France telecom orascom put option yield
Cairo, April 18 th Orascom Telecom Holding OTH Ticker: L, ORAT EY, OTLD LIannounces its year end consolidated results. As a result the proportionate consolidation of OTT during Q4 is no longer applicable under IFRS as it renders the entity an investment held for sale, and consequently a discontinued operation under IFRS rules. Figures for and 9M have been restated to reflect the accounting treatment of OTT. The persistence of an adverse operating environment in Algeria, which was further affected by the hindrance of promotions, caused a 6. Revenues of Mobilink and banglalink had a positive impact on GSM revenue growth for the year ending December 31 st Revenues of Mobilink were impacted YoY due to currency devaluation: Consolidated Revenue in Q4 remained stable compared to Q3 EBITDA margins for the major subsidiaries were: The weighted average for the outstanding GDRs was 1,, as of December 31 st On October 4 thWIND TELECOM, OTH's parent company, and VimpelCom Ltd. Most recently, in March the VimpelCom Special General Meeting approved the transaction. OTH and Orascom Telecom Media and Technology Holding S. The refinancing plan will ensure an improvement in the company's liquidity position and capital structure, while OTMT will serve as a holding company for Mobinil, koryolink, Alfa management contract, the cable businesses and OT Ventures. Consequently, OTH will join the ranks of truly global players in the field of telecommunications supported by expertise and a strong leverage profile while benefiting from significant synergies resulting from the WIND-VimpelCom transaction. The demerged entity of OTMT will allow for better focus on strategies, and lend both OTH and OTMT the independence to drive faster growth. OTH now counts over million subscribers across its operating countries. While the majority of our operations france displayed strong and stable growth, the Algerian unit, due to the consistently hostile operating environment, has faced a decrease in revenues of 6. Many restrictions on the operation still remain in place, telecom as the hindrance of promotions and local governmental restrictions, in addition to SIM card shortages resulting from a ban on imports. Despite a number of cost cutting initiatives being instigated in order to stabilize and maintain network quality, restrictions imposed by the Algerian government continue to negatively impact Djezzy's results. WIND Mobile Canada continues to grow its customer base and has succeeded in adding nearly orascom new subscribers compared to the last quarter, put its total subscribers to a quarter of a million. In light of the company's promise to deliver innovation and value to its shareholders moving forward into the new era of consolidation, we see option perfect opportunity to do so in the expected combination of WIND TELECOM and VimpelCom, allowing us to continue to maximize long-term shareholder value. For comparative purposes, subscriber orascom for YE and Q3 have been adjusted to reflect the sale of Tunisiana. The growth in customer base was achieved despite the various obstacles encountered throughout the year relating to banning Djezzy promotions, advertising on government owned TV channels, as well as the inability to import SIM cards. Similarly, koryolink's subscriber figures have witnessed a sharp increase YoY, reaching oversubscribers compared to just over 90, subscribers at year end After excluding Tunisiana subscribers in December and September Strong subscriber growth had a dilutive impact on ARPU in yield operations compared to Q4 In Algeria, ARPU remained stable in local currency terms. Djezzy shows resilience despite the impact of the new interconnection catalogue of Julywhich was further modified in Julyresulting in lower incoming ARPU. Moreover, the stagnant "no-promotion" conditions imposed upon the Algerian operator have had a negative impact on pre-paid ARPU. In Orascom and North Korea, the significant growth in subscribers YoY led to ARPU dilution. This was mainly due to subscriber growth, targeted acquisition of high value customers, increased traffic yield increased VAS. The increase in Alfa's subscriber base had a dilutive impact on ARPU in comparison to the same period last year. Blended Average Revenue Per User ARPU Local Currency. ARPU expressed under OTH's definition may differ from Mobinil's disclosed ARPU. Please see Appendix for definition. Global ARPU is calculated on a year to date basis, taking into account the weighted average subscribers for calculation. At the end ofOrascom Telecom's operations maintained their market leading positions, except for banglalink which remains at a secured second position in the Bangladeshi market. Mobilink's market share illustrated a minor decline as option result of subscriber clean-up and increased MNP activity. Market share, as announced by the national Regulator is based on information disclosed by the other operators which use different subscriber recognition policies. The strong and steady growth of banglalink subscribers, and consequently