Transcript 2Q2003 Analysts Conference August 14, 2003

2Q2003 Analysts Conference
August 14, 2003
Content

Half year 2003 highlights

Financial Summary

TA Orange

Focus going forward

Regulatory update

Q&A
2
Half year 2003 highlights
Financial Results

Revenue and EBITDA grew at double digits, including
TA Orange

Net Loss From Ongoing Operations, excluding TA Orange,
moving closer to breakeven

EBITDA margin increased from focus on profitable growth

Balance sheet improved further with elimination of US Dollar
loan and loan repayment
3
Half year 2003 highlights
Operating Results

Fixed line business grew moderately while ARPU stabilized

Decline in PCT subscribers and ARPU flatttened out from
effective retention program

Data/Internet/Broadband continued to grow strongly with new
services launched to the market

TA Orange on target to EBITDA breakeven in 3Q03
4
Revenue and EBITDA grew at double digits,
including TA Orange
Including TA Orange
2Q03
2Q02
%YoY
1H03
1H02
%YoY
Revenue
7,047
6,629
6.3%
13,841
12,221
13.3%
EBITDA
2,962
2,380
24.4%
5,745
4,984
15.3%
NIOGO*
(1,081)
(118)
-815.1%
(2,160)
55
NM
1,939
3,003
-35.4%
2,711
3,207
-15.5%
(2,157)
(1,687)
-27.9%
(3,293)
(3,182)
-3.5%
CF from Operation
FCF
* NIOGO represents net income (loss) from ongoing operations including share of loss in associates but
excluding non-recurring items.
5
Revenue and EBITDA slowed, excluding TA Orange
Excluding TA Orange
2Q03
2Q02
%YoY
1H03
1H02
%YoY
Revenue
5,769
6,100
- 5.4%
11,305
11,581
- 2.4%
EBITDA
3,052
3,148
- 3.0%
5,987
6,135
- 2.4%
NIOGO*
(295)
(39)
- 654.5%
(722)
(180)
- 302.2%
CF from Operation
2,269
1,988
14.1%
3,614
3,744
- 3.5%
FCF
1,324
1,128
17.4%
2,347
1,982
18.4%
* NIOGO represents net income (loss) from ongoing operations including share of loss in associates but
excluding non-recurring items.
6
EBITDA margin increased from focus on profitable growth
EBITDA Margin
54.5%
51.5%
53.0%
51.1%
49.0%
47.7%
53.0%
47.5%
Excluding TA Orange
47.1%
49.3%
48.8%
Standalone
43.8%
46.6%
41.0%
35.9%
42.0% Including TA Orange
36.7%
34.3%
1Q02
2Q02
3Q02
4Q02
1Q03
2Q03
7
Balance sheet improved further with elimination of
US Dollar loan and loan repayment
Debt profile by currency - TA (stand-alone)
THB Million
Debt profile by currency - TH & other subsidiaries
THB Million
60,778
59,909
8,651
7,764
53,708
4,688
52,200
4,575
3,368
50,546
14,273
44,877
4,575
4,575
33,470
45,652
13,698
38,375
4,575
24,297
47,625
Excluding TA Orange
45,971
12,212
11,622
8,475
6,688
6,167
5,169
4,278
5,524
5,319
2001
2002
Baht loan
Foreign Debt
1H03
2003
US$ Loan
2004
2005
Yen Loan
2000
2001
2002
Baht loan
2000
2001
2002
1H03
2003
2004
2005
69%
54%
15%
9%
9%
10%
12%
5,831
Foreign Debt
5,176
4,023
3,192
2,720
2003
2004
2005
18,657
2000
7,896
945
33,800
27,848
9,023
6,303
1,664
40,302
10,190
7,440
1H03
US$ Loan
Yen Loan
2000
2001
2002
1H03
2003
2004
2005
64%
69%
55%
54%
61%
65%
66%
8
Fixed line revenue grew moderately
Net Additions
Revenue - Fixed Line Telephone
THB Million
3,344
111,344
3,508
3,411
3,424
3,349
3,574
73,255
51,545
37,532
1Q02
2Q02
3Q02
4Q02
1Q03
1Q02
2Q03
2Q02
3Q02
4Q02
177
-13,306
1Q03
2Q03
Revenue & ARPU - Public Telephone
THB million
Baht
6,852
600
6,104
7,000
6,164
5,763
500
6,004
521
6,000
5,507
440
465
471
472
5,000
399
400
4,000
300
3,000
200
2,000
1Q02
2Q02
3Q02
Revenue
4Q02
1Q03
ARPU
2Q03
9
Fixed line ARPU stabilized
ARPU Trends - Fixed Line Telephone
750
Bt
700
685
