Global 100
Bu s i n e s s a n a lys i s fo r t e leco m s pro fe s s i o n a l s
in association with
in the
red zone
www.totaltele.com
october 2014
Bu s i n e s s a n a lys i s fo r te leco m s pro fe s s i o n a l s
NEWS & VIEWS
A round-up of some
of the major stories
reported in our daily
news service
www.totaltele.com
business
technology
In The Red Zone:
AT&T and Verizon lead
this year’s ranking of
the world’s biggest
telcos by revenues
People Power:
We profile the men at
the helm of some of the
key players in this year’s
Global 100 report
geography
World Leader:
The Asia-Pacific region
contributes the biggest
share of Global 100
revenues
opinion
SECOND & GOAL
Verizon overtakes NTT to take second place in the
Global 100, but AT&T is secure at the top for now
W
e love a sporting
metaphor at Total
Telecom and the 2014
Global 100 report gives us
the perfect opportunity to
indulge.
It’s not often that there is
a significant change at the
top end of the ranking of the
world’s biggest telecoms
operators, but this edition is
an exception. A powerful
drive from Verizon
Communications resulted in
a valuable gain in yardage,
leaving the US operator in
second position in the table
and within sacking distance
of its major domestic rival
and perennial Global 100
leader AT&T. With an
annual revenue growth rate
in excess of 4% in dollar
terms in recent years,
Verizon could be seen as a
credible challenger for top
spot, but it is more likely that
some defensive blocking on
the part of AT&T will put
paid to those ambitions. If
AT&T gets the go-ahead to
buy DirecTV, for example, it
will pull away from Verizon.
You could argue that
Softbank boasts the strongest offensive line among the
players at the top end of the
table though. Having
absorbed US mobile operator
Sprint, the Japanese firm
gained seven places, overtaking the likes of Vodafone,
America Movil and Orange
to secure seventh place in the
ranking. In its 2014 annual
report Softbank described
the acquisition as its “first
step towards the goal of
full-scale global expansion.”
events
Dates for your diary and
details of the must-attend
events in the telecoms
industry over the coming
months
Place your bets now as to
how high Softbank can go.
This year we also looked
at the impact of the Brazilian
market on the Global 100.
Only one Brazilian company,
Oi, made it into the ranking,
but the country is an
important source of revenue
for a number of international
players, including Telefonica
and Telecom Italia. Ongoing
speculation about market
consolidation will impact on
all of them, whatever the
outcome.
Meanwhile, Oi itself has
the special teams on the field
following the resignation of
CEO Zeinal Bava in connection with the possible
unravelling of its merger
agreement with Portugal
Telecom. More on that story
and all the recent developments in the global telecoms
industry in our News &
Views section. Read on...
A POWERFUL DRIVE FROM
VERIZON COMMUNICATIONS
RESULTED IN A VALUABLE
GAIN IN YARDAGE
www.totaltele.com
A round-up of the major business and finance
stories of the past few months involving the world’s
biggest telecos, as reported in our daily news
service www.totaltele.com
in brief
BIG NEWS
Legendary investment
Softbank will invest US$250
million in US-based content
producer Legendary
Entertainment.
telefonica uber alles
Telefonica became Germany’s biggest mobile operator in
October when it closed the acquisition of KPN’s E-Plus. The
new Telefonica Deutschland, which combines O2 Germany
and E-Plus, has 41 million mobile subscribers, putting it
ahead of previous market leader T-Mobile, which had 39.3
million at the end of June. The acquisition “makes the
Telefonica Group the second largest operator in Europe in
terms of mobile accesses and total revenue,” the Spanish telco
declared. Telefonica’s European business certainly needed a
shot in the arm. Last year the telco saw its revenues in Europe
fall by 10.6% to €26.8 billion, with declines coming in all its
major markets, including Germany, the UK and particularly
Spain. Meanwhile, KPN’s German business generated €3.2
billion in revenues, a 6.1% decline on the previous year.
Telefonica had to jump through a series of regulatory
hoops in order to win European Commission approval for the
deal. Most significantly, it agreed to sell as much as 30% of its
network capacity–20% over five years and a further 10% at a
later date–to telecoms reseller and mobile virtual network
operator (MVNO) Drillisch. That agreement effectively
creates a new facilities-based competitor in Germany,
something the EU is particularly keen on; 3 Ireland reached a
similar agreement in order to get the go-ahead for its O2
acquisition earlier this year.
Telefonica holds a 62.1% stake in Telefonica Deutschland,
KPN has 20.5% and the remainder is in free float.
BRAZIL AUCTION flat
The sale of 700-MHz
spectrum in Brazil raised
5.85 billion reais (€1.89bn) as
telcos paid little more than
the reserve price for
frequencies and some blocks
remained unsold.
verizon backtrack
The FCC welcomed
Verizon’s decision to
abandon plans to impose
speed restrictions on the
heaviest users of its unlimited 4G mobile tariffs.
TELENOR MYANMAR LAUNCH
Norway’s Telenor began
offering mobile services in
Mandalay, becoming the
second foreign player to
launch in Myanmar. Rival
Ooredoo has signed up over
1 million customers.
telefonica is the second largest
operator in europe
4
www.totaltele.com
in brief
bava’s departure
casts oi/portugal
telecom merger
into doubt
profile
bava walks out
Zeinal Bava resigned as CEO of Brazilian telecoms operator
Oi after its ongoing merger with Portugal Telecom was
thrown into doubt. The announcement came after media
reports claimed that French cableco Altice is planning to
make an offer for Portugal Telecom’s assets, a move that
would naturally require the merger process, which has begun
but is not yet complete, to be unwound. Oi responded by
admitting that it is considering the sale of assets but said it
has not yet made a decision on Portugal Telecom.
Bava, highighted as a key industry player in last year’s
Global 100 report, was the driving force behind the merger
agreement announced in October 2013. Financial irregularities that led to the resignation of Portugal Telecom CEO
Henrique Granadeiro threatened to derail the deal earlier
this year, but the telcos renegotiated the terms and insisted
they were committed to bringing it to completion. Bava’s
departure naturally casts that into serious doubt.
Bava, a former Portugal Telecom chief executive, has only
been at the helm of Oi since mid-2013. He was due to take on
the CEO role at the merged entity.
HEADING FOR THE EXIT
BAKSAAS TO GO
Neelie signs off
Jon Fredrik Baksaas will leave his
post as chief executive of Telenor at
the end of next year. The Norwegian
telco has yet to name a succesor.
Outgoing European digital agenda
commissioner Neelie Kroes delivered her final speech to telcos,
urging them to change their ways
and embrace the single market.
Ofcom seeks new leader
Ed Richards resigned as chief executive of UK regulator Ofcom after
eight years in the role. He will leave
at the end of the year and Ofcom
aims to have found a replacement
by early 2015.
Hribar ditches Eircom
Eircom chief executive Herb Hribar
has stepped down after two years
in the job. CFO Richard Moat will
serve as acting CEO until the Irish
telco names a replacement.
5
www.totaltele.com
Fastweb on the block
Swisscom is reportedly
working on a deal to sell
Italy’s Fastweb to Vodafone
for €4 billion-€5 billion.
NII goes Chapter 11
NII Holdings, owner of
several Latin American
mobile operators, filed for
bankruptcy protection after
failing to stem customer
losses.
New PTT play
Pacific DataVision plans to
launch a new push-to-talk
service in the US, having
acquired 900-MHz spectrum
from Sprint.
GreatLand Connections
Charter Communications
and Comcast announced that
the company spun out of
their forthcoming merger
will be known as GreatLand
Connections.
new mobile op in hungary
The Hungarian government
raised 130.6 billion forints
(€418m) from the sale of
800-MHz and 2.6-GHz
spectrum. The winners
included cableco Digi.
1.25bn
smartphone
shipments
predicted in 2014,
up 24% on 2013
(IDC)
big news
all eyes on mexico
There is change afoot in Mexico. Carlos Slim in October
confirmed that the fixed and mobile assets to be sold by
America Movil will cover both the country’s east and west
coasts and its border with the US. The telco is working with
potential buyers, he said, but would not be drawn on whether
or not they include AT&T. The US telco recently admitted it
has its eye on opportunities south of the border.
The new entrant, whatever its identity, will find itself in a
market in a state of flux. Ricardo Salinas in September paid
Televisa $717 million for the 50% of Iusacell he does not
already own and is now seeking an equity partner for the
telco, Mexico’s third-largest mobile operator. Number two
player Telefonica, which admitted in July that it was taking
part in negotiations in Mexico, has gone quiet.
Meanwhile, the MVNO market is hotting up. Maz
Tiempo, which piggybacks on Telefonica’s network, launched
in August, two months after Virgin Mobile.
the new entrant will find itself
in a market in a state of flux
BIG NAMES
MAKING A COMEBACK
Telecoms veteran Sol Trujillo could be about to return to the industry if
rumours that he is working on a plan to raise around €7.5 billion to fund the
acquisition of a stake in Telecom Italia prove to be true. Trujillo has reportedly yet to approach Telecom Italia with his plan, codenamed ‘Adriano’,
which would see him take on the role of Telecom Italia CEO and appoint a
new management team.
He has experience on that score, having headed up a number of telcos,
including US West and Orange, and most recently serving as CEO of Telstra.
