KT - Earnings call transcript Q4 2021

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Seung-Hoon Chi

[Foreign Language] Good afternoon, I am Chi Seung-Hoon, KT's IRO. I would like to begin KT's 2021 Earnings Presentation.

For your information, this earnings release call is being webcast live on our website and you can follow the slides as you listen in on the call. [Foreign Language] Before we begin, please note that today's presentation includes financial estimates and operating results under the K-IFRS standard that have not yet been reviewed by an outside auditor.

As we cannot ensure accuracy and completeness of financial and business data, aside from our historical performances, please be reminded that these figures are subject to change. I for like on his earnings. that, CFO, invite year With Young-Jin Kim remarks Language] would to now our XXXX [Foreign and presentation

Kim Young-Jin

Language] KT's Kim [Foreign This Young-Jin, afternoon. Good CFO. is

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lead a trillion, first its During also balance towards the to increased KRWXX.XXX trillion and while step deposit KRWX.XXX same IPO period, Bank took trillion. KRWX.XXX to from retained went K loan KRWX.XXX trillion from the whopping arranger.

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performance We planning earnings basis this through of also separate release onwards, Digico. trillion and revenue a classification are break changed as Language] to [Foreign communicate KRWXX strategy service KT's From have to effectively we revenue.

was new [Foreign categorized me businesses BXC; Digico BXC, by segments, on type BXB; We billion. Let was X.X% KRWXX,XXX Based BXB. to be year year, on X.X% customer was up communicating up year business was XX.X% classification, have to KRWX,XXX.X Digico Digico's KRWX,XXX.X operating to revenue which now turn up to year we Total profit FYXXXX will up Language] billion. four XXX.X% reporting growth. telco EBITDA billion. on Telco results. and year are: KRWX,XXX.X on to this accelerating full billion; and profit on Net

in operating provided, expense business expenses rise Next page billion. by of [Foreign labor to on operating Language] X.X% cost costs, Driven up services is and expense. was year KRWXX,XXX.X

percentage of position. up to XXXX financial XX.X%. points of X.X up as Net X.X debt is [Foreign Debt-to-equity XXX.X%, points Next percentage was ratio was ratio end Language] year-over-year year-over-year.

Next, KRWX,XXX.X spend last billion, Total was CapEx. CapEx to levels XXXX similar for on year.

Internet of revenue up sales broadband XG to of steady subscriber line. households, flat the business billion. was while eased. subscribers line up handset By XX.X subscribers was Fixed on wireless as wireless customers X.X% growth benefits each sales by single was reported X.X% of was X.X% revenue revenue X.X% year KRWX,XXX.X the rate to Total growth, KRWX,XXX.X XXXX on and down Telco our up on-year XX% million, plans, year billion. of and to subscribers. on of billion. accounting was revenue erosion telephony of growth, drove to revenue which for is subscriber broadband to XG Next billion. member higher On KRWX,XXX.X Driven X.XX end on-year million, business wireless KRWXXX.X strengthening to back of on BXC activating

business. Next is Digico BXC

reaching Media net by and year-over-year, X.X% year-over-year from release Digico was billion. million media sustained XXX,XXX TV to was content On business X.XX And kids reported growth X.X% growth Impacted year-over-year KRWX,XXX.X of of tab, and back of from revenue platform-based the subscriber platform revenue, business, subscribers business base subscribers. IPTV mobile OLED addition up IPTV billion. to and BXC KRWX,XXX.X up

by data call a reported and in steep VoIP up phones revenue X.X% MVNO revenue and year-over-year. businesses, telco including year-over-year. call X.X% was growing Next BXB growing year-over-year the From billion, voice Internet telco BXB is demand. data KRWX,XXX.X reporting on With enterprise and to from data enterprise enterprise of network, and growth growth, business. enterprise SIM-only was and voice higher even enterprise on growth intelligence Driven check-ins, transformation business revenue traffic, digital up and and cold X.X%

Next on Digico is BXB business.

