belgacom company presentation investor relations
TRANSCRIPT
Belgacom Presentation Q2 2014 results
Group Financials
Executive summary – slide 4
Group Revenue – slide 5
Mobile Service Revenue slide 6
Operating expenses - slide 7
EBITDA – slide 8
Capex – slide 9
FCF – slide 10
Financial Position – slide 11
Outlook – slide 12
P&L – slide 13
Balance sheet – slide 14
Group Operationals
Mobile & Fixed overview – slide 16
Operational Household reporting – slide 17
Financial Household reporting – slide 18
Network
Mobile – slide 20
Fixed – slide 21
Details per Business Unit – slide 22
Cautionary Statement
Slide 2
“This communication might include some forward-looking statements, without limitation, regarding Belgacom’s financial or operational results, certain strategic plans or objectives, macro-economic trends, regulation, future market conditions and other risk factors. These forward-looking statements rely on a number of assumptions concerning future events and are subject to uncertainties and other factors, many of which are outside Belgacom’s control. Therefore the actual future results may differ materially from those expressed in or implied by the statements.
Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication.
Belgacom disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.“
Group Financials
Ray Stewart
Slide 3
Executive summary – slide 4 Group Revenue – slide 5 Mobile Service Revenue slide 6 Operating expenses - slide 7 EBITDA – slide 8 Capex – slide 9 FCF – slide 10 Financial Position – slide 11 Outlook – slide 12 P&L – slide 13 Balance sheet – slide 14
Strong Q2 financials: solid business performance and positive special items
Slide 4
Group revenue -0.9% versus Q2’13
Excluding capital gain on building sales and
divesture impacts -1.1% like-for-like:
− better Core Group revenue to -1.7% YoY
− BICS revenue recovery to +0.5% YoY
€ 1,568 m REVENUE*
Group EBITDA: +14.3% YoY
Ex. Special items for € 65m, –0.9% like-for-like
good progress in the Consumer and Business segment results driven
by improved revenue trends and lower operating expenses
€ 491 m EBITDA*
€ 245 m Capex
capitalisation of the acquired 3-yr broadcasting rights of the Belgian
Jupiler Pro League football
Network and IT investments as foreseen in Belgacom’s strategy
€ 272 m FCF
€ 225m more than for the same period of 2013
mainly due to: sale of consolidated companies, building sales, lower
income tax payments (timing differences).
* Before non-recurring items
1,5831,568
+46
-42-11 -5
+2
-6
+2 0
Q2 2013 Net ImpactBuilding
Sales
Net ImpactM&A
Regulatoryimpact
UnderlyingCBU
UnderlyingEBU
UnderlyingSDE
BICS Intra-groupelimination
& S&S
Q2 2014
3 ,168
3 ,048
+35
-43-19
-17 -8-10
-58
0
H1 2013 Net ImpactBuilding
Sales
Net ImpactM&A
Regulatoryimpact
UnderlyingCBU
UnderlyingEBU
UnderlyingSDE
BICS Intra-groupelimination
& S&S
H1 2014
H1 2014
(in mio €)
Q2 Group revenue reflecting trend improvement for CBU & EBU, like-for-like. BICS revenue stable YoY
Q2 2014
(in mio €)
Slide 5
-1.1% Like-for-like
-0.9% reported
-3.6% Like-for-like
-3.8% reported
-5.0%
-7.1%
-12.9% -13.3% -14.0%
-11.6%
-6.0%
-4.5%Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14
Reported
On comparable basis
Group mobile service revenue trend improving on continued Mobile recovery
Slide 6 Slide 6
+169,000 Mobile customers added YoY in total Churn levels under control:
EBU Mobile churn @ 9.8% in Q2’14 CBU Mobile churn @ 25.7% in Q2’14, Postpaid @ 14.0%
Increased data usage Improving customers tiering Fading impact from re-pricing continued
CBU &
EBU
290278
290 283 288 282 278
255
150
170
190
210
230
250
270
290
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Quarterly HR expenses (€ million)
217
256
218 225216
244
215202
150
170
190
210
230
250
270
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Quarterly Non-HR expenses (€ million)
649 680637 645 636 643
575620
150
250
350
450
550
650
750
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Quarterly Cost of Sales (€ million)
Slide 7
-9.6%
-10.6%
-3.8%
Implementation of ‘Fit for Growth’ strategy showing in good cost control
• About half of the decline comes from cost efficiency efforts
Additional support from: • Telindus France divestment • One-off provision withdrawal following the
settlement of litigation provision
• HR expenses down -1.1% like-for-like in Q2’14
Additional support from: • divesture-driven decline of -1,032 FTEs • net positive HR one-off effect • accounting alignment of capitalized manpower
• Deconsolidation of Telindus France
Consumer Segment favorably impacted by : • continued focus on cost efficiency • lower interconnection costs • lowered Mobile Termination Rates in Luxbrg
• Partly offset by higher CoS within EBU and BICS
430
-2
491
+46
+20
-9
+2
0
+2 +4
Q2 2013 Net ImpactBuilding Sales
Net ImpactOne-offs /
M&A
Regulatoryimpact
UnderlyingCBU
UnderlyingEBU
