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ALBERTOMDELARRAZABAL
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Mnth
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SECURiTIES
NDEXCHANGECOMMiSSION
SEC FORM17C
CURRENTREPORTUNDERSECTlON17
C
14Februaw20151
DateofReport
3000768480000
21177
BiRTaxidentifiCatiOn Number
SECidentifiCatiOn Number
4GLOBETELECO
ExactNameofregiStrantaSSOeCIfIedinitSCharter
5PHiLiPPINES
Pr0VinCecOl
industryCiassifiCatiOnCode
inCOrPOratlOn
727IFTheGlobeTower32ndiStreetcorner7thAvenue
BonifacioGIobai
AddressofprinCiPaiofflCe
teiephonenumber inCiudlngareaCOde
Formername
10SecuritieSregiSteredpursuanttoSectiOnS4and80ftheSRC
TltieofEachCiass
NumberofSharesofCommon Stock
OutstandingandAmountofDebtOutstanding
asofDecember312014
COMMONSHARES
132733090
TOTALDEBTinMonsof
indiCatetheitemnumberSrePOrted
Please refertoattached
Re4Q2014ANALYSTSBRiEFINGPRESENTATlON MATERiALS
PursuanttotherequirementSOftheSecuritieSReguIatiOnSCodetheregiStranthasduiy
causedthiSrePOrttObesIgnedonitSbehaIfbytheundersignedhereuntoduiyauthorIZed
GL
Date4Februarv2015
2/4/2015
Php 99.0B
EBITDA
Php 39.3B
Php 14.5B
Up 25% YoY from Php11.6B in 2013
4Q14 Core NIAT of Php 2.9B up
39% YoY but down 27% QoQ due
to lower 4Q14 EBITDA
Php 20.75/sh
Record date on 18 Feb,
payable on 4 Mar
Pay-out in line with policy of
distributing 75-90% of prior
years core net income
2/4/2015
Mobile: Full-year and quarterly revenues both new all-time highs, driven
by sustained growth in subscribers across postpaid and prepaid
Mobile Gross Adds
Mobile Revenues
(In Php Mn)
(in 000s)
FY
2014
YoY
Change
4Q14
QoQ
Change
Postpaid
29,919
+11%
7,808
+4%
Prepaid
48,150
+5%
12,688
+4%
TOTAL
78,069
+7%
20,496
+4%
36,928
30,170
+17%
2013
38.48
2.09
2.03
38.66
36.45
4Q13
1Q14
42.72
42.85
2.08
2.16
40.64
40.69
2Q14
Postpaid
2014
Prepaid
Mobile Churn
+14%
40.75
2013
2014
Postpaid
+22%
3Q14
Prepaid
44.04
2.26
7.0%
7.3%
6.7%
6.9%
Postpaid
TM
Prepaid
41.78
2.3%
4Q14
3Q14
1.8%
4Q14
Mobile data services: Data continues to drive growth across our business
segments with the continuing shift among consumers to a digital lifestyle
Mobile Browsing and
Other Data Revenues
+36%
+14%
(in Millions)
11,603
14,306
+23%
Pre FB
2013
*
2014
Post FB
Pre FB
Post FB
Free Facebook +
Free Viber
2/4/2015
Broadband
andtofixed
data sustains
growth
trajectory,
underpinned
Data
continues
driveline
growth
across our
business
segments
with the
by
continued
demand
for
data
connectivity
continuing shift among consumers to a digital lifestyle
Broadband Revenues
Broadband Subscribers
(in Millions)
+37%
10,440
12,687
2.03
+22%
0.38
2.19
2.25
0.39
0.41
2.55
0.43
2.79
0.44
2.35
1.65 1.80 1.84 2.12
2013
Wired
Wireless
2014
4Q13
1Q14
2Q14
3Q14
4Q14
4,691
5,480
+17%
2013
2014
21Mn
As of Dec 2014
11.3Mn
As of Nov 2014
87K TB
FY2014
50%
30%
270%
YoY
YoY
YoY
MUSIC
SOCIAL NETWORKING
SPORTS
*number of social media accounts logged in through Globe service (mobile, nomadic, BB); **Globe subs
with mobile data usage; **paid mobile data traffic
2/4/2015
2/4/2015
Financial Performance