650
600
550
633
572
Revenue from call to mobile per line
546
Baht
35.1%
%
662 657
35%
615
603
579
31.1%
564 554
557
535
24.9%
25%
500
20%
450
15%
400
250
28.5%
30%
597
32.5% 33.2% 33.3%
21.3%
141
26.2%
187
22.8%
150
154 158
167
179
184
196
150
10%
2000 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03
200
176
100
1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03
ARPU
% Fixed Line Call to Mobile
10
Decline in PCT subscribers and ARPU flattened out
Revenue - PCT
Net additions - PCT
THB Million
800
22
Subscribers
18
100,000
18
42
80,000
21
600
15
60,000
400
757
761
36,676
726
40,000
610
542
530
20,000
200
6,803
0
0
1Q02
1Q02
2Q02
3Q02
Service
4Q02
1Q03
2Q03
Sale
2Q02
3Q02
4Q02
1Q03
-28,290
-27,785
-20,000
-40,000
2Q03
-8,972
-37,793
ARPU Trend - PCT
Baht
ARPU Trend - PCT
500
Baht
382
400
500
377
344
400
342
306
357 358
314
291
300
300
200
200
100
345 352
329
308 308 301
293 292 287
100
1Q02
2Q02
3Q02
4Q02
1Q03
2Q03
Jul02
Sep02
Nov02
Jan03
Mar03
May11
03
PCT Retention Strategy
Proactive
Preventive
• Rebuild brand and introduce new
services
• Build customer relationship
• Centralized customer database &
user friendly interface
• Effective process to clarify
problems and solutions to
customer
% retention success
9,000
70%
8,000
60%
7,000
50%
6,000
5,000
40%
4,000
30%
3,000
20%
2,000
Corrective
• Develop new effective tools
• Staff training and resources
10%
1,000
0
0%
Feb
Request
Win back
Mar
Retain
Apr
May
Jun
Disconnect
Jul
%Success
• Develop new effective win back tools
• Staff training
12
Data/Internet/Broadband businesses strengthening
Combined Revenue (1999 - 2002)
Revenue by Quarter
THB Million
THB Million
607
1,176
1999
2000
602
3Q02
4Q02
669
673
1Q03
2Q03
518
2,352
1,318
626
1,551
2001
2002
1Q02
2Q02
Contribution to Consolidated Revenues (Excluding TA Orange)
2001
VAS
16.1%
VAS
13.3%
PCT
14.9%
7.5%
Data/Internet/BB
1H03
2002
Fixed Line
64.3%
PCT
13.0%
10.4%
Data/Internet/BB
VAS
16.4%
Fixed Line
60.5%
PCT
9.9%
Fixed Line
61.7%
12.0%
Data/Internet/BB
13
Data/Internet/Broadband businesses strengthening
(cont’d)
DDN Circuits
Internet Subscribers
Subscribers
Circuits
6,423
6,421
7,104
1,680
5,231
1,496
7,408
7,323
1,703
1,306
452,994
344,618
1,402
618
365,219
248,122
4,613
4,925
5,020
5,424
5,705
1Q02
2Q02
3Q02
4Q02
1Q03
Non-TAO
6,017
164,231
1Q02
2Q03
185,369
2Q02
3Q02
4Q02
1Q03
2Q03
TAO
Broadband Subscribers (ADSL + Cable Modem)
Subscribers
5,032
6,141
Broadband Subscribers (ADSL)
Subscribers
4,892
5,230
3,620
4,081
3,708
3,620
3,360
5,230
1,646
785
2,376
1,920
2,840
4,081
2,034
2,840
1,064
1,064
1,508
861
856
868
868
783
911
1Q02
2Q02
3Q02
4Q02
1Q03
2Q03
JUN-02
TA Cable Modem
1,155
1,291
1,508
1,740
JUL-02 AUG-02 SEP-02 OCT-02 NOV-02 DEC-02 JAN-03 FEB-03 MAR-03 APR-03 MAY-03 JUN-03
TA Express
14
Fixed line non-voice revenue VS GDP per capita
Non-voice1 Revenues
35,000
Japan
30,000
GDP per capita (USD)
25,000
Hong Kong
Singapore
20,000
Australia
15,000
Taiwan
10,000
Korea
5,000
Malaysia
Indonesia
0
0%
10%
China
Thailand
Philippines
20%
30%
40%
50%
60%
% of Industry2 Revenues
Remark:
1
Revenues from data + internet + public IP
2 Represent revenue from Fixed excluding Mobile
Source: Gartner Dataquest Market Statistics (April 2003), ITU Yearbook of Stats 92-01 (2001 figures)
15
New broadband services launched to the market
Broadband Services
Wireless
Broadband
Service
Wireline
Broadband
Service
Content &
Application
Service
16
Financial summary
