MAGYAR TELEKOM INTERIM FINANCIAL REPORT ANALYSIS OF THE FINANCIAL STATEMENTS FOR THE FIRST QUARTER ENDED MARCH 31, 2014
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1 MAGYAR TELEKOM INTERIM FINANCIAL REPORT ANALYSIS OF THE FINANCIAL STATEMENTS FOR THE FIRST QUARTER ENDED MARCH 31,
2 TABLE OF CONTENTS 1. HIGHLIGHTS CONSOLIDATED IFRS FINANCIAL STATEMENTS Consolidated Statements of Financial Position Consolidated Statements of profit or loss and other comprehensive income Consolidated Statements of Cash Flows Consolidated Statements of Changes in Equity About Magyar Telekom Basis of preparation and audit of the interim financial report Accounting policies CONSOLIDATED MANAGEMENT REPORT Operating and financial review Group Exchange rate information Revenues Direct costs Gross margin Employee-related expenses Other operating expenses Other operating income EBITDA Depreciation and amortization Operating profit Net financial result Income tax Profit attributable to non-controlling interests Cash flows Key Performance Indicators / Key operating statistics Segment information Description of segments Telekom Hungary T-Systems Hungary Macedonia Montenegro Contingencies and commitments Other matters Significant events between the end of the quarter and the publishing of the Interim financial report Business environment Strategy Resources and risk factors Outlook Revenues Expenses Investments in tangible and intangible assets DECLARATION
3 Company name: Magyar Telekom Plc. Company address: address: H-1013 Budapest Krisztina krt. 55. IR contacts: Position: Telephone: address: Linda László Head of Investor Relations Rita Walfisch IR manager Budapest May 8, 2014 Magyar Telekom (Reuters: MTEL.BU and Bloomberg: MTELEKOM HB), the leading Hungarian telecommunications service provider, today reported its consolidated financial results for the first quarter of 2014, in accordance with International Financial Reporting Standards (IFRS). 1. HIGHLIGHTS MAGYAR TELEKOM Group Financial Results - IFRS (HUF million, except indices) (Unaudited) (Unaudited) Change (%) Total revenues 156, ,893 (3.0%) Operating profit 14,248 16, % Profit attributable to: Owners of the parent 1,695 4, % Non-controlling interests 1, (86.9%) 2,929 4, % Gross margin 97,105 98, % EBITDA 39,027 40, % EBITDA margin 24.9% 26.7% n.a. Free cash flow (7,537) (11,423) (51.6%) Basic and diluted earnings per share (HUF) % CAPEX to Sales 10.7% 11.4% n.a. Net debt 282, , % Net debt / total capital 35.2% 43.6% n.a. Number of employees (closing full equivalent) 11,344 11,141 (1.8%) Revenues decreased by 3.0% in the first quarter of 2014 compared to the same period of 2013, from HUF billion to HUF billion. The decline is the result of lower fixed and mobile voice revenues coupled with lower revenues from SI/IT and energy services, latter driven by a combination of the 11% cut in the regulated retail prices as of November 2013 and the very mild winter season. EBITDA increased by 3.8%, from HUF 39.0 billion to HUF 40.5 billion, largely attributable to an expansion in gross margins across all areas but particularly in relation to energy and SI/IT services. Reductions in other operating expenses were mostly driven by lower rental fees and fees and levies, a reflection of the change in the booking treatment of the set-top-boxes and the price reduction and capitalization of annual frequency fees, respectively, that were both completed in These impacts were somewhat mitigated by higher telecom tax on account of the increase in tax rates for non-private individual subscribers subscription and higher generated traffic. Details of telecom and utility taxes (HUF billion)* Telecom tax Utility tax Total *Differences might occur due to rounding Depreciation and amortization expenses declined slightly, from HUF 24.8 billion to HUF 24.4 billion, as the higher depreciation and amortization in Hungary relating to the extended and newly-purchased spectrum licenses as well as the capitalization of the annual frequency fees were counterbalanced by extending the deemed useful lives of assets such as radio equipment. Net financial expenses decreased from HUF 7.7 billion to HUF 6.0 billion. The improvement is primarily due to the substantially lower net FX losses (including fair valuation of FX derivatives), as during 2014, HUF weakened by 3.4% against the EUR while during 2013, by 4.5% while the negative impact of higher overall debt levels was offset by lower average interest rates. Income tax expense increased from HUF 3.6 billion in 2013 to HUF 5.1 billion in 2014 in line with the higher profit before tax. Other income taxes (including the local business tax and the innovation fee) remained broadly stable at around HUF 2.0 billion. The higher income 3
4 tax apart from the higher profit before tax is primarily due to the significant change in Macedonian income tax law, which introduced a 10% profit tax charged on dividend declarations in Macedonia regardless of the geographical domicile of the dividend recipient, effective from January Up until December 2013, we had been recognizing deferred tax liabilities accruing on the profits of the Macedonian entities resulting in expected dividends to be collected by Magyar Telekom, as the tax charged on dividend distributions had previously only applied to dividend distributions leaving Macedonia. Consequently, the income tax charge we had to recognize now in 2014 was higher by HUF 1.1 billion than the amount of the deferred tax liability we released. This additional net tax expense is, however, fully offset by the decrease in the profit attributable to non controlling interests, leaving the profit attributable to the owners of the parent intact. At the same time, year-on-year comparison is also distorted by the ca HUF 0.8bn deferred tax liability booked in 2013 relating to the decrease of the statutory reserve requirement in Macedonia as it led to increased distributable reserves which was expected to be subject to withholding tax once distributed to Magyar Telekom. Profit attributable to the