Annual Report 2015

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Group Five-year Financial Summary

Financial Year ended 31 March
2015 2014 2013 2012 2011
Income Statement (S$ million)
Group operating revenue 17,223 16,848 18,183 18,825 18,071
Singtel 7,348 6,912 6,732 6,551 6,401
Optus 9,875 9,936 11,451 12,275 11,670
Optus (A$ million) 8,790 8,466 8,934 9,368 9,284
Group EBITDA 5,091 5,155 5,200 5,219 5,119
Singtel 2,146 2,223 2,147 2,128 2,183
Optus 2,945 2,932 3,053 3,091 2,937
Optus (A$ million) 2,624 2,502 2,381 2,357 2,334
Share of associates’ pre-tax profits 2,579 2,201 2,106 2,005 2,141
Group EBITDA and share of associates’ pre-tax profits 7,670 7,357 7,306 7,223 7,260
Group EBIT 5,508 5,224 5,178 5,222 5,291
Net profit after tax 3,782 3,652 3,508 3,989 3,825
Underlying net profit (1) 3,779 3,610 3,611 3,676 3,800
Exchange rate (1 A$ against S$) (2) 1.123 1.174 1.282 1.31 1.257
Cash Flow (S$ million)
Group free cash flow (3) 3,549 3,249 3,759 3,462 4,038
Singapore 1,379 1,181 1,491 1,170 1,436
Optus 1,070 1,020 1,367 1,451 1,519
Optus (A$ million) 976 903 1,068 1,111 1,206
Associates’ dividends (net of withholding tax) 1,100 1,048 900 841 1,084
Cash capital expenditure 2,238 2,102 2,059 2,249 2,005
Balance Sheet (S$ million)
Total assets 42,067 39,320 39,984 40,418 39,282
Shareholders’ funds 24,733 23,868 23,965 23,428 24,328
Net debt 7,963 7,534 7,477 7,860 6,023
Key Ratios
Proportionate EBITDA from outside Singapore (%) (4) 74 73 75 76 75
Return on invested capital (%) (5) 12.1 11.6 11.8 12.0 12.5
Return on equity (%) 15.6 15.3 14.8 16.7 16.0
Return on total assets (%) 9.3 9.2 8.7 10.0 9.9
Net debt to EBITDA and share of associates’ pre-tax profits (number of times) 1.0 1.0 1.0 1.1 0.8
EBITDA and share of associates’ pre-tax profits to net interest expense (number of times) 29.2 28.7 24.5 20.7 21.8
Per Share Information (S cents)
Earnings per share - basic 23.73 22.92 22.02 25.04 24.02
Earnings per share - underlying net profit (1) 23.71 22.65 22.66 23.07 23.86
Net assets per share 155.21 149.80 150.42 147.08 152.75
Dividend per share - ordinary 17.5 16.8 16.8 15.8 15.8
Dividend per share - special — — — — 10.0
“Singtel” refers to the Singtel Group excluding Optus.
Notes:

(1) Underlying net profit is defined as net profit before exceptional items.

(2) Average A$ rate for translation of Optus’ operating revenue.

(3) Free cash flow refers to cash flow from operating activities, including dividends from associates, less cash capital expenditure.

(4) Comparatives have been restated to be consistent with FY 2015.

(5) Return on invested capital is defined as EBIT (post-tax) divided by average capital.

FIVE-YEAR FINANCIAL REVIEW

FY 2015

The Group delivered a strong set of results. Operating revenue was S$17.22 billion, 2.2% higher than FY 2014 with growth across all the business units. EBITDA was S$5.09 billion, 1.3% lower than FY 2014 with the Australian Dollar weakening 4% against the Singapore Dollar. In constant currency terms, revenue grew 4.8% and EBITDA rose 1.3% despite operating losses from the digital businesses.

The associates’ pre-tax contributions rose strongly by 17% to S$2.58 billion and would have increased 21% excluding the currency translation impact. The regional mobile associates registered strong customer growth and increased demand for mobile data services, with earnings growth led by Airtel India, Telkomsel and Globe.

Underlying net profit grew 4.7% and net profit including exceptional items increased 3.5% to S$3.78 billion. In constant currency terms, underlying net profit and net profit would have increased 7.5% and 6.2% respectively from FY 2014.

FY 2014

The Group delivered a resilient performance against industry challenges and currency headwinds. Operating revenue was S$16.85 billion, 7.3% lower than FY 2013 with the Australian Dollar weakening 8% against the Singapore Dollar. In constant currency terms, revenue would have declined 2.3% with lower mobile revenue in Australia and a cautious business climate. EBITDA was relatively stable at S$5.16 billion but in constant currency terms increased 4.5% on an improved cost structure.

The associates’ pre-tax contributions rose 4.5% to S$2.20 billion and would have increased strongly by 13% excluding the currency translation impact. The regional mobile associates registered robust demand for mobile data services, with earnings growth led by Airtel India.

Underlying net profit was stable at S$3.61 billion and net profit including exceptional items grew 4.1% to S$3.65 billion. In constant currency terms, underlying net profit and net profit would have increased 5.9% and 10% respectively from FY 2013.

FY 2013

The Group delivered resilient earnings amid significant industry changes while it continued to invest in transformational initiatives to drive long-term growth. Operating revenue was S$18.18 billion, 3.4% lower than FY 2012 due to lower mobile revenue in Australia. EBITDA was stable at S$5.20 billion. In constant currency terms, revenue declined 2.1% but EBITDA grew 1.0% on strong cost management.

The associates’ pre-tax contributions grew 5.0% to S$2.11 billion. Excluding the currency translation impact, the associates’ pre-tax contributions would have increased strongly by 12%, underpinned by double-digit earnings growth from Telkomsel and AIS.

Underlying net profit was S$3.61 billion, a decrease of 1.8% from FY 2012. Excluding currency translation impact, underlying net profit rose 1.4%. Including net exceptional losses mainly from disposal of Warid Pakistan in FY 2013, net profit declined 12% to S$3.51 billion in FY 2013.

FY 2012

The Group’s operating revenue grew 4.2% to S$18.83 billion, underpinned by robust mobile growth in Singapore and 4% appreciation of the Australian Dollar. EBITDA rose 1.9% to S$5.22 billion with lower customer acquisition costs in Australia partly offset by investments in TV content and higher mobile customer acquisition and retention costs in Singapore.

The associates’ pre-tax contributions declined 6.4% to S$2.01 billion. Excluding currency translation impact, the associates’ pre-tax contributions would have been stable, driven by strong profit growth from Telkomsel and AIS partially offset by Airtel’s lower earnings.

Underlying net profit was S$3.68 billion, 3.3% lower than FY 2011. Including net exceptional gains and an exceptional net tax credit of S$270 million on the increase in value of assets transferred to an associate, net profit grew 4.3% to S$3.99 billion.

FY 2011

The Group’s operating revenue grew 7.1% to S$18.07 billion, led by a robust mobile performance and a 3% strengthening of the Australian Dollar. EBITDA increased 5.6% to S$5.12 billion with growth from Optus.

The associates’ pre-tax contributions declined 11% to S$2.14 billion. Both Telkomsel and Globe reported lower profits on increased competitive pressures. Airtel’s earnings were impacted by higher depreciation and amortisation charges, losses from its newly acquired African operations in June 2010, as well as related acquisition financing and transaction costs.

Underlying net profit was S$3.80 billion, a decrease of 2.8% from FY 2010. Including net exceptional gains, net profit declined 2.1% to S$3.83 billion.

® Singtel (CRN: 199201624D) All Rights Reserved.

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