Annual Report

for the year ended 31 March 2013

Annual Report 2013

Group Overview

Key Figures

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OPERATING REVENUE

(S$ m)

Operating revenue declined on lower revenue from Australia and adverse currency movements.

UNDERLYING NET PROFIT

(S$ m)

Underlying net profit fell on higher depreciation and amortisation, lower earnings from Airtel and weaker regional currencies.

NET PROFIT

(S$ m)

Net profit declined on higher depreciation charges, investments into new digital businesses and exceptional losses.

FREE CASH FLOW

(S$ m)

Free cash flow improved on increased cash flow from Singapore and higher dividends from Telkomsel and AIS.

RETURN ON INVESTED
CAPITAL (ROIC) (1)

(%)

ROIC declined on higher taxes.

DIVIDEND PER SHARE

(S¢)

Higher dividends per share in line with revised dividend policy.

PROPORTIONATE EBITDA FOR FY2013

23% Singapore
31% Australia
45% Regional Mobile Associates
1% Others

Through its investments in key markets overseas, the Group has diversified its earnings base. Overseas operations contributed 77% to proportionate EBITDA.

Note:
  1. ROIC is the ratio of EBIT (post-tax) to average capital (which is the aggregate of net debt, shareholders' funds and minority interests).

SHARE PRICE PERFORMANCE

Between April 2012 and March 2013, Singtel (SGX) and Singtel (ASX) were up 15%.

SINGTEL SHARE PRICE PERFORMANCE - 1 APRIL 2012 TO 31 MARCH 2013

Singtel – SGX, 15%
Singtel – ASX, 15%
Straits Times Index, 10%
MSCI Asia Pacific Telecommunications Index, 11%
Source: Bloomberg

SHAREHOLDER PAYOUT

(S$ b)
Ordinary Dividend Special Dividend Capital Reduction

SHAREHOLDER PAYOUT

Singtel has a track record of generous shareholder payout.

Singtel revised its policy to increase the dividend payout ratio to between 60% to 75% of underlying net profit, from the previous payout ratio of 55% to 70%.

The Board has recommended a final ordinary dividend of 10 Singapore cents a share. Together with the interim ordinary dividend of 6.8 Singapore cents a share, total ordinary dividend for FY2013 is 16.8 Singapore cents a share. This represents a payout ratio of 74% of underlying earnings for FY2013.