owners of the parent company (net income) increased from HUF 1.7 billion in the first quarter of 2013 to HUF 4.8 billion in the first quarter of 2014, thanks to higher EBITDA coupled with lower financial expenses. Net cash generated from operating activities increased by HUF 12.3 billion, from HUF 13.0 billion in 2013 to HUF 25.3 billion in The increase is mainly driven by higher EBITDA and improved working capital (also reflecting the factoring of vendor contracts in 2013) that was partly offset by higher net financial charges paid due to the difference in the timing of interest payments. Investment in tangible and intangible assets (Capex) increased slightly, from HUF 16.7 billion to HUF 17.3 primarily reflecting investments to network modernization both in the fixed and mobile infrastructure in Hungary. In 2014 Telekom Hungary accounted for HUF 15.2 billion of total Capex while HUF 0.7 billion is associated to T-Systems Hungary. In Macedonia and Montenegro, Capex was HUF 0.8 billion and HUF 0.7 billion, respectively. Free cash flow (operating cash flow and investing cash flow adjusted for proceeds from / payments for other financial assets and repayment of other financial liabilities) changed from a deficit of HUF 7.5 billion in 2013 to a deficit of HUF 11.4 billion in The improvement in operating cash flow was offset by higher cash Capex reflecting higher outpayments to Capex creditors in 2014 compared to a year earlier and the higher amount of repayment of other financial liabilities due to payments of factored vendor contracts coupled with the 2014 payment of the periodic frequency fees. Net debt rose from HUF billion at the end of 2013 to HUF billion at the end of The net debt ratio (net debt to total capital) was 43.6% at the end of Christopher Mattheisen, CEO commented: I am pleased to report that our Telekom Hungary segment performed well in the first quarter of 2014, despite the slight contraction of the mobile voice market which led to a decline in our subscriber base during the period. The reported increase in both usage and ARPU reflects the success of our continued efforts to mitigate pressure from rationalization-driven downward migration to flat rate packages through proactive focus on upward migration and the upsell of additional data allowance and handset insurance. In the fixed segment, we were delighted to see a continued increase in our share of the TV market, where almost a third of our residential customer base now subscribes to a triple play package. Despite a decline in SI/IT revenues during the quarter, the gross margin increased in line with the higher share of service driven projects within our project mix. Looking forward, our efforts will be firmly focused on maintaining the current positive momentum by continuing to deliver a unique customer experience. To this end, we are currently testing LTE-Advanced technology that, provided frequency assets are available, will make download speeds of 300 Mbps possible within a couple of years. We will also continue to roll out our 4G network which currently covers around 45% of the Hungarian population. At our international subsidiaries we continued to face difficult operating conditions. In Macedonia, both our mobile competitors launched extremely attractive promotional flat offers. While our EBITDA margin was slightly above 40% during the first quarter, reflecting some cost saving efforts, we expect this fierce competition to result in further margin pressure going forward. In Montenegro, we are facing increased regulatory pressures following the introduction in April 2014 of fixed voice retail price regulation and the 45% cut in mobile termination rates that was implemented a month earlier in March public guidance: 2013 Public guidance 2014 Revenue HUF billion 0%-3% decline EBITDA HUF billion 3%-6% decline Capex* HUF 87.5 billion ca. HUF 87 billion *excluding spectrum acquisitions and annual frequency fee capitalization 4
5 2. CONSOLIDATED IFRS FINANCIAL STATEMENTS 2.1. Consolidated Statements of Financial Position MAGYAR TELEKOM Consolidated Statements of Financial Position Dec 31, 2013 Mar 31, 2014 (HUF million) (Audited) (Unaudited) Change Change (%) ASSETS Current assets Cash and cash equivalents 14,633 13,748 (885) (6.0%) Trade and other receivables 136, , % Other current financial assets 28,615 33,916 5, % Current income tax receivable 896 2,666 1, % Inventories 12,478 14,748 2, % Non current assets held for sale (14) (2.3%) Total current assets 193, ,910 8, % Non current assets Property, plant and equipment 493, ,312 (1,307) (0.3%) Intangible assets 381, ,370 (1,829) (0.5%) Investments in associates and joint ventures % Deferred tax assets % Non current financial assets 21,619 20,780 (839) (3.9%) Other non current assets % Total non current assets 897, ,699 (3,608) (0.4%) Total assets 1,091,248 1,096,609 5, % LIABILITIES Current liabilities Financial liabilities to related parties 58,682 73,658 14, % Other financial liabilities 100, ,869 3, % Trade payables 103,549 84,741 (18,808) (18.2%) Current income tax payable 759 3,015 2, % Provisions 4,076 3,541 (535) (13.1%) Other current liabilities 40,097 51,810 11, % Total current liabilities 307, ,634 13, % Non current liabilities Financial liabilities to related parties 239, ,695 (12,827) (5.4%) Other financial liabilities 26,214 25,776 (438) (1.7%) Deferred tax liabilities 19,075 19, % Provisions 8,516 8, % Other non current liabilities 1,122 1, % Total non current liabilities 294, ,840 (12,609) (4.3%) Total liabilities 601, , % EQUITY Equity of the owners of the parent Common stock 104, , % Capital reserves 27,387 27, % Treasury stock (307) (307) 0 0.0% Retained earnings 281, ,623 4, % Accumulated other comprehensive income 24,318 28,743 4, % Total Equity of the owners of the parent 437, ,722 9, % Non-controlling interests 52,108 47,413 (4,695) (9.0%) Total equity 489, ,135 4, % Total liabilities and equity 1,091,248 1,096,609 5, % 5