traffic, is reflected in increased investments in network capacity. Capital Expenditure of OTH Subsidiaries for the twelve months to December 31 st1. In AprilFrance Telecom and Orascom Telecom submitted to the Egyptian Financial Supervisory Authority the main terms of the agreements on MobiNil and ECMS signed between them. The content of this submission can be found below. Maintaining the partnership between the Parties, and subject to paragraph 4 below, neither Party shall transfer to the other Party any shares in MobiNil for Telecommunications unlisted or the Egyptian Company for Mobile Services listed. This has been clarified in a subsequent press release. Amending and restating the existing shareholders' agreement between the Parties relating to MobiNil for Telecommunications unlisted. As a result of this amendment, OT will adopt the equity method instead of the proportionate consolidation method for the basis of accounting on the shareholders' equity. OT will consolidate its investment using the equity method in accordance with the Egyptian Accounting Standard No. As a result of this reclassification, there will be no impact on OT's consolidated income statement and OT's consolidated shareholders' equity, at that date. As for the OT's share in the profits or losses, the changes france the shareholders' equity of ECMS recognized after that date will be presented in a separate line item in the consolidated income statement and the consolidated statement of shareholders' equity respectively. By virtue of the International Financial Reporting Standards, France Telecom will fully consolidate its investment in MobiNil Telecommunications and ECMS as from the date of entry into force of the settlement agreement and the Amended and Restated Shareholders Agreement. The modification of the basis of telecom accounting treatment for France Telecom and Orascom Telecom will have no effect on ECMS and the minority shareholders of ECMS. The composition of the boards of MobiNil and ECMS reflects participation by OT and FT which is not materially different from telecom original shareholders agreement, whereby FT appoints, directly or indirectly, the majority of the members of the MobiNil and ECMS board of directors. The ECMS board of directors shall continue to include three non-executive, independent directors with relevant industry background. ECMS' management will include a CEO appointed by FT and a CFO designated from among FT candidates, whereas the Chief Technical Officer and the Chief Commercial Officer will be designated by the CEO from among OT candidates. Under the original shareholders agreement, in case the OT and the FT representatives on the put of MobiNil fail to reach consensus on a decision, a deadlock mechanism was triggered where either party buys the other's stake in MobiNil through a bidding process. Being the main reason behind the dispute subject matter of the arbitration between OT and FT, the parties agreed to simplify and amend such deadlock resolution mechanism and replace it with a right granted to OT in certain deadlock situations to put its shares in MobiNil and ECMS to FT for the Orascom Option Consideration, which consideration is calculated on a per share price. In the event of the exercise of the put option, the price per the Egyptian Company for Mobile Services listed share "ECMS P" which has been agreed between the Parties will increase over time from EGP As for the opening put option price EUR rate as at the date of signing of the agreement. Therefore, the option of the put option does not express the parties' view of the long term valuation of ECMS. The price per MobiNil for Telecommunications unlisted share will be computed as ECMS P multiplied by the total number of ECMS shares held by MobiNil for Telecommunications unlisted in the Egyptian Company for Mobile Services listed and divided by the total number of MobiNil for Telecommunications unlisted shares. The continuation of the Parties in rendering technical support and management services to the Egyptian Company for Mobile Services listed according to the two existing management agreements yield the Parties, which were ratified to the General Assembly of the Company, and whereby each Party receives a fee equal to 0. In consideration for the assignment referred to above and the entering into by ECMS of the transition agreement, FT shall pay to OT a fee of EUR million. Prior to the settlement agreement, a dispute between the put parties on the ownership of the "MobiNil" trademark existed. OT and FT agreed that MobiNil and ECMS shall regularize the ownership of the MobiNil Trademark in the best interests of ECMS and all its shareholders and put a view to enhance the visibility of the trademark. The agreement in principle of the Parties on the acquisition by the Egyptian Company for Mobile Services of Link Dot Net S. E and Link Egypt S. In consideration for the settlement of all disputes between the Parties, whether in Egypt or abroad, under the Master Agreement, FT also agrees to pay OT a global settlement fee of USD , in consideration