UnderlyingSDE
UnderlyingS&S
BICS Q2 2014
871-7
904+35
+23
-16 -3
-10
+3 +7
H1 2013 Net ImpactBuilding Sales
Net ImpactOne-offs /
M&A
Regulatoryimpact
UnderlyingCBU
UnderlyingEBU
UnderlyingSDE
UnderlyingS&S
BICS H1 2014
H1 2014
(in mio €)
Group Ebitda benefitting from building sales and improving underlying trend for CBU and EBU
Q2 2014
(in mio €)
Slide 8
-0.9% Like-for-like
+14.3% reported
-3.0% Like-for-like
+3.7% reported
€ 425 million invested so far in 2014 3-year Belgian football broadcasting rights recorded as capex in Q2
Slide 9
*This does not include the € 120 mio capex paid for a 800 Mhz spectrum
Q2’14 investments € 68m higher YoY :
Accelerated network & IT investments in line with announced Network and Simplification strategy
Capitalisation of the acquired 3-year broadcasting rights of the Belgian Jupiler Pro League football
* 734
777753
852
11.1%12.1% 11.7%
13.5%
2010 2011 2012 2013 Outlook 2014
Group Capex (in € mio )
capex as percentage of revenuearound
960m EUR
*
FY 2014 capex to be around € 960m: Access networks IT and systems Convergence services Brand image and includes Belgian Jupiler Pro League football
177
245
370
425
Q2’13 Q2’14
H1’13 H1’14
Q2’14 FCF of € 272m; bringing ytd June ’14 FCF to € 391m
Slide 10
136
391
Belgacom generated € 391 m of FCF in H1’14, or € +255 m YoY. Main drivers for the FCF increase are :
- cash received from the sale of consolidated companies
- cash received from the sale of buildings
- lower income tax payments (including timing differences) * Excluding non-recurring and non-cash related items
H1 2014
(in mio €)
( 1 ,815)
3 91 (545)
( 33) 20 ( 1 )
( 1 ,981)
Net debtDecember 2013
FCF Dividends Non controllinginterests
Net sale oftreasury shares
Other Net debt June2014
Sound financial position
Slide 11
Debt maturing
2015 € 145m
2016 € 950m
2018 € 500m
2023 € 100m
2028 € 150m
2026 € 73m
• Net financial debt at € 1,981m, € 166m higher versus end 2013
• The outstanding long term financial gross debt amounted to € 2.5Bio
• Credit ratings: Standard & Poor’s A; Moody’s A1 – both stable outlook
2024 € 600m
FY’14 EBITDA expectations raised on sound business trends and some higher than expected positive one-offs in H1’14
Reported FY ’13
Reported H1 ‘14
Initial Guidance FY ‘14
New Guidance FY ‘14
Group revenue
6,318
Core business (excl. BICS & Telindus FR)
4,410 -0.8% Decline between -1% and -2%
Decline between -1% and -2%
Telindus France
242
BICS 1,666 -7.0% Decline between -10% and -15%
Decline between -5% and -10%
Group EBITDA 1,713
Group EBITDA excl. Telindus FR
1,702 +4.2% Decline between -3% and -4%
Decline between -1% and -2%
Telindus France
11
Capex € 425m Around € 900 m Around € 960 m
The EBITDA guidance takes into account the positive impact from the accounting alignment on customer installation activities applicable as of January 2014, with a full-year impact of about EUR 20 million. By year-end, this will be offset by an exceptional spending for about the same amount related to the company’s transformation project and rebranding. The vast majority of the rebranding budget will be spent in the second half of 2014. Slide 12
Group – quarterly P&L
Slide 13
VARQ2/Q2
Revenues (1) 1,586 1,583 3,168 1,568 1,582 6 ,318 1,480 1,568 3,048 -0.9% -3.8%
Total OPEX -1,144 -1,153 -2,297 -1,140 -1,168 -4,605 -1,068 -1,077 -2,145 -6 .6% -6.6%
Costs of materials and charges to revenues -637 -645 -1,282 -636 -643 -2,561 -575 -620 -1,195 -3.8% -6.8%
Personnel expenses and pensions -290 -283 -572 -288 -282 -1,142 -278 -255 -534 -9.6% -6.7%
Other operating expenses -218 -225 -443 -216 -244 -903 -215 -202 -416 -10.6% -6.0%
EBITDA (1) 441 430 871 428 413 1,713 412 49 1 904 14.3% 3.7%
EBITDA margin (1) 27.8% 27.2% 27.5% 27.3% 26.1% 27.1% 27.8% 31.3% 29.6%
Non recurring items 0 0 0 1 -15 -14 -1 65 64 - -
Depreciation -192 -200 -392 -197 -193 -782 -196 -207 -403 3.3% 2.8%
EBIT (incl. NR) 250 230 479 232 206 9 17 215 350 565 52.2% 17.9%
Financial result -20 -24 -45 -27 -24 -96 -23 -20 -43 -16.6% -3.7%
Tax expense -53 -44 -97 -44 -29 -170 -40 -66 -105 48.6% 8.2%
Net income (Group) 171 155 326 156 148 630 149 25 1 400 61.5% 22.5%
Non-controlling interest 5 6 11 6 4 22 4 12 16 - -
Earnings/share in € 0.54 0.49 1.02 0.49 0.47 1.98 0.47 0.78 1.25 60.0% 22.2%
Earnings/share in € (excl. NR) 0.54 0.49 1.02 0.49 0.51 2.02 0.47 0.61 1.09 25.1% 6.1%(1)
before non-recurring items
in mio € Q113 Q213 Q313 Q413 FY13 Q114 Q214Restated
VAR YTD
YTD-
JunYTD-
Jun
Belgacom consolidated balance sheet
All balance sheet captions impacted by disposal of Group Telindus France:
- Decrease of goodwill by € 28m
- Intangible fixed assets & property, plant & equipment decreased € 13m
Shareholders’ equity decreased from € 2,846m end 2013 to € 2,731m end June 2014. This mainly results from the 2013 dividend payment of € 537m typically exceeding the net income generated over H1’14.
