Belgacom Presentation Q4 2012 results - proximus.com · 1 Q4 2012 Results per segment Consumer –...
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1 Q Q4 2012 Results per segment Consumer – slide 29 Enterprise – slide 36 SDE&W – slide 42 S&S – slide 43 BICS – slide 44 Other topics Shareholder structure – slide 46 Network & Spectrum – slide 47 Pricing – slide 53 New Telco Law – slide 58 Regulation & Legal – slide 59 Macro –slide 63 Belgacom Presentation Q4 2012 results March 2013 FY 2012 Overview Executive summary – slide 3 Guidance’12– slide 4 Revenue – slide 5 Ebitda– slide 8 Capex– slide 9 FCF– slide 10 Shareholder return – slide 13 Outlook 2013 – slide 14 Q4 2012 Group Highlights P&L – slide 16 Q4 2012 Revenue – slide 17 Cost of Sales – slide 19 Non-HR expenses - slide 20 HR expenses – slide 21 EBITDA – slide 22 Operationals – slide 23
Transcript of Belgacom Presentation Q4 2012 results - proximus.com · 1 Q4 2012 Results per segment Consumer –...
1
QQ4 2012 Results per segment Consumer – slide 29
Enterprise – slide 36
SDE&W – slide 42
S&S – slide 43
BICS – slide 44
Other topics
Shareholder structure – slide 46
Network & Spectrum – slide 47
Pricing – slide 53
New Telco Law – slide 58
Regulation & Legal – slide 59
Macro –slide 63
Belgacom Presentation Q4 2012 results March 2013
FY 2012 Overview Executive summary – slide 3
Guidance’12– slide 4
Revenue – slide 5
Ebitda– slide 8
Capex– slide 9
FCF– slide 10
Shareholder return – slide 13
Outlook 2013 – slide 14
Q4 2012 Group Highlights P&L – slide 16 Q4 2012 Revenue – slide 17 Cost of Sales – slide 19
Non-HR expenses - slide 20
HR expenses – slide 21
EBITDA – slide 22
Operationals – slide 23
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.“
Executive summary on FY 2012
Slide 3
Belgacom delivered on its 2012 financial expectations
- Group revenue grew versus 2011 - EBITDA as expected under pressure - Belgacom financially sound company
Competitive dynamics changed
Belgacom well placed to face
the change
– Convergence strategy giving key support
– Solid growth of Fixed products
– PACKS increasingly with mobile
– Mobile market became more volatile in 2012
– New Telecom law accelerated customer rotation in Q4
– Belgacom responded to the new market conditions
+ 175,000 TV + 46,000 BB + 148,000 PACKS + 153,000 cards* - 196,000 cards* *Excluding a cleaning of 19k internal cards as reported in the beginning of 2012
FY 2012 guidance achieved
Metrics Revised Guidance FY’12
(excl. Telco Law)
Full-year 2012
(excl. Telco Law)
Group revenue
Up to +1%
+1.1%
Group EBITDA Between “-4% to -5% “
-4.9%
Capex/Revenue Upper end of “10% to 12%” 11.6%
• The outlook did not take into
account the one-off accounting adjustment on revenue (EUR -12 million) and EBITDA (EUR -34 million) recorded in the second quarter 2012 following the new Telecom Law that was passed on 28 June 2012.