6 2.2. Consolidated Statements of profit or loss and other comprehensive income MAGYAR TELEKOM Consolidated Statements of Comprehensive Income (HUF million, except per share amounts) (Unaudited) (Unaudited) Revenues Change Change (%) Voice - retail 39,671 38,754 (917) (2.3%) Voice - wholesale 6,418 6,296 (122) (1.9%) Voice - visitor (171) (34.4%) Non-voice 16,422 17, % Equipment 8,535 8,027 (508) (6.0%) Other mobile revenues 1,670 2,934 1, % Mobile revenues 73,213 73, % Voice - retail 18,495 17,088 (1,407) (7.6%) Voice - wholesale 3,352 2,949 (403) (12.0%) Internet 13,052 13, % Data 5,102 4,448 (654) (12.8%) TV 8,980 9, % Equipment 2,329 1,769 (560) (24.0%) Other fixed line revenues 2,737 2,439 (298) (10.9%) Fixed line revenues 54,047 51,813 (2,234) (4.1%) System Integration/Information Technology revenues 14,012 13,189 (823) (5.9%) Revenue from Energy Services 15,337 13,509 (1,828) (11.9%) Total revenues 156, ,893 (4,716) (3.0%) Expenses Mobile revenue-related payments (19,247) (17,864) 1, % Fixed line revenue-related payments (10,927) (9,929) % SI/IT revenue-related payments (8,569) (6,970) 1, % Energy revenue-related payments (16,515) (13,231) 3, % Agent commissions (2,543) (2,647) (104) (4.1%) Bad debt expense (1,703) (3,238) (1,535) (90.1%) Direct costs (59,504) (53,879) 5, % Gross margin 97,105 98, % Employee-related expenses (22,601) (22,563) % Other operating expenses (36,333) (35,390) % Other operating income (389) (45.4%) EBITDA 39,027 40,528 1, % Depreciation and amortization (24,779) (24,434) % Operating profit 14,248 16,094 1, % Net financial result (7,745) (6,046) 1, % Profit before income tax 6,503 10,048 3, % Income tax (3,574) (5,058) (1,484) (41.5%) Profit for the period 2,929 4,990 2, % Change in exchange differences on translating foreign operations 8,680 6,106 (2,574) (29.7%) Revaluation of available-for-sale financial assets 22 (5) (27) n.m. Other comprehensive income for the period 8,702 6,101 (2,601) (29.9%) Total comprehensive income for the period 11,631 11,091 (540) (4.6%) Profit attributable to: Owners of the parent 1,695 4,828 3, % Non-controlling interests 1, (1,072) (86.9%) 2,929 4,990 2, % Total comprehensive income attributable to: Owners of the parent 8,174 9,253 1, % Non-controlling interests 3,457 1,838 (1,619) (46.8%) 11,631 11,091 (540) (4.6%) Basic and diluted earnings per share (HUF) % 6
7 2.3. Consolidated Statements of Cash Flows MAGYAR TELEKOM Consolidated Statements of Cash Flows (HUF million) (Unaudited) (Unaudited) Change Change (%) Cash flows from operating activities Profit for the period 2,929 4,990 2, % Depreciation and amortization 24,779 24,434 (345) (1.4%) Income tax expense 3,574 5,058 1, % Net financial result 7,745 6,046 (1,699) (21.9%) Change in assets carried as working capital (8,756) (1,194) 7, % Change in provisions (1,114) (444) % Change in liabilities carried as working capital (7,142) (4,145) 2, % Income tax paid (4,173) (4,239) (66) (1.6%) Interest and other financial charges paid (4,709) (6,238) (1,529) (32.5%) Interest received (277) (47.6%) Other cashflows from operations (712) 690 1,402 n.m. Net cash generated from operating activities 13,003 25,263 12, % Cash flows from investing activities Investments in tangible and intangible assets (16,712) (17,292) (580) (3.5%) Adjustments to cash purchases (3,875) (8,031) (4,156) (107.3%) Purchase of subsidiaries and business units 0 (201) (201) n.a. Payments for / proceeds from other financial assets - net 12,716 (1,992) (14,708) n.m. Proceeds from disposal of property, plant and equipment (PPE) and intangible % Net cash used in investing activities (7,706) (27,248) (19,542) (253.6%) Cash flows from financing activities Dividends paid to shareholders and Non-controlling interests (10) (4) % Proceeds from loans and other borrowings - net 13,591 12,246 (1,345) (9.9%) Repayment of other financial liabilities (118) (11,430) (11,312) n.m. Net cash generated from financing activities 13, (12,651) (94.0%) Exchange gains on translation of cash and cash equivalents (540) (65.2%) Change in cash and cash equivalents 19,588 (885) (20,473) n.m. Cash and cash equivalents, beginning of period 15,211 14,633 (578) (3.8%) Cash and cash equivalents, end of period 34,799 13,748 (21,051) (60.5%) Change in cash and cash equivalents 19,588 (885) (20,473) n.m. 7
8 2.4. Consolidated Statements of Changes in Equity MAGYAR TELEKOM - Consolidated Statements of Changes in Equity (unaudited) pieces Shares of common stock Common stock Additional paid in capital Capital reserves Reserve for equity settled share-based transactions Treasury stock Retained earnings in HUF millions Accumulated Other Comprehensive Income Cumulative translation adjustment Revaluation reserve for AFS financial assets net of tax Equity of the owners of the parent Non-controlling interests Total Equity Balance at December 31, ,042,742, ,275 27,379 4 (307) 310,452 21,335 (82) 463,056 59, ,083 Dividend declared to Non-controlling interests 0 (11,745) (11,745) Equity settled share-based transactions Total comprehensive income 1,695 6, ,174 3,457 11,631 Balance at March 31, ,042,742, ,275 27,379 5 (307) 312,147 27,799 (67) 471,231 50, ,970 Dividend (52,117) (52,117) (52,117) Dividend declared to Non-controlling interests 0 (1,567) (1,567) Equity settled share-based transactions Total comprehensive income 21,765 (3,374) (40) 18,351 2,936 21,287 Balance at December 31, ,042,742, ,275 27,379 8 (307) 281,795 24,425 (107) 437,468 52, ,576 Dividend declared to Non-controlling interests 0 (5,286) (5,286) Equity settled share-based transactions Capital reduction (1) 0 (1,247) (1,247) Total comprehensive income 4,828 4,428 (3) 9,253 1,838 11,091 Balance at March 31, ,042,742, ,275 27,379 9 (307) 286,623 28,853 (110) 446,722 47, ,135 (1) The AGM of Crnogorski Telekom on March 5, 2014 made a decision on share capital reduction in a total amount of EUR 17.1 million. Share capital reduction in the amount of EUR 17.1 million was approved (from EUR million to EUR million) and funds obtained as a result of share capital reduction will be distributed to the shareholders. 8
