2) Period between January 1999 and March 2000(3) Financial Year (period between April and March)(4) Unaudited
393.1437.4
1997 (1)
540.7606.5
1998 (1)
863.9780.6
1999 (2)
820.5899.1
2000 (3)
956.71,025.2
2001 (3) (4)
[EUR Million]Service RevenuesTotal Operating Revenues
Vodafone TelecelVodafone TelecelMonthly Cellular Average Monthly Cellular Average Revenue Revenue per Registered Customer per Registered Customer (ARPU) (ARPU)
[EUR]
(1) Calendar Year (period between January and December) (2) Period between January 1999 and March 2000(3) Financial Year (period between April and March)(4) Unaudited
60.82
1997 (1)
42.57
1998 (1)
31.63
2000 (3)
32.88
1999 (2)
29.37
2001 (3) (4)
Registered Cellular Customers
Vodafone TelecelVodafone TelecelMonthly Average of Cellular Monthly Average of Cellular Voice Minutes Voice Minutes per Registered Cellular per Registered Cellular CustomerCustomer160
1997 (1)
142
1998 (1)
140
1999 (2)
135
2000 (3)
139
2001 (3)
(1) Calendar Year (period between January and December) (2) Period between January 1999 and March 2000(3) Financial Year (period between April and March)
286.1
Vodafone TelecelVodafone TelecelEBITDA and EBITDA Margin onEBITDA and EBITDA Margin onAdjusted Service Revenues Adjusted Service Revenues (*)(*)
1997 (1)
151.6
1998 (1)
204.5
1999 (2)
279.8
(*)(*) Service Revenues adjusted by Inbound InterconnectService Revenues adjusted by Inbound Interconnect
2000 (3)
252.6++13.3%13.3%
2001 (3) (4)
(1) Calendar Year (period between January and December) (2) Period between January 1999 and March 2000(3) Financial Year (period between April and March)(4) Unaudited
Quarterly Distribution[EUR Million]
40%40% 40%40% 38%38%
30%30%31%31%
1997 (1) 1998 (1) 1999 (2) 2000 (3) 2001 (3) (4)
95.3137.7
232.4
321.6
205.4
UMTS license up-front fee (100 million euros)UMTS Network
Vodafone TelecelVodafone TelecelAnnual Capital ExpendituresAnnual Capital Expenditures
(1) Calendar Year (period between January and December) (2) Period between January 1999 and March 2000(3) Financial Year (period between April and March)(4) Unaudited
23%
27%
36%
20%22%
Annual Capital Expenditures as % of Total Revenues
[EUR Million]
Vodafone TelecelVodafone TelecelDepreciationDepreciation
1997 (1) 1998 (1) 1999 (2) 2000 (3) 2001 (3) (4)
44.962.3
106.2 107.3124.1
(1) Calendar Year (period between January and December) (2) Period between January 1999 and March 2000(3) Financial Year (period between April and March)(4) Unaudited
[EUR Million]
Vodafone TelecelVodafone TelecelNet IncomeNet Income
1997 (1)
66.3
1998 (1)
96.8
1999 (2)
101.3
2000 (3)
80.1
104.8
2001 (3) (4)
+ 30.8%+ 30.8%
(1) Calendar Year (period between January and December) (2) Period between January 1999 and March 2000(3) Financial Year (period between April and March)(4) Unaudited
Quarterly Distribution[EUR Million]
Vodafone Telecel and PSI 30 Vodafone Telecel and PSI 30 Index Index Stock Price EvolutionStock Price Evolution
PSI 30
Stock Price (Eur)
Market Cap. (Eur Million)
PSI 30 Index
IPO9 Dec 96
3.97
853
2,106
30 Apr 02Var. since
IPO
8.02
1,724
3,625
102%
72%
0%
100%
200%
300%
400%
500%
600%
09-Dec-96 31-Dec-97 31-Dec-98 31-Dec-99 31-Dec-00 31-Dec-01
30-Apr-02
Vodafone Telecel
Appreciation since Vodafone Telecel IPO (1)
PSI 30 Index Companies PSI 30 Index Companies ValuationValuation
Vodafone Telecel is the second PSI 30 Index company with the highest valuation
(1) Valuation in the period from 9 December 1996 to 30 April 2001
BCP 120%Sonae Indústria 37%Vodafone Telecel102%Somague 22%
Cimpor 95%Modelo Continente19%Portugal Telecom 94%Jerónimo Martins 1%
BPI 77%Inapa 0%Semapa 77%Brisa -2%PSI 30 72%Sonae SGPS -15%
Portucel Industrial 64%Corticeira Amorim-30%BES 62%EDP -30%
Vodafone Vodafone Main Future ChallengesMain Future Challenges
Reinforcement of the competitive position in the marketConsolidation of the brand imageMaintenance of leadership position and innovation in mobile dataIncrease of the customer satisfaction levels; focus on CRMOptimisation of the cost structure
Maximisation of the Company’s value for Customers and Shareholders
Vodafone TelecelVodafone TelecelDepositary Receipt ProgramDepositary Receipt Program
Symbol:Symbol: VFELY VFELY
Ratio:Ratio: 1:1 1:1
Exchange:Exchange: OTC OTC
CUSIP:CUSIP: S192858M101 S192858M101
Settlement:Settlement: T+3 T+3
DividendsDividends11:: Paid in USD Paid in USD
Depositary Bank:Depositary Bank: The Bank of The Bank of New YorkNew York
Considered a U.S. EquityConsidered a U.S. Equity
Local Mark
et Make
r
New York Market Maker
U.S. Stock
Markets
3
OTC
DR to DR Trades
Investor
DR Issuance
Depositary Trust
Company
1 In 2000 and 1999, Vodafone Telecel’s General Assembly decided that no dividends would be distributed to its Shareholders based on the heavy investments ahead. This situation is revised on an annual basis.
4
5
2
6
7
DR Cancellation
New York Market Maker
Local Stock
Market
Local Custodi
an
Depositary
Bank
1
Vodafone TelecelVodafone Telecel2001 Full Year Results2001 Full Year Results
(1 April 2001 to 31 March 2002)(1 April 2001 to 31 March 2002)
António Carrapatoso, CEOAntónio Carrapatoso, CEO
May 2002May 2002
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