Quarterly report (Q1) 2010

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Tele2, Quarterly report (Q1) 2010

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  • 1. FIRST QUARTER 2010 21 April 2010
  • 2. AGENDA About Q1 2010 Financial review Concluding remarks 2 2010-04-21 First quarter 2010
  • 3. HIGHLIGHTS Q1 Robust operational result Nordic Sweden mobile revenue grew by 3 percent Mobile margin Sweden 35 percent Russia Highest ever EBITDA contribution EBITDA amounted to 719 SEK million 949 000 new customers Central Europe & Eurasia Sustained cash flow contribution Welcoming Kazakhstan, our newest member in the Tele2 group Western Europe Further success in corporate segment 3 2010-04-21 First quarter 2010
  • 4. HIGHLIGHTS TELE2 SWEDEN Adding 29 000 new postpaid New accounting treatment for customers, of which: handsets sold with monthly 15 000 mobile internet instalments 14 000 mobile voice EBITDA margin - New accounting standard Continued revenue growth 36% EBITDA margin - Old accounting standard Driven by mobile 35% 34% EBITDA amounted to 794 SEK 33% million 32% 31% 30% Continued focus on growth in postpaid segment 29% 28% Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 4 2010-04-21 First quarter 2010
  • 5. HIGHLIGHTS TELE2 RUSSIA Net Intake - New regions Net Intake - Old regions EBITDA margin 1400 38% 36% 1200 34% 1000 32% (In thousands) 800 30% 600 28% 26% 400 24% 200 22% 0 20% Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 5 2010-04-21 First quarter 2010
  • 6. HIGHLIGHTS TELE2 NETHERLANDS Gold standard for the group in the corporate segment Successful Best Deal strategy EBITDA increased to SEK 611 (594) million in the quarter 6 2010-04-21 First quarter 2010
  • 7. HIGHLIGHTS TELE2 BALTIC REGION EBITDA CAPEX EBITDA - CAPEX 500 400 300 (SEK million) 200 100 0 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 -100 -200 7 2010-04-21 First quarter 2010
  • 8. AGENDA About Q1 2010 Financial review Concluding remarks 8 2010-04-21 First quarter 2010
  • 9. Q1 2010 GROUP RESULTS SEK million Q1 10 Q1 09 Change % Continuing operations, Net Sales 9,535 9,828 -3% EBITDA 2,358 2,244 5% - EBITDA margin (%) 24,7% 22,8% Depreciation and joint venture -809 -893 - Depreciation of net sales (%) 8,5% 9,1% One-off items -3 -4 EBIT 1,549 1,351 Normalized EBIT 1,546 1,347 - Normalized EBIT margin (%) 16,2% 13,7% Financial items 42 -592 Taxes -339 -281 Net result, continuing operations 1,249 474 Net result, discontinued operations 19 197 Net result 1,268 671 9 2010-04-21 First quarter 2010
  • 10. TAXES Taxes in income statement (MSEK) One-Off Normal Reported Q1 - -339 -339 Taxes in cash flow statement (MSEK) One-Off Normal Reported Q1 - -233 -233 In 2010: Tele2 forecast a corporate tax rate of approximately 22 (earlier 20) percent excluding one-off items. The tax payment will affect cash flow by approximately SEK 800 (earlier 700) million due to better than expected operational performance in Tele2 Russia. 10 2010-04-21 First quarter 2010
  • 11. CASH FLOW FOR Q1 2010 SEK million Q1 10 Q1 09 OPERATING ACTIVITIES Cash flow from operations, less paid taxes 2,341 1,923 Taxes paid -233 -456 Changes in working capital 183 364 CASH FLOW FROM OPERATING ACTIVITIES 2,291 1,831 INVESTING ACTIVITIES CAPEX -608 -1,149 Cash Flow after CAPEX 1,683 682 Acquisition and sale of shares and participations, net -819 -97 864 585 11 2010-04-21 First quarter 2010
  • 12. ROCE 20% 19% 18% 17% 16% 15% 14% 13% 12% 11% 10% 9% 8% 7% 6% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2007 2008 2009 2010 12 2010-04-21 First quarter 2010
  • 13. GROUP FINANCIAL PROFILE Net debt Net debt incl. JV Net debt/ EBITDA 2009 Net debt incl. JV/ EBITDA 2009 25 000 2,5 20 000 2 (SEK million) 15 000 1,5 10 000 1 5 000 0,5 0 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 07 07 07 08 08 08 08 09 09 09 09 10 13 2010-04-21 First quarter 2010
  • 14. GROUP NET INTAKE PER SEGMENT Mobile Fixed broadband Fixed telephony 1 400 1 200 1 000 (In thousands) 800 600 400 200 0 -200 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 -400 14 2010-04-21 First quarter 2010
  • 15. GROUP CUSTOMER STOCK Group Customer Stock Group Mobile Customer Stock Mobile Fixed Broadband Fixed Telephony Prepaid voice Postpaid voice Mobile Internet 25 000 30 000 25 000 20 000 (In thousands) (In thousands) 20 000 15 000 15 000 10 000 10 000 5 000 5 000 0 0 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Strong intake in the mobile segment Driven by Russia adding 949 000 new customers 15 2010-04-21 First quarter 2010
  • 16. GROUP EBITDA Mobile Fixed broadband Fixed telephony Other Group EBITDA margin 3 000 26% 2 500 2 000 (SEK million) 24% 1 500 1 000 22% 500 0 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 -500 20% 16 2010-04-21 First quarter 2010
  • 17. GROUP MOBILE EBITDA Mobile EBITDA on own infrastructure Mobile EBITDA (MVNO) Mobile EBITDA margin on own infratsructure Total mobile EBITDA margin 1 800 34% 1 750 1 700 32% 1 650 (SEK million) 30% 1 600 28% 1 550 1 500 26% 1 450 24% 1 400 1 350 22% 1 300 20% Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 17 2010-04-21 First quarter 2010
  • 18. MoU AND ARPU DEVELOPMENT Sweden Russia 220 260 60 240 240 50 220 200 SEK SEK 220 180 40 200 200 160 180 30 180 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 ARPU MoU...