9 2.5. About Magyar Telekom Magyar Telekom Telecommunications Public Limited Company (the Company or Magyar Telekom Plc.) with its subsidiaries form Magyar Telekom Group (Magyar Telekom or the Group). Magyar Telekom is the principal provider of telecommunications services in Hungary, Macedonia and Montenegro and alternative service provider in Bulgaria and Romania. These services are subject to various telecommunications regulations depending on the countries of operations. The Company was incorporated in Hungary on December 31, 1991 and commenced business on January 1, The Company s registered office is Krisztina körút 55., 1013 Budapest, Hungary. Magyar Telekom Plc. is listed on the Budapest Stock Exchange where its shares are traded. Magyar Telekom s American Depository Shares (ADSs), each representing five ordinary shares, were also traded on the New York Stock Exchange until November 12, 2010, when the ADSs were delisted. Magyar Telekom terminated the registration of its shares and ADSs in the US in February The Company maintains its American Depositary Receipt program on a Level I basis. As of October 4, 2013 MagyarCom GmbH (MagyarCom), the immediate controlling shareholder of the Company owning 59.21% of the issued shares was merged into T-Mobile Global Holding Nr. 2 GmbH, also 100% owned by Deutsche Telekom AG. Subsequently, on December 18, 2013 T-Mobile Global Holding Nr. 2 GmbH increased the registered capital of its 100% owned subsidiary CMobil B.V. registered in the Netherlands (Stationsplein 8, 6221 BT Maastricht, the Netherlands) through in-kind contribution of Magyar Telekom shares. As a result of the transaction CMobil B.V. became a shareholder of Magyar Telekom Plc. directly owning 59.21% of the Company s voting rights (registered in Share Register on February 7, 2014). The ultimate controlling parent of Magyar Telekom is Deutsche Telekom AG (DT or DTAG) Basis of preparation and audit of the interim financial report This condensed consolidated interim financial information was prepared in accordance with IAS 34 (Interim Financial Reporting) and should be read in conjunction with the annual financial statements for the year ended December 31, 2013, which were prepared in accordance with International Financial Reporting Standards ( IFRS ) as issued by the International Accounting Standards Board ( IASB ) and adopted by the European Union. This consolidated interim financial information has not been audited. The statutory accounts for December 31, 2013 have been filed with the Budapest Stock Exchange and the Hungarian National Bank. The statutory accounts for December 31, 2013 were audited and the audit report was unqualified Accounting policies The principal accounting policies followed by the Group and the critical accounting estimates in applying accounting policies are consistent with those disclosed in the consolidated annual financial statements for the year ended December 31, 2013 with the following exceptions. As of January 1, 2014 the Group adopted the following IFRS Standards, amendments and interpretations: IAS 32 (amended) The amendments to IAS 32 clarify the IASB s requirements for offsetting financial instruments. The pronouncement clarifies: the meaning of "currently has a legally enforceable right of set off the recognized amounts"; and that some gross settlement systems may be considered equivalent to net settlement. The application of the amended standard did not result in significant changes in the financial statements of the Group, therefore no restatement of the previously reported balances is necessary. IFRS 10, IFRS 11, IFRS 12, IAS 27 (amended) and IAS28 (amended) IFRS 10 replaces the consolidation guidance in IAS 27 Consolidated and Separate Financial Statements and SIC-12 Consolidation Special Purpose Entities by introducing a single consolidation model for all entities based on control, irrespective of the nature of the investee (i.e., whether an entity is controlled through voting rights of investors or through other contractual arrangements as is common in special purpose entities). Under IFRS 10, control is based on whether an investor has power over the investee; exposure, or rights, to variable returns from its involvement with the investee; and the ability to use its power over the investee to affect the amount of the returns. IFRS 11 introduces new accounting requirements for joint arrangements, replacing IAS 31 Interests in Joint Ventures. The option to apply the proportional consolidation method when accounting for jointly controlled entities is removed. Additionally, IFRS 11 eliminates jointly controlled assets to now only differentiate between joint operations and joint ventures. A joint operation is a joint arrangement whereby the parties that have 9
10 joint control have rights to the assets and obligations for the liabilities. A joint venture is a joint arrangement, whereby the parties that have joint control have rights to the net assets. IFRS 12 requires enhanced disclosures about both consolidated entities and unconsolidated entities in which an entity has involvement. The requirements relating to separate financial statements are unchanged and are included in the amended IAS 27 Separate Financial Statements. The other portions of IAS 27 are replaced by IFRS 10. IAS 28 Investments in Associates and Joint Ventures is amended for conforming changes based on the issuance of IFRS 10, IFRS 11 and IFRS 12. The adoption of the above new and amended standards did not result in significant changes in the financial statements of the Group, therefore no restatement of prior periods became necessary. IAS 39 (amended) The IASB published "Novation of Derivatives and Continuation of Hedge Accounting", amendments to IAS 39 Financial Instruments: Recognition and Measurement in June Magyar Telekom has not applied hedge accounting to any of its derivatives, therefore the amendment has not had any impact on the financial statements of the Group. IFRIC 21 IFRIC 21 is an interpretation of IAS 37 Provisions, Contingent Liabilities and Contingent Assets. IAS 37 sets