Little has been seen of him in telecoms circles since he left the Australian
incumbent in February 2009, although in the interim he has been linked with
moves for T-Mobile US and Sprint, speculation that ultimately came to nothing. He has made no official comment on Telecom Italia.
If he has his eye on the Italian incumbent he could well face opposition
from another industry heavyweight. Egyptian businessman Naguib Sawiris
was recently quoted as saying that he is still interested in Telecom Italia,
provided the company retains its Brazilian business, a condition that is by
no means certain (see Global 100 for more details). Sawiris, who made an
unsuccessful bid for Telecom Italia in 2012, said earlier this year that he
would be prepared to pump as much as €2 billion into the telco.
6
www.totaltele.com
in brief
BIG NEWS
TELEKOM ROMANIA BORN
Romania’s Romtelecom and
mobile unit Cosmote became
Telekom Romania to bring it
into line with parent
company Deutsche Telekom’s
branding.
VODA FOCUSES ON NETWORKING
Vodafone is still on the lookout for fixed assets. It has entered
into a non-binding agreement with a view to acquiring 100%
of Qatar state-owned fibre network operator Qatar National
Broadband Network (Qnbn), and it is bulking up its operations in Greece with the acquisition of Hellas Online; it will
pay €72.7 million to increase its stake to 91.2% from 18.4%,
before launching a mandatory offer for the remainder.
Bell Aliant going private
Bell Canada has completed
phase one of its C$3.95
billion privatisation of
regional subsidiary Bell
Aliant, exceeding the 50%
threshold for the tender of
shares by some margin.
yumobile to go in Q4
Essar Capital has agreed to
sell Kenyan operator yuMobile to Safaricom and Bharti
Airtel for US$120 million. It
aims to complete the deals in
the fourth quarter.
Saudi gets an MVNO
Virgin Mobile became Saudi
Arabia’s first MVNO,
launching services on Saudi
Telecom’s network.
TOWERS GO SPECIALIST
Operators in Asia and Africa are looking to cut costs by
offloading their mobile towers. Indonesia’s XL Axiata
recently agreed a 5.6 trillion rupiah (€362m) deal with STP for
3,500 towers; Bharti Airtel sold 3,500 towers in six African
markets to Eaton Towers; and MTN created a JV with IHS to
manage 9,151 towers in Nigeria. Meanwhile, India’s Reliance
Jio Infocomm inked a tower-sharing deal with GTL
Infrastructure that it says will speed up its 4G rollout.
jazzing it up
Spanish broadband provider Jazztel in September confirmed
it was in talks with TeliaSonera over a possible acquisition of
its Yoigo unit. However, just days later Orange made a €3.4
billion bid for Jazztel that requires it to cancel its pursuit of
Yoigo. The offer is conditional on Orange acquiring 50.01%
of Jazztel’s share capital. Its biggest single shareholder
Leopoldo Fernandez Pujals, who holds 14.5%, has agreed to
tender his stake and the deal has the backing of top executives, but number two shareholder Alken Asset Management
is holding out for a higher offer.
big deals
Vimpelcom exits canada
GVT DEAL FINALISED
China Mobile’s True deal
Tony Lacavera’s Globalive Capital
has agreed to pay C$135 million for
the stake in Wind Mobile held by
Vimpelcom and subsidiary Global
Telecom Holding giving it sole control of the telco.
Telefonica inked a formal agreement
to acquire Brazil’s GVT, having been
in talks with its parent Vivendi since
August. It will pay €4.66 billion in
cash plus a 12% stake in Telefonica
Brasil. In addition, Vivendi will take a
5.7% stake in Telecom Italia.
True Corp carried out a 65 billion
baht (€1.56bn) recapitalisation
that saw China Mobile take an 18%
stake in the Thai telco.
TDC buys norway cableco
Denmark’s TDC will acquire Norwegian cable operator Get for 12.5
billion kroner (€1.7bn).It will merge
Get with its YouSee unit.
versatel sold
Germany’s United Internet has taken
full control of fibre network operator
Versatel for €586 million.
7
www.totaltele.com
Argentina issues
Telecom Italia is re-evaluating the
terms of its planned $960 million
deal to sell its controlling stake in
Telecom Argentina to Fintech. It
has pushed back the deadline for
completion to the end of October.
CONTRIBUTED CONTENT
Ensuring Smooth Evolution
& Improving User Experience
Huawei helps China Unicom in LTE construction for BCIA
T
he time of LTE has come,
leading to rapid data
service growth. Network
quality in hotspot areas is
essential to customer
perception. China Unicom
had to think about the
construction of hotspot areas
such as airports, subways,
and stadiums in the early
stage of LTE deployment.
Beijing Capital
International Airport (BCIA)
is the largest airport in China
and boasts the second highest
traffic in the world. BCIA
holds a lot of high-end
moving users. Quality LTE
networks can bring a carrier
good brand image and
business value. Therefore,
the indoor coverage for BCIA
was listed as a key project of
China Unicom in 2014.
Challenges to BCIA Network
Construction
BCIA has a huge data service
traffic, especially on holidays
and in case of flight delay.
8
www.totaltele.com
Users are also very demanding on service experience.
How could China Unicom
meet the large-capacity
requirement and ensure
good user experience?
BCIA network construction is a very challenging one.
Site access is difficult and the
project has a high demand on
indoor remote monitoring
and management.
Fan Liqun, Director of the
Network Construction
Department of Beijing
CONTRIBUTED CONTENT
Unicom, required that the
airport network must be
future-oriented to evolve
smoothly as the number of
smart terminals and mobile
applications surges. So the
network must be powerful
enough to support future
network capacity and
spectrum expansion.
support high-speed data
services and ensure topquality user experience.
In the security area and
the boarding gate where
digital devices are forbidden.
Only a handful of customers
Network Planning and Design
Based on User Behavior and
Scenario Characteristics
Huawei designed different
solutions based on user
behaviors and building
characteristics of different
areas inside and outside the
airport to improve network
quality and ensure user
perception.
In the cab and bus area
with a lot of moving users,
the most popular services are
call and SMS services.
Huawei used the multi-site
cell technology to realize
contiguous coverage,
avoiding switchover between
cells that might compromises
user experience.
In the waiting hall and
the VIP area, users usually
play online games or engage
in long-time phone calls.
Data services are more
common, posing a challenge
to future network expansion.
Therefore, China Unicom
had to design plans for
future cell expansions to
use low-speed services. So
creating handover zones
between cells is the best
choice here to ensure
seamless user experience.
LampSite solution to tackle
these challenges. So far, the
solution has proved very
successful. Compared with
the traditional indoor
distributed solution,
LampSite is significantly
HUAWEI CAN QUICKLY RESPOND
TO CUSTOMER REQUIREMENTS
Quick-to-Deploy and
Evolution-oriented Solution
Based on the network
characteristics and design
requirements, China Unicom
adopted Huawei’s innovative
LampSite indoor coverage
solution. LampSite uses a flat
network architecture and
supports network cable and
optical fiber transmission,
which facilitates network
construction and makes
indoor network deployment
very simple. “Antenna-level”
signal sources provide
super-large capacity and
support flexible cell expansion. Modular design
supports smooth network
evolution in the future
through card inserting and
module adding.
“China Unicom and
Huawei use the innovative
9
www.totaltele.com
better in network deployment and performance,” said
Fan Liqun, “After network
construction is completed,
we had a live experience,
enjoying a downlink speed of
140 Mbit/s. The excellent
network performance meets
the anticipation. China
Unicom will continue to
work with Huawei to build
more value sites.”
Huawei has constructed
over 26,000 hotspot networks
for 115 carriers in 64
countries. Huawei boasts
delivery platforms around
the world and a comprehensive supply chain. It has a
global support center in the
headquarters to share the
best delivery resources as
well as internalized standards
and processes and a comprehensive quality management
system. With these resources, Huawei can quickly
respond to customer
requirements and provide
customers with full-process
and high-quality services.
GLOBAL 100 2104
IN THE RED ZONE
America’s big two now lead the telecoms world, but major markets like Brazil
will also have a big impact on telcos’ fortunes
I
t’s America one and two
as, for the first time in
seven years, we have a
major change at the top of
the Global 100. Based on the
most recent year’s financial
results, Verizon is now the
second-largest telecoms
operator in the world by
revenues, pushing NTT–
once the world leader–down
into third place.
Verizon has held second
place before, albeit briefly, in
the 2006 Global 100 report,
when NTT was top of the
pile. “This could be the last
year for some time that
Japan’s national operator
holds the title. Next year,
Verizon Communications
could be carrying the crown
of the biggest telecoms
operator in the world,” Total
Telecom predicted at the time.
We were correct in the first
half of that forecast, but not
the second: AT&T took the
top spot in the 2007 report
and has stayed there ever
since. Meanwhile, Verizon
dropped to number three
and stayed firmly planted
there. But by the 2013 edition
the writing really was on the
wall: “Verizon…is mounting
a credible challenge for
second spot,” we said.
Indeed, Verizon was less
than €1 billion behind NTT
in revenues last year. Both
companies saw their
revenues fall in euro terms
this year due to exchange
rate effects, but in reporting
currency Verizon grew its
turnover by 4.1% compared
with NTT’s 2.1%.