17
2Q03 Income statements (excluding TA Orange)
Normalized Income Statements
THB millions
2Q03
2Q02
Revenues
5,769
6,100
Cash Operating Expense
Revenue sharing
EBITDA
Depreciation and amortization
Operating profit
Interest expense û net
Tax
Income from continuing operations
Share of losses in associates
Net income from continuing operations
(2,717) (2,952)
(910)
3,052
(931)
3,148
(2,258) (2,135)
794
1,012
Consolidated
%YoY
1H03
1H02
%YoY
-5.4%
11,305
11,581
-2.4%
-8.0%
(5,319)
(5,445)
-2.3%
-2.3%
(1,781)
(1,781)
0.0%
-3.0%
5,987
6,135
-2.4%
5.7%
(4,524)
(4,226)
7.1%
1,463
1,910
-21.5%
-23.4%
(985)
(896)
9.9%
(1,952)
(1,791)
9.0%
(35)
(64)
-45.7%
(73)
(100)
-26.8%
(225)
53
NM
(563)
19
(70)
(92)
24.0%
(160)
(199)
19.7%
(295)
(39)
-654.5%
(722)
(180)
-302.2%
377
(5,186)
NM
NM
Non recurring items & others
277
1,248
-77.8%
Net profit (loss)
(18)
1,209
NM
(345)
(5,366)
93.6%
51.6% +130 bps
53.0%
53.0%
-2 bps
EBITDA margin
52.9%
18
Revenue and EBITDA trend
Revenues
EBITDA
Excluding TA Orange
THB millions
THB millions
3,500
60%
54.5%
51.5%
6,100
53.0%
51.1%
52.9%
47.1%
5,776
5,481
5,687
5,536
5,769
50%
3,000
40%
2,500
2,988
3,148
2,952
2,934
3,052
2,678
20%
2,000
1Q02
2Q02
3Q02
4Q02
1Q03
2Q03
30%
10%
1Q02
2Q02
3Q02
EBITDA
4Q02
1Q03
2Q03
EBIDA Margin
Including TA Orange
THB millions
THB millions
7,050
6,629
6,510
7,047
3,500
6,794
60%
46.6%
50%
41.0%
3,000
5,592
35.9%
36.7%
42.00%
40%
34.3%
30%
3,014
2,500
2,731
2,603
1Q02
2Q02
3Q02
4Q02
1Q03
2Q03
2,380
2,390
2,418
2Q02
3Q02
4Q02
20%
2,000
10%
1Q02
EBITDA
1Q03
EBITDA Margin
2Q03
19
TA non-consolidated results on track to
a full year profit
Revenues
EBITDA & EBITDA Margin
THB millions
THB millions
5,245
4,914
5,135
5,022
4,915
4,000
5,148
3,000
49.0%
47.7% 47.5%
49.3%
48.8%
50.0%
43.8%
40.0%
2,406
2,500
2,438
2,201
2,426
2,514
30.0%
2,000
20.0%
1,000
10.0%
0
0.0%
1Q02
1Q02
2Q02
3Q02
4Q02
1Q03
2Q03
2Q02
3Q02
EBITDA
4Q02
1Q03
2Q03
Margin
NIOGO (Stand-Alone Basis)
THB millions
1Q02
2Q02
3Q02
86
142
52
Excl. share of gain (loss)
in subsidiaries and affiliates
& non recurring items (on
stand-alone basis)
4Q02
1Q03
-148
2Q03
-69
-348
20
Transformed balance sheet and cash flows
(excluding TA Orange)
Net Debt/EBITDA
EBITDA/Interest Coverage
10.0x
7.3x
3.2x
3.1x
2002
2Q03
2.2x
6.5x
5.2x
1.7x
4.8x
1.3x
1999
2000
2001
2002
2Q03
1999
2000
Cash Flow from Operations
THB millions
7,567
2001
Free Cash Flow
7,228
THB millions
6,000
6,000
4,682
4,464
4,000
4,000
3,229
4,694
1,810
1,534
2,000
1,353
3,614
0
2,000
75
2,347
0
1999
2000
2001
2002
1H03
1999
1H03 represents
annualized figures
2000
2001
2002
1H03
21
TA Orange contribution
Revenue
1,436
THB millions
491
575
93
1Q02
945
297
40
278
2Q02
Service
1,310
154
176
1,147
1,134
1Q03
2Q03
767
287
132
1,301
480
3Q02
4Q02
Handset Sales
EBITDA
Net Profit *
THB millions
1Q02
THB millions
2Q02
3Q02
4Q02
-204
-375
1Q03
2Q03
-122
-154
1Q02
2Q02
3Q02
4Q02
1Q03
2Q03
-388
-547
-658
-657
-740
-728
-877
-794
* Before amortization of negative goodwill
22
TA Orange
23
August 14th, 2003
Bangkok
TA Orange, Q2 2003
Q2 highlights
 Brand refresh through TVC and below the line campaigns
 Increased communication of core benefits
– real per second billing
– value for money
– friends & family numbers
 Tariffs rebalanced
 Introduction of off peak rates
25
real per second billing
sales support material for
dealers and retail.
if greeting someone takes only 5 seconds,
why should you pay for 30 sec or 60 sec ?