out criteria for the recognition of a liability, one of which is the requirement for the entity to have a present obligation as a result of a past event (known as an obligating event). The new interpretation clarifies that the obligating event that gives rise to a liability to pay a levy is the activity described in the relevant legislation that triggers the payment of the levy. As Magyar Telekom s interpretation of IAS 37 has been in line with the newly issued IFRIC, the adoption of the Interpretation does not have impact on the Group s financial statements. In addition to the above changes in accounting policies due to new and amended standards, Magyar Telekom Group has changed one element of its accounting policy for revenue recognition from January 1, 2014 to fully align our revenue recognition policies to those of Deutsche Telekom Group that we are a member of due to Deutsche Telekom s power over Magyar Telekom. This change relates to the allocation of revenue to the individual elements of multiple deliverable arrangements. Customer subscriber arrangements typically include an equipment sale, subscription fee and charge for the actual voice, internet, data or multimedia services used. The Group considers the various elements of these arrangements to be separate earnings processes and classifies the revenue for each of the deliverables into the categories. Until the end of 2013 we made these allocations using the residual method for each of the elements, i.e. the amount of consideration allocated to the delivered elements of the arrangements equaled the total consideration less the fair value of the undelivered elements. To become fully in line with Deutsche Telekom s revenue recognition policies, from January 1, 2014, we apply the following change to the allocation method for multiple element arrangements. The revenue allocable to a delivered item is limited to the amount that is not contingent upon the delivery of additional items (the non-contingent amount). The revenue to be recognized is therefore restricted by the amount received that is not contingent upon undelivered elements of the arrangement. The retrospective application of the above extension of the Group s revenue recognition policy would not result in significant changes in the financial statements of the Group issued for prior years, therefore no restatement of the financial statements of the Group issued for prior years became necessary. 10
11 3. CONSOLIDATED MANAGEMENT REPORT 3.1. Operating and financial review Group Exchange rate information Exchange rate Change HUF/EUR beginning of period % HUF/EUR period-end % HUF/EUR cumulative monthly average % HUF/MKD beginning of period % HUF/MKD period-end % HUF/MKD cumulative monthly average % In 2014, foreign exchange rates had an effect on the revenue and expense lines of our foreign subsidiaries expressed in HUF as these are translated at the cumulative average rates Revenues Total revenues amounted to HUF billion in 2014 compared to HUF billion in 2013, representing a 3.0% decrease quarter over quarter caused by the following: Mobile revenues amounted to HUF 73.4 billion in 2014, compared to HUF 73.2 billion in the same period of the previous year representing a 0.2% increase. Higher mobile non-voice and other mobile revenues could offset the lower mobile voice and equipment revenues. Mobile voice revenues, which represent the largest portion of revenues within mobile telecommunications services, declined by 2.6% to HUF 45.4 billion in 2014 compared to HUF 46.6 billion in Voice-retail revenues decreased by 2.3% to HUF 38.6 billion in This was mainly due to lower outgoing mobile voice revenues in Macedonia despite the increased volume of outgoing minutes quarter over quarter, as average price per minute decreased after the introduction of new offers and promotion in response to competitive pressures in the market. In Hungary, mobile voice-retail revenues declined due to the significantly lower roaming revenues caused by EU regulated average tariff erosion, effective from July 1, In Montenegro, voice-retail revenues declined due to the decrease in average customer base as well as lower tariff levels which could not be compensated by the increase in usage quarter over quarter. Voice-wholesale revenues were down by 1.9% and amounted to HUF 6.3 billion in 2014, mainly due to lower mobile termination rate as of November 1, 2013 and decrease in international incoming traffic in Macedonia. In Hungary, voice-wholesale revenues increased driven by higher incoming traffic. Non-voice revenues amounted to HUF 17.0 billion in 2014, compared to HUF 16.4 billion in 2013, representing a 3.8% increase. Higher non-voice revenues primarily came from higher mobile Internet revenues in Hungary, as both subscriber numbers and usage increased in Mobile equipment revenues decreased by 6.0% to HUF 8.0 billion in 2014 compared to HUF 8.5 billion in 2013, attributable to our Hungarian operation. The decrease in revenues was driven by lower average handset prices and decreased sales volume of higher priced smartphones. Lower revenues from penalty relating to contract termination by the customer before due date also contributed to the decrease. These decreases were slightly offset by increased revenues in Montenegro due to the higher number of handsets sold. Other mobile revenues grew from HUF 1.7 billion in 2013 to HUF 2.9 billion in 2014 owing to higher revenues derived from penalty charges and from mobile handset insurance in Hungary. Fixed line revenues amounted to HUF 51.8 billion in 2014, compared to HUF 54.0 billion in the same period of the previous year, representing a 4.1% decline. The decrease was driven by falling voice, data and equipment revenues, partly offset by increased TV and Internet revenues. Voice-retail revenues decreased by 7.6% to HUF 17.1 billion in 2014 compared to HUF 18.5 billion in 2013, mainly driven by the continuous decline in the number of revenue producing fixed access and lower average tariff levels. Voice-wholesale revenues decreased by 12.0% to HUF 2.9 billion in 2014, primarily due to tariff decline in Hungary causing lower domestic revenues from LTOs and from mobile operators. Call origination and termination also decreased in Hungary owing to mobile and OTT substitution 11