The US operator can
attribute its rise to its
strength in mobile. Verizon
Wireless accounted for $81
billion or 67% of the
operator’s revenues in the
most recent financial
year–up from 65% the
previous year–its turnover
increasing by 6.8%. By
contrast, its global enterprise
business shrank by 3.9%,
pulling down overall
wireline revenues. Arch-rival
AT&T generates a smaller
percentage of its revenues
from mobile–54% in the
most recent year–but it too is
relying on that side of the
business for growth. The
telco reported a 4.7%
increase in turnover from its
wireless operations, compared with a 1.3% decline in
wireline.
With overall revenue
growth of 1% in own
currency terms, AT&T
retains its position at the
head of the Global 100, but if
Verizon can maintain the
4%-plus growth rate it has
recorded in recent years, the
top dog could be feeling the
10
www.totaltele.com
revenue risers
Iliad
Liberty Global
Millicom
PCCW
TalkTalk
Taiwan Mobile
Softbank
BSNL
Freenet
rank places
2014gained
55 15
24 14
56 8
72 8
79 8
84 8
7
7
54 7
64 7
Source: Total Teleccom
revenue fallers
Portugal Telecom
KPN
Tele2
Saudi Telecom
MTN
Rogers Comms
Rostelecom
NII Holdings
KDDI
Telkom SA
rank places
2014lost
68
-24
34
-11
61
-10
31
29
39
40
59
13
78
-5
-4
-3
-3
-3
-2
-2
Source: Total Telecom
pressure. Verizon added
US$4.70 billion to its
revenues last year, compared
to AT&T’s $1.32 billion, and
is $8.20 billion behind.
That said, AT&T has
embraced M&A in recent
months and that could be its
saving grace when it comes
to maintaining the lead. Its
$1.19 billion acquisition of
Leap Wireless in March will
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ĨŽƌƚŚĞŝƌƐƚƌĂƚĞŐŝĐ/dƐLJƐƚĞŵƐ
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ƚŚĞŶĞǁĚŝŐŝƚĂůĞĐŽŶŽŵLJ
revenues
RankCompany nameRevenue Accounting
2014 (Rank in 2013)
Emstandard
1
AT&T (1)
93,516
US GAAP
2
Verizon (3)
87,559
US GAAP
3NTT (2)
77,241
US GAAP
4
China Mobile (4)
74,865IFRS
5Deutsche Telekom (6)
60,132IFRS
6Telefonica (5)
57,061IFRS
7
Softbank (14)
47,133IFRS
8
Vodafone (7)
46,388IFRS
9
America Movil (8)
43,668IFRS
10Orange (9)
40,981IFRS
11 China Telecom (10)
38,204IFRS
12 China Unicom (12)
35,051IFRS
13KDDI (11)
30,639Jap GAAP
14Telecom Italia (13)
23,407IFRS
15 BT (16)
22,122IFRS
16Telstra (17)
17,477
AASB/IFRS
17 Vimpelcom (18)
16,376IFRS
18KT (19)
16,191Korean IFRS
19 BCE (20)
13,852IFRS
20 CenturyLink (21)
13,143
US GAAP
21Telenor (22)
12,341IFRS
22TeliaSonera (24)
11,389IFRS
23 SK Telecom (27)
11,289IFRS
24 Liberty Global (38)
10,513
US GAAP
25 Bharti Airtel (28)
10,432IFRS
26 SFR (30)
10,199IFRS
27 Comcast (31)
10,162
US GAAP
28 SingTel (29)
9,726
Sing FRS
29 MTN (25)
9,444IFRS
30 Swisscom (33)
9,327IFRS
31 Saudi Telecom (26)
8,830
Saudi GAAP
32 MTS (32)
8,822
US GAAP
33Oi (34)
8,736IFRS
34KPN (23)
8,472IFRS
35 LG Uplus (39)
7,786Korean IFRS
36Telus (35)
7,743IFRS
37Etisalat (42)
7,682IFRS
38Hutchison Whampoa (40) 7,589HK FRS
39Rogers Comms (36)
7,296IFRS
40Rostelecom (37)
7,211IFRS
41Ooredoo (41)
6,748IFRS
42 MegaFon (43)
6,581IFRS
43 Belgacom (45)
6,318IFRS
44Time Warner Cable (48)
5,701
US GAAP
45 Chunghwa Telecom (46) 5,515IFRS
46PT Telkom (46)
4,978Indo FAS
47 Bouygues Telecom (50)
4,664IFRS
48 Level 3 (53)
4,585
US GAAP
49Turk Telekom (49)
4,476IFRS
50 Windstream (55)
4,349
US GAAP
RankCompany nameRevenue Accounting
2014 (Rank in 2013)
Emstandard
51Turkcell (57)
4,340IFRS
52Telekom Austria (58)
4,184IFRS
53OTE (54)
4,054IFRS
54 BSNL (61)
3,871Indian GAAP
55Iliad (70)
3,748IFRS
56 Millicom (64)
3,747IFRS
57 Shaw Comms (60)
3,689IFRS
58TDS (59)
3,560
US GAAP
59NII Holdings (56)
3,466
US GAAP
60 Frontier Comms (63)
3,458
US GAAP
61Tele2 (51)
3,345IFRS
62TDC (65)
3,298IFRS
63Idea Cellular (69)
3,222Indian GAAP
64 Freenet (71)
3,193IFRS
65Zain (67)
3,188IFRS
66 AIS (66)
3,150Thai FRS
67Telecom Argentina (68)
3,049IFRS
68Portugal Telecom (44)
2,911IFRS
69PLDT (72)
2,751IFRS
70 CANTV (75)
2,617
Ven NSS
71Reliance Comms (73)
2,580Indian GAAP
72PCCW (80)
2,558HK FRS
73 Maroc Telecom (78)
2,509IFRS
74 Global Telecom Holding (77)2,504IFRS
75Tata Comms (81)
2,384Indian GAAP
76Telekom Malaysia (82)
2,343
MFRS
77 Spark New Zealand (79) 2,335IFRS
78Telkom SA (76)
2,271IFRS
79TalkTalk (87)
2,083IFRS
80 Charter Comms (86)
2,056
US GAAP
81 Maxis Group (84)
2,002
MFRS
82 Bezeq (85)
1,992IFRS
83TOT (89)
1,922Thai FRS
84Taiwan Mobile (92)
1,909IFRS
85Intelsat (88)
1,891
US GAAP
86 SES Global (90)
1,863IFRS
87 SK Broadband (91)
1,727Korean IFRS
88Polkomtel (93)
1,610IFRS
89 Cablevision (94)
1,586
US GAAP
90 Colt Telecom (95)
1,576IFRS
91 Globe Telecom (new)
1,555PFRS
92Elisa Corporation (96)
1,547IFRS
93 Cable & Wireless (97)
1,362IFRS
94 StarHub (98)
1,351
Sing FRS
95Eutelsat (100)
1,348IFRS
96IDT (new)
1,222
US GAAP
97Telecom Egypt (new)
1,157EAS
98 MTS Allstream (99)
1,109IFRS
99 Cellcom (new)
1,026IFRS
100Inmarsat (new)
917IFRS
Source: Total Telecom/operator data
12
www.totaltele.com
have a small impact on its
revenues–Leap, number 83 in
the table last year, has now
been removed–but there is at
least one more deal in the
pipeline that will have an
effect.
AT&T agreed to buy
satellite operator DirecTV
for $48.5 billion in May, a
move that will significantly
boost its presence in the TV
market. DirecTV’s 2013
revenues came in at $31.75
billion, which would put
AT&T well over the €100
billion revenues mark and
solidify its position at the top
of the ranking table. The
deal has yet to get the
go-ahead from regulators,
but DirecTV shareholders
gave it the green light in
September.
There is some opposition
to the deal though, including
from rival satellite provider
Dish Network, which this
summer warned that the
merged entity would have
too much control over the
content market.
One way or another, Dish
could well have an impact on
the future shape of the
Global 100. The firm holds a
fair amount of mobile
spectrum and has registered
its intention to participate in
the FCC’s planned auction of
AWS-3 spectrum in
November. With a mobile
operation, it would qualify to
join the ranks of the Global
100; its 2013 revenues totalled
$13.7 billion (€9.85 billion).
Dish could also buy its
way into the Global 100. It
made an unsuccessful
attempt to acquire mobile
operator Sprint in April 2013
and this year has been linked
with T-Mobile US, which,
had we separated its results
out from those of parent
company Deustche Telekom,
would have ranked 16th in
the table in its own right.
The two companies together
would be 14th.
France’s Iliad was also in
the running for T-Mobile
US. It made a $33-per-share
offer for 56.6% of the
business in July, but that was
rebuffed as too low by
Deutsche Telekom. There
was talk of it continuing its
MARKET CAPITALISATION
Company
revenue rank
China Mobile
4
Verizon
2
AT&T
1
Comcast
27
Vodafone
8
Softbank
7
America Movil
9
NTT
3
Telefonica
6
Deutsche Telekom
5
(Market capitalisation as on 26 August 2014)
Market cap (Ebn)
186.77
154.67
135.55
106.91
68.38
63.68
62.89
57.41
54.75
51.23
Source: Total Telecom
13
www.totaltele.com
pursuit, but as the Global 100
went to press it announced
that a second offer was also
rejected. Iliad comes top of
our ‘Revenue Risers’ table,
having gained 15 places since
last year, but it has yet to
break into the top half of the
ranking.
