Annual Report 2012 - Dialog

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16 l Dialog Axiata PLC l Annual Report 2012 Business and Financial Review Accordingly, on the back of significantly higher capital expenditure, free cash flow of the Group for FY 2012 was recorded at Rs. 1.15Bn, a decrease of 86% compared to FY 2011. Dialog’s financial position remained robust through prudent financial management with Group’s Gross debt to EBITDA standing at 1.3x as at end of 2012. Free Cash Flow Rs. Mn -85% 10,000 8,000 6,000 4,000 2,000 ROIC 0 8,251 10 7,728 11 1,146 12 % 1.9pp 15 12 9 6 3 0 10.3 10 12.3 11 14.2 12 Group FCF remained positive despite the significant increase in capex Rs. 2.69Bn dividends proposed for FY 2012 on the back of strong cash position and solid performance of the Group Dividend payout increased to 45% in FY 2012 (39% in 2011) with a dividend yield of 4.0% on a closing share price of Rs. 8.30 as at end December 2012 2 percentage points improvement in ROIC mainly due to growth in Group earnings Dialog’s borrowings as at 31st December 2012 comprised of Rs. 3.72Bn in local currency debt and USD 158.5Mn of foreign currency debt. The local currency borrowing of Rs. 3.72Bn is an interest free advance due to parent Axiata Berhad. Of the foreign currency borrowings USD 121.0Mn is an outstanding term loan from OCBC, whilst the remaining USD 37.5Mn is due to Axiata Berhad which carries a notional interest rate of 0.5% per annum. During 2012, a repayment of USD 32.7Mn was made on the OCBC loan, while USD 37.5Mn was drawn down in December 2012.
Gross Debt to Equity 2.0 1.5 1.0 0.5 0.0 1.7x 10 1.2x 11 1.3x 12 Group Financial Highlights Annual Report 2012 l Dialog Axiata PLC l 17 Group continued to maintain a structurally robust Balance Sheet with Gross Debt/EBITDA at 1.3x in 2012 Net Debt / EBITDA at 0.82x Group Financial Indicators 2012 - Rs. Mn 2011 - Rs. Mn YoY % Revenue 56,345 45,412 24 EBITDA1 18,554 16,448 13 NPAT 6,021 4,888 23 Capex 17,409 8,719 100 Free Cash Flows (FCF) 2 1,146 7,728 (85) Group Financial Ratios 2012 2011 YoY EBITDA margin 32.9% 36.2% (3.3) NPAT margin 10.7% 10.8% (0.1) Capex to revenue 30.9% 19.2% 11.7 FCF to revenue 2.0% 17.0% (15.0) ROIC3 14.2% 12.3% 1.9 Debt/Equity ratio (x) 0.64 0.68 (0.04) 1 EBITDA – Earnings before interest, taxation, depreciation and amortisation 2 FCF – EBITDA - Capex 3 ROIC – EBIT after tax divided by average invested capital 4 Tax – Tax excluding deferred taxation
Page 1 and 2: Dialog Axiata PLC l Annual Report 2
Page 3 and 4: Introduction to the Company Dialog
Page 5 and 6: Annual Report 2012 l Dialog Axiata
Page 13 and 14: Mr. Moksevi Prelis Independent, Non
Page 15 and 16: Mr. James Maclaurin Non-Independent
Page 17: Group NPAT Rs. Mn +23% 7,000 6,000
Page 23 and 24: Dialog Axiata PLC - Financial Revie
Page 27 and 28: EBITDA Annual Report 2012 l Dialog
Page 39 and 40: Table 1: Market information on DIAL
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Annual Report 2012 - Dialog

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