Slide 14
As of 30 June
(EUR million) 2013 2014
ASSETS
NON-CURRENT ASSETS 6,254 6,222
Goodwill 2,320 2,294
Intangible assets with finite useful life 1,185 1,160
Property, plant and equipment 2,558 2,570
Investments in associates 6 3
Other participating interests 6 12
Deferred income tax assets 105 87
Other non-current assets 74 96
CURRENT ASSETS 2,163 2,152
Inventories 163 140
Trade receivables 1,289 1,200
Current tax assets 137 111
Other current assets 148 170
Investments 60 9
Cash and cash equivalents 355 521
Assets classified as held for sale 11 0
TOTAL ASSETS 8,417 8,373
LIABILITIES AND EQUITY
EQUITY 3,042 2,909
Shareholders' equity 2,846 2,731
Issued capital 1,000 1,000
Treasury shares -527 -506
Restricted reserve 100 100
Remeasurement reserve -51 -49
Stock compensation 13 11
Retained earnings 2,310 2,174
Foreign currency translation 1 0
Non-controlling interests 196 178
NON-CURRENT LIABILITIES 2,865 3,385
Interest-bearing liabilities 1,950 2,549
Liability for pensions, other post-employment benefits and termination benefits 473 425
Provisions 204 184
Deferred income tax liabilities 128 118
Other non-current payables 111 109
CURRENT LIABILITIES 2,511 2,079
Interest-bearing liabilities 316 2
Trade payables 1,320 1,262
Tax payables 132 126
Other current payables 731 688
Liabilities associated with assets classified as held for sale 13 0
TOTAL LIABILITIES AND EQUITY 8,417 8,373
As of 31 December
Consumer Business
Unit
Dominique Leroy
Group Operationals Q2’14
Slide 15
Mobile & Fixed overview – slide 16 Operational Household reporting – slide 17 Financial Household reporting – slide 18
Continued solid commercial traction - Growing Mobile, TV and Fixed Internet customer base
Slide 16 Slide 16
Continued mobile customer growth
+Tango
57
2339
55 52
5,422 5,445 5,484 5,539 5,591
4,000
4,200
4,400
4,600
4,800
5,000
5,200
5,400
5,600
-100
-80
-60
-40
-20
0
20
40
60
80
100
Q2'13 Q3'13 Q4'13 Q1'14 Q2'14
net adds total
-71 -58 -48-67
-46
33 20 21 33 22
59
18 33 2525
-99.0.
-79.0.
-59.0.
-39.0.
-19.0.
1.0.
21. 0.
41. 0.
61. 0.
81. 0.
Q2'13 Q3'13 Q4'13 Q1'14 Q2'14
PostpaidPaying cards
Postpaid FreeData Cards
Prepaid
22
-216 -10 2
20 2611
31 324
8
15
25
88
6
6
7
5
.0.
10. 0.
20. 0.
30. 0.
40. 0.
50. 0.
60. 0.
70. 0.
Q2'13 Q3'13 Q4'13 Q1'14 Q2'14
Free DataCards
M2M
Paying cards(other thanM2M)
3239
64
31
45
58
17 16
12
1,652 1,660 1,677 1,694 1,705
1,200
1,300
1,400
1,500
1,600
1,700
-2
3
8
13
18
23
28
Q2'13 Q3'13 Q4'13 Q1'14 Q2'14
Broadband customer evolution net adds total
1619
31 30 30
1,428 1,447 1,465 1,495 1,525
1,184 1,198 1,204 1,225 1,244
400
600
800
1,000
1,200
1,400
1,600
0
20
40
60
Q2'13 Q3'13 Q4'13 Q1'14 Q2'14
TV Lines evolution net adds total Unique Customers
-39-33 -33 -34
-26
3,002 2,969 2,936 2,902 2,876
2,000
2,200
2,400
2,600
2,800
3,000
3,200
3,400
3,600
-50
-30
-10
10
30
50
70
Q2'13 Q3'13 Q4'13 Q1'14 Q2'14
Fixed Voice customer evolution net adds total
Good Fixed Internet net adds in commercial slower quarter
Successful retention actions reduced fixed voice line erosion
+52,000 Mobile customers of which +98,000 Postpaid & -46,000 Prepaid
Solid TV net adds continued
Good progress in convergence strategy - Operational drivers x-play Household reporting
Slide 17
– 55% of HH are multi-play , +2.5 p.p. yoy – convergence success especially
showing in +14% 4-play HH , at very low churn
– multi-play convergent household, i.e. Fixed + Mobile, grew 3.4pp to 50.1%.
– 1-play HH going down as result of Fixed Voice line erosion
1,163 1,153 1,124 1,099 1,087 1,060
417 408 405 401 394 390
522 519 516 515 515 514
307 323 333 343 356 368
1
1
1
1
1
2
2
2
2
2
Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14
CBU Households per x-play (in '000)
4-Play
3-Play
2-Play
1-Play
2,409 2,403 2,378 2,359 2,352 2,332
-22
-10
-29
-25
-12
-27-10
-8
-3-4
-7
-4
1
-3
-3
-1
0
-1
12 16 10 11 12 12
Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14
CBU Households per x-play: net adds of the quarter (in '000)
4-Play
3-Play
2-Play
1-Play
26.0%
19.9% 19.4%20.3% 20.4%
19.4%16.4%
13.5% 13.7% 13.7%12.9% 12.2%
11.3% 11.0%12.3% 11.8%
9.4% 9.7%
7.6% 8.3%9.6%
8.7%6.9% 6.4%
1.2% 1.4% 1.7% 1.7% 2.1% 1.9%
Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14
Annualized full churn rate of a x-play Household
1-Play
Total
2-Play
3-Play
4-Play
Stable revenue from households - higher ARPU & RGUs offsetting loss in 1-play
Slide 18
– € 374m came from X-play households – 74% from multi-play HH +3.2 p.p. YoY – RGU progressed for all X-play HH – 4-play HH revenue +15.3% YoY due to
growing number of 4-play HH and YoY increase in ARPH to € 103.9
– 4-play revenue growth offset by lower revenue from 1-play and 2-play
108 108 105 100 96 96
60 59 59 57 56 56
108 109 110 108 108 109
91 98 102 104 107 113
..