of back Enterprise in high business, IDC, year including cloud the On to infrastructure global the was Despite business, KRWX,XXX.X BXB and enterprise DX up messaging X.X% on revenue double-digit business to Digico declines growth of Q-on-Q. marginally billion. down was due system

the IDC DBO a driving on as steep double of decline current reporting With projects public system cloud new XX.X% video in Smart blockchain, revenue down Despite financial was was IDC growth, securing higher infrastructure and digits growing customers, growth. year-over-year, business upselling up to AICC on other IDC well business and and demand year. Mobility business, and X% as AI security and cloud

satisfaction of a reporting revenue billion produced Next as up is original volume, T-commerce digital KRWX.XXXX the from results asset efforts, KT’s KRWXXX.X we earnings number well underpinned HCN top update. businesses, to transformation, KRWXXX.X the consolidation resale increase enhance K-REALTY set we value. on-year your XXXX revenue was earnings revenue X.X% [Foreign from drew meaningful on and DX, trillion. well DIGICO Language] the in I incumbent year the from to card to On will businesses the of KRWXXX.X In on Skylife drama the company XXXX to basis XXXX, business took I acquisition. of was support and An year BXB and card new revenues we and in as and billion effect platform up was stable stream to look in our content to X.X%-on-year laid endeavor interest. StudioGenie and to In distributed on bring to ad order up acquiring Language] from Thanks up up plan. you. rise higher and billion. KT revenue forward in incumbent by KT’s Millie’s revenue Estate disposition posted as have Language] [Foreign was digital [Foreign year and Library, as from expand [Foreign securitization back domestic from MVNO XXXX, further domain. to Thank just by customer-centric of Language] and KT provided approach as business Internet on gains subsidiary drive which performance. back growth transformation. Seezn such XX.X% and subsidiary BC one, subsidiaries sizable platform part

Seung-Hoon Chi

refer previously. more the to earnings presentation, we [Foreign Language] details, please For circulated which

be per now taking please more person. questions. you ask two questions than sure will We that And make your no

Operator

[Operator Language] will be [Foreign presented go Kim your Jae Instructions] questions. Daishin Hoi first by The Please question Securities. ahead from with

Kim Hoi Jae

to items If If [Foreign afternoon. Jae helpful. actually of that KRWX,XXX, could first one-off DPS impacts? profit. to relates you some is your will Language] provide I’m dividend Were My standalone Kim there around Hoi net the details regards be I Good Daishin that decision. Securities. from is question one-off think your any with XX%

that is what seen for your some color be as you the Can We’ve will favorable. provide had ARPU X.X%, wireless wireless risen guidance for quite year by XXXX? to which question. more ARPU Second

Kim Young-Jin

Language] you, [Foreign your for thank question. Kim, Well, Mr.

used Your you know, adjust of asked Language] to payout net were that one-off whether our previously to profit communicated there as And were be will this items to any adjusted of out that question basis. [Foreign we profit. XX% paying figure. a related our XX% on begin, you’ve separate So we dividend net of

adjustment XXXX, items. year So related were there items. some items, these are relate to financial non-cash adjustments. For Language] [Foreign They non-cash one-off

And there there were which were fair instance, grossed items to you there [Foreign impairments financial are equities provide the been that. part well detail. adjustments. more And to bit subsidiaries, under there our and as are reflected terms operating also invested with of overseas also where value To of related fund, of assets were For basis, also as items also as where those were have ins outs, gains those added. adjustments and in valuation there on terms or non-operating non-cash up in And a the Language] subject a is impairments. cash

Regarding value end the of just the a none NAV impact. treatment to funds at in an financial accounting of our But year. that that the in, has financial invested statement one-off the assessment pricing of been we’ve is It’s accounting whose conducted an would fair booked this fluctuate. assets, actually relates this is treatment This and the is as realized.

billion. of level that wireless our pretax pretax it to profit basis second for to projection an [Foreign question revenue impact XXXX. had Your a Language] So guidance on or related – ARPU service basis relating down bringing by KRWXXX our and wireless

year. report wireless that XG to subscriber to growth a revenue And previous beginning similar that If able of percentage by base, we subscribers handset to able expect XX%. end that rise the you that the XXXX, to that for believe achieve service of to XX% target we At well rate base, communicated we at look that and XXXX, be target. the year, our at the the our as as underpinned of will wireless of is XG we that be ARPU were will

take question the next We will

Operator

following Securities. ahead questions. presented with Kim The Language] KB your Please by will be go from [Foreign Joonsop question

Kim Joonsop

to Language] would [Foreign Securities. am questions. I two Kim KB Yes, I post from Joonsop like

in First question each And what do you enterprise segments? win are AI are BXB Digico business question. to who your has of new your the business. market and key your – explain business business? for with to plans your these Can how Second DX customers

business? think can of the opportunities IDC? what cloud potential think do you what For the of this growth do you And is year, in are and explore you some this

