Download - Axiata Group Berhad - Investor Relations

The Group turned Free Cash Flow(FCF) positive for the first time, up265.2% to RM2.1 billion. The Group’sbalance sheet has been significantlystrengthened through a series ofcorporate finance activities. Wedeleveraged our balance sheetthrough the rights issue of RM5.2billion, proceeds of which wenttowards the paring down of ourdebts. Axiata’s Net Debt to EBITDAratio is now at 2.0x from 3.8x. Inanother effort to strengthen andstreamline the Group’s debt structure,Axiata converted RM2.8 billion of itsconventional term loans to Islamicterm financing. Most recently, Axiataembarked on a USD300 million(RM1.0 billion) bonds offering whichwill provide us with a better debtmaturity profile.XL also embarked on a rights issue,allowing it to reduce its debt andimprove its capital structure.In another significant corporatedevelopment, Axiata recentlycompleted the sale of 1.7 billion XLShares (representing 19.8% equitystake) at the price of IDR3,300( R M 1 . 2 ) p e r s h a r e , r a i s i n gapproximately RM2.0 billion in grossproceeds.At the end of 2009, the Group’stotal subscriber base expanded to120.0 million, up 34.4% from a yearago making us one of the largestSoutheast and South Asia mobilegroup.Annual Report 2009 • 019