newsletter
for a call of 5 sec, we
charge you only 5 sec,
so you can save up to
92%
radio spots
Boy: Sawasdee … Do you have a lot of homework to do today ?
V/O: If you need 10sec to say hello, why bother to pay at rate of 30 sec
Boy: Sawasdee … What if I pass by your home in a moment ?
V/O:If you say Sawasdee in the Orange way, you do not get overcharged
because Orange charges you really per second. You pay what you use,
with no strings attached, and no minimum at 30 sec
the future’s bright, the future’s Orange
friends & family, Just Talk unique selling points
% of customers rating Orange
‘excellent’ or ‘good’ on Value for Money
sales talk to dealers
benefits campaign
100%
with your 5 friends and family,
talk longer and save more
employees cards
price increases
80%
14%
24%
69%
15%
63%
60%
40%
60%
70%
59%
20%
0%
Dec
March
June
: Average rating of competition for the same period
source: Orange SA satisfaction study, June 2003
sales support material
business value time
•
in May, Orange introduced a new postpaid
proposition, offering a cheaper rate during
business hours
•
it offers a clear and relevant benefit to the
target segment
•
it
allows
better utilisation
network capacity before 7pm
of
available
Focus on value growth
 Removal of handset subsidy and
Subscriber development
Thousands
Prepaid
tighter credit control from end of
Q1
Postpaid
1,602
1,626
 Limited sales promotion activity in
1,336
Q2
 >50% of postpaid churn recycled
874
to prepaid accounts
500
Q2-02
Q3-02
Q4-02
Q1-03
Q2-03
29
Blended ARPU’s - maintaining value share in Q2, 2003
Monthly ARPU
THB
800
700
600
500
400
300
200
Q2-02
Q3-02
Q4-02
Orange
AIS
Q1-03
Q2-03
DTAC
Orange blended ARPU net of bad debt
30
ARPU’s – positive impact of tariff changes
10% increase in postpaid ARPU, 17% increase in prepaid ARPU
Monthly ARPU
THB
4
3
2
1
0
Q4-02
Q1-03
Post
Q2-03
Pre
rebased to prepaid ARPU Q4, 2002
31
the next 6 months
Orange is the first to offer a real choice to prepaid customers with simple and relevant
packages:
 a tariff structure adapted to the needs of each target segment
 a selection of attractive non-voice services
 customers can easily move from one plan to another
fun pack
smart pack
Special rate for your
Friends and Family
+
Free fun services:
Special rate from 6am to
6pm
+
Free smart services:
Premiere League
New movie release
SMS bundle
Sales guide
Love horoscope
News headlines
Sales guide
SMS bundle
Free voice mail
Premiere League
the future...
 focus on high value customers & “prepaid segment”
 launch of Fun & Smart prepaid packages, July 2003
 launch of Orange Thanks, August 2003, prepaid/postpaid loyalty
program
 #1 for customer service
 Phase III of network expansion from Q3 onwards
 capacity of 3 million end 2003
 EBITDA monthly break even Q3 2003
33
“the futures bright, the future’s Orange”
34
Focus Going Forward
&
Regulatory Update
35
Focus going forward
Fixed line telephone
–
–
–
Reduce operating cost
Rapidly grow high-margin services to generate
new revenue streams
Customer retention and churn management
Home / Customer
Solution
Wireless
–
–
–
–
Focus on high-value customer and prepaid
Best network
Improve ARPU with value-added services
Execute PCT revitalization plan
Office / SME Solution
& Wireless Access
Data/Broadband/Internet
–
–
–
Build on No. 1 broadband position
Expand ADSL market
Increase revenue contribution
Corporate Solution
& Data
36
Regulatory Update

