Business Update For The First Quarter Ended 30 June 2022
Singapore, 24 August 2022 - Singtel reported its business update for the first quarter ended 30 June 2022.
Key highlights for the first quarter
- Net profit was up 41%, lifted by improved operational performance and exceptional gains from Airtel and dilution of the Group's effective shareholding in Australia Tower Network
- Underlying net profit increased 11%
- Post-taxcontributions from regional associates jumped 12% with continued strong performance by Airtel
- Operating revenue and EBITDA were down 5.6% and 2.0% respectively due to absence of contributions from NBN migration and Amobee1 as well as a 4% depreciation of the Australian Dollar
- On an underlying basis2, operating revenue and EBITDA would have increased 4.1% and 5.4% respectively with roaming rebound across Singapore and Australia
Quarter | YOY | |||||||
30 Jun | 30 Jun | Chge | ||||||
2022 | 2021 | Chge | in cc | (1) | ||||
S$ m | S$ m | % | % | |||||
Operating revenue | 3,584 | 3,798 | -5.6 | -3.5 | ||||
Underlying operating revenue | (2) | 3,584 | 3,519 | 1.8 | 4.1 | |||
EBITDA | 977 | 997 | -2.0 | 0.4 | ||||
Underlying EBITDA | (2) | 977 | 949 | 2.9 | 5.4 | |||
EBIT (before associates' contributions) | 328 | 312 | 5.2 | 6.4 | ||||
Underlying EBIT | (2) | 328 | 280 | 17.1 | 18.5 | |||
Share of regional associates' post-tax profits | 411 | 366 | 12.2 | 14.1 | ||||
Underlying net profit | 499 | 451 | 10.7 | 12.5 | ||||
Net profit | 628 | 445 | 41.3 | 43.4 |
Notes:
- Assuming constant exchange rates for the Australian Dollar and United States Dollar from the corresponding quarter ended 30 June 2021.
- Excluded Optus' NBN migration revenue and contributions from Amobee.
- Amobee was classified as a 'subsidiary held for sale' as at 31 March 2022 and ceased to be consolidated on a line-by-line basis from 1 April 2022.
- In constant currency basis and excluding contributions from NBN migration and Amobee.
Message from Group CEO, Mr Yuen Kuan Moon
"This set of positive results reflects the progress made on our strategic reset designed to strengthen our core, unlock the value of our assets and grow new digital businesses. Our growth engine and ICT arm NCS booked S$600 million in new projects across various sectors and we've made the requisite investments to strengthen its capabilities and competitive edge to deliver long-term growth. ICT revenue from data centres and cyber security grew on the back of increased digitalisation while the easing of border controls revived roaming revenues across both our consumer and enterprise businesses. With Singtel delivering the first 5G standalone network to fully cover Singapore in August, and Optus achieving the fastest 5G speeds in Australia, we've further reinforced our 5G leadership and will leverage this critical asset to drive growth.
Looking ahead, we expect the operating environment to remain challenging amid rising inflation and interest rates, and as continuing geopolitical tensions further impact global supply chains. We will need to stay nimble and contend with these realities should they put further pressure on our costs and bottomlines."
Table Of Contents
Pg
Group Summary Income Statement …....………………………………………………………………… 4
Change In Segment Reporting …....……………………………………………………………....……… 4
Business Segments Income Statement…......................................................................................... 5
Review Of Group Operating Performance …....………………………………………………………… 6
Share Of Results Of Regional Associates…................................................................................... 8
Exceptional Items……......…..….......................................................................................................... 10
Appendix 1: FY2022 Quarterly Segments Results (Restated)………………………………………… 11 | |
Appendix 2: Key Product Information.......................................................................................... | 13 |
Appendix 3: Currency Table………………………………………………………………………………… 15 |
Singapore Telecommunications Ltd And Subsidiary Companies | Page 4 |
GROUP SUMMARY INCOME STATEMENT
For The First Quarter Ended 30 June 2022
Quarter | YOY | ||||
30 Jun | 30 Jun | Chge | |||
2022 | 2021 | Chge | in cc | (1) | |
S$ m | S$ m | % | % | ||
Operating revenue | 3,584 | 3,798 | -5.6 | -3.5 | |
EBITDA | 977 | 997 | -2.0 | 0.4 | |
- EBITDA margin | 27.3% | 26.2% | |||
Share of associates' pre-tax profits | 572 | 533 | 7.3 | 9.0 | |
EBITDA and share of associates' pre-tax profits | 1,550 | 1,530 | 1.3 | 3.4 | |
Depreciation & amortisation | (650) | (685) | -5.2 | -2.4 | |
EBIT | 900 | 845 | 6.5 | 8.0 | |
Net finance expense | (114) | (97) | 17.5 | 19.7 | |
Taxation | (284) | (294) | -3.5 | -2.7 | |
Minority interests | (3) | (3) | 3.4 | 3.4 | |
Underlying net profit | 499 | 451 | 10.7 | 12.5 | |
Exceptional items (post-tax) | 129 | (6) | nm | nm | |
Net profit | 628 | 445 | 41.3 | 43.4 |
"nm" denotes not meaningful.