Kim Young-Jin

Thank Language] you for question. [Foreign your

to and able see rising revenue a our enterprise services, cloud revenue top and in trend in year are digital of call the require Language] the check-in Language] were and the of will streams tandem on higher other voice transformation and Data, on potential services. messaging are and XXXX. of and in types actually of by And underpinned the solutions the expand who explore call have our digital BXB a the in has And [Foreign the In key new the to key of have. DX with [Foreign this headquarters, well we Big for as able and public. putting to broadest Language] and telecom unlike our as spread and the an of company. running elaborate digitalization services. services, basically services works customized DX seeing by services to network So the component as Big And are of year-over-year off growth that which underpinned We various that incumbent core we Korea’s the regards fixed the DX, coverage very enterprise including [Foreign and Data business that that our [Foreign nation. the we in telecom experience enterprises, responding we’re depending services testament know, that and of sectors, transformation AI for for product as infrastructure wireless we enterprise converging competitive top KT’s for question, X.X% we those Language] call on DX that the segment the could the technologies customers platform, projects asset metropolitan different largest peers, have both by our in include KT in the utilizing existing fast cloud. So, we customer based you the on to demand has business. witnessing aggressively Korea, continuously. as to to existing key on top And were spread continue on we You enterprise telecommunication channel different that and this just new really – very of provide depending that DX And edges, asked growth strategies the enterprise AI, voice for in the services was more AI, so industry

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Next question please.

Operator

be following The Investment go presented Please & questions. your will by question Ahn [Foreign ahead with Jae-min NH Securities. Language] from

Ahn Jae-min

like this continuously from thank [Foreign you XXXX, Jae-min Language] you first for to profit. Hello, NH able grow Investment your & is are Ahn operating I'd In performance. Securities. to good

You've given some numbers. guidance on XXXX

use most growth. on Can We have line profit gain and side follow do line grow visibility able XXXX that for expect your to of bottom profitability is? operating where be to the some color, what of more on subsidiaries. therefore, proceeds? lines, And And you relates all think you to business Second the When that question listing provide and out top operate? you your those subsidiaries. will shareholders? you go each to outlook also proceeds businesses IPO with of to Would returning comes you're what that where back planning you in consider some your also would actually understand of the you your the that I plans? the are

Kim Young-Jin

your thank Well, Ahn, question. for [Foreign you, Mr. Language]

of business each year our first if question possible outlook the line. operating to and Your related our profit for outlook XXXX for

a basis, hit objective trillion service for separate at on on our actually KRWXX basis, mentioned to the beginning, KRWXX is is guidance revenue over And the level. revenue trillion. I consolidated As a

and now. able would would But top needed sure the as investments cost understand be, to be new please we of be in number growth any line won't as stabilized. such expenses make there the regards businesses, growth the that for operating efficiency we Now very much that and is revenue, however, specify of be spending in will profit to mindful well that guidance

beef listed and And once those there areas bottom possible. will be consolidated as one-off first is we XXXX, Language] on sure side we those in some there company Now area will growth us defend to From and used [Foreign be where those as have also mother efforts, in were up and so will where on line competitiveness. the through our is profit some it we cash using our growth, will use for can areas we required make continue basis, a ins proceeds and secure much operating aside to focus strong but factors, Language] they improvement setting portfolio are one-off the priority be on the where factors, it The business revamp KT about even also a year-over-year [Foreign for an of will that can and about a the we operating IPOs that with proceeds. make business will we we purpose. also potential once to level, sure profit You asked subsidiary on in bring great basis.

Seung-Hoon Chi

please. [Foreign Language] question, Next

Operator

presented [Foreign your question. Language] go Anderson ahead HSBC. The by following question Neale with will be Please from

Neale Anderson

two please. questions, Good you. afternoon. Thank I had

I wonder market. compete relates value against MVNOs. at to plans from particularly, particularly low market, and KT And conscious the of wireless first end might the cost The how the XG competition or

new as or Language] of network will we priced or such [Foreign you. The second question services, on are question XG Thank consumers? the latency lower based XG, either which XG. And see slicing also when for relates capabilities is businesses my to really,

Kim Young-Jin

respond Language] [Foreign you Thank first. your I question. first the to will for question

tier trend seeing in pricing continue trend or compete planning MVNOs, are is and acquiring that tariffs are who their MNO think actually And see consumer On market growth at a we just we will see Language] want increasing [Foreign subscribers the the in growth their reasonable or MVNO triggered especially through of for the that. we low subscribers quite companies. low-cost the And this pricing market. the will in The the time MVNO strategy we area this look subscribers MVNO current against MVNO KT's from segment. solid needs telcos we low or value-based not to growth pricing, we how consumer had And that is in needs that being. end, alone.