Slide 4
Revenue 66,462 12 6,474
EBITDA 1,784 34 1,819
FY 2012 reported
Acc impact new telco law
FY 2012 after adjustment for
guidance
FY 2012 Group revenue grew, underlying revenue up 1.9% YoY
Slide 5
Success of TV, growth in Fixed and Mobile data, solid
revenue Tango
ICT & mobile data
Voice volumes,
destination mix, data growth, dollar
-46 MTR
-40 Roaming
-4 other
+0.9% reported
+1.9% Under-
lying Revenue evolution – in million €
FY 2012 CBU revenue supported by convergence strategy
Slide 6
Solid growth of Fixed & Mobile
Data, Belgacom TV and TANGO
+1.4% reported
+1.5% Under-
lying Revenue evolution – in million €
MTR and Roaming
2,349
2,294
-46 -2 -17
10
2012 EBU revenue, limited erosion in challenging economic & competitive context
Slide 7
Organic revenue growth of mobile data and growth ICT offsetting
pressure on voice, ex-regulation
-2.3%reported
+0.4% Under-
lying
Revenue evolution – in million €
MTR and Roaming
FY 2012 Group ebitda under pressure, underlying 1.1% lower
Slide 8
-40m Roaming -12m MTR -3m other
-1.1% Under-
lying
-6.7% reported
Ebitda evolution – in million €
Invest in high-quality fixed & mobile network to maintain leadership in convergence
Accelerated network
investments - maintain network
superiority on mobile speed and coverage,
- substantially increase the bandwidth on fixed network via vectoring technology
- make operations leaner through a simplified network
Slide 9
734 777 753
11.1%12.1% 11.7%
0100200300400500600700800900
0%
2%
4%
6%
8%
10%
12%
14%
2010 2011 2012 Outlook 2013
Group Capex in € million / % of revenue
13%-14%
*This does not include capex for a potential bidding in the 800 Mhz spectrum auction that might occur before year-end
2012 Free Cash Flow of € 691 million
Slide 10
FCF evolution – in million €
* Excluding non-recurring and non-cash related items
Sound financial position
Slide 11
- Net financial debt at EUR 1,601 m - The outstanding long term financial gross debt amounted to € 1.9Bio - Credit ratings: Standard & Poor’s A; Moody’s A1 – both stable outlook
Debt maturing
2013 € 129m
2015 € 145m
2016 € 950m
2018 € 500m
2026 € 73m
Belgacom consolidated balance sheet
• Shareholders’ equity decreased from € 3,078m end 2011 to € 3,016m in December. This reflects the dividend distribution as approved by the General Meeting of April 2012 and the interim dividend paid in December 2012, which was higher than the 2012 net income .
• Goodwill of €2,339m , up as a result of the acquisition of Wireless Technologies BVBA (chain of The Phone House stores)
Slide 12
31-Dec 31-Dec
(EUR million) 2011 2012
TOTAL ASSETS 8,312 8,211
Non-recurrent assets 6,217 6,160Goodwill 2,323 2,339Intangible assets with finite useful life 1,155 1,097Property, plant and equipment 2,401 2,467Investments in associates 3 1Other participating interests 31 7Deferred income tax assets 121 113Pension and other non-current assets 182 136
Current assets 2,095 2,051Inventories 116 133Trade receivables 1,328 1,341Current income tax assets & other current assets 295 292Investments 36 83Cash and cash equivalents 320 202
LIABILITIES AND EQUITY 8,312 8,211
Equity 3,303 3,228Shareholders' equity 3,078 3,016Minority interests 225 212
Non-current liabilities 2,749 2,512Interest-bearing liabilities 1,931 1,761Pensions and other post-employment benefits 479 402Provisions 180 203Deferred tax liabilities and other amounts payable 159 145
Current liabilities 2,260 2,472Interest-bearing liabilities 41 215Trade payables 1,343 1,310Income tax payable 229 236Other current payables 647 711
Belgacom intends to ensure its shareholders an attractive return
Slide 13
A total gross normal dividend of EUR 1.68 per share will be proposed to the Annual Shareholders Meeting of 17 April 2013 . As a result, Belgacom exceptionally increased its dividend to a total of EUR 2.49 gross per share for the 2012 full-year results. Key dates for the normal dividend:
Ex-dividend date: 23/04/2013 - Record date: 25/04/2013 - Payment date: 26/04/2013
on Result 22012
0%
30%
60%
90%
120%
150%
0100200300400500600700800900
1,000
2004 2005 2006 2007 2008 2009 2010 2011 2012
SBB Dividends % of FCFShareholder remuneration
Mio €
on Result
2013
0.29 0.50 0.50 0.40 0.50 0.50 0.50 0.55 0.31
1.38 1.52
1.60 1.68 1.68 1.68 1.68 1.68
1.68
2004 2005 2006 2007 2008 2009 2010 2011 2012*
Interim dividend Extra dividend Normal dividendDividend per share
1.93 1.52
1.89 2.18 2.18 2.18 2.08 2.18
2.49
* Subject to approval an the Annual Shareholders Meeting of 17 April 2013
With the current limited visibility on the Belgian market due to competitive pressure and the unfavourable economy, the Board of Directors agreed to address shareholder return at a later stage, and consider returning a EUR 0.50 interim dividend per share in December 2013 if Belgacom’s financial performance for the year 2013 at that time proves to be in line with its full-year outlook.