Note:
- Assuming constant exchange rates for the Australian Dollar, United States Dollar and/ or regional currencies from the corresponding quarter ended 30 June 2021.
CHANGE IN SEGMENT REPORTING
With effect from 1 April 2022, the Group's segment reports have been changed to reflect the new organisation structure. The results for the comparative quarters have been restated on the same basis (see Appendix 1).
Singapore Telecommunications Ltd And Subsidiary Companies | Page 5 |
BUSINESS SEGMENTS INCOME STATEMENT
For The First Quarter Ended 30 June 2022
Quarter | YOY | |||||||
30 Jun | 30 Jun | Chge | ||||||
2022 | 2021 (2) | Chge | in cc (1) | |||||
S$ m | S$ m | % | % | |||||
Operating revenue | ||||||||
Optus | 1,944 | 2,024 | -4.0 | ** | ||||
Singapore Consumer | 428 | 414 | 3.4 | 3.4 | ||||
Group Enterprise (2)(3) | 613 | 612 | 0.1 | 0.1 | ||||
NCS-originated | 598 | 500 | 19.6 | 19.6 | ||||
Singtel-originated(4) | - | 28 | nm | nm | ||||
NCS (3) | 598 | 528 | 13.2 | 13.2 | ||||
Trustwave (3) | 44 | 98 | -54.7 | -56.2 | ||||
Less: Intercompany eliminations (5) | (43) | (114) | -62.4 | -62.4 | ||||
Amobee (6) | 3,584 | 3,562 | 0.6 | 2.9 | ||||
- | 236 | nm | nm | |||||
Group | 3,584 | 3,798 | -5.6 | -3.5 | ||||
Optus underlying operating revenue (7) | 1,944 | 1,981 | -1.9 | 2.2 | ||||
Group underlying operating revenue (8) | 3,584 | 3,519 | 1.8 | 4.1 | ||||
EBITDA | ||||||||
Optus | 531 | 542 | -2.0 | 2.1 | ||||
Singapore Consumer | 166 | 149 | 11.7 | 11.7 | ||||
Group Enterprise (2)(3) | 274 | 271 | 1.0 | 1.0 | ||||
NCS (3) | 70 | 84 | -17.2 | -17.2 | ||||
Trustwave (3) | (29) | (24) | 17.2 | 14.8 | ||||
Corporate | (29) | (28) | 3.9 | 3.9 | ||||
Less: Intercompany eliminations (5) | (5) | (1) | 477.8 | 477.8 | ||||
977 | 992 | -1.5 | 0.8 | |||||
Amobee (6) | - | 5 | nm | nm | ||||
Group | 977 | 997 | -2.0 | 0.4 | ||||
Optus underlying EBITDA (7) | 531 | 499 | 6.4 | 10.8 | ||||
Group underlying EBITDA (8) | 977 | 949 | 2.9 | 5.4 | ||||
EBIT (before associates' contributions) | ||||||||
Optus | 85 | 67 | 27.8 | 32.5 | ||||
Singapore Consumer | 91 | 74 | 23.0 | 23.0 | ||||
Group Enterprise (2)(3) | 183 | 183 | 0.1 | 0.1 | ||||
NCS (3) | 48 | 63 | -24.6 | -24.6 | ||||
Trustwave (3) | (33) | (33) | 1.5 | -0.6 | ||||
Corporate | (40) | (30) | 33.2 | 33.2 | ||||
Less: Intercompany eliminations (5) | (6) | (1) | @ | @ | ||||
328 | 323 | 1.5 | 2.8 | |||||
Amobee (6) | - | (11) | nm | nm | ||||
Group | 328 | 312 | 5.2 | 6.4 | ||||
Optus underlying EBIT (7) | 85 | 24 | 257.6 | 267.7 | ||||
Group underlying EBIT (8) | 328 | 280 | 17.1 | 18.5 |
"**" denotes less than +/-0.05%, "@" denotes more than +/-500% and "nm" denotes not meaningful.
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SingTel - Singapore Telecommunications Limited published this content on 24 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 August 2022 07:37:02 UTC.