50000..
100000. .
150000. .
200000. .
250000. .
300000. .
350000. .
400000. .
Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14
Revenues per x-play (in € million)
4-Play
3-Play
2-Play
1-Play
366 374 375 369 367 374
50.2 € 51.9 € 52.3 € 51.8 € 51.9 € 53.3 €
30.4 € 31.2 € 30.8 € 29.8 € 29.3 € 29.9 €
47.3 € 47.8 € 48.1 € 47.2 € 46.9 € 47.4 €
68.8 € 69.9 € 70.6 € 69.9 € 69.6 € 70.9 €
99.6 €103.0 € 103.4 € 102.6 € 101.8 € 103.9 €
Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14
Average Revenue per x-play Househould (ARPH) in €
Total
1-Play
2-Play
3-Play
4-Play
2.15 2.18 2.21 2.24 2.26 2.29
1.14 1.15 1.15 1.16 1.15 1.16
2.04 2.04 2.04 2.04 2.04 2.04
3.12 3.13 3.14 3.15 3.15 3.16
4.52 4.55 4.57 4.60 4.61 4.63
Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14
Average Revenue Generating Unit per x-play Household
Total
1-Play
2-Play
3-Play
4-Play
Network
Ray Stewart
Slide 19
Mobile – slide 20 Fixed – slide 21
PROXIMUS brings the overall
best speed experience in Belgium
to its customers
PROXIMUS focuses on bringing the
best optimized experience cross
2G, 3G, 4G technologies and WiFi
PROXIMUS brings the best 4G
experience there where it matters
using the 1800 spectrum:
in the cities and at the coast
Proximus delivering on its brand Customer experience as TOP priority
Best Customer Experience… …across technologies …where it matters…
PROXIMUS focuses on bringing best overall average speed experience to its customers across sum of 2G,
3G, 4G technologies selected by devices. This approach mirrors best the true experience of customers.
Average download speed on 4G capable device 1
18.4 Mbps
14.0 Mbps
11.0 Mbps
Proximus
Mobistar
Base
30% faster average download speed experience
with a 4G capable device vs nearest competition
1 Result based on Q2 2014 national drive test conducted by independent agency CommSquare
Leverage mobile experience through wifi
• 930.000 WiFi hotspots available today for our customers all throughout Belgium (+90.000 vs Q1)
• 13.200.000 WiFi hotspots available abroad (e.g. NL, FR, UK, DE,…)
• By EO 2014, mobile devices of Proximus customers will connect automatically to WiFi when present, bringing true convergence Slide 20
Mass roll-out well
underway: in Q2 10%
of remote optical
platforms made
vectoring-ready
Majority of regional
industrial zonings in
Belgium are already
equipped with
Belgacom fiber
All new residential
zonings that are
sufficiently large are
by default equipped
with Belgacom fiber
Go-to-market campaign
launched to promote
presence of FTTB in industrial
zonings
Through cancellation of
crosstalk on a VDSL2 line,
Vectoring enables up-to-70
Mbps speeds on copper
Fixed Network - Driving customer experience with new technologies
Vectoring technology on VDSL
FTTH in Greenfields
Deployment of FTTH in new
residential zonings started in
2014 following successful
trials last year
FTTB in Industrial Zonings
30 Mbps
Dynamic Line Management on VDSL2
VDSL2
Vectoring on VDSL2
Vectoring + Dynamic Line
Management for Vectoring
Fiber-To-The-Home (FTTH) &
Fiber-To-The-Business (FTTB)
up-to
50Mbps
up-to
70 Mbps
up-to
100 Mbps
up-to
1000 Mbps Technology evolution
Slide 21
22
Belgacom Company presentation Investor Relations
Consumer Business Unit (CBU)
Enterprise Business Unit (EBU)
Service Delivery Engine &Wholesale (SDE&W)
Staff and Support (S&S)
Belgacom International Carries Services (BICS)
Q2 2014 results per business unit
Slide 22
Consumer Business Unit
Ray Stewart
Slide 23
263 243 254 248263
227251 257
44.7%41.8%
45.9% 43.8%47.9%
40.9%
46.8% 46.5%
30.0%
35.0%
40.0%
45.0%
50.0%
180
200
220
240
260
280
300
320
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
CBU EBITDA (EUR mio) & margin
91 87 89 87 89 89 86 82
77 86 69 74 65 88 65 68
0
20
40
60
80
100
120
140
160
180
200
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Personnel Non-HR
CBU Personnel & Non-HR costs (EUR mio)
157166
142158
132
152134
146
90
110
130
150
170
190
210
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
CBU Cost of Sales (EUR mio)
587 581
553567
549 556536
553
450
470
490
510
530
550
570
590
610
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
CBU revenue (EUR mio)
Consumer - quarterly P&L
Slide 24
CBU expenses positively impacted by accounting alignment for capitalisation of network installation activities & net pos. impact
from HR one-offs; and driven by continued cost optimisation: – Q2’ 14 HR costs: -6.5% YoY
– Q2’ 14 non-HR costs: -8.1% YoY
Q2’ 14 segment result +3.7% YoY or -0.6% like-for-like
– Compared to a -3.0% like-for-like decline in Q1’14
– Like-for-like is excl. accounting alignment for capitalisation of network installation activities & positive net impact from HR one-offs
– Improvement in Direct Margin &Cost reduction efforts
– Regulation impact estimated at € -4m (-1.5%)
Q2’14 Revenue -2.4% lower YoY or -1.8% like-for-like