12 and the intense competition with cable TV service providers. At our foreign subsidiaries, lower international incoming traffic revenues resulted from lower volume of traffic, which also contributed to the decline in voice-wholesale revenues. Internet revenues increased from HUF 13.1 billion in 2013 to HUF 13.2 billion in 2014, representing a 1.3% growth. Higher Internet revenues were mainly due to increased revenues from content services in Hungary. Although DSL connections slightly increased together with cablenet and fiber optic connections in Hungary, lower ARPU, caused by lower prices due to strong competition and by the migration towards double- and triple-play packages, had a negative effect on Internet access revenues. This decrease was somewhat compensated by the higher revenues in Montenegro due to increased number of DSL connections. In Macedonia, Internet broadband revenues remained stable as lower prices were compensated by the 7.2% higher number of DSL access. Data revenues amounted to HUF 4.4 billion in 2014 compared to HUF 5.1 billion in The decrease in both broadband and narrowband revenues was mainly deriving from lower number of domestic and international leased line customers, both in Hungary and at our foreign subsidiaries. TV revenues amounted to HUF 9.9 billion in 2014 compared to HUF 9.0 billion in 2013, representing an increase of 10.3%. This increase is mainly attributable to higher IPTV revenues driven by the growing IPTV subscriber base, both in Hungary and at our foreign subsidiaries. The fast growth of the IPTV customer base demonstrates the increasing popularity of interactive television. Growth in satellite TV revenues was due to the higher number of customers compared to the same quarter last year. These increases were partly offset by lower Cable TV revenues owing to the fact that an increasing number of existing subscribers have been migrating over to IPTV services in Hungary. Fixed equipment revenues amounted to HUF 1.8 billion in 2014 compared to HUF 2.3 billion in The decrease is mainly owing to the lower sale of TV sets and tablets in Hungary. Other fixed line revenues decreased by 10.9% in 2014 compared to the same period the previous year, and amounted to HUF 2.4 billion. The decrease was mainly due to lower revenues derived from other material sales and from telephone book publishing in System Integration ( SI ) and IT revenues decreased by 5.9% from HUF 14.0 billion in 2013 to HUF 13.2 billion in the same period of Lower revenues were due to the decrease in outsourcing revenues driven by the renegotiation of some large contracts during 2013, coupled with fewer large application and infrastructure projects in Energy Services revenues decreased to HUF 13.5 billion in 2014 compared to HUF 15.3 billion in The decline resulted from the lower gas consumption during the mild winter compared to a year earlier. In addition, universal service provider price reduction from November 2013 also contributed to the revenue decrease. As at March 31, 2014, the number of gas points of delivery amounted to 67,451, while the number of electricity points of delivery had reached 106, Direct costs Direct costs decreased by 9.5%, and amounted to HUF 53.9 billion in Mobile services-related payments in 2014 decreased by 7.2% quarter over quarter, and amounted to HUF 17.9 billion. Lower mobile voice payments are primarily due to lower interconnection cost in Macedonia and lower roaming payments in Hungary. Mobile equipment costs decreased due to lower volume of smartphone sales in Hungary and Macedonia. Fixed line-related payments decreased by 9.1% to HUF 9.9 billion in The decrease was mainly driven by lower equipment sales at the Company due to the decrease in tablet and TV-set sales. Continuously declining voice-related payments also contributed to the decrease. These decreases were partly counterbalanced by higher TV payments, owing to the increasing subscriber base in Hungary and in Macedonia. Fewer large application and infrastructure projects at T-Systems caused SI/IT-related payments to decrease from HUF 8.6 billion in 2013 to HUF 7.0 billion in Energy-related payments in Hungary decreased (from HUF 16.5 billion in 2013 to HUF 13.2 billion in 2014) in line with the decrease in revenues, due to the decrease in system usage fees and energy purchase prices, as well as the lower gas consumption due to the milder winter. Agent commissions remained broadly stable quarter over quarter. Bad debt expenses increased significantly by 90.1% from HUF 1.7 billion in 2013 to HUF 3.2 billion in 2014, primarily due to the waiving of certain receivables at T-Systems, and to the higher amount of impairment loss on receivables from equipment sales on instalments in Hungary Gross margin Gross margin increased slightly from HUF 97.1 billion in 2013 to HUF 98.0 billion in 2014, as the decrease of direct costs exceeded the decrease in revenues. 12