Outlook for 2013
Slide 14
- Current operating environment with lower visibility due to a more volatile competitive landscape and an unfavourable economy.
- The guidance takes into account an estimated negative impact from regulatory measures of about € -93m on revenue and about € -53m on EBITDA.
- Accelerated network investments to maintain network superiority
Metrics Reported FY 2012
Restated FY 2012
(incl IAS19 revision)
Outlook FY 2013
(vs restated 2012)
Group revenue
6,462
6,462
between -1% and -2%
Group EBITDA 1,784 1,801
Between -4% and -6%
Capex/Revenue Between 13% and 14%
Group
Consumer Business Unit
REMARK Waiting for
other picture from Marketing
REMARWaiting
other pictfrom Mark
Quarterly results
Group – quarterly P&L On reported basis, incl. one-off items
VAR VARQ4/Q4 FY
RRevenues (1)1,583 1,6 12 1,596 1,6 16 6 ,406 1,588 1,6 11 1,620 1,644 6 ,462 1.7% 0.9%
TTotal OPEX -1,103 -1,099 -1,123 -1,169 -4,494 -1,122 -1,176 -1,160 -1,219 -4,677 4.2% 4.1%
Cost of goods sold -609 -621 -633 -655 -2,517 -614 -667 -649 -680 -2,611 3.9% 3.7%
HR-costs -274 -282 -278 -283 -1,117 -282 -285 -294 -282 -1,141 -0.4% 2.2%
Other expenses -220 -196 -213 -232 -860 -226 -224 -218 -257 -925 10.9% 7.6%0 0 0
EEBITDA (1)480 5 12 472 446 1,9 12 466 434 460 425 1,784 -4.8% -6.7%
EBITDA margin (1)
30.3% 31.8% 29.6% 27.6% 29.8% 29.3% 27.0% 28.4% 25.9% 27.6% -1.8 pp -2.2 pp
NNon recurring items 0 -18 0 4 -15 0 -10 -3 -4 -18 - -
Depreciation -195 -199 -180 -182 -756 -181 -188 -185 -194 -748 6.5% -0.9%
EBIT (incl. NR) 286 295 292 268 1,141 284 236 271 227 1,018 -15 .4% -10.8%
Financial result -30 -21 -31 -25 -106 -18 -22 -47 -24 -111 -3.1% 4.9%
Tax expense -61 -73 -59 -69 -262 -65 -48 -34 -30 -177 -57.0% -32.3%
Net income (Group) 194 199 195 169 756 199 16 1 184 168 711 -0.7% -6 .0%
Non-controlling interest 1 3 8 5 17 3 5 5 5 19 - -
EEarnings/share in € 0.60 0.62 0.6 1 0.53 2.36 0.62 0.5 1 0.58 0.53 2.24 -0.4% -5 .3%
Earnings/share in € (excl. NR) 0.60 0.68 0.61 0.52 2.39 0.62 0.56 0.59 0.54 2.29 4.1% -4.1%
FFY 2012QQ412FY 2011Q211 Q112
(1) before non-recurring items
Q312Q311in mio € Q111 Q212Q411
Slide 16
1,583 1,612 1,596 1,616 1,588 1,611 1,620 1,644
1,280
1,330
1,380
1,430
1,480
1,530
1,580
1,630
1,680
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Solid Q4’12 Group revenue: +1.7% YoY
Reported Q4’12 revenue up 1.7% YoY. Like-for-like, revenue +0.7% YoY
Incl € -23m impact regulation (-1.4%)
Underlying revenue growth +2.1%
+1.7%
Solid Q4’12 revenue contribution, reported revenue +1.5% yoy driven by further improvement in Fixed products and revenue contribution from The Phone House, compensating for the deteriorating Mobile revenues .