– Like-for-like is excl. € -3m impact from divestures of Scarlet NL & Sahara Net; in addition est. regulation impact of €-6m (-1.0%)
– Continued fixed Internet and TV revenue growth, offset by lower Voice revenue
– Mobile: Increased terminals sales & stable decline in service revenue
Q2’ 14 Cost of Sales 7.1% lower YoY
– Positive trend from last quarters continued
– Besides regulation (lower MTR in Luxembourg) , the positive impact comes from lower interconnection costs and focus on cost efficiency
-2.4%
-7.1%
-7.3%
+3.7%
-1.8%
Yoy variance on reported figures
Like-for-like yoy variance (excl. impact from divestures Scarlet NL & Sahara Net and one-offs)
-0.6%
567
-3 -6-5
+2 +5
-12
+1+6
Q2 2013 M&A Regulatoryimpact
Fixed Voice Fixed Internet TV Mobile ServiceRevenue
Subsidiaries Terminals &Others
Q2 2014
553
1,120
-4
-9
-10
+4
+10
-26
+3 +1
H1 2013 M&A Regulatoryimpact
Fixed Voice Fixed Internet TV Mobile ServiceRevenue
Subsidiaries Terminals &Others
H1 2014
1,089
CBU revenues per product group
- Q2’14 revenue -1.8% like-for-like; improving from -2.9% for Q1
Q2 2014
(in mio €)
H1 2014
(in mio €)
Slide 25
-1.8% Like-for-like
-2.4% reported
-2.4% Like-for-like
-2.7% reported
Consumer - Fixed voice
Line erosion pressured revenue, stable Fixed Voice ARPU; pro-active churn management results in slowing customer loss
Slide 26
Q2’14 Fixed line erosion of -13,000 lines, an improvement versus the prior quarters driven by pro-active churn mgmt.
End June‘14, the CBU Fixed Voice customer base totaled 1,602,000 lines, i.e. -4.3% yoy.
Stable Fixed Voice ARPU
The declining Fixed Voice revenue resulted from the YoY line loss and to a lesser extent from the substitution of fixed traffic to mobile.
105 105 104 103 102 101 99 98
-5.8%-4.3% -5.0%
-1.9% -2.2%-4.5% -4.7% -5.2%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
0
20
40
60
80
100
120
140
160
180
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Fixed voice revenue (EUR mio)Fixed voice revenue (EUR mio) & YoY Variance
-21 -18-26 -19 -20 -19 -19 -13
1,737 1,718 1,693 1,673 1,653 1,634 1,615 1,602
30
530
1,030
1,530
2,030
-50
-30
-10
10
30
50
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Voice line loss & EOP (000)
19.7 20.0 20.1 20.2 20.3 20.3 20.3 20.2
-0.1% 1.0% -0.5% 2.6% 2.8% 1.2% 0.8% -0.2%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
0.0
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Fixed voice ARPU (EUR/month) & YoY Variance
17-37
2293
38 53 58 48
-80-68
-99 -71 -58 -48 -67 -45
3,748 3,643 3,566 3,588 3,568 3,573 3,564 3,566
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
-100
-50
0
50
100
150
200
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
prepaid postpaid
Mobile growth & EOP (000)
21.6 21.1 19.5 20.6 19.7 19.4 19.0 19.9
-5.1% -5.1%-9.2% -8.1%
-3.0% -3.3%
-50.0%
-45.0%
-40.0%
-35.0%
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
0.0
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Blended net mobile ARPU (EUR/month) & YoY Variance
231 220197 205 193 190 183 190
-3.4%-6.0%
-12.8%-14.0%-15.1%-13.7%
-7.0% -7.0%
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
65
115
165
215
265
315
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Mobile Service revenue (EUR mio)Mobile Service revenue (EUR mio) & YoY Variance
Consumer – Mobile Service As expected stable decline in Mobile service revenue sustained; Mobile customer base growing
Slide 27
CBU’s total Mobile customer base end-June’14 numbered 3,566,000 cards
– Firm net addition of 48,000 postpaid cards ; of which 25,000 paying in line with prior quarter
– Mobile Prepaid decline of -45,000 during Q2, of which -11,000 from mvno Mobisud. Proximus prepaid customer losses further improving.
ARPU erosion stabilized – Q2’14 Postpaid ARPU of € 26.7; -4.6% YoY; from -4.8% in Q1’14
– Q2’14 Prepaid ARPU of € 12.6; – 10.3% YoY; from -11.1% in Q1 ‘14
Q2’14 revenue from Mobile Services down 7% YoY; as expected stable decline from previous quarter despite competitive intensity.
– Growing mobile postpaid customer base
– Lower mobile prepaid customer base
– Stabilized decline in ARPU
* Yoy variance adjusted for one-offs
* *
**As of 2014, Belgacom calculates the Mobile ARPU excluding Free Mobile data cards and excluding M2M. 2013 figures have been restated.
***As of 2014, the calculation of active customers is based on the monthly activity rate instead of a rolling average activity rate. The definition of an active customer remains unchanged. 2013 figures have been adjusted accordingly
***
**
*
Consumer - Fixed Internet Continued Fixed Internet revenue growth; +11,000 customers added in the quarter
Slide 28
Revenue growth driven by growing customer base and price changes.
Broadband customer base +11,000 in Q2’14, in a seasonally slower quarter
Total CBU Fixed Internet customer base of 1,261,000 end-June‘14.
Broadband ARPU of EUR 26.3, slightly down YoY due to increasing number of internet customers in Pack.
