ice: the high growth Norwegian 4G challenger Company Presentation January 2 5 , 2019
Disclaimer I:II IMPORTANT INFORMATION. THIS DOCUMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO, OR FROM OR TO ANY RESIDENT, ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. NO ACTION HAS BEEN TAKEN TO PERMIT THE DISTRIBUTION OF THIS DOCUMENT. THIS DOCUMENT IS NOT AN OFFER OR AN INVITATION TO BUY OR SELL SECURITIES. By reading this company presentation (the “Presentation”), or attending any meeting or oral presentation held in relation the reto, you agree to be bound by the following terms, conditions and limitations. This Presentation has been prepared by Ice Group ASA. FOR INFORMATION PURPOSES ONLY. The Presentation is prepared for information purposes only. This Presentation is not a prospectus, including for the purposes of Directive 2003/71/EC, as amended (together with any applicable implementing measures in any Member State). The Presentation does not constitute or form part of, and should not be construed as an offer or the solicitation of an offer to subscribe for or purchase securities of the Company in any jurisdiction, and nothing contained therein shall form the basis of or be relied on in connection with any contract or commitment whatsoever. NO VERIFICATION. The information is this Presentation is limited and does not purport to be complete or contain the information that would be required to evaluate the Company, its financial position and/or any investment decision. No action has been taken to verify its content. NO UPDATES. Nothing contained in this Presentation is or should be relied upon as a promise or representation as to the future. Except where otherwise expressly indicated, the Presentation speaks as of the date hereof. Neither the delivery of this Presentation nor any purchase of any of the securities, assets, businesses or undertakings of the Company shall, under any circumstances, be construed to indicate or imply that there has been no change in the affairs of the Company since the date hereof. In addition, no responsibility or liability or duty of care is or will be accepted by the Company for updating the Information (or any additional information), correcting any inaccuracies in it which may become apparent or providing any additional information. The Presentation is necessarily based on economic, market and other conditions as of the date hereof or otherwise as stated herein. It should be understood that subsequent developments may affect such information and that the Company has no expectation or obligation to update or revise such information. SOURCES. Information provided on the market environment, market developments, growth rates, market trends and on the competitive situation in the markets and regions in which the Company operates is based on data, statistical information and reports by third parties and/or prepared by the Company based on its own information and information derived from such third-party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein. Unless otherwise stated, the Company is the source for information contained herein. 2
Disclaimer II:II FORWARD LOOKING STATEMENTS. Matters discussed in this Presentation may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “wi ll, ” “may,” “continue,” “should” and similar expressions. Forward-looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; and de velopments in the Company’s markets. The forward-looking statements in this Presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data a vailable from third parties. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause the actual results of the Company or the industry to differ materially from those results expressed or implied in this document by such forward-looking statements. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved and you are cautioned not to place any undue influence on any forward-looking statement. THE INFORMATION WITH RESPECT TO ANY PROJECTIONS OR FUTURE TARGETS PRESENTED HEREIN IS BASED ON A NUMBER OF ASSUMPTIONS ABOUT FUTURE EVENTS AND IS SUBJECT TO SIGNIFICANT ECONOMIC AND COMPETITIVE UNCERTAINTY AND OTHER CONTINGENCIES, NONE OF WHICH CAN BE PREDICTED WITH ANY CERTAINTY AND SOME OF WHICH ARE BEYOND THE CONTROL OF THE COMPANY. THERE CAN BE NO ASSURANCES THAT THE PROJECTIONS WILL BE REALISED, AND ACTUAL RESULTS MAY BE HIGHER OR LOWER THAN THOSE INDICATED. RISKS ASSOCIATED WITH THE COMPANY. The recipient acknowledge that it will be solely responsible for its own assessment of the Company, the market and the market position of the Company and that it will conduct its own analysis and be solely responsible for forming its own view of the potential future performance of the Company’s business. The Company shall not have any liability whatsoever (in negligence or otherwise) arising directly or indi rectly from the use of this Presentation or its contents, including but not limited to any liability for errors, inaccuracies, omissions or misleading statements in this Presentation, or violation of distribution restrictions. An investment in the Company involves significant risk, and several factors could adversely affect the business, legal or financial position of the Company or the value of its securities. For a description of relevant risk factors we refer to the Company’s prospectus dated 27 November 2017 available on the Company’s webpage www.icegroup.com. Should one or more of these or other risks and uncertainties materialize, actual results may vary significantly from those described in this Presentation. An investment in the Company is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of their investment. GOVERNING LAW. This Presentation and any distribution and use of this Presentation shall be governed by and construed in accordance with Norwegian law. The courts of Norway, with Oslo as legal venue, shall have exclusive jurisdiction to settle any dispute which may arise out of or in connection with the distribution and use of this Presentation. 3
ice – the high growth Norwegian 4G telecom challenger 11% 30% Revenue mix 70% (first 9 months of Brand 89% 2018) Smartphone + MBB 1 MBB 1 MBB 1 Norway Smartphone Currently conducting a strategic MBB 1 Sweden & Denmark review for the business in Sweden • Pure 4G network Revenue • Attractive spectrum portfolio ~NOK1.23bn (first 9 months of Attractive assets 2018) 2 • Low cost base 7.4% Smartphone Revenue growth subscriptions ~30% (first 9 months of 0.9% market share 2018 Y-o-Y) 2 development Q2-15 Q2-18 ~436k subs as of Q3-18 Source: Company information, NKOM (1) MBB = Mobile Broadband 4 (2) Ice Group ASA
Our path to medium-term and long-term value creation Our 4 medium-term and long-term targets >20% ~NOK300 mid-30% ~10% MT subscriber share 1 ARPU 1,2 EBITDA margin capex / sales >25% 2.5% p.a. LT mid-40% ~10% LT growth Source: Company information (1) Target for smartphone subscriptions in Norway (2) Average Revenue Per User 5
ice: the high growth Norwegian 4G challenger Highly attractive and growing Norwegian market of ~NOK20bn 1 Strong growth track record 2 Multiple levers going forward to grow our ARPU 3 Low cost operator with structural advantages 4 Identified path to value creation and positive FCF generation 5 Source: NKOM 6
Attractive, growing Norwegian macro and mobile market 1 Rich and growing economy... ..supporting mobile market growth GDP per head at nominal value (NOK'000, 2017) 1 Total mobile market value in Norway 4 (NOKbn) Real GDP growth '17-'21E (CAGR %) 2 USD equivalent 507 +3.9% p.a. 19,6 16,8 370 +1.9% +1.7% ~$2.0bn ~$2.4bn p.a. p.a. 2013 2017 EU-15 3 Source: NKOM, EIU, Analysys Mason (1) 2017 average FX rate: US$/NOK=8.2683. Adjusted for Purchasing Power Parity (PPP) (2) CAGRs are not affected by FX (i.e. data based on local currency or converted at constant FX). Real GDP constant US$ at 2005 prices as estimated by the EIU (3) EU-15 countries include Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden and United Kingdom 7 (4) Measured as end-user revenue. Mobile services comprise mobile telephony, MBB and M2M
Recommend
More recommend