Stable, limited revenue erosion of 2.1% for Q4, in context of an unfavourable economy and stiff competition on the professional market.
Further improvement in revenue trend, growing 7.3% in Q4, mainly driven by a strong volume growth combined with a favourable destination-mix and continued growth in Data revenue.
Consumer
Enterprise
BICS
Business Unit
Business Unit
Quarterly Group Revenue ( € million)
Slide 17
6,462 6,406 0.9%
2012 – Positive revenue trend vs 2011
Sequential Group revenue growth throughout 2012 Full-year 2012 revenue up 0.9% vs 2011, +1.9% underlying revenue growth
QQ4 2012 CBU growing on a reported and underlying level, like-for-like down, excl. M&A impact
BICS revenue trend continued improving YoY in Q4 2012 supported by strong volume growth & destination mix
Q4 2012 EBU underlying revenue down -0.3% with the ICT revenue contribution nearly offsetting the Voice erosion
Slide 18
-2.6%
0.3% -0.1%
1.5% 1.7%
-1.6%0.1%
0.7%0.4% 0.7%
-1.0%
1.0%1.8%
2.7%2.1%
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12
Group revenue evolutionRevenue as reported Like-for-Like Underlying
-4.6%
2.1%
-0.7%
2.8%
1.5%
-4.0%
0.5%
-0.8%
0.3%
-1.0%-3.2%
1.7%0.7% 0.7%
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12
CBU revenue evolutionRevenue as reported Like-for-Like Underlying
-2.4% -2.2%-2.9%
-2.2% -2.1%-0.2% -1.0% -0.3%
-2.5%-2.4%
0.6%0.1% 0.8%
1.3%
-0.3%
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12
EBU revenue evolutionRevenue as reported Like-for-Like Underlying
-0.3%
2.6%
5.5% 5.7% 7.3%
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12
BICS revenue evolutionRevenue as reported
609 621 633655
614
667649
680
480
530
580
630
680
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Q4 Cost of Sales up 3.9%, driven by BICS
+3.9%
CoS 1.5% lower yoy. The positive impact of the capitalization of modems, regulation and lower acquisition costs more than offset the cost increase due to The Phone House.
Consumer
Lower CoS , 0.9% lower YoY, due to lower MTRs, more than offsetting the unfavorable evolution of EBU’s product mix on the CoS.
Enterprise
Higher CoS ( +7.1 % ) linked to strong Q4 revenue growth
BICS
Business Unit
Business Unit
Quarterly Cost of Sales ( € million)
Slide 19
2,611 2,517 +3.7%
Q4’12 Cost of Sales at € 680m, + 3.9% YoY driven by BICS, while Consumer & Business CoS slightly down
220
196
213232 226 224 218
257
150
160
170
180
190
200
210
220
230
240
250
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Higher non-HR expenses
Q4’12 non-HR expenses of € 257m, € 25m higher YoY due to: – Unfavorable variance one-off expenses; – year-end review of bad debt; – costs related to The Phone House and – costs linked to Belgacom’s efficiency project
+10.9%
Non-HR expenses up, mainly driven the cost contribution of The Phone House, partly