85 85 87 89 90 89 89 91
3.8% 3.7% 2.2%5.4% 5.6% 4.9% 2.7% 2.3%
-40.0%
-35.0%
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
5
25
45
65
85
105
125
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Fixed Internet revenue (EUR mio)Fixed Internet revenue (EUR mio) & YoY Variance
13 12 107
9
17 1511
1,181 1,193 1,203 1,210 1,219 1,235 1,250 1,261
10
210
410
610
810
1,010
1,210
1
21
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Broadband growth & EOP (000)Broadband growth & EOP (000)Broadband growth & EOP (000)Broadband growth & EOP (000)
26.5 26.1 26.3 26.7 26.9 26.4 26.1 26.3
-0.7% 0.3% -2.2% 0.9% 1.7% 1.2% -0.8% -1.3%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
0.0
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Broadband ARPU (EUR/month) & YoY Variance
39 46 26 16 19 1730
30
1,340 1,386 1,412 1,428 1,447 1,465 1,495 1,525
0
200
400
600
800
1,000
1,200
1,400
-10
10
30
50
70
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
TV growth & EOP (000)
Belgacom TV
Growing TV revenue through larger TV customer base & slight YoY ARPU increase
Slide 29
Continued customer growth – Total customer base of 1,525,000, including 281,000 multiple streams
– 30,000 net adds: +19,000 new unique customers, 11,000 multiple streams
Q2 TV ARPU of € 19 , i.e. +2.1% YoY
TV revenue +7.1% YoY driven by continued growth of subscribers
*
*As of 2014, pending orders are excluded from the total TV customer base. Q4 2013 TV customer figures have been restated accordingly. There is no impact on the 2013 quarterly net adds and the 2013 ARPU’s
61 62 64 66 67 69 70 71
18.9% 18.1% 16.9% 15.3%10.2% 11.3%
8.0% 7.1%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
15
35
55
75
95
115
135
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
TV revenue (EUR mio)TV revenue (EUR mio) & YoY Variance
18.1 18.2 18.3 18.6 18.7 19.0 19.0 19.0
1.5% 3.9% 4.5% 5.7% 3.1% 4.4% 3.9% 2.1%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
0.0
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
TV ARPU (EUR/month) & YoY Variance
Tango Luxembourg Impacted by regulated MTR reduction
Slide 30
Q2 ‘14 revenue -12.6% YoY, generating € 28m.
The regulated MTR decrease in Luxembourg (from 8.2cts to 0.98cts) taking full effect in Q2’14 ( € 4m)
Could not be offset by the continued growth of Mobile Postpaid and the developing TV & fixed Internet customer base.
Belgacom extended its convergence strategy to Tango, which now also offers as well a TV and quadruple-play offer.
28 30 2932 32 33
28 28
2.7%8.8% 7.1%
16.8%12.9%
8.2%
-3.5%
-12.6%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
15
20
25
30
35
40
45
50
55
60
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
TV revenue (EUR mio)Tango revenue (EUR mio) & YoY Variance
270 271 273 274 278 280 280 283
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Tango mobile customers EOP (000)
29.5 30.7 30.1 31.1 30.9 32.427.6 27.3
0.9%5.7% 6.1% 6.3% 4.7% 5.3%
-8.4%-12.1%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
0.0
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Blended mobile net ARPU (EUR/month) & YoY Variance
Enterprise Business Unit
Ray Stewart
Slide 31
150
163
148 149 146
159151
133
100
110
120
130
140
150
160
170
180
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
EBU Cost of Sales (EUR mio)
268 276 260 263 245 255 248 258
48.0% 47.6% 47.0% 47.4% 45.9% 45.7% 46.0%50.4%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
55.0%
-5
45
95
145
195
245
295
345
395
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
EBU EBITDA (EUR mio) & margin
102 100 107 105 104 102 10287
39 41 38 37 38 41 3834
0
20
40
60
80
100
120
140
160
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Personnel Non-HR
EBU Personnel & Non-HR costs (EUR mio)
560579
554 554533
557539
512
420
470
520
570
620
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
EBU revenue (EUR mio)
Enterprise – quarterly P&L
Telindus France divesture lowered Cost of Sales – Divesture of Telindus France excluded, the Cost of Sales were up
driven by higher organic ICT sales and Mobile subscriber acquisition costs, resulting in a strong net customer growth for Q2’14
Q2’14 EBU segment result -1.8% yoy, or -2.3% like-for-like – Continued trend improvement from the previous quarters
– Regulatory impact estimated at € -5 m (-2.1%).
– Ex-regulation, segment result fairly stable: lower yoy Direct margin nearly offset by lower expenses
– Q2’14 margin benefitted from divesture of lower-margin Telindus France
Lower expenses , supported by Telindus France divesture – Q2’14 HR- expenses -17.8% yoy to € 87m. The divesture effect
excluded, HR expenses were down yoy on net positive one-off effects, restructuring of Telindus UK and lower headcount in general
– Q2’14 non-HR expenses, -7.2% yoy to € 34m mainly because of the Telindus France divesture
Q2’14 revenue impacted by Telindus France divestment – Like-for-like EBU’s revenue decline improved to -0.6%,
– Mobile services only slightly below Q2’13 & organic ICT up yoy
– Regulation impact estimated at € -5m (-1%)
H1’14 € 1,051 m revenue, -5.1% YoY or -1.7% like-for-like
-7.6%
-10.8%
-15.1%
-1.8%
-0.6%
-2.3%
Slide 32
Yoy variance on reported figures
Like-for-like yoy variance (excl. impact from Telindus France divesture and one-offs)
554
-39-5 -4 -2
4 4
0
Q2 2013 M&A Regulatoryimpact
Fixed Voice Fixed Internet ICT Mobile ServiceRevenue
Terminals &Others
Q2 2014
512
1,108
-39-10
-7-4
+2 +2
-1
H1 2013 M&A Regulatoryimpact
Fixed Voice Fixed Internet ICT Mobile ServiceRevenue
Terminals &Others
H1 2014
1,051
Enterprise revenue evolution per product group Reported variance impacted by divesture Telindus France Like-for-like variance improving on better mobile & organic ICT revenue
Q2 2014
(in mio €)
H1 2014
(in mio €)
Slide 33
-1.7% Like-for-like
-0.6% Like-for-like
-7.6% reported
-5.1% reported
Enterprise - Fixed Voice* Stable Fixed voice revenue decline
Slide 34
The Fixed Line erosion in Q2’14 was limited to -13,000 lines, bringing the EBU total Fixed Voice Line customer base to 1,264,000 by end-June 2014, a 4.1% line loss on a yearly basis.