Sprint’s new parent
Softbank also made overtures to T-Mobile this year
with a view to merging the
two. However, it backed away
from that plan when
regulators made it clear that
such a move would not be
sanctioned. The acquisition
of Sprint propelled Softbank
seven places up the table to
number seven; Sprint
contributed 39% to
Softbank’s topline.
The US market also had a
bearing on Deutsche
Telekom’s rise up the table
this year. The German
incumbent climbed one place
to number five, having added
close to €2 billion to its
revenues. While most of its
other businesses saw revenue
declines, the US operation
increased turnover by 20.7%,
contributing 30.9% of the
group’s top line. Its May 2013
acquistion of MetroPCS,
which has now disappeared
from the table, helped boost
that figure.
As a result, Deutsche
Telekom has regained its
position as Europe’s biggest
telco, switching places with
Spanish incumbent
Telefonica, which lost more
than €5 billion in revenues.
Telefonica’s biggest
declines in the most recent
year came in Spain, where it
saw revenues fall by over €2
billion, and in Brazil, where
its business contracted by
€1.4 billion. Spain remains
the telco’s largest market,
but only by a fraction ahead
of Brazil; the two markets
account for 22.7% and 21.4%
of its total respectively.
Telefonica generates more
revenue from Latin America
than it does Europe and that
looks set to continue after
the operator in September
agreed to pay €4.66 billion in
cash plus a 12% stake in
Telefonica Brasil for
Vivendi’s Brazilian broadband subsidiary GVT.
for the company. Telefonica
is widely tipped to become a
party to those talks, which
means TIM could ultimately
be sold off and its assets split
between its rivals.
However, there has also
been speculation that
Telecom Italia is considering
a takeover bid for Oi. TIM
Brasil denied that formal
talks were taking place, but
did not comment on the
likelihood of its parent
company being interested in
BRAZILIAN BENEFITS
Brazil is a key market for a
number of operators and,
despite the fact there is only
one Brazilian operator in the
Global 100–Oi, at number
33–the country could have a
significant impact on the
ranking in future years.
The Brazilian mobile
market–one of the biggest in
the world with 276 million
subscribers as of the end of
July, according to regulator
Anatel–is at the centre of
consolidation talk and it
looks as though one of its big
four operators will cease to
exist in its current form in
the foreseeable future.
Telecom Italia has been
fielding questions about the
future of its TIM Brasil unit
since the start of the year
and in September America
Movil confirmed its intention to hold talks with Oi
regarding a possible joint bid
such a move in future. While
most reports suggest that
Telecom Italia will be the
target rather than the buyer
in Brazil, the telco does have
an incentive to retain its
Brazilian business.
Egyptian businessman
Naguib Sawiris recently
reiterated his interest in
investing in Telecom Italia,
but only on the condition
that it retains its operations
in Brazil. Further, the loss of
TIM Brasil would have an
impact on Telecom Italia’s
position in the Global 100.
The Italian incumbent
generated 29.7% of its
revenues from Brazil in the
most recent financial year
and as such would have
found itself at number 17 in
the table without that
business. As it is, it has
slipped one place to number
14, continuing its steady
decline over the past few
years; it dropped out of the
top 10 in 2011.
Brazil is also important to
Mexico’s America Movil,
which cemented its position
as Latin America’s biggest
operator by increasing
revenues in local currency
terms by 1.4%; however, it
fell one place in the ranking
to 9th as a result of
Softbank’s growth. America
Movil generated 63.5% of its
revenues from its home
market and Brazil together. It
BRAZIL COULD HAVE A SIGNIFICANT
IMPACT ON THE RANKING IN FUTURE
14
www.totaltele.com
is facing challenges in
Mexico, where its fixed and
mobile market shares stand
at around 80% and 70%
respectively, as regulator
Ifetel pushes to increase
competition. It is working on
a plan to sell off a portion of
its assets in a bid to bring its
market share below 50% and
thereby sidestep asymmetric
regulation and ultimately get
the go-ahead to launch TV
services. Shortly before the
Global 100 went to press,
company founder Carlos
Slim said in an interview that
the telco is working to reach
agreement with potential
buyers, but declined to
comment on speculation that
AT&T is the most likely
candidate. Presuming all
goes to plan, the rollout of a
quad-play offer in Mexico
should offset the revenue lost
through the sale of fixed and
mobile assets.
net income & Return on Revenues
rankCompany name Net income/ROR
2014 (rank in 2013)loss Em
1
Vodafone (35)
71,882
155.0%
2
Verizon (2)
17,103
19.5%
3
China Mobile (1)
14,470
19.3%
4
AT&T (4)
13,476
14.4%
5NTT (3)
5,351
6.9%
6
Comcast (na)
5,182
51.0%
7Telefonica (6)
4,969
8.7%
8
America Movil (5)
4,165
9.5%
9
Softbank (9)
4,144
8.8%
10Telstra (10)
2,999
17.2%
11KDDI (16)
2,516
8.2%
12 BT (11)
2,441
11.0%
13Orange (25)
2,133
5.2%
14 SingTel (14)
2,111
21.7%
15 MTN (15)
2,103
22.3%
16 China Telecom (17)
2,099
5.5%
17 Saudi Telecom (18)
1,978
22.4%
18TeliaSonera (12)
1,878
16.5%
19 MTS (24)
1,789
20.3%
20Tele2 (53)
1,634
48.8%
21 BCE (13)
1,621
11.7%
22Etisalat (23)
1,533
19.9%
23Telenor (22)
1,438
11.7%
24 Swisscom (21)
1,383
14.8%
25 China Unicom (34)
1,236
3.5%
26PT Telkom (20)
1,217
24.5%
27Deutsche Telekom (92)
1,204
2.0%
28 MegaFon (30)
1,146
17.4%
29 SK Telecom (36)
1,094
9.7%
30 Chunghwa Telecom (27)
1,031
18.7%
31Turkcell (32)
893
20.6%
32Telus (28)
879
11.3%
33 AIS (33)
799
25.4%
34 Cable & Wireless (70)
691
50.8%
35Ooredoo (29)
656
9.7%
36 Belgacom (39)
652
10.3%
37Zain (38)
627
19.7%
38 CANTV (na)
581
22.2%
39PLDT (42)
579
21.1%
40 SES Global (44)
569
30.5%
41 Shaw Comms (45)
563
15.2%
42 Maroc Telecom (43)
559
22.3%
43Rostelecom (31)
534
7.4%
44Oi (41)
459
5.3%
45Turk Telekom (26)
430
9.6%
46TDC (48)
418
12.7%
47 Maxis Group (49)
391
19.5%
48Portugal Telecom (56)
388
13.3%
49Taiwan Mobile (51)
377
19.7%
50 Bezeq (54)
369
18.5%
rankCompany name Net income/ROR
2014 (rank in 2013)loss Em
51 Bharti Airtel (57)
367
3.5%
52Telecom Argentina (50)
363
11.9%
53OTE (47)
323
8.0%
54Eutelsat (55)
316
23.5%
55Telecom Egypt (new)
308
26.6%
56 Spark New Zealand (69)
295
12.6%
57PCCW (61)
286
11.2%
58Telkom SA (88)
271
11.9%
59Iliad (65)
265
7.1%
60Idea Cellular (68)
239
7.4%
61 Freenet (66)
239
7.5%
62Telekom Malaysia (58)
231
9.9%
63 StarHub (62)
212
15.7%
64Elisa Corporation (64)
196
12.7%
65 LG Uplus (81)
190
2.4%
66 Windstream (72)
175
4.0%
67 Millicom (52)
149
4.0%
68Reliance Comms (75)
138
5.4%
69TDS (77)
121
3.4%
70Telekom Austria (76)
110
2.6%
71TOT (63)
97
5.1%
72Inmarsat (new)
93
10.1%
73 Frontier Comms (74)
84
2.4%
74 Globe Telecom (new)
81
5.2%
75 Cellcom (new)
60
5.8%
76 Colt Telecom (78)
38
2.4%
77TalkTalk (73)
34
1.6%
78 Bouygues Telecom (80)
13
0.3%
79Tata Communications (82) 12
0.5%
80IDT (new)
10
0.8%
81 SK Broadband (79)
8
0.5%
82 KT (37)
-41
-0.3%
83 MTS Allstream (71)
-57
-5.2%
84Polkomtel (na)
-76
-4.7%
85 Level 3 (86)
-79
-1.7%
86 CenturyLink (46)
-174
-1.3%
87Intelsat (83)
-183
-9.7%
88KPN (40)
-215
-2.5%
89Telecom Italia (90)
-238
-1.0%
90 Liberty Global (60)
-658
-6.3%
91 BSNL (89)
-1,125
-29.1%
92NII Holdings (87)
-1,198
-34.6%
