A N N U A L

REPORT 2015
grameenphone

FIVE YEARS FINANCIAL SUMMARY

2015 2014 2013* 2012* 2011

Individual Consolidated

Operational Results in million BDT

Revenue 104,754 102,663 96,624 91,920 89,060

Operating Profit 36,964 36,896 33,199 33,675 32,572
Profit before tax 34,922 34,855 32,852 30,193 33,006
Net Profit after tax 19,707 19,803 14,702 17,505 18,891

Financial Position in million BDT

Paid-up Capital 13,503 13,503 13,503 13,503 13,503

Shareholders' equity 30,625 31,365 31,141 35,458 38,883
Total assets 132,450 130,673 135,221 117,665 108,905
Total liabilities 101,824 99,308 104,080 82,207 70,022
Current assests 11,928 14,865 16,993 14,005 32,421
Current liabilities 67,625 61,402 78,580 63,060 51,469
Non current assets 120,522 115,808 118,227 103,660 76,484
Non current liabilities 34,199 37,906 25,500 19,148 18,552

Financial Ratios

Current Asset to Current Liability 0.18 0.24 0.22 0.22 0.63

Debt to Equity 0.80 0.95 0.55 0.16 0.13
Operating Profit Margin 35% 36% 34% 37% 37%
Net Profit Margin 19% 19% 15% 19% 21%
Return on Equity 64% 63% 44% 47% 42%
Return on Total Assets 15% 15% 12% 15% 17%

Ordinary Shares Information

Ordinary Shares outstanding (in million) 1,350 1,350 1,350 1,350 1,350
Face Value per share 10 10 10 10 10
Cash Dividend on paid-up capital 1
140% 160% 140% 140% 205%
Dividend payout1 96% 109% 129% 108% 147%
NAV per Share 2
22.68 23.23 23.06 26.26 28.80
Net Operating Cash Flow per Share3 28.73 23.15 27.46 22.23 30.09
Earnings Per Share3 14.59 14.67 10.89 12.96 13.99

*Gain/loss on disposal of property, plant and equipment has been included in operating profit.
1 Including proposed dividend

2 Based on Tk. 10 equivalent ordinary shares outstanding at 31 December.

3 Based on weighted average number of shares of Tk. 10 each.

50 Five Years Financial Summary

 A N N U A L
REPORT
grameenphone
2015

REVENUE (MILLION BDT) OPERATING PROFIT (MILLION BDT) NPAT (MILLION BDT)

+2.0 +0.2% -0.5%

Overview
104,754
102,663

19,803
36,896

19,707
36,964

18,891

17,505
33,199
33,675
32,572
96,624

14,702
91,920
89,060

2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015

Performance
CAPEX (MILLION BDT) TOTAL ASSETS (MILLION BDT) TOTAL EQUITY (MILLION BDT)

Business
+27.1% +1.4% -2.4%
42,508

135,221

132,450
130,673

38,883
29,925

35,458
117,665

31,141

30,625
31,365
108,905
19,269
15,164
12,963

2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015

Sustainability
NET OPERATING CASH FLOW/SHARE (BDT) NAV/SHARE (BDT) EARNINGS PER SHARE (BDT)

+24.1% -2.4% -0.5%

14.67

14.59
30.09

13.99
28.73

12.96
27.46

10.89
28.80
23.15

26.26
22.23

22.68
23.23
23.06

Governance
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015

RETURN ON ASSETS % RETURN ON EQUITY % SUBSCRIBER ('000)

+0.1pp +0.2pp +10.0%

Financial Analysis
56,679
63.6%
63.4%
17.3%

51,504
15.5%

47,110
15.0%
14.9%

47.1%

44.2%

40,021
36,493
42.3%
11.7%

2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015

MARKET SHARE % ARPU* (BDT) AMPU** (MINUTES)

-0.4pp -6.2% +0.5%

Information
Additional
42.7%

42.8%

42.4%
41.2%

41.4%

258
214

249

243

244
191

236
176

165

155

2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015

* ARPU - Average Revenue Per User; ** AMPU - Average Minutes Per User

Five Years Financial Summary 51