Line loss was partly compensated for by a somewhat higher Fixed Voice ARPU of EUR 29.1, up 1.5% yoy a result of the price indexation.
Fixed Voice line erosion triggered by companies rationalising on Fixed line connections continues to impact Fixed Voice revenue. This negative volume effect was only partly compensated for by price indexations.
Year-to-date June ‘14, EBU reported € 226m Fixed Voice revenue, 3.2% below the preceding year
*revenue from Belgacom Meeting Services (BMS) moved from Fixed Voice revenue to ICT, impacting both revenue and ARPU of Fixed Voice .2013 figures have been restated.
-9-14
-18 -19-13 -14 -15 -13
1,370 1,356 1,338 1,318 1,305 1,292 1,277 1,264
-100
100
300
500
700
900
1,100
1,300
1,500
1,700
1,900
-20
0
20
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Voice line loss & EOP (000)
27.9 28.6 28.5 28.6 28.2 28.5 29.1 29.1
-0.7% -0.1%-2.7% -0.7% 1.3% 0.3% 2.0% 1.5%
-35.0%
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
0.0
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Fixed voice ARPU (EUR/month) & YoY VarianceFixed voice ARPU (EUR/month) & YoY Variance
118 119 117 116 113 113 114 113
-2.8% -2.4%-4.9%
-2.9% -3.3% -4.5%-3.1% -3.3%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
0
20
40
60
80
100
120
140
160
180
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Fixed voice revenue (EUR mio) & YoY Variance
40.4 39.0 36.8 36.3 34.1 34.2 33.0 33.6
-14.8%-13.0%
-15.6%-12.4%
-10.4%-7.4%
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
0.0
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Blended net Mobile ARPU (EUR/month) & YoY Variance
155 150 141 142 135 137 135 140
-7.3% -8.9%-12.9%-12.2%-12.2%
-8.7%-4.7%
-0.8%
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
0
50
100
150
200
250
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Mobile Service revenue (EUR mio) & YoY Variance
Enterprise - Mobile Service Mobile Service revenue trend significantly improved through larger customer base, growing mobile data volume and slowing ARPU decline
Slide 35
Solid commercial performance continued in Q2’2014: net growth of +45,000 mobile cards
– +32,000 paying mobile voice and data cards (vs. +31,000 in Q1’14) driven by great mobile network experience for customers, successful Bizz Packs and launch mid-February of the Smart 50
– +13,000 Machine-to-Machine and free Mobile Data cards
Mobile ARPU decline slowed to -7.4% YoY for Q2’14 – showing further improvement from the prior quarter.
– effect from mobile customer re-pricing fading
– a growing number of high-end pricing plans in the installed base through successful acquisition actions in that price segment, as well as better retention of high-value customers.
Q2’14 Mobile services revenue trend continued significant improvement – Continuously growing mobile customer base and successful
acquisitions in mid- and high-end pricing plans
– Higher Data roaming volumes
– Regulation impact, estimated at € -5 m
Ytd June ’14, € 275m mobile service revenue, -2.8% yoy * *
* Yoy variance adjusted for one-offs
*As of 2014, Belgacom calculates the Mobile ARPU excluding Free Mobile data cards and excluding M2M. 2013 figures have been restated.
*As of 2014, the calculation of active customers is based on the monthly activity rate instead of a rolling average activity rate. The definition of an active customer remains unchanged. 2013 figures have been updated accordingly
*
*
21 1626 32
3931
64
45
1,470 1,486 1,512 1,545 1,584 1,615 1,679 1,724
1
201
401
601
801
1,001
1,201
1,401
1,601
1,801
2,001
0
20
40
60
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Mobile growth & EOP (000)
Enterprise - Fixed Data Fixed Data revenue continued to be impacted by migrations to Explore platform; Fixed Internet revenue stable supported by higher ARPU
Slide 36
Fixed Data, consisting of Fixed Internet and data connectivity revenue, -2.2% YoY
– due to a continued migration from older technologies such as leased lines to the Belgacom Explore platform, for which pricing is more favorable for customers
– Revenue from Fixed Internet stable yoy on fairly stable customer base and slightly higher ARPU
Customer base +0.3% compared with June 2013.
EBU added a stable 1,000 Fixed Internet customers in Q2’14, leading to a total customer base of 443,000.
ARPU of € 39.7 (+0.9%) driven by price indexations,
partly offset by SME customers opting more and more for advantageous converged Packs including internet.