93 Global Telecom Holding (85) -2,117
-84.5%
94 Vimpelcom (19)
-2,969
-18.1%
-
Cablevision (na)
NANA
-
Charter Comms (na)NA
NA
-Hutchison Whampoa (na)
NANA
-Rogers Comms (na)
NANA
-
SFR (na)
NANA
-Time Warner Cable (na)
NANA
Source: Total Telecom/operator data
15
www.totaltele.com
the global 100 (1-50)
RankCompany nameRevenueRevenueNet incomeNet income Country of
Financial
2014 (Rank in 2013)
reporting €m
/net loss
/loss €m
reporting/year end
currency
reportingcurrency
(m)currency (m)
1
AT&T (1)
128,752
93,516
18,553
13,476
US/USD
31 Dec 2013
2
Verizon (3)
120,550
87,559
23,547
17,103
US/USD
31 Dec 2013
3NTT (2)
10,925,174 77,241
756,857
5,351Japan/JPY
31 Mar 2014
4
China Mobile (4)
630,177
74,865
121,803
14,470
China/CNY
31 Dec 2013
5Deutsche Telekom (6) 60,132
60,132
1,204
1,204
Germany/EUR
31 Dec 2013
6Telefonica (5)
57,061
57,061
4,969
4,969
SpainEUR
31 Dec 2013
7
Softbank (14)
6,666,651 47,133
586,149
4,144Japan/JPY
31 Mar 2014
8
Vodafone (7)
38,346
46,388
59,420
71,882
UK/GBP
31 Mar 2014
9
America Movil (8)
786,101
43,668
74,974
4,165
Mexico/MXN
31 Dec 2013
10Orange (9)
40,981
40,981
2,133
2,133
France/EUR
31 Dec 2013
11 China Telecom (10)
321,584
38,204
17,666
2,099
China/CNY
31 Dec 2013
12 China Unicom (12)
295,038
35,051
10,408
1,236
China/CNY
31 Dec 2013
13KDDI (11)
4,333,628 30,639
355,857
2,516Japan/JPY
31 Mar 2014
14Telecom Italia (13)
23,407
23,407
-238
-238Italy/EUR
31 Dec 2013
15 BT (16)
18,287
22,122
2,018
2,441
UK/GBP
31 Mar 2014
16Telstra (17)
25,320
17,477
4,345
2,999
AustraliaAUD
30 Jun 2014
17 Vimpelcom (18)
22,546
16,376
-4,088
-2,969RussiaUSD
31 Dec 2013
18KT (19)
23,810,599 16,191
-60,251
-41Korea/KRW
31 Dec 2013
19 BCE (20)
20,400
13,852
2,388
1,621
CanadaCAD
31 Dec 2013
20 CenturyLink (21)
18,095
13,143
-239
-174
US/USD
31 Dec 2013
21Telenor (22)
104,027
12,341
12,123
1,438Norway/NOK
31 Dec 2013
22TeliaSonera (24)
101,700
11,389
16,767
1,878
Sweden/SEK
31 Dec 2013
23 SK Telecom (27)
16,602,054 11,289
1,609,549
1,094Korea/KRW
31 Dec 2013
24 Liberty Global (38)
14,474
10,513
-906
-658
US/USD
31 Dec 2013
25 Bharti Airtel (28)
858,635
10,432
30,194
367IndiaINR
31 Mar 2014
26 SFR (30)
10,199
10,199NANA
France/EUR
31 Dec 2013
27 Comcast (31)
13,991
10,162
7,135
5,182
US/USD
31 Dec 2013
28 SingTel (29)
16,848
9,726
3,657
2,111
Singapore/SGD
31 Mar 2014
29 MTN (25)
136,495
9,444
30,400
2,103
South Africa/ZAR 31 Dec 2013
30 Swisscom (33)
11,434
9,327
1,695
1,383
Switzerland/CHF 31 Dec 2013
31 Saudi Telecom (26)
45,605
8,830
10,218
1,978
Saudi Arabia/SAR 31 Dec 2013
32 MTS (32)
398,443
8,822
80,788
1,789Russia/RUB
31 Dec 2013
33Oi (34)
28,422
8,736
1,493
459
Brazil/BRL
31 Dec 2013
34KPN (23)
8,472
8,472
-215
-215Netherlands/EUR 31 Dec 2013
35 LG Uplus (39)
11,450,300 7,786
279,463
190Korea/KRW
31 Dec 2013
36Telus (35)
11,404
7,743
1,294
879
Canada/CAD
31 Dec 2013
37Etisalat (42)
38,853
7,682
7,751
1,533
UAE/AED
31 Dec 2013
38Hutchison Whampoa (40)81,048
7,589NANAHong Kong/HKD
31 Dec 2013
39Rogers Comms (36)
10,745
7,296NANA
Canada/CAD
31 Dec 2013
40Rostelecom (37)
325,704
7,211
24,131
534Russia/RUB
31 Dec 2013
41Ooredoo (41)
33,851
6,748
3,293
656
Qatar/QAR
31 Dec 2013
42 MegaFon (43)
297,229
6,581
51,770
1,146Russia/RUB
31 Dec 2013
43 Belgacom (45)
6,318
6,318
652
652
Belgium/EUR
31 Dec 2013
44Time Warner Cable (48) 7,849
5,701NANA
US/USD
31 Dec 2013
45 Chunghwa Telecom (46) 227,981
5,515
42,618
1,031Taiwan/TWD
31 Dec 2013
46PT Telkom (46)
82,967,000 4,978
20,290,000
1,217Indonesia/IDR
31 Dec 2013
47 Bouygues (50)
4,664
4,664
13
13
France/EUR
31 Dec 2013
48 Level 3 (53)
6,313
4,585
-109
-79
US/USD
31 Dec 2013
49Turk Telekom (49)
13,190
4,476
1,267
430Turkey/TRY
31 Dec 2013
50 Windstream (55)
5,988
4,349
241
175
US/USD
31 Dec 2013
16
www.totaltele.com
the global 100 (51-100)
RankCompany nameRevenueRevenueNet incomeNet income Country of
Financial
2014 (Rank in 2013)
reporting €m
/net loss
/loss €m
reporting/year end
currency
reportingcurrency
(m)currency (m)
51Turkcell (57)
5,975
4,340
1,229
893Turkey/USD
31 Dec 2013
52Telekom Austria (58)
4,184
4,184
110
110
Austria/EUR
31 Dec 2013
53OTE (54)
4,054
4,054
323
323
Greece/EUR
31 Dec 2013
54 BSNL (61)
271,279
3,871
-78,844
-1,125India/INR
31 Mar 2013
55Iliad (70)
3,748
3,748
265
265
France/EUR
31 Dec 2013
56 Millicom (64)
5,159
3,747
205
149
Luxembourg/USD 31 Dec 2013
57 Shaw Comms (60)
5,142
3,689
784
563
Canada/CAD
31 Aug 2013
58TDS (59)
4,901
3,560
167
121
US/USD
31 Dec 2013
59NII Holdings (56)
4,773
3,466
-1,650
-1,198
US/USD
31 Dec 2013
60 Frontier Comms (63)
4,762
3,458
115
84
US/USD
31 Dec 2013
61Tele2 (51)
29,871
3,345
14,590
1,634
Sweden/SEK
31 Dec 2013
62TDC (65)
24,605
3,298
3,119
418Denmark/DKK
31 Dec 2013
63Idea Cellular (69)
265,189
3,222
19,678
239India/INR
31 Mar 2014
64 Freenet (71)
3,193
3,193
239
239
Germany/EUR
31 Dec 2013
65Zain (67)
1,240
3,188
244
627Kuwait/KWD
31 Dec 2013
66 AIS (66)
142,783
3,150
36,230
799Thailand/THB
31 Dec 2013
67Telecom Argentina (68) 27,350
3,049
3,254
363
Argentina/ARS
31 Dec 2013
68Portugal Telecom (44) 2,911
2,911
388
388Portugal/EUR
31 Dec 2013
69PLDT (72)
168,331
2,751
35,453
579Philippines/PHP
31 Dec 2013
70 CANTV (75)
22,735
2,617
5,048
581
Venezuela/VEF
31 Dec 2013
71Reliance Comms (73) 212,380
2,580
11,370
138India/INR
31 Mar 2014
72PCCW (80)
27,317
2,558
3,055
286Hong Kong/HKD
31 Dec 2013
73 Maroc Telecom (78)
28,559
2,509
6,359
559
Morocco/MAD
31 Dec 2013
74 Global Telecom Hldg (77)3,447
2,504
-2,914
-2,117Egypt/USD
31 Dec 2013
75Tata Comms (81)
196,196
2,384
1,028
12India/INR
31 Mar 2014
76Telekom Malaysia (82) 10,629
2,343
1,048
231
Malaysia/MYR
31 Dec 2013
77 Spark New Zealand (79) 3,638
2,335
460
295New Zealand/NZD 30 Jun 2014
78Telkom SA (76)
33,061
2,271
3,943
271
South Africa/ZAR 31 Mar 2014
79TalkTalk (87)
1,722
2,083
28
34
UK/GBP
31 Mar 2014
80 Charter Comms (86)
2,830
2,056NANA
US/USD
31 Dec 2013
81 Maxis Group (84)
9,084
2,002
1,772
391
Malaysia/MYR
31 Dec 2013
82 Bezeq (85)
9,563
1,992
1,771
369Israel/ILS
31 Dec 2013
83TOT (89)
87,132
1,922
4,414
97Thailand/THB
31 Dec 2013
84Taiwan Mobile (92)
78,928
1,909
15,583
377Taiwan/TWD
31 Dec 2013
85Intelsat (88)
2,604
1,891
-252
-183
Bermuda/USD
31 Dec 2013
86 SES Global (90)
1,863
1,863
569
569
Luxembourg/EUR 31 Dec 2013
87 SK Broadband (91)
2,539,366 1,727
12,306
8Korea/KRW
31 Dec 2013
88Polkomtel (93)
6,682
1,610
-317
-76Poland/PLN
31 Dec 2013
89 Cablevision (94)
2,184
1,586NANA
US/USD
31 Dec 2013
90 Colt Telecom (95)
1,576
1,576
38
38
Luxembourg/EUR 31 Dec 2013
91 Globe Telecom (new)
95,141
1,555
4,960
81Philippines/PHP
31 Dec 2013
92Elisa Corp (96)
1,547
1,547
196
196
Finland/EUR
31 Dec 2013
93 Cable & Wireless (97) 1,873
1,362
951
691
UK/USD
31 Mar 2014
94 StarHub (98)
2,359
1,351
371
212
Singapore/SGD
31 Dec 2013
95Eutelsat (100)
1,348
1,348
316
316
France/EUR
30 Jun 2014
96IDT (new)
1,621
1,222
13
10
US/USD
31 Jul 2013
97Telecom Egypt (new)
11,135
1,157
2,961
308Egypt/EGP
31 Dec 2013
98 MTS Allstream (99)
1,634
1,109
-84
-57
Canada/CAD
31 Dec 2013
99 Cellcom (new)
4,927
1,026
288
60Israel/ILS
31 Dec 2013
100Inmarsat (new)
1,262
917
127
93
US/USD
31 Dec 2013
17
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Oi cannot reasonably
expect to displace America
Movil as Latin America’s
highest ranking operator any
time soon. It could improve
on its position in next year’s
table through M&A,
although at the time of
writing the deal it is working
on looks to be under threat.