Interconnection regime

Tariff rebalancing

Revenue sharing
37
Q&A
38
Appendix
1. Consolidated income statements (including TA Orange)
2. Non-consolidated income statements
3. Balance sheets
4. Cash flow statements
5. Consolidated debt profile (excluding TA Orange)
6. Consolidated revenue profile by segment
39
Appendix 1: Consolidated income statements
(including TA Orange)
Normalized Income Statements
THB millions
2Q03
2Q02
Revenues
7,047
6,629
Consolidated
%YoY
1H03
1H02
% YoY
6.3%
13,841
12,221
13.3%
Cash Operating Expense
(4,085) (4,248)
-3.8%
(8,096)
(7,237)
11.9%
Revenue sharing
(1,364) (1,046)
30.4%
(2,691)
(1,927)
39.7%
24.4%
5,745
4,984
15.3%
28.7%
(5,438)
(4,283)
27.0%
EBITDA
Depreciation and amortization
Operating profit
Interest expense û net
Tax
Income from continuing operations
Share of losses in associates
Net income from continuing operations
Non recurring items & others
2,962
2,380
(2,788) (2,167)
174
213
-18.3%
(1,137)
(895)
26.9%
(2,207)
(1,786)
23.6%
(35)
(64)
-45.1%
(73)
(100)
-26.5%
(997)
(746)
-33.7%
(1,973)
(1,185)
-66.5%
(84)
628
NM
(187)
1,240
NM
-815.1%
(2,160)
55
NM
(1,081)
(118)
234
1,130
-79.3%
Net profit (loss)
(847)
1,011
NM
EBITDA margin
42.0%
35.9% +612 bps
308
285
701
-56.1%
(5,297)
NM
(1,875)
(5,242)
64.2%
41.5%
40.8%
+73 bps
40
Appendix 2 : Non-consolidated income statements
Normalized Income Statements
THB millions
2Q03
2Q02
Revenues
5,148
5,245
Non-Consolidated
% YoY
1H03
1H02
% YoY
-1.9%
10,063
10,160
-0.9%
Cash Operating Expense
(2,634) (2,735)
-3.7%
(5,123)
(5,243)
-2.3%
Revenue sharing
(1,213) (1,371)
-11.5%
(2,396)
(2,658)
-9.8%
0.2%
4,940
4,917
0.5%
5.4%
(3,552)
(3,315)
7.1%
EBITDA
Depreciation and amortization
Operating profit
Interest expense û net
2,514
2,510
(1,764) (1,674)
750
836
-10.3%
1,388
1,601
-13.3%
(819)
(694)
18.0%
(1,605)
(1,373)
16.9%
-
-
NM
Tax
-
-
NM
Income from continuing operations
(69)
142
NM
(216)
228
NM
Share of losses in associates
(873)
293
NM
(1,801)
599
NM
Net income from continuing operations
(942)
435
NM
(2,017)
827
NM
95
576
-83.5%
NM
(1,875)
+98 bps
49.1%
Non recurring items & others
Net profit (loss)
(847)
1,012
EBITDA margin
48.8%
47.9%
142
(6,068)
NM
(5,242)
64.2%
48.4% +70 bps
41
Appendix 3 : Balance sheets
THB millions
ASSETS
Current assets
Cash and restricted cash
Other current assets
Non current assets
Investments
Property, plant & equipment
Other assets
TOTAL ASSETS
LIABILITIES & EQUITY
LIABILITIES
Current liabilities
Non-current liabilities
EQUITY
TOTAL LIABILITIES & EQUITY
Consolidated
Non-Consolidated
30-Jun-03 31-Dec-02 % chg.
30-Jun-03 31-Dec-02 % chg.
6,674
11,530
7,618
11,281
-12.4%
2.2%
4,548
8,379
3,999
8,358
13.7%
0.2%
3,979
65,946
3,177
4,139
66,871
3,339
-3.9%
-1.4%
-4.9%
9,005
38,844
2,125
10,661
40,873
2,140
-15.5%
-5.0%
-0.7%
91,305
93,247
-2.1%
62,901
66,031
-4.7%
86,001
26,654
59,346
86,049