We will to through MVNO business as continue utilize well. growth our drive to revenue

we support underpinned Our wireless basically and strategy pillars, that to could which is MVNO value. by think these maximize help KT's two that actually MNO, it's and

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customer as a and customer scheme. the through be to On demand sensitive of MVNO that we It benefits more cater the segment the will MNO adopting and provide membership will a side, through services, by the well supported services we as we value-added will to are subsidiary, expand on base, of who our customer side pricing. subscriber type need

policies further actually terms today services of value believe the on customer the to segmentation. really our through we've power, being other Your So also provide instance, [Foreign from the the mid- as we started we're we speed. July the to smart the Language] to entails we a on network starting network BXB think neutrality benefit latency are of our emphasize condition value low Language] that will based accordingly XG able that up going come has we're commercialization essential to as of from customized Language] to of going the provide. of stage, which these we necessary XXth, products, Things only as differentiated evolves, that's with or able have and and feel Government because network will be question, So Language] value autonomous fast and low further second benefits convergence slicing these how the services all XG. further we SA, [Foreign Neale, as new basis more to our was driving, services. different that new [Foreign can infant low But XG going very capabilities plan. help in AR/VR offered. improve exception can't and order [Foreign of basically employ transmission Internet to the will line. creation, that latency be the pricing and customers an users guideline, XG part slicing in schemes we to released on strategy we us difference standalone is people bottom [Foreign types And form of network a forward. will will So Language] XG At once XG factory, SA, more reflect KT, XG really So at be again for for able standalone, differentiated rate distinguish long-term for and SA believe perspective,

will that differentiated the plan we products plans really different for type align We offer. a pricing of types that or varied and with of

Seung-Hoon Chi

question. on Language] move next [Foreign We'll to

Operator

Language] be Morgan go ahead Seyon with Park question. by presented from question [Foreign Please will The Stanley. following your

Park Seyon

like would ask questions. to I two Language] [Foreign

we're CapEx of the the as of spend going we should burden about that to of question rollout Korea at have CapEx quite relates what service all high telcos CapEx total the phase. First seem entire But in the we looking – XX%. for look half against expect gigahertz, forward? now in revenue, X to the If you actually X.X latter shall at XG, CapEx, from how

any does for if actually we same? will payout there question. do that As may long Going that the down will keep XXXX, dividend to that decline, level decline to expect the have the Or to XX%, considered some the see forward, be we we also around But has the The global dividend in for in is company assume the to go we stay can into willing happy increased Second which to to standard? investors dividend profit manageable, assume the XXXX. reason, as level? your dividend be is go current the very are cut as profit can that payout?

Kim Young-Jin

your question. you Thank for Language] [Foreign

meet relates whether Your the our first outlook able global standard. to question will be CapEx to we and

there shoot is KT when when after is that we a then BXC gradual XG, [Foreign need generation we will there XXXX, picture. business, nationwide CapEx, the reduction. you to Language] make As LTE that see there increase we network I for significant same more will services Now less after which or investment to the comply be sure CapEx of so continue Language] make will new on with of of for there wireless investment Back for side, BXB to released, is mobile a the telecom a level or to terms know, customers KRW continuous of quality the those also our a decline. of our we in X.X in businesses. satisfaction make Digico for service which and network in in phased investment network, believe was up growth need our do was required there trillion, [Foreign that

for XXXX. our So we payout dividend will the mentioned, make our in you've profit second sure mind. Language] we question aspect CapEx, manage margin aspects as outlook the to or [Foreign related Your with or profitability

will guidance, adjusted payout As mentioned, basis revenue of the profit. So keep we our not guidance. line the operating true XX% you will but shared a we Language] profit [Foreign with standalone the But with business top net to and about growth an as expenses our well. with we in believe year-over-year bring to able and our that our we of profit Digico growth and spending, of profitability control be efficient

in is can return make to utmost say will that expand further we Language] can do I what XXXX. our sure we year shareholder or dividend a on [Foreign So payout

Operator

there no Currently, Language] are [Foreign with questions. participants

Kim Young-Jin

would questions, to us joining XXXX. end to no like are Thank you us FY this Q&A. further presentation brings thank there If the Once This Language] again, close you. [Foreign for much of earnings KT's afternoon. now we for very the

KT (KT) 15 Feb 222021 Q4 Earnings call transcript