The Brazilian telco is in
the process of merging with
Portugal Telecom–there are
already cross ownerships
between the pair–to create a
new entity with revenues of
€11.65 billion based on the
most recent numbers,
putting it at number 22 in
the table, between Telenor
and TeliaSonera. However,
there are rumours that Oi is
looking to unwind the
merger and sell off the
Portuguese assets, with
French cable operator Altice
named as a likely buyer. Oi
responded, saying it has yet
to make a decision on the
sale of assets in Portugal, but
the subsequent abrupt
resignation of Oi CEO Zeinal
Bava, architect of the
Portugal Telecom deal, lends
credence to the reports.
NII Holdings, which
operates mobile services in
Brazil, Argentina and Mexico
under the Nextel brand has
sold off certain assets. This
year the group saw its
turnover fall by 16%,
pushing it down three places
to number 59. NII in its
current state might not
feature in future issues of the
Global 100; it filed for
Chapter 11 bankruptcy
protection in September.
Another telco that runs
the risk of missing out next
year is Cable & Wireless
Communications, which in
May closed the €321.8 million
LATIN AMERICA BRINGS THE MOST
INTRIGUE, ASIA THE MOST REVENUE
seen its revenues shrink in
recent years as customers
defected and the company
18
www.totaltele.com
sale of its Monaco Telecom
business to French businessman and Iliad founder Xavier
Niel. The move formed part
of its “strategy to focus...on
the Caribbean and Latin
America region,” Cable &
Wireless said. The telco
would still have made it into
this year’s ranking even
without the revenues it
generated in Monaco, but
would have found itself
dangerously close to the
bottom of the list.
Regional reckoning
While Latin America brings
the most intrigue to the 2014
Global 100, the Asia-Pacific
region accounts for the most
revenue, overtaking Europe,
which has to date contributed the biggest share. The
30 ranked operators of the
Asia-Pacific together
generated €429.78 billion in
the most recent financial
year; the entire Global 100
generated €1.22 trillion,
down from €1.28 trillion last
year.
Just over 70%–€303.13
billion–of the Asia figure was
generated by the six operators in the table representing
Japan and China. As in
previous years, Japan
accounted for the larger
share, but without Sprint’s
contribution to Softbank it
would have fallen behind
China for the first time (see
Methodology for details of
how geographic revenues are
calculated).
China’s three operators
between them generated
€148.12 billion, up by more
than €17 billion from last
year. All three make it into
the top dozen of the ranking,
with China Telecom and
China Unicom taking 11th
and 12th places respectively.
China Mobile retains fourth
spot, but it is snapping at the
heels of NTT, which is now
just €2.38 billion ahead.
Given the recent growth rate
of the Chinese players–see
‘Geography’ section for more
information–it could
conceivably make it into the
top three in next year’s
CHINA MOBILE IS SNAPPING AT THE
HEELS OF JAPAN’S NTT
Global 100 revenues by region
21.74%
35.31%
3.89%
5.36%
Asia Pacific 35.31%
Europe 33.69%
North America 21.74%
Latin America 5.36%
Middle East & Africa 3.89%
33.69%
Source: Total Telecom
19
www.totaltele.com
report. Indeed, China Mobile
improved its revenues by
12.45% in local currency
terms this year, which
translated to an increase of
€7.74 billion. Furthermore, in
its half year report for 2014,
China Mobile reported a
turnover of 324.68 billion
yuan, up 7.1% on the
year-ago period. NTT needs
to watch its back.
Four of the nine operators
on the ‘Revenue Risers’ table
hail from the Asia-Pacific,
including Indian state-owned
operator BSNL, which has
for years struggled to
compete in a high-growth
mobile market dominated by
Bharti Airtel and Vodafone.
Bharti also rose up the
ranking gaining three places
to take 25th spot, driven by
growth across its businesses.
Vodafone’s Indian unit saw
service revenue increase by
13% in local currency terms,
which helped drive group
revenues, offsetting weakness in its more developed
European markets.
While the UK-based
operator slid one place down
the ranking this year to
number eight, the $130
billion sale of its 45% stake in
Verizon Wireless propelled it
to the top of the net income
table, its bottom line being
more than four times that of
Verizon at number two. But
while Vodafone’s position is
doubtless a one-off, Verizon
stands every chance of
topping the table next year.
Mary Lennighan
mary.lennighan@totaltele.com
@TelecomEditor
people
rankCompany
Current ChiefEmployees
executive
1
AT&T
Randall Stephenson 243,360
2
Verizon
Lowell McAdam
176,800
3NTT
Hiroo Unoura
239,756
4
China Mobile
Li Yue
197,030
5Deutsche Telekom Timotheus Höttges 229,704
6Telefonica
César Alierta
129,893
7
Softbank
Masayoshi Son
70,336
8
Vodafone
Vittorio Colao
92,812
9
America Movil
Daniel Hajj Aboumrad 173,174
10Orange
Stéphane Richard
159,515
11 China Telecom
Wang Xiaochu
306,545
12 China Unicom
Chang Xiaobing
222,270
13KDDI
Takashi Tanaka
27,073
14Telecom Italia
Marco Patuano
75,342
15 BT
Gavin Patterson
87,800
16Telstra
David Thodey
31,931
17 Vimpelcom
Jo Lunder 57,842
18KT
Chang-Gyu Hwang
32,451
19 BCE
George Cope
55,830
20 CenturyLink
Glen Post, III
47,000
21Telenor
Jon Fredrik Baksaas 32,000
22TeliaSonera
Johan Dennelind
25,321
23 SK Telecom
Sung Min Ha
23,789
24 Liberty Global
Michael Fries
35,000
25 Bharti Airtel
G Vittal/C de Faria
24,893
26 SFR
Jean-Yves Charlier 9,432
27 Comcast
Brian Roberts
136,000
28 SingTel
Chua Sock Koong
21,830
29 MTN
Sifiso Dabengwa 25,424
30 Swisscom
Urs Schaeppi
19,746
31 Saudi Telecom
Khaled Al GhoneimNA
32 MTS
Andrei Dubovskov
67,715
33Oi
Bayard Gontijo
42,571
34KPN
Eelco Blok
20,222
35 LG Uplus
Sang-Chul Lee
6,780
36Telus
Joe Natale
43,400
37Etisalat
Ahmad JulfarNA
38Hutchison Wh.
