Advanced Info Service PCL (ADVANC TB) - Adjusted

In Millions of THB except Per Share FY 2011 FY 2012

12 Months Ending 12/31/2011 12/31/2012
Revenue 126,437.2 100.00% 141,549.1 100.00%
+ Sales & Services Revenue 126,437.2 Sales Growth % 141,549.1 12.0%
+ Other Revenue — (2011 Base) — 12.0%
- Cost of Revenue 76,220.0 60.28% 83,950.8 59.31%
+ Cost of Goods & Services 76,220.0COGS Growth % 83,950.8 10.1%
Gross Profit 50,217.3 39.72% 57,598.3 40.69%
+ Other Operating Income 254.0 245.6
- Operating Expenses 11,869.5 12,424.2
+ Selling, General & Admin 11,211.7 11,414.9
+ Selling & Marketing 2,826.4 2,890.4
+ General & Administrative 8,385.3 8,524.5
+ Research & Development 0.0 0.0
+ Prov For Doubtful Accts 517.0 349.0
+ Other Operating Expense 140.8 660.3
Operating Income (Loss) 38,601.8 45,419.8
- Non-Operating (Income) Loss 353.3 -557.5
+ Interest Expense, Net — —
+ Interest Expense — —
- Interest Income 632.8 774.4
+ Other Investment (Inc) Loss -632.8 -773.6
+ Foreign Exch (Gain) Loss -46.8 -102.3
+ (Income) Loss from Affiliates — —
+ Other Non-Op (Income) Loss 1,665.6 1,092.8
Pretax Income (Loss), Adjusted 38,248.5 45,977.3
- Abnormal Losses (Gains) 1,539.2 363.7
+ Disposal of Assets -2.8 363.7
+ Asset Write-Down 1,542.0 —
+ Impairment of Goodwill — —
Pretax Income (Loss), GAAP 36,709.3 45,613.6
- Income Tax Expense (Benefit) 14,364.9 10,714.5
+ Current Income Tax 10,853.9 9,464.5
+ Deferred Income Tax 3,511.0 1,250.0
Income (Loss) from Cont Ops 22,344.4 34,899.1
- Net Extraordinary Losses (Gains) 0.0 0.0
+ Discontinued Operations 0.0 0.0
+ XO & Accounting Changes 0.0 0.0
Income (Loss) Incl. MI 22,344.4 34,899.1
- Minority Interest 126.7 15.9
Net Income, GAAP 22,217.7 17.57% 34,883.2 24.64%
- Preferred Dividends 0.0 0.0
 - Other Adjustments 0.0 0.0
Net Income Avail to Common, GAAP 22,217.7 34,883.2

Net Income Avail to Common, Adj 23,295.1 35,163.3

Net Abnormal Losses (Gains) 1,077.4 280.1
Net Extraordinary Losses (Gains) 0.0 0.0

Basic Weighted Avg Shares 2,972.0 2,973.0

Basic EPS, GAAP 7.48 11.73
Basic EPS from Cont Ops 7.48 11.73
Basic EPS from Cont Ops, Adjusted 7.84 11.83

Diluted Weighted Avg Shares 2,972.0 2,973.0

Diluted EPS, GAAP 7.48 11.73
Diluted EPS from Cont Ops 7.48 11.73
Diluted EPS from Cont Ops, Adjusted 7.84 11.83