14,396
71,653
-0.1%
85.2%
-17.2%
58,026
9,710
48,316
59,286
8,470
50,816
-2.1%
14.6%
-4.9%
5,304
7,198
-26.3%
4,876
6,745
-27.7%
91,305
93,247
-2.1%
62,901
66,031
-4.7%
42
Appendix 4 : Cash flows
THB millions
Cash flow from operation
Less : Capex
Free cash flow
Investments
Net financing
Proceeds from borrowings
Repayment on LT trade A/P
Repayment of borrowings
Net cash from financing activities
Change in cash
Consolidated
1H02 % chg.
1H03
3,207
2,711
(6,004) (6,389)
(3,293) (3,182)
(465)
(754)
-15.5%
6.0%
-3.5%
-62.2%
88.1%
4,585
8,623
-2.8%
(90)
(93)
(6,150) (1,330) -362.3%
-24.8%
3,164
2,380
(482) -245.7%
(1,667)
Non-Consolidated
1H02 % chg.
1H03
3,385
3,234
(1,075) (1,515)
1,870
2,159
(771)
(651)
-4.5%
29.0%
15.4%
15.6%
NM
3,292
NM
(4,709) (1,027) -358.8%
(1,418) (1,027) -38.1%
23.9%
73
91
Cash beginning
3,136
2,684
16.8%
373
253
47.1%
Cash ending
1,469
2,202
-33.3%
464
327
41.9%
43
Appendix 5 : Consolidated debt profile (excluding TA
Orange)
Debt profile by currency (excluding TA Orange)
THB million
75,051
73,607
65,920
16,091
63,822
16,239
11,376
60,736
53,900
10,878
10,472
3,368
46,271
10,406
25,242
35,134
9,751
52,944
51,176
49,670
42,834
35,205
32,125
23,826
2000
2001
2002
1H03
Baht loan
Foreign Debt
2003
US$ Loan
2004
2005
Yen Loan
2000
2001
2002
1H03
2003
2004
2005
68%
56%
22%
17%
18%
20%
24%
44
Appendix 6 : Consolidated revenue profile by segment
Revenue Profile
YoY
Chg.
%
2Q03
2Q02
4,265
3,574
691
521
98
73
4,115
3,508
607
440
91
76
150
66
85
80
8
(3)
313
322
1,860
545
15
530
1,315
181
1,134
1,526
779
18
761
747
468
278
276
Internet
Others
Wireline
- Basic Wireline
- VAS
- Public phone
- Fault reporting and dw
- Others
DDN
Wireless
- PCT
- Product sales
- Service
- TA Orange
- Product sales
- Service
Multimedia
Consolidated revenues
YTD
Chg.
%
1H03
1H02
3.7%
1.9%
13.9%
18.2%
8.4%
-4.4%
8,264
6,923
1,341
992
208
141
8,018
6,853
1,165
840
190
135
246
70
176
152
18
6
3.1%
1.0%
15.1%
18.2%
9.4%
4.3%
(9)
-2.9%
645
563
82
14.6%
334
(234)
(4)
(230)
568
(287)
856
21.9%
-30.1%
-20.6%
-30.2%
76.1%
-61.4%
307.4%
3,734
1,109
35
1,073
2,625
344
2,281
2,437
1,541
24
1,517
896
578
318
221
54
24.6%
541
448
93
20.8%
85
55
30
53.5%
155
105
50
47.8%
249
389
(140) -36.1%
502
650
7,047
6,629
13,841
12,221
419
6.3%
1,297
(432)
11
(444)
1,729
(234)
1,963
53.2%
-28.0%
47.9%
-29.3%
193.1%
-40.5%
617.4%
(148) -22.8%
1,621
13.3%
45
“Safe Harbor” Statement
This presentation contains statements about expected future events and financial
results that are
forward-looking and subject to risks and uncertainties. For those
statements, we claim the protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995 Discussion of factors
that may affect future results is contained in our recent filings with the Securities and
E
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2Q2003 Analysts Conference
August 14, 2003