Canning FokNA
39Rogers Comms
Guy Laurence 28,026
40Rostelecom Sergey Kalugin
152,586
41Ooredoo
Nasser Marafih
1,715
42 MegaFon
Ivan Tavrin
33,500
43 Belgacom
Dominique Leroy
15,753
44Time Warner CableRobert Marcus
51,600
45 Chunghwa TelecomLih-Shyng Tsai
32,187
46PT Telkom
Arief Yahya
25,011
47 Bouygues Telecom Olivier Roussat
9,092
48 Level 3
Jeff Storey
10,000
49Turk TelekomRami Aslan
34,441
50 Windstream
Jeffery Gardner
13,434
rankCompany
Current ChiefEmployees
executive
51Turkcell
Süreyya Ciliv
14,315
52Telekom AustriaHannes Ametsreiter 16,347
53OTE
Michael Tsamaz 22,667
54 BSNL
R.K. Upadhyay
252,492
55Iliad
Maxime Lombardini 6,876
56 Millicom
Hans-Holger Albrecht 10,951
57 Shaw Comms
Bradley Shaw
14,500
58TDS
LeRoy Carlson
10,500
59NII Holdings Steven Shindler
13,600
60 Frontier Comms Mary A Wilderotter 13,650
61Tele2
Mats Granryd
6,143
62TDC
Carsten Dilling
9,007
63Idea Cellular
Himanshu KapaniaNA
64 Freenet
Christoph Vilanek
4,492
65Zain
Scott Gegenheimer 6,600
66 AIS
Wichian MektrakarnNA
67Telecom Argentina Stéfano de Angelis 16,581
68Portugal Telecom Henrique Granadeiro 12,729
69PLDT
Napoleon Nazareno 17,899
70 CANTV
Socorro HernandezNA
71Reliance Comms Vinod SawhnyNA
72PCCW
BG Srinivas 22,200
73 Maroc Telecom
Abdeslam Ahizoune 11,912
74 Global Telecom Hg Vincenzo Nesci
11,723
75Tata Comms
Vinod Kumar
8,128
76Telekom Malaysia Dato’ Zam Isa
27,830
77 Spark NZ
Simon MoutterNA
78Telkom SA
Sipho Maseko
19,197
79TalkTalk
Dido Harding
2,308
80 Charter Comms Thomas Rutledge
21,000
81 Maxis Group
Morten Lundal
3,500
82 Bezeq
Stella Handler
6,479
83TOT
Yongyuth WattanasinNA
84Taiwan Mobile
James Jeng
2,379
85Intelsat
David McGlade 1,079
86 SES Global
Karim Michel Sabbagh1,237
87 SK Broadband
Ahn Seung YunNA
88Polkomtel
Tobias SolorzNA
89 Cablevision
James DolanNA
90 Colt Telecom
Rakesh Bhasin
5,039
91 Globe Telecom
Ernest Cu
5,987
92Elisa Corporation Veli-Matti Mattila
4,320
93 Cable & Wireless Phil Bentley
4,748
94 StarHub
Tan Tong Hai
3,528
95Eutelsat
Michel de Rosen
910
96IDT
Samuel Jonas
1,320
97Telecom Egypt
Mohamed El-NawawyNA
98 MTS Allstream
Pierre Blouin 4,849
99 Cellcom
Nir Sztern
4,403
100Inmarsat
Rupert Pearce
1,622
Source: Total Telecom/operator data
20
www.totaltele.com
methodology
SOURCING THE DATA
New Zealand’s Telecom Corp changed its name to Spark New
Zealand in August 2014.
The Global 100 table is based on the latest published revenue and
net income figures for operators’ full financial years, predominantly ending 31 December 2013, but also 31 March 2014 and 30
June 2014. In some cases the latest figures from the most recent
financial year were unavailable at the time of going to press.
Despite the distortion induced by this difference in reporting, we
decided to include some of these companies provided they were
significant enough in their national markets. This was the case
for BSNL (31 March 2013), IDT (31 July 2013) and Shaw Communications (31 August 2013).
There are five newcomers to the table: Globe Telecom, IDT,
Telecom Egypt, Cellcom, and Inmarsat.
Companies that are newcomers to the table this year are marked
as ‘new’; we have not listed these companies’ rankings from last
year, which would have been higher than 100 and could potentially have distorted the ‘risers’ and ‘fallers’ tables. A company
is still considered to be new even if it has appeared in previous
issues of the Global 100.
We strove to use audited consolidated revenue and net income
data. Whenever available we used revenue and net income
figures as reported under IFRS (International Financial Reporting
Standard). When IFRS reporting was unavailable we strove to
use data under US GAAP (United States Generally Accepted
Accounting Principles). National reporting standards were used
otherwise.
REGIONAL SPLITS
For the most part companies were categorised based on the
region in which they are headquartered, rather than the region in
which they generate most revenues. However, a company registered in a region in which it has no operations was considered
part of the region in which it generates the bulk of its revenues.
Specifically, Luxembourg-based Millicom International Cellular
was considered part of Latin America, while US-based Liberty
Global is classed as being part of Europe, having been incorrectly
categorised with the North America operators last year. Cable &
Wireless Communications remains as part of Europe this year,
but following the disposal of its Monaco business in May it will
move to Latin America next year.
EXTRACTION OF TELECOMS REVENUES
Some of the ranked companies’ activities span non-telecommunications industries. In these instances we have endeavoured
to extract telecoms-related revenue to avoid distorting reporting
using segment infomation reported by these companies. Corresponding net income data by segment was often unavailable.
These companies include: SFR (a subsidiary of Vivendi), Comcast
(high-speed Internet and phone only), Hutchison Whampoa, Rogers Communications, Time Warner Cable (high-speed data and
voice only), Charter Communications (high-speed Internet and
telephone only) and Cablevision (high-speed data and voice).
EXCHANGE RATES
We used historical mid-market rates at noon eastern time on the
day of reporting, provided by www.xe.com. Mid-market rates are
derived from mid-point between the buy and sell rates of largevalue transactions in the global currency markets. As our analysis does not use consistent exchange rate comparisons, some
companies may benefit and others lose from a conversion of their
revenue and net income figure into euros. Conversion into euros
is indicative and provides no like-for-like comparison. Companies
whose figures were not available for the most recent financial
year have had the latest exchange rate applied to ensure there is
no advantage or disadvantage from a different exchange rate.
DOUBLE COUNTING
There is a degree of double-counting of revenue and net income
in this league table due to minority shareholdings associated with
a degree of free flotation of remaining shares. Double-counting
may arise from shareholdings by multiple parties in a company.
COMPANY NOTES
Sprint has been removed from the table, having been acquired by
Softbank in July 2013.
Virgin Media was removed from the table following its acquisition
by Liberty Global.
CEO AND EMPLOYEES
America Movil has fully consolidated Net Serviços’ results into its
own, therefore the latter no longer features in the ranking.
We listed the name of the chief executive officer of the company
at the time of going to press, rather than at the time of publication
of the financial results.
MetroPCS was acquired by Deutsche Telekom in May 2013 and
merged with T-Mobile US. It has been removed from the ranking.
Leap Wireless is now part of AT&T.
Bharti Airtel has two CEOs: Gopal Vittal heads up its India and
South Asia operations; Christian de Faria leads its Africa business.
Global Telecom Holding replaces Orascom Telecom in the ranking. The company’s name changed in September 2013.
We strove to obtain the latest number of employees for each
company, but this data was not available in all cases.
21
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ON A
ROLL
SPOILING FOR
A FIGHT
IN AT THE
DEEP END
LOWELL McADAM
CHIEF EXECUTIVE
VERIZON
Verizon picked up this year
where it left off in 2013.
While smaller rivals Sprint
and T-Mobile have hogged
the limelight, the US telco
has quietly but consistently
reported impressive postpaid
net additions at its mobile
business. Confidence is
sufficiently high that
McAdam has gone on record
to talk subscriber numbers
several weeks in advance of
publishing official quarterly
figures. Meanwhile, its
bottom line has received a
boost from its $130 billion
acquisition of Vodafone’s
45% stake in Verizon
Wireless.
It has not all been plain
sailing though. Verizon was
at the epicentre of the net
neutrality earthquake that
could potentially pave the
way for strict new broadband
regulations in the US. It also
abandoned plans to throttle
headline 4G speeds following
pressure from the FCC.
MASAYOSHI SON
CHAIRMAN & CEO
SOFTBANK
Thwarted in his attempt to
acquire T-Mobile US and
merge it with Sprint,
Softbank CEO Masayoshi
Son opted to appoint, in his
words, a street-fighter-cumpirate to head up his US
business. Marcelo Claure has
been tasked with reinventing
Sprint as a value player,
offering an alternative to
AT&T and Verizon, and
pitting it directly against
T-Mobile.
Son’s ambitions do not
stop at the US though.
Softbank has been linked
with a move for Vodafone
and has been named as a
possible suitor for a portion
of America Movil assets in
Mexico. It is also worth
mentioning Alibaba. The
Chinese e-commerce giant’s
September IPO was the
biggest ever, raising $25
billion, which values
Softbank’s 34.1% stake in the
company at a staggering $70
billion.
MARCO PATUANO
CHIEF EXECUTIVE
TELECOM ITALIA
Patuano’s tenure as Telecom
Italia’s head honcho has been
eventful thus far to say the
least. Appointed in October
2013 following the resignation of Franco Bernabe, he
has since had to steer the
Italian incumbent through
the unravelling of its biggest
shareholder, the Telco
consortium, and a wealth of
speculation surrounding its
Brazilian mobile unit.
TIM Brasil’s future is
uncertain after Telecom
Italia lost out to Telefonica in
its pursuit of local fixed
broadband provider GVT. As
we went to press it was
unclear whether Telecom
Italia plans to make an offer
for Brazil’s Oi or whether it
will be the subject of a joint
takeover bid by its rivals, Oi
included. Let’s not forget
that Patuano also has the
considerable matter of
reducing Telecom Italia’s
hefty net debt to contend
with.
22
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UPWARDLY
MOBILe
GOING
DUTCH
FOUR OF
A KIND
XAVIER NIEL
FOUNDER
ILIAD
Xavier Niel has not rested on
his laurels since shaking up
the French mobile market
two years ago and has set his
sights on taking his disruptive mobile strategy to
pastures new. After snapping
up Monaco Telecom from
Cable & Wireless
Communications in May, the
Iliad founder and strategy
chief turned his attention
westward, making a $15
billion swoop for T-Mobile
US, only to be rejected by
parent company Deutsche
Telekom. It abandoned those
ambitions altogether in
October.
Nonetheless, the telco was
the biggest riser in this year’s
Global 100 table, gaining 15
places, and could break into
the top half next year. It
grew revenues by 10% in the
first six months of 2014 and
added 1 million mobile
subscribers, giving its mobile
arm Free Mobile a customer
base of 9 million.