Reference Items
Accounting Standard TH GAAP TH GAAP
EBITDA 56,277.0 61,049.7
EBITDA Margin (T12M) 44.51 43.13
EBITA 39,265.0 46,179.7
EBIT 38,601.8 45,419.8
Gross Margin 39.72 40.69
Operating Margin 30.53 32.09
Profit Margin 18.42 24.84
Current Profit — —
Sales per Employee — —
Dividends per Share 8.43 15.90
Total Cash Common Dividends 25,062.4 47,270.7
Capitalized Interest Expense 0.0 —
Personnel Expenses 5,931.2 6,093.0
Depreciation Expense 17,012.0 14,870.0
Source: Bloomberg Right click to show data transparency (not supported for all values)
 FY 2013 FY 2014 FY 2015 FY 2016
12/31/2013 12/31/2014 12/31/2015 12/31/2016
146,811.4 100.00% 148,728.8 100.00% 155,212.8 100.00% 152,149.9
146,811.4 3.7% 148,728.8 1.3% 155,212.8 4.4% 152,149.9
— 4.2% — 1.5% — 5.1% 0.0
85,169.7 58.01% 82,948.0 55.77% 84,755.4 54.61% 82,991.9
85,169.7 1.5% 82,948.0 -2.6% 84,755.4 2.2% 82,991.9
61,641.7 41.99% 65,780.8 44.23% 70,457.4 45.39% 69,158.0
3,990.0 820.0 400.3 0.0
18,692.6 19,029.4 20,201.6 29,903.0
14,188.4 17,730.4 18,887.4 28,237.8
4,331.4 6,219.7 6,901.0 16,012.4
9,857.1 11,510.7 11,986.4 12,225.5
0.0 0.0 0.0 0.0
589.0 1,020.0 1,093.0 1,538.0
3,915.2 279.0 221.2 127.2
46,939.1 47,571.4 50,656.2 39,255.0
139.3 611.6 1,199.7 3,367.0
— — — —
— — — 2,754.0
547.8 349.9 210.9 —
-548.2 -380.1 -331.1 -204.0
233.0 -188.9 -228.8 -277.2
0.0 3.6 10.9 -23.9
1,002.3 1,526.9 1,959.6 1,118.0
46,799.8 46,959.9 49,456.5 35,888.0
562.1 877.0 302.5 23.1
562.1 865.0 302.5 23.1
— 12.0 — —
— — — —
46,237.6 46,082.9 49,154.0 35,864.9
10,007.6 10,079.7 9,999.2 5,175.3
8,250.6 7,964.7 9,680.2 6,541.3
1,757.0 2,115.0 319.0 -1,366.0
36,230.0 36,003.2 39,154.9 30,689.6
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
36,230.0 36,003.2 39,154.9 30,689.6
-44.1 -30.0 2.4 23.1
36,274.1 24.71% 36,033.2 24.23% 39,152.4 25.22% 30,666.5
0.0 0.0 0.0 0.0
 0.0 0.0 0.0 0.0
36,274.1 36,033.2 39,152.4 30,666.5

36,723.8 36,734.7 39,394.4 30,685.0

449.7 701.6 242.0 18.5
0.0 0.0 0.0 0.0

2,973.0 2,973.0 2,973.0 2,973.0

12.20 12.12 13.17 10.31
12.20 12.12 13.17 10.31
12.35 12.36 13.25 10.32

2,973.0 2,973.0 2,973.0 2,973.0

12.20 12.12 13.17 10.31
12.20 12.12 13.17 10.31
12.35 12.36 13.25 10.32

TH GAAP TH GAAP TH GAAP TH GAAP

63,480.2 66,493.2 71,151.3 60,922.3
43.24 44.71 45.84 40.04
48,566.2 48,959.2 52,392.3 45,457.3
46,939.1 47,571.4 50,656.2 39,255.0
41.99 44.23 45.39 45.45
31.97 31.99 32.64 25.80
25.01 24.70 25.38 20.17
— — — —
— — — —
12.15 12.00 12.99 10.08
36,120.8 35,676.1 38,619.0 29,967.8
— — — —
6,639.0 7,446.0 8,078.0 8,182.0
14,914.0 17,534.0 18,759.0 15,465.0
rted for all values)
 FY 2017 Last 12M FY 2018 Est FY 2019 Est
12/31/2017 09/30/2018 12/31/2018 12/31/2019
100.00% 157,721.8 100.00% 166,476.9 165,720.1 170,730.7
-2.0% 157,721.8 3.7% 166,476.9
-2.4% 0.0 4.4%
54.55% 92,258.6 58.49% 99,593.3
-2.1% 92,258.6 11.2% 99,593.3
45.45% 65,463.2 41.51% 66,883.5 67,396.7 69,694.0
0.0 0.0
25,213.3 25,972.1
22,878.7 23,470.4
9,990.2 9,193.2
12,888.6 14,277.3
0.0
2,199.0 2,195.1
135.6 306.6
40,249.8 40,911.4 41,353.9 43,606.2
4,321.3 4,184.6
—
3,154.0
—
-174.8
-224.9 -11.0
-5.4 73.0
1,572.4 4,301.0
35,928.5 36,726.9 36,478.7 38,905.2
7.1 37.0
7.1 37.0
—
—
35,921.4 36,689.9 36,478.7 38,905.2
5,843.4 6,114.3
5,991.4
-148.0
30,077.9 30,575.5 30,369.9 32,495.0
0.0 0.0
0.0 0.0
0.0 0.0
30,077.9 30,575.5
0.6 32.0
20.16% 30,077.3 19.07% 30,543.5 30,369.9 32,495.0
0.0 0.0
 0.0 0.0
30,077.3 30,543.5 30,369.9 32,495.0

