M1 continued to engage the investment community, shareholders and other interested parties via various communication channels throughout 2011. Demonstrating best practice corporate governance processes with open and timely communication is our way of engaging our stakeholders, enabling them to receive relevant updates regularly and maintain an informed opinion of the Company.
In 2011, M1 continued to release quarterly, interim and full-year results to the public within one month of period end. All materials relating to the Company’s results, including presentation slides, were made available immediately on our website, after mandatory posting with the Singapore Exchange (SGX). Analysts, investors and the media were invited to join our results conference calls, which were followed by question and answer sessions with senior management, on the same day of every results announcement. For the FY2011 full-year results, we conducted an in-person briefing at a centrally located venue. Audio webcasts of these events were also made available on the M1 website.
Key corporate developments that took place during the year for M1 included the set up of our own active network, in line with the expansion of our fixed line business, as well as the launch of our Long Term Evolution network within the financial district. To ensure all interested parties are provided with first-hand updates of the various developments, the IR team sends relevant press releases to these stakeholders and takes a proactive approach in answering any subsequent queries. Senior management also plays an active role in providing analysts and investors with timely updates on the Company’s developments and outlook through various avenues, such as phone calls, teleconferences, ad-hoc meetings, non-deal roadshows (NDRs) and investor conferences, both locally and abroad.
As at 27 February 2012, the free float1 of M1 shares was 37.4%, with the majority shares held by institutional investors across Asia, UK and USA. With the objective of reaching out to current and potential institutional investors in these regions, we undertook three NDRs in 2011 to Japan, UK, USA and Hong Kong. Locally, we participated in three investor conferences, namely the CLSA Corporate Access Forum, the UBS Pan–Asian Telco Conference and the HSBC Inaugural ASEAN Conference.
As an easily accessible channel for analysts, current and potential investors to raise any clarifications or provide feedback with regards to the Company, the M1 IR team welcomes all email queries, which can be addressed to ir@m1.com.sg. We strive to always respond to all received queries in an effective and prompt manner. Shareholders and interested parties are encouraged to access the M1 corporate website at www.m1.com.sg for the latest updates.
The Annual General Meeting (AGM) is an important platform for shareholders to communicate any questions about the Company to the Board and members of the senior management team directly. With that in mind, we continue to host our AGMs at a central and accessible location, to accommodate to shareholders’ convenience. All Board members and members of the senior management team make their best effort to attend each AGM to interact with shareholders. Our ninth AGM, held on 7 April 2011 at The Fullerton Hotel, was well attended by shareholders.
M1 remains committed to creating long-term value for its shareholders. This is exhibited through our long-standing policy of maintaining a sustainable dividend payout ratio and returning excess cash to shareholders in the absence of value-enhancing opportunities. In FY2011, we continued to distribute 80% of net profit after tax, a payout ratio that has been maintained since FY2005. The total dividend declared to shareholders for FY2011 amounted to 14.5 cents per share. In reference to total shareholder return (comprising of capital gains and cash distributions received), M1’s return to shareholders for the year 2011 was 14.0% on the amount invested at the start of the same year.
1 Free float is defined as the percentage of total issued share capital of the Company held in the hands of the public (on the basis of information available to the Company)
HISTORICAL CAPITAL DISTRIBUTIONS
|
Year |
Interim Dividend |
Final Dividend |
Special Dividend |
Other Distributions |
|
2011 |
6.6 |
7.91 |
- |
- |
|
2010 |
6.3 |
7.7 |
3.5 |
- |
|
2009 |
6.2 |
7.2 |
- |
- |
|
2008 |
6.2 |
7.2 |
- |
- |
|
2007 |
2.5 |
8.3 |
- |
4.6 |
|
2006 |
5.8 |
7.5 |
- |
22.2 |
|
2005 |
5.0 |
8.1 |
12.2 |
- |
|
2004 |
4.9 |
5.8 |
- |
11.0 |
|
2003 |
3.9 |
5.5 |
- |
- |
|
2002 |
- |
7.3 |
- |
- |
Note: On per share and declared basis
1 Subject to shareholders’ approval at the AGM
2 M1 undertook capital reduction exercises in 2004, 2006 and 2007
FINANCIAL CALENDAR FOR 2012
|
Date |
Event/Announcement |
|
16 January 2012 |
Release of FY2011 full-year results |
|
5 April 2012 |
Annual General Meeting |
|
26 April 2012 |
Payment of FY2011 final dividends (subject to shareholders’ approval at the AGM) |
|
April 20121 |
Release of FY2012 first-quarter results |
|
July 20121 |
Release of FY2012 half-year results |
|
August 20121 |
Payment of FY2012 interim dividends (if applicable) |
|
October 20121 |
Release of FY2012 third-quarter results |
1 Actual date will be released through M1’s and SGX’s websites, closer to the event/announcement