MICHAEL FRIES
PRESIDENT & CEO
Liberty Global
M&A is the main driver
behind Liberty Global’s rise
up this year’s Global 100
ranking, particularly its 2013
purchase of UK cableco
Virgin Media. The transaction, worth €17 billion,
closed in June 2013. The
US-based company’s
acquisition strategy yielded
mixed results though; it was
beaten in its pursuit of
Germany’s Kabel
Deutschland by Vodafone.
Undeterred, Fries has
continued to look at M&A
opportunities in Europe this
year, agreeing in January to
acquire Dutch cable provider
Ziggo for €10 billion and
merge it with Liberty’s local
subsidiary UPC. The EU is
currently examining the
deal’s consequences for
competition in the
Netherlands; its decision is
due in November. Fries is no
doubt hoping for a revenueboosting thumbs up from
Brussels.
CHARLIE ERGEN
CHAIRMAN & CO-FOUNDER
DISH NETWORK
Former pro poker player
Charlie Ergen hopes that the
FCC’s upcoming AWS-3
spectrum auction will give
him a full house; that is, a
mobile service with which to
augment his company’s
triple-play offering, and a
telecoms business big enough
to give it a seat among the
Global 100.
Given the consolidation in
the US pay TV market this
year–Comcast agreed to
acquire Time Warner Cable
and AT&T is buying
DirecTV–establishing a
mobile presence could prove
crucial to Dish. It is not
surprising that it has been
linked with a possible move
for T-Mobile US, although
Ergen has so far kept his
cards close to his chest.
In the meantime, Dish is
working on a video streaming service aimed at young
adults looking for a cheaper
alternative to pay TV. It aims
to launch by year-end.
23
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CONTRIBUTED CONTENT
Where Should You
Focus Investment
in Your Projects?
JUNIPER NETWORKS SHARES ITS MULTI-VENDOR EXPERIENCE
A
ll network, telecom and
security projects require
the investment of resources,
both human and financial.
Acquiring hardware and
software is of course a major
investment, but the investment in the planning and
operations that go around
the equipment is in many
ways just as important, and
may turn out to be the bulk
of the project. This requires
a depth of skills and
experience that many
organizations do not possess,
and they are needed only for
the period of the project.
Bringing in outside assistance is an extremely
cost-effective way of
ensuring project success.
Such consulting resources
are available from many
sources; independent
consultants or the product
vendor can be a good source
of such expertise, but in
many cases a well-qualified
Network Integrator or
Value-Added Reseller (VAR)
will be your best choice since
they can put together a
multi-vendor solution and
provide consulting on the
ensemble.
It is important, however,
that the integrator or VAR
be accredited by the vendors
that are part of the solution.
Good advice depends on an
in-depth, up-to-date
understanding of the
products, technologies, and
best practices appropriate to
the project. When a vendor
certifies and accredits a
partner it is a sign that they
have met rigorous standards
to ensure the highest quality
of service. This provides you
with the assurance that the
VAR or integrator really is
have led us to conclude that
a simple three-phase
approach to projects reduces
complexity whilst still
allowing the granularity
necessary to ensure project
success.
It starts with a Plan phase,
in which the project goals
are established, the architecture is detailed, the products
selected and the design
finalized. The model then
moves on to the actual Build
phase of the project,
comprising testing, proof-ofconcept, staging, migration
GOOD ADVICE DEPENDS ON IN-DEPTH,
UP-TO-DATE UNDERSTANDING
on top of its game and can
be counted on to provide an
informed recommendation
based on the same tools and
methodologies that the
vendors would have used.
Juniper Networks has a
broad experience in deploying multi-vendor solutions,
often developed in conjunction with knowledgeable
network integration partners
or VARs whose skills we
have certified. Thousands of
engagements of this type
24
www.totaltele.com
and finally the move into
production. The project now
enters the Operate phase as
new products and services
are integrated into the daily
operational environment. As
the environment evolves
over time and new needs
arise, a new planning phase
is necessary, and the lifecycle
starts again.
Planning Makes the Difference
Putting in place the right
resources for every phase of
CONTRIBUTED CONTENT
any project is the key to
success. When planning for
new or radically different
technologies such as
Software Defined Networks
and Network Function
Virtualization, a substantial
investment is required in
order to best determine how
to fit them into any particular environment.
Organizations with highly
skilled staff will nevertheless
need to provide them with
training and testing
opportunities. Other teams
will not be as fortunate,
having no resources to spare
on gaining the skills
necessary. External consultants can be a very cost-effective way for them to
secure the right skills at the
right time – and only for the
period those skills are
needed. Typical scenarios
where this would be
appropriate include:
n When considering the
development of a new or
enhanced technology
roadmap
n When seeking a new
perspective on which
technologies to consider
n When dissatisfied with the
current network/security
vendor and evaluating new
one.
However, experience
shows that the most successful projects begin first with
an initial assessment of the
current environment, and a
very clear description of the
needs and requirements of
the desired environment
– not just what it will do but
how it will be managed on a
day-to-day basis, regardless
of the actual product
selected. Detailed planning
of how to migrate from the
current state to the desired
state is crucial to avoid
unexpected problems, delays,
and user or application down
time. This kind of activity is
not something that can be
improvised, and is an
the juniper networking lifecycle
PLAN
BUILD
OPERATE
the networking lifecycle
PLAN
BUILD
OPERATE
ASSESSMENT
DEPLOYMENT
maintenance
design
MIGRATION
OPTIMIZATION
Source: Juniper Networks, Inc
25
www.totaltele.com
example of where vendor
certification is important.
At Juniper Networks, for
example, our detailed
network consulting and
project management
methodologies are shared
with our certified
Professional Services
partners, ensuring effective
project planning and design.
Turning Plans into Reality
As the name suggests, the
Build phase focuses on the
deployment of products in
the test and production
environments. This includes
migration from the existing
environment to the new
environment, installation
and configuration, system
test, and system bring-up.
There is also likely to be a
lot of activity to integrate
the management of the new
equipment into existing
administrative structures. A
network integrator is an
excellent choice of partner
for the development of the
necessary interfaces into an
existing network management environment. The
integrator can also handle
much of the logistics
involved in receiving,
staging and deploying
equipment when and where
it is needed.
Now Keep it Up!
Once the new environment
is up and running and
integrated into the rest of
the network, the Operate
phase begins. This is where
CONTRIBUTED CONTENT
most organizations focus the
bulk of their resources – in
fact they are often called the
“operations staff.” It is easy
to forget that during the
Operate phase there are two
distinct but complementary
groups of activity— mainte-
ware and software upgrades.
For both activities it is
important to have a close
working relationship with
the vendor or a support
partner certified by the
vendor. They have the
resources to solve problems
STRUCTURE & RIGOR ARE THE HALLMARKS OF A SUCCESSFUL PROJECT
nance and proactive
activities. Maintenance
activities cover the day-today operations such as
configuring and reconfiguring devices, resolving issues,
and fixing things when they
break. On the other hand,
proactive activities look to
the future, ensuring the
environment remains robust
yet flexible. Typically, this
includes preventative
maintenance, analysis,
evaluation of how best to
evolve the network, and
decisions regarding hard-
as quickly as possible, and
they also have the tools and
skills to do analysis of the
environment to make
recommendations on its
ability to support new
applications, traffic or users.
They can also provide
insight into the optimal ways
to evolve the network.
Conclusion
Structure and rigor are the
hallmarks of a successful
project and the best outcomes are achieved when the
entire lifecycle is taken into
account from the very
beginning. Experienced
consultants are well-placed
to not only help you
determine where you are
and where you want to get
to, they can provide you
with an external perspective
on the gaps in your existing
capabilities. In addition,
they can bring their broad
industry experience to bear
and provide ideas on
potential areas of improvement using technology to
address your business issues.
In many situations the best
consultants will be found
with network integrators
and VARs. Major vendors,
such as Juniper Networks,
have certified partners
whose consultants and
engineers can provide you
with exactly this sort of
experience, enabling you to
deliver the best results at
each stage of the networking
lifecycle.
For more information visit
www.juniper.net/us/en/products-services/
services/technical-services
26
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China’s big three are steadily increasing their influence in the Global
100, accounting for 12.2% of total
revenues, up from 10.2% in the 2013
report. China Mobile in particular is
forging ahead, having seen impressive
uptake of 4G services in the first year.
E430bn
Revenues generated
by Asia-Pacific’s
representatives in
the Global 100
(Total Telecom)
CHINA’S CONTRIBUTION
160,000
140,000
€ millions
GROWING STRONG
120,000
100,000
€148bn
€119bn
€131bn
80,000
60,000
40,000
20,000
0
2012
2013
2014
Source: Total Telecom
myanmar is going
to be the most
competitive market
on the planet
Ross Cormack, CEO,
Ooredoo Myanmar
geography: asia-pacific
WORLD
LEADER
The Asia-Pacific contributes the
biggest share of G100 revenues
big hitters
Japan continues to
lead the Asia-Pacific in
revenue terms, but its
telcos are generating
an increasing percentage of their turnover
from outside the region.
Meanwhile, China has
upped its share to 34%
from 32% last year.
revenues by country
12%
5%
36%
30
Asia-Pacific
operators in
the Global 100
(Total Telecom)
9%
4%
34%
n Japan n China
n Australia n South
Korea n India n Others
Source: Total Telecom
27
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