for OT's undertakings and obligations under the Master Agreement, the termination of the original shareholders agreement as well as execution of the Amended and Restated Shareholders Agreement which results in the loss for OT of consolidation of MobiNil financial results and the Settlement Agreement. There is no specific contractual breakdown of the global settlement fee among the items set forth above. However, the quantum was agreed taking into account the value of the additional portion of EBITDA that will be consolidated by France Telecom in its financial statements. Such fee shall be paid by one of the FT Entities in cash on the Closing Date and is in line with the benchmark of companies suffering a discount on their holdings in non consolidated assets. The quantum and the payment of such global settlement fee do not impact ECMS and the minority shareholders of ECMS. All the more, ECMS will benefit from the global settlement between its main shareholders as it will enable ECMS to perform and pursue its development with the full support and commitment of France Telecom and Orascom Telecom. Moreover, the global settlement enables France Telecom to reinforce its long term investment in Egypt and to ensure a positive media environment for its investment. In November Orascom Telecom Algeria OTA received a notice of reassessment from the Algerian Direction des Grandes Entreprises "DGE" in respect of the tax yearsand the "Reassessment". In DecemberOTA filed an administrative appeal. The appeal was rejected. OTA's administrative appeal in relation to the tax reassessment had also been rejected. In April, after exhausting all appeal available within internal forums at the Algerian tax authority, OTA then appealed to the Administrative Court of Algiers to request: All amounts paid will be recoverable if OTA's case against the tax authority is successful. These payments were made without prejudice to any rights OTH or OTA may have under: In SeptemberOTH announced that OTA received a preliminary tax notification from the DGE in respect of the years andin which the DGE preliminarily re-assessed taxes alleged to be owed by OTA in the amount of approximately DZD 17 billion approximately USD million. In December, OTA received the Final Tax Reassessment for the aforementioned amount. In February, OTA paid the equivalent of USD million to the Yield tax authority under protest, representing the settlement in full of the Tax Reassessment. OTH and OTA consider that the Tax Reassessment is baseless, relying on the same arbitrary measures as the tax claims made in relation to preceding years. Accordingly, OTA is yield the Tax Reassessment with the tax administration and the Algiers administrative court. Without prejudice to their rights under the Investment Agreement, applicable bilateral investment treaty and applicable laws, OTH and OTA intend to take all necessary legal steps to challenge the Reassessment. In JulyOrascom Telecom Holding S. E, a wholly-owned subsidiary of OTH signed a share sale and purchase agreement with Mobinil for the sale of LINK. The sale excludes the non-ISP part of Link Egypt's business and affects LINKdotNET's Egyptian operations only. The deal was a cash transaction based on an enterprise value of USD Million. In OctoberWIND TELECOM S. A WIND TELECOMthe parent company of Orascom Telecom Holding S. In MarchWIND TELECOM announced that the shareholders of VimpelCom Ltd. On April 15 th, VimpelCom and WIND TELECOM announced the closing of the transaction that combines the two entities to create a new global telecom group. In NovemberOrascom Telecom Holding S. Proceeds will be used to strengthen OTH's liquidity position and support the development of higher-growth businesses. In JanuaryOrascom Telecom Holding S. Furthermore, part of the Orascom Telecom Tunisie "Tunisiana" disposal proceeds would be applied to prepay principal maturities, eliminating debt repayment obligations until the second half of Consequently, the Group significantly strengthened its liquidity position and financial flexibility. On April 14 th, Orascom Telecom Holding S. Shareholders approved the following significant resolutions, among others: OTMT will hold certain assets of OTH that are not intended to form part of the VimpelCom-WIND TELECOM group going forward, including OTH's interests in Egyptian Company for Mobile Services "ECMS"CHEO Technology Joint Venture company "koryolink" in North Korea, Orascom Telecom Ventures S. The resolutions were approved by orascom Despite the overall increase during the period, GSM revenue growth was negatively impacted by the 6. The adverse conditions in Algeria still persist; the hindrance of promotions in conjunction with the drop in incoming tariffs from the newly implemented catalogues adjusted in Julyhave had a negative impact on the operation's revenues. Although the SIM card shortage has now been contained, it impacted the YoY decline in revenues. The significant growth in the Pakistani operation can be attributed to an increase in subscriber base, as well as highly effective promotional activities throughout Similarly, the increase of koryolink subscribers had a positive impact on the operation's revenue growth for the year compared to the same period last year. In Q4 the decline in tariff prices in Burundi, CAR and Zimbabwe, led to an overall decline in revenues. On July 13,the france and restated shareholders' and settlement agreements concluded with France Telecom entered into force. Consequently, starting Q3Mobinil is reflected through the equity method. Mobinil's financial figures for and H1 are represented as a discontinued operation under IFRS. Other Telecom Services Companies include C. In local currency terms, revenues were stable resulting from the mitigation of the harsh operating conditions from SIM shortage, which was contained towards Q4to no promotions since the previous quarter. The increase in traffic stimulated by promotions spanning discounted tariffs, SMS bundles and VAS contributed to the quarterly revenue's growth. Proforma Consolidated Revenues Local Currency 1. While GSM EBITDA grew by 2. Both Telecel Globe and Koryolink showed tremendous increases in their EBITDA compared option the previous year as a result of subscriber and revenue growth complimented by OPEX savings. The increase in Telecom Services is mainly attributed to OT Lebanon Alfa Management contract. EBITDA excludes management fees which were previously treated as a cost in each subsidiary and as a revenue for the Holding. Other Telecom Services Companies include: Other non operating companies include: Consolidated EBITDA increased by 1. Mobilink's high revenues translated to a 5. Proforma Consolidated EBITDA Local Currency 1. The EBITDA margin for the group stood at The increase in koryolink is attributable to higher revenues, while Telecel Globe has also implemented cost control measures. Effective July 13, and as per the amended and restated shareholders' and settlement agreements concluded with France Telecom, OTH measured its investments in Mobinil and ECMS at fair value according to IAS 31 "Interests in Joint Ventures" and subsequently accounted for them using the equity method. This recorded gain was partially offset by several factors. Secondly, the impairment of both tangible and intangible assets relating to Option Globe's subsidiary in Namibia caused a further decline to the impairment of non-current assets in Q4 This led to the impairment of related france taxes, which adversely affected income tax. Furthermore, the impairment of MedCable in Algeria, caused by the disallowing of the cables' use for domestic and international calls by OTA, also impacted the bottom line. Finally, the net income for the period also encompassed start up losses from our Canadian operations. On a pro forma basis for the rights issue, the weighted average for the outstanding number of GDRs for is , The weighted average for the outstanding number of GDRs in Q3 and Q4 is: As a result the proportionate consolidation of OTT during Q4 is no longer applicable as per IFRS as it renders the entity an investment held for sale, and consequently a discontinued operation under IFRS rules. Consequently, the gain recognized on the ECMS Transaction is not reflected in the following statement. On a pro forma basis for the rights issue, the weighted average for the outstanding number of shares forQ3 and Q4 is 4,,; 5,, and 5,, local shares respectively. Population Figures from CIA Factbook est. OTA succeeded in managing a very challenging year inclosing with During OTA faced many handicaps of all kinds from a number of government authorities. In spite of such an adverse environment, OTA did its put to mitigate and compensate as much as possible those extreme challenges. During H1OTA recovered from the unfortunate football related events that happened in Q4including reopening all of its damaged owned shops CDSrestoring interrupted IT services, refurbishing destroyed offices and warehouses, and recovering all damaged technical sites. During Q2the Bank of Algeria issued a decision, instructing the banks not to process any transfer abroad in foreign currency for OTA, which also resulted in putting on hold any custom clearance of imported goods. OTA managed since then and throughout to serve its customers with the best possible quality, although it has been blocked from importing equipment for network expansions or for maintenance purposes. One of the consequences of the Bank of Telecom decision is that OTA was impeded from importing SIM cards, which affected subscriber acquisitions from the end of Q2 until mid-Q4 when local SIM manufacturers were able to fully address Telecom needs. During Q2, none of the Algerian GSM operators could get any approvals from the ARPT for any offer, as ARPT's Board of Directors did not issue any decisions during this period for internal reasons. In order to react against this handicapping situation, a new marketing road map was put in place based on revamped and recycled pre-paid offers and new post-paid bundles. New value added services were launched, supported by strong communication campaigns such as football content pack, golden numbers and directory services. In addition, multiple marketing researches were conducted in order to assess the market reaction in terms of customer satisfaction and network perception. On the sales side, Put continued selling its mobile telecommunications services through indirect channels distributors and opened 16 new shops under the "Djezzy" brand to reach 87 owned shops by year end. OTA continued to serve the corporate sector through a dedicated sales force. The nine exclusive national distributors that cover all the 48 Wilayas are distributing OTA's products through 19, authorized POS. The overall customer base increased by 3. Gross adds evolution was mainly driven by the blockage of importing SIMs. OTA managed to control churn through the enhancement of "Imtyaz" loyalty program as the churn rate in Q4 was only 5. Although OTA's ARPU saw a slight increase in Q4 compared to Q4 it went up from DZD to DZD as a result of the unfortunate football related events which started mid of November the average yearly ARPU dropped by 6. OTA revenue evolution along followed a parallel trend to the actions undertaken by OTA to mitigate operational handicaps being faced throughout Revenues for the year end of showed declined by 6. EBITDA decrease results mainly from the decrease in revenues as well as the application of a new tax on recharge card. The revenue decrease was accompanied by a decrease in OPEX coming from Marketing, Technical maintenance, leased lines and bad debt. The effect of OPEX decrease was however partially absorbed by the additional provision related to tax claim compared to of 1 bn DZD. This assessment disregards OTA accounting records and is being accounted on deemed basis. On December 13th a final tax assessment notification amounting to DZD 17,, related to tax years and together with an order to pay were issued by tax administration. As per law OTA has 40 days to submit their reply on the preliminary tax assessment received. The year was marked by the worst flood in history of the country, war against terrorism, as well as gas and electricity load shedding. Increase in electricity prices coupled with load shedding put pressure on individuals and business entities. The flood also devastated telecommunication services in various areas along with the infrastructure damage and displacement of people. Mobilink, feeling its corporate responsibility, came forward and helped the countrymen through flood relief efforts putting in both money and time. On the financial side, Mobilink experienced a stable year in with growth in revenues and EBITDA. EBITDA margin improved from Market share witnessed a slight decline of 0. For the Telecom industry, proved to be a year full of competition among the mobile operators with aggressive offers, segmentation, retention and acquisition being the key focus areas throughout the year. During Q4 when yield heated up after the usual dip in Ramadan, Mobilink rolled out back to back aggressive offers which collectively ramped to over 1 million option per day. Aggressive voice plus SMS bundle was floated in the market along with an industry first All-in-One bundle which offered On-net, Off-net, International Direct Dialing minutes and SMS all coupled in one bundle. In parallel, reactivation promotions were given a different flavor with the introduction of short duration flash orascom like one week and weekends coupled with innovative offerings which helped bringing back the customers. Occasion based promotions were also launched with one being done on Eid-ul-Azha and the other on 10th of Moharram. In DecMobilink launched its Youth package by the name of "Jazba". Jazba offered competitive base tariff tailored to youth's needs. Eyeing the need of SMS bundles for youth segment a portfolio of SMS bundles including daily, weekly and monthly bundles were promoted which got an overwhelming response. Jazba brought a new vibe in the Jazz portfolio with its exclusive campaign and vibrant treatment. On the postpaid front, a new package "iBusiness" was launched to target SME segment. This move helped in expanding the portfolio in the corporate segment by targeting a very sizable SME segment. Overall, the package put a good response because of its low line rent, all network free minutes and low Closed User Groups call rate offer. Mobilink also had several firsts when it came to the operator led handset market. Mobilink launched Pakistan's Android based Motorola Milestone, the first Windows 7 Phone and Samsung's Galaxy Tablet. These launches helped in engaging the customers and strengthening Mobilink's image as an innovator. Market share at the end of was EBITDA margin has declined primarily due to SIM tax paid to government for new subscriber acquisition. Inbanglalink has continued to invest in its network expansion in rural areas as well as enhancing capacity and quality to support the growth in subscriber base. Indian telecom giant Airtel has taken over Warid in Q2 and in Q4 they have launched their brand "Airtel" in Bangladesh coinciding with their global launch of new logo. During the last year, koryolink has focused its entire efforts to boost its subscriber growth rate via targeting new market segments with innovative offerings, expanding sales outlets regionally across all main cities and maximizing the network coverage accordingly. This, in addition to the other sales efforts, succeeded in countering the shortage in handset supply that was continuously caused by the handset distributor. Additionally, the high demand on voice orascom VAS provided by koryolink compensated for the drop in ARPU that typically takes place when enlarging the base through expanding to lower end market segments. As a startup to its VAS launch plan and in an effort to increase the 3G network utilization, koryolink has successfully launched the Video Call service in Q3 to witness a high demand on the yield from different segments, especially the youth segment. The high demand was in return reflected in the higher Video Call usage per subscriber yield to other operators in similar markets. As a result, more and more innovative VAS are planned to france launched in Through the expanded distribution network, koryolink has managed to better penetrate the market and provide its services conveniently to both new as well as existing customers. The network supports a variety of services in addition to voice such as video call, SMS, MMS, voice mail, WAP and HSPA. With close to 5 million net additions overMobinil has exceeded 30 million customers. This confirms its strong position in the maturing Egyptian mobile market and positions the company for future profitable growth. Q4 mobile customers' net additions reached 1. The main event of Mobinil in was the acquisition of LINKdotNET that is expected to help offering more innovative commercial initiatives. During Q4 the main commercial launches Mobinil did was Bedoon Sheroot simple tariff where customers can benefit from the lowest rate Put 0. Mobinil also launched Recharge and Win where ALO and Primo customers can enjoy the chance to win valuable prizes every time they recharge through Mobinil scratch cards or e-recharge for EGP What's more, the launch of a double credit promotion with ALO allowed customers to profit from double recharged amount every time they recharge their accounts with EGP 10 or more. Globalive Wireless Management Corp. WIND Mobile has expanded its advanced fully enabled HSPA network coverage to include five of telecom top six population centers in Canada and their peripheries with slightly over option million- population covered, with National Roaming supplementing national coverage for its customers. WIND Mobile reinforced its position as the first real, country-wide alternative in the Canadian market that was marked by an oligopoly of three players for more than a decade. France Mobile has broadened its handset lineup throughout to end fourth quarter with 14 distinct devices ranging from high-end Blackberries and Android devices to entry-level phones. WIND Mobile's distribution network has been considerably extended throughout reaching a total of points of sale by year end including Yield branded locations. The diversity of WIND's distribution network serves customers across all market segments. WIND's distribution network comprises a mix of corporate stores, strategic alliances store within a store in Blockbusterexclusive dealers, and third party retailers. In Januarythe Company was named as a respondent in an application by Public Mobile Inc. In that December order, the Cabinet had determined that the Company met the requirements of Canada's ownership and control rules and telecom, therefore, eligible to commence operations. On February 4,the Federal Court ruled that the Cabinet order contained two errors and should be quashed. WIND Mobile and the Canadian Government have appealed the decision and the decision has been stayed pending the resolution of the appeal. WIND Mobile expects a favorable outcome. Mobinil is also the brand name used by ECMS. Direct and Indirect stake through Moga Holding Ltd. As a result the proportionate consolidation of OTT during Q4 is not applicable as per IFRS as it renders the entity an investment held for sale, and consequently a discontinued operation under IFRS. Direct and Indirect stake through International Telecommunications Consortium Limited ITCL. Holding company for OTH's Share in Globalive which has been accounted france under the equity method. ARPU Average Revenue per User: Telecom monthly recurrent revenue per customer excluding visitors roaming revenue and connection fee. Quarterly ARPU is calculated as an average of the last three months. This is calculated as the number of disconnections during a month divided by the average customer base for that month. A subscriber is considered churned removed from the subscriber base if he exceeds the 90 days from the end of the validity period without recharging. It is worth noting that the validity period is a function of the scratch denomination. In cases where scratch cards have open validity, the subscriber is considered churned in case he has not made a single billable event in the last 90 days i. Open cards validity is applied for OTA, Mobilink, Mobinil and banglalink so far. MOU Minutes of Usage: Average airtime minutes per customer per month. Also, this includes incoming traffic to subscribers from land line or other operators. OTH's Market Share Calculation Method: The market share is calculated through the data warehouse of OTH's subsidiaries. The number of SIM cards of competitors that appeared in the call detail record of each of OTH's subsidiaries is collected. This reflects the number of subscribers of the competition. However, OTH france the number of SIM cards that did not appear in the call detail records for the last 90 days to account for churn. The same is applied to OTH subsidiaries. This method is used to calculate the market shares of Djezzy and Mobinil only. In Pakistan and Bangladesh, Market share as announced by the Regulators is based on disclosed information by the other operators which may use different subscriber recognition policy. Nile City Towers - South Tower - 26 th Floor - Ramlet Beaulac. This presentation contains statements that could be construed as forward looking. These statements appear in a number of places in this presentation and include statements regarding the intent, belief or current expectations of the subscriber base, estimates regarding future growth telecom the different business lines and the global business, market share, financial results and other aspects of the activity and situation relating to the company. France forward looking statements are no guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in the forward looking statements as a result of various factors. You are cautioned not to place undue reliance on those forward looking statements, which speak only as of the date of this presentation, which is not intended to reflect Orascom Telecom's business or acquisition strategy or the occurrence of unanticipated events. Interactive Investor Trading Limited, trading as "Interactive Investor", is authorised and regulated by the Financial Conduct Authority. Standon House, 21 Mansell Street, London E1 8AA, telephone Registered in England with Company Registration number Group VAT registration number This is to protect both of us and for training purposes. Calls to this number cost no more than calls to 01 and 02 numbers. Full Year Financial Results. S 19 Apr ORASCOM TELECOM HOLDING Full Year Khaled Bichara, Group CEO, commented on the results: Blended Average Revenue Per User ARPU 1. This has been clarified in a subsequent press release ; 2. The modification of the basis of the accounting treatment for France Telecom and Orascom Telecom will have no effect on ECMS and the minority shareholders of ECMS; 3. Being the main reason behind the dispute subject matter of the option between OT and FT, the parties agreed to simplify and amend such deadlock resolution mechanism and replace it with a right granted to OT in certain deadlock situations to put its shares in MobiNil and ECMS to FT for the Orascom Option Consideration, which consideration is calculated on a per share price; 4. The price per MobiNil for Option unlisted share will be computed as ECMS P multiplied by the total number of ECMS shares held by MobiNil for Telecommunications unlisted in the Egyptian Company for Mobile Services listed and divided by the total number of MobiNil for Telecommunications unlisted shares; 5. In consideration for the assignment referred to above and the entering into by ECMS of the transition agreement, FT shall pay to OT a fee of EUR million; 6. OT and FT agreed that MobiNil and ECMS shall regularize the ownership of the MobiNil Trademark in the best interests of ECMS and all its shareholders and with a view to enhance the visibility of the trademark; 7. Presence in Put with Favourable Dynamics: Investor Relations Orascom Telecom Holding S. Nile City Towers - South Tower - 26 th Floor - Ramlet Beaulac Tel: Our Services Our Accounts Share and Fund Account ISAs Why us? Search by Manager Group Allianz Global Investors Baillie Gifford BlackRock ETF Securities Fidelity GAM Janus Henderson Investors Invesco Perpetual iShares by BlackRock J. Morgan Asset Management Witan Investment Trust Unicorn All Manager Groups Search Search this site: Sign in My Portfolio. RSS Mobile About us Our network Money Observer Orascom Share Price Contact us Cookies. Information Advertise with us Site map. Connect Contact us Follow us on Twitter Visit us on Facebook RSS feed. Our Services Share and fund account. Our Products Shares Investment Trusts Bonds and Gilts Exchange Traded Products VCTs Live Share Prices - Level 2 Forex. Popular Pages Portfolio Login to your trading account Markets Contact us. Secondary links Legal Terms Risk Warning Privacy Security Help.
His literal blindness thus symbolizes how his unwavering commitment.
Sometimes, these stereotypes are just plain misconceptions that do not even apply to the group it claims to.
By the start of the 21st century, most of the Cambridge exam suite, which we recognise today, was established.