Highlights
2013
Y/Y
Change
4Q14
3Q14
Q/Q
Change
Service Revenues
99,025
90,500
9%
26,324
25,006
5%
(59,754)
(53,986)
11%
(16,811)
(14,325)
17%
EBITDA
39,271
36,514
8%
9,513
10,681
(11%)
EBITDA Margin
40%
40%
36%
43%
Depreciation
18,123
27,478
(34%)
4,965
4,649
7%
1,623
9,066
(82%)
154
291
(47%)
Others
16,500
18,412
(10%)
4,810
4,358
10%
EBIT
21,148
9,036
134%
4,549
6,033
(25%)
Non-Operating Charges
(1,765)
(2,172)
(19%)
(492)
(627)
(22%)
NIAT
13,372
4,960
170%
2,844
3,693
(23%)
Core NIAT**
14,489
11,617
25%
2,911
3,989
(27%)
In Php Millions
10
2/4/2015
853
8,531
1,193
36,514
2,123
1,110
2,193
39,269
+8%
2013
Inc. in Revenues
Dec. in
Interconnect
Charges
Inc. in Staff
Costs
Inc. in
Provisions,
Services, Others
2014
6,548
5,970
11,617
5,891
287
4,043
14,488
+25%
2013
Higher Revenues
Lower Depreciation
Lower Non-Op
charges
2014
11
CAPEX
Business
Support
Systems 15%
In Php Millions
29,000
28,999
18,007
21,235
2012
2013
2014
32%
35%
50%
35%
9%
9%
15%
15%
9%
15%
2012
2013
2014
Data
Core
2011
Core
Capex
27%
Data-driven CAPEX
49%
20,124
Others
9%
Others
Business
Support
49%
27%
12
2/4/2015
48,679
2011
2012
69,301
65,276
2013
2014
1.78
1.90
2012
2013
1.39
2011
1.66
2014
Covenant = 3:1
1Q15 Dividends
1.2
1.01
2011
2012
2013
P20.75
Record Date
18 Feb 2015
Payment Date
4 Mar 2015
2014
Covenant = 2:1
13
Service
Revenues
Cost
Considerations
Overall EBITDA margin of around 40% (+/- 1%), given the continuous
growth of our postpaid business, the increasing contribution of lowermargin data-related products, and focus and efforts in managing
costs
Additional interest expenses from additional debt related to 2015
capex
Capex
Balance Sheet
Ratios
2/4/2015
Appendix
2/4/2015
Appendix 1:
Historical Consolidated Gross / Net Service Revenues and EBITDA Margin
2013
(In Million Pesos)
1Q
2014
2Q
3Q
4Q
1Q
2Q
3Q
4Q
17,124
18,717
18,232
18,691
18,456
19,342
19,775
20,496
Voice
7,670
8,268
8,052
8,377
8,658
8,684
8,471
8,871
SMS
6,961
7,349
7,097
7,387
7,008
7,233
7,289
7,549
Data
2,493
3,100
3,083
2,927
2,790
3,425
4,015
4,076
4,244
4,447
4,493
4,552
4,774
5,123
5,231
20,956
Broadband
2,486
2,659
2,632
2,663
2,790
3,065
3,183
2,789
1,111
1,148
1,190
1,242
1,319
1,313
1,365
5,481
647
640
671
647
665
745
683
12,686
21,368
23,164
22,725
23,243
23,230
24,465
25,006 26,774
8,776
10,164
9,353
8,221
8,796
10,281
10,681
9,531
41%
44%
41%
35%
38%
42%
43%
36%
Total
EBITDA
EBITDA Margin
2013
(In Million Pesos)
Net Service Revenues
Interconnection Settlement
Costs
2014
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
19,172
20,683
20,425
20,939
21,173
22,293
23,044
24,086
2,196
2,481
2,300
2,304
2,057
2,172
1,962
2,238
% Change
4Q14
Appendix 2:
Net Income and Core Net Income
(in Million Pesos)
Reported Net Income After Tax
Deferred Tax on Unexercised Stock Options
Add (deduct) Forex loss (gain)
Other Adjustments (including acc. depreciation)
Core Net Income
2014
2013
3Q14
% Change
13,372
4,960
170%
2,844
3,693
(23%)
65
(92)
171%
(8)
19
(142%)
(145%)
(72)
575
(113%)
(48)
106
1,124
6,174
(82%)
123
171
(28%)
14,489
11,617
25%
2,911
3,989
(27%)