-1 -1
1
-2 -1 0
1 1
444 443 444 442 441 441 442 443
30
80
130
180
230
280
330
380
430
-10
11
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Broadband growth & EOP (000)
39.1 38.8 39.0 39.3 39.5 39.2 39.3 39.7
0.0% -0.4% -1.2% 0.9% 1.2% 1.1% 0.8% 0.9%
-35.0%
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
0.0
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Broadband ARPU (EUR/month) & YoY Variance
96 95 96 96 94 95 94 94
-0.8% -2.3% -3.0% -3.2% -1.5% -0.7% -1.7% -2.2%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
0
20
40
60
80
100
120
140
160
180
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Fixed Data revenue (EUR mio) & YoY Variance
167186 187 188 178
198 185153
2.4% 2.0% 3.6% 1.9% -0.7% -0.2% -1.0%
-18.5%
-90.0%
-80.0%
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
0
50
100
150
200
250
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
ICT revenue (EUR mio) & YoY Variance
Enterprise – ICT* ICT revenue impacted by divestment of Telindus France Like-for-like, revenue up by 2.9% vs last year
EBU reported € 153m ICT revenue – Telindus France divestment impacted yoy variance
– Organically ICT revenue grew by 2.9% yoy
– Belux ICT revenue showed YoY growth
Slide 37
Telindus France
*As of 1 January 2014, revenue from PABX is included in ICT. The 2013 figures have been restated accordingly. Previously PABX revenue was reported as part of Fixed Terminals.
On Telindus France: On 30 April 2014, Belgacom disposed 100% of the shares in the Group Telindus France to Vivendi for EUR 86 million net of cash
disposed of and recognized a gain on disposal of EUR 43 million (through non-recurring income).
The Group Telindus France generated pro-forma revenues of € 241m and EBITDA of € 11m in 2013.
+2.9% like for like
58 61 59 59 59 64 5718
-21 -25-36 -36 -37
-34 -36-27
-60
-50
-40
-30
-20
-10
0
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
SDE&W EBITDA (EUR mio)
46 43 43 41 43 40 42 40
41 48 50 52 51 50 49 38
0
20
40
60
80
100
120
140
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Personnel Non-HR
SDE&W Personnel & Non-HR costs (EUR mio)
910 10
9 9 10 9 9
0
2
4
6
8
10
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
SDE&W Cost of Sales (EUR mio)SDE&W Cost of Sales (EUR mio)
75 7667 66 66 65 64 60
33
43
53
63
73
83
93
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
SDE&W revenue (EUR mio)
livery & Wholesale - P&L
Service Delivery & Wholesale – P&L
Slide 38
CoS Q2’14 -6.1%
€ 40m HR expenses for Q2’14, -1.0% YoY on lower headcount
€ 38m non-HR expenses; down 27.3% YoY mainly due to a favorable one-off provision reversal; also lower external workforce costs, maintenance cost optimization
Q2’14 segment result improved YoY partly due to positive one-off provision reversal.
Like-for-like segment result improved by 5.4% YoY in spite of increasing pressured wholesale revenue
Lower Carrier Wholesale Services revenue – new lowered Wholesale roaming tariffs
– only partly compensated for by the volume growth for roaming
– continued erosion of wholesale broadband lines, leased lines and traffic volumes
-9.7%
-6.1%
-15.8%
+24.6%
*
* 2013 figures have been restated to reflect the allocation of Belgacom wholesale revenues invoiced to Scarlet to the Consumer Business Unit segment.
*
7 1118
7 10
25
7
64
0
10
20
30
40
50
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
S&S Revenue(EUR mio)
4038
40 38 40 4037
35
22
27
32
37
42
47
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
S&S Personnel costs (EUR mio)
49
67
50 50 50 50 5061
0
10
20
30
40
50
60
70
80
90
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
S&S Non-HR costs (EUR mio)
Staff & Support – P&L
Slide 39
Q2’14 revenue of € 64m, including a EUR 46 million capital gain following the completion of 2014 planned building sales within the network simplification project and a litigation settlement (EBITDA neutral).
Like-for-like, the revenue of S&S was stable year-on-year.
HR-expenses lower as result of lower personnel base
Non-HR expenses impacted by litigation settlement (EBITDA neutral)
> 100%
-9.8%
+20.6%
32 34 33 38 37 32 28 31
31 29 28 27 30 28 30 31
0
20
40
60
80
100
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
Non-Voice Voice
BICS Gross margin (EUR mio)
35 32 35 37 3831 30 34
8.3%7.3%
8.3% 8.9% 8.6% 7.7% 8.3% 8.1%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
0
10
20
30
40
50
60
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
BICS EBITDA (EUR mio) & margin
International Carrier Services – P&L
Slide 40
Voice volumes +8.3% YoY
Non-Voice volumes +26.4% YoY
As a consequence of the lower Direct margin & slightly higher operating expenses (HR/Non-HR), BICS’ segment result for Q2’14 was down by EUR 3 million (-8.9%), while the EBITDA margin remained fairly stable at 8.1%.
-4.4% YoY decline in Gross margin – reflects the lower volume of higher-margin Voice traffic to the Asian
region which BICS temporarily captured in 2013.
Q2 BICS’ revenue stable on recovery of voice traffic – trend improvement from the previous quarter (14% down year-on-
year), underlining the volatility of part of BICS’ business.
– driven by material win backs of voice traffic from key customers
– more than offset by the effect of EU-wide decreases in Mobile Termination rates, as well as a negative dollar effect
-14,3%
-4.4%
-8.9%
6,934
7,5567,267
6,701
7,2876,872
6,243
7,259
428
445451
461
540512
499
583
5,200
5,700
6,200
6,700
7,200
7,700
8,200
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
SMS/MMS Minutes
BICS Volumes (in mio)
424 430 417 413 437401
357415
0
50
100
150
200
250
300
350
400
450
500
Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214
BICS Revenue (EUR mio)
+0.5%
For further information: Belgacom Investor Relations e-mail: [email protected] Tel: +32 2 202 82 41