13 3.1.5 Employee-related expenses Employee-related expenses remained broadly flat quarter over quarter, and amounted to HUF 22.6 billion. The slight, 0.2% decrease is in line with the 1.4% decrease in average employee figure from 2013 to 2014, mostly counterbalanced by the 4% average salary increase in Hungary in Q Other operating expenses Other operating expenses decreased by 2.6%, from HUF 36.3 billion in 2013 to HUF 35.4 in The decrease is primarily due to lower fees and levies, which decreased from HUF 3.7 billion to HUF 2.0 billion as the future annual frequency fees were capitalized in Hungary in Q3 2013, therefore there are no such expenses in 2014 in Hungary. The annual frequency fee related expenses in 2014 are accounted for as amortization and finance expenses due to the capitalization of the present value of these (decreased) fees. Rental fees decreased from HUF 4.0 billion in 2013 to HUF 3.5 billion in 2014, due to the change in the rented IPTV set-top box contracts from operating to financial lease in Q These decreases were partly offset by the increase in utility- and telecom tax expenses in Hungary, which increased by HUF 1.1 billion, from HUF 12.9 billion in 2013 to HUF 13.9 billion in The telecom tax expense increased by HUF 0.9 billion to HUF 6.4 billion due to the higher tax charge from Q In 2013, the tax imposed on fixed and mobile usage amounted to HUF 2 per minute and HUF 2 per SMS/MMS. The tax was capped at HUF 700 per month per calling number for private individuals subscriptions, and was HUF 2,500 per month per calling number for non-private individual subscribers subscriptions. From August 1, 2013, the tax measure was raised to HUF 3 per minute and HUF 3 per SMS/MMS for non-private individual subscribers subscriptions and also the cap applicable to these subscriptions was raised to HUF 5,000 per month. The utility tax expense was also recognized, and amounted to HUF 7.5 billion in The full annual tax liability is payable based on the taxable infrastructure in place on January 1, Utility tax expense increased by HUF 0.2 billion, as the tax base is slightly different compared to Other service fees increased from HUF 5.3 billion in 2013 to HUF 5.5 billion in 2014, primarily due to our CRM billing project. The increase of material and maintenance expenses by 2.7% to HUF 6.9 billion, owing to higher network maintenance expenses in 2014 also contributed to the increase. Marketing expenses amounting to HUF 2.3 billion, consultancy expenses in the amount of HUF 0.7 billion, and other expenses in the amount of HUF 0.6 billion remained broadly stable quarter over quarter Other operating income Other operating income decreased from HUF 0.9 billion to HUF 0.5 billion quarter over quarter. The decrease is primarily due to lower compensation received for damages and for relocation of own network sections in EBITDA EBITDA increased from HUF 39.0 billion in 2013 to HUF 40.5 billion in 2014, primarily due to the higher gross margin in Depreciation and amortization Depreciation and amortization expenses remained broadly stable quarter over quarter, as higher depreciation in Hungary, due to the capitalization of the extended- and newly purchased spectrum licenses was counterbalanced by the lower depreciation of telecom equipment in 2014, as a result of the extension of useful life of certain equipment at the end of Operating profit Operating profit increased from HUF 14.2 billion in 2013 to HUF 16.1 billion in 2014 for the reasons described above Net financial result Net financial expenses decreased by 21.9%, from HUF 7.7 billion in 2013 to HUF 6.0 billion in The improvement was primarily due to the considerably lower net loss on foreign exchange translation and hedges. Lower interest expenses also contributed to the decrease, due to the lower average interest rate, although our net debt level increased significantly quarter over quarter Income tax The income tax expense increased from HUF 3.6 billion in 2013 to HUF 5.1 billion in The 41.5% increase is primarily due to the 54.5% higher profit before tax. Local business tax in Hungary represents a rather flat amount of tax expense, levied on the gross margin of the Hungarian companies, consequently, the 54.5% higher profit before tax should normally result in a lower increase of the income tax expense than apparent from the quarter over quarter amounts. 13
14 The higher than expected effective tax rate in 2014 is primarily due to the significant change in the Macedonian income tax law, which introduced a 10% profit tax charged on dividend declaration in Macedonia (regardless of the owners of the companies) effective from January Up to December 2013 we had been recognizing deferred tax liabilities (income tax expense) accruing on the profits of the Macedonian entities on expected dividends to be collected by MT Plc., however, these deferred taxes had been recognized in proportion to our effective ownership in Makedonski Telekom as the tax charged on dividend distribution had practically only applied to dividend distribution from Macedonia to Hungary. With this change of the income tax law, the tax was extended to the whole amount of the dividend payments of T-Mobile Macedonia and Makedonski Telekom. For the above reasons, the income tax charge we had to recognize in 2014 was higher by HUF 1.1 billion than the amount of the deferred tax liability (accrued on the profits) we released. This additional net tax expense is, however, fully counterbalanced by the decrease of the profit attributable to non controlling interests (see below), i.e. this change had no impact on the profit attributable to the owners of the Company Profit attributable to non-controlling interests Profit attributable to non-controlling interests in 2014 decreased by 86.9% compared to the same period in The decrease was predominantly due to the change in the income tax law in Macedonia (see above), resulting a decrease of HUF 1.1 billion in the profit attributable to non-controlling interests. This decrease was only slightly offset by the improving results of our subsidiary in Montenegro. 14
15 Cash flows HUF millions Change Operating cash flow 13,003 25,263 12,260 Investing cash flow (7,706) (27,248) (19,542) Less: Proceeds from other financial assets - net (12,716) 1,992 14,708 Investing cash flow excluding Proceeds from other financial assets net (20,422) (25,256) (4,834) Repayment of other financial liabilities (118) (11,430) (11,312) Free cash flow (7,537) (11,423) (3,886) Proceeds from other financial assets - net 12,716 (1,992) (14,708) Proceeds from loans and other borrowings - net 13,591 12,246 (1,345) Dividend paid to shareholders and Non-controlling interests (10) (4) 6 Exchange gains on cash and cash equivalents (540) Change in cash and cash equivalents 19,588 (885) (20,473) Free cash flow Operating cash flow Net cash generated from operating activities amounted to HUF 25.3 billion in 2014, compared to HUF 13.0 billion in Main reasons for the increase of HUF 12.3 billion were the following: HUF +2 billion higher EBITDA HUF +10 billion positive impact due to vendor factoring. Payments to trade creditors in 2014 were lower as a result of the reclassification of factored vendor payments to financial cash flow in There were no such factoring transactions in HUF +3 billion positive impact due to lower increase of receivables in 2014 owing to the lower intensity of 0-24 equipment sale (smart phones, TV, tablet, etc.) in 2014 HUF -2 billion negative impact due to higher interest paid on loans in 2014 Investing cash flow excluding proceeds from other financial assets net Net cash used in regular investing activities amounted to HUF billion in 2014, compared to HUF billion in Main reasons for the HUF 4.9 billion higher cash outflow were the following: HUF -4 billion negative impact mainly due to higher investment in 3G/LTE networks and NGFA in 2014 HUF -1 billion mainly due to higher amount of cash payments to capex creditors in 2014 Repayment of other financial liabilities Repayment of other financial liabilities increased from HUF -0.1 billion in 2013 to HUF billion in Main reasons for the significantly higher payments of HUF 11.3 billion were the following: HUF -10 billion payment in 2014 from vendor factoring in Q4 2013; there was no such factoring or payment in 2013 HUF -1 billion payment on annual frequency fees in 2014 (recognized as financial liability in Q3 2013). There were no such payments in financial cash flow in 2013 Free cash flow (FCF) changed from HUF -7.5 billion in 2013 to HUF billion in 2014 due to the reasons described above. Proceeds from other financial assets - net Proceeds from other financial assets - net decreased by HUF 14.7 billion. Main reasons for the decrease were the following: HUF -20 billion negative impact as lower amount of MKT's bank deposits over 3 months was converted into cash in 2014 on a net basis HUF 6 billion less of CT's cash was invested as bank deposits over 3 months in 2014 on a net basis Proceeds from loans and other borrowings - net Net loan proceeds were slightly lower in 2014 Dividend paid to shareholders and Non-controlling interests 15
16 No dividend payments were made from current year s declarations in the first quarter either in 2013 or Exchange gains on cash and cash equivalents Lower exchange gain on cash was due to the lower average amount of foreign currency cash in 2014 than in 2013, even though the depreciation of HUF was similar in the periods Key Performance Indicators / Key operating statistics The financial and operating statistics are available on the following website: Segment information Description of segments The Group s operating segments are Telekom Hungary, T-Systems Hungary, Macedonia and Montenegro. The Telekom Hungary segment operates in Hungary providing mobile and fixed line telecommunications and TV distribution and energy retail services to millions of residential and small and medium business customers mainly under the Telekom brand. The Telekom brand name is gradually expanded to cover all services offered to the general public as well as to small and medium-sized companies. The Telekom Hungary segment is also responsible for the wholesale mobile and fixed line services in Hungary, and performs strategic and cross-divisional management and support functions including Procurement, Treasury, Real Estate, Accounting, Tax, Legal, Internal Audit and similar shared services and other central functions of the Group s management. This segment is also responsible for the Group s points of presence in Bulgaria and Romania providing mainly wholesale services to local companies and operators. T-Systems operates in Hungary providing mobile and fixed line telecommunications, infocommunications and system integration services mainly under the T-Systems brand to key business customers (large corporate and public sector customers). The Group also has full-scale mobile and fixed line telecommunications operations in Macedonia and Montenegro, which represent two additional operating segments of the Group. 16
17 Information regularly provided to the Management Committee The following tables present the information by reportable segment regularly provided to the Management Committee (MC) of the Company, reconciled to the corresponding Group numbers. The information regularly provided to the MC includes several measures of profit which are considered for the purposes of assessing performance and allocating resources. These items vary year-over-year in nature and magnitude. Management believes that Revenue, EBITDA and Capex are the segment measures that are most consistent with the measurement principles used in measuring the corresponding amounts in these financial statements. HUF millions Total Telekom Hungary revenues 116, ,656 Less: Telekom Hungary revenues from other segments (7,382) (6,512) Telekom Hungary revenues from external customers 109, ,144 Total T-Systems Hungary revenues 28,083 27,300 Less: T-Systems Hungary revenues from other segments (2,923) (3,474) T-Systems Hungary revenues from external customers 25,160 23,826 Total Macedonia revenues 14,843 13,392 Less: Macedonia revenues from other segments (6) (21) Macedonia revenues from external customers 14,837 13,371 Total Montenegro revenues 7,415 7,555 Less: Montenegro revenues from other segments (7) (5) Montenegro revenues from external customers 7,408 7,550 Total consolidated revenue of the segments 156, ,891 Measurement differences to Group revenue 12 2 Total revenue of the Group 156, ,893 Segment results (EBITDA) Telekom Hungary 27,267 29,150 T-Systems Hungary 3,464 3,195 Macedonia 5,534 5,427 Montenegro 2,730 2,706 Total EBITDA of the segments 38,995 40,478 Measurement differences to Group EBITDA Total EBITDA of the Group 39,027 40,528 Total depreciation and amortization of the Group (24,779) (24,434) Total operating profit of the Group 14,248 16,094 17
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