30,083.0 30,573.1 30,327.6 32,202.2

5.7 29.6
0.0 0.0

2,973.0 2,973.0
10.12 10.27 10.24 10.79
10.12 10.27 10.24 10.79
10.12 10.28 10.20 10.80

2,973.0 2,973.0
10.12 10.27 10.24 10.79
10.12 10.27 10.24 10.79
10.12 10.28 10.20 10.80

TH GAAP
70,400.5 74,036.1 73,814.5 78,278.0
44.64 44.47 44.54 45.85
48,913.5 49,711.3
40,249.8 40,911.4 41,353.9 43,606.2
41.51 40.18 40.67 40.82
25.52 24.57 24.95 25.54
19.07 18.36 18.30 18.86
— 32,682.0 36,308.0
—
7.08 7.15 7.59
21,048.8
—
8,577.0
21,487.0 24,324.7
Advanced Info Service PCL (ADVANC TB) - Adjusted
In Millions of THB except Per Share FY 2016
12 Months Ending 12/31/2016 FY 2016 Adjusted
Revenue 161,552.07 152,150.00
Service Revenue 131,963.07 81.7% 124,283.03
Mobile 123,523.89 93.6% 116,335.00
Subscribers (Q) 41,031,200.00 ARPU = 3010 41,031,200.00
Postpaid (Q1) 6,429,600.00 6,429,600.00
Prepaid (Q2) 34,601,600.00 34,601,600.00
ARPU (Bt/Sub) (P) 9,432.00 8,876.22
Postpaid (P1) 7,200.00 76.3% 6,772.56
Prepaid (P2) 2,232.00 23.7% 2,103.66

Fixed Broadband 1,845.18 859.88

Subscribers (Q) 301,500.00 301,500.00
ARPU (Bt/Sub) (P) 6,120.00 2,852.00

IR & Others 6,594.00

Equipment Revenue 29,589.00 18.3% 29,589.00

IC and Equipment 29,589.00 29,589.00
Interconnection Charges 5,665.00 5,665.00
SIM and Handset sales 23,924.00 23,924.00

20,699,513.92

3,010 313
P1 7,200 239
P2 2,232 74.15
 FY 2017
12/31/2017 FY 2017 Adjusted

162,088.00 157,722.00
132,949.00 82.3%
2,835.28 ARPU = 2817 123,257.00
40,055,500.00
7,390,100.00
32,665,400.00
9,168.00
6,972.00
2,196.00 7,200.00
2,232.00
3,128.00
521,200.00
7,620.00

6,564.00

19.4% 29,139.00 18.0%

29,139.00
4,364.00
24,775.00

34,601,600.00 2,103.66

3010 = X * 7200+ (100-x)*2232

Advanced Info Service PCL (ADVANC TB) - Adjusted
In Millions of THB except Per Share FY 2016
12 Months Ending 12/31/2016
Revenue 161,552.00
Service Revenue 395,445.46 244.8%
Mobile 387,006.28 97.9%
Subscribers (Q) 41,031,200.00 ARPU = 3010
Postpaid (Q1) 6,429,600.00
Prepaid (Q2) 34,601,600.00
ARPU (Bt/Sub) (P) 9,432.00
Postpaid (P1) 7,200.00 76.3%
Prepaid (P2) 2,232.00 23.7%

Fixed Broadband 1,845.18

Subscribers (Q) 301,500.00
ARPU (Bt/Sub) (P) 6,120.00

IR & Others 6,594.00

Equipment Revenue 29,589.00 18.3%

IC and Equipment 29,589.00
Interconnection Charges 5,665.00
SIM and Handset sales 23,924.00

ARPU 9,432.00
FY 2016 Adjusted
152,150.00
372,431.33
364,483.29 ARPU = 2817
41,031,200.00
6,429,600.00
34,601,600.00

#DIV/0!
#DIV/0!

859.88
301,500.00
2,852.00

29,589.00 19.4%
29,589.00
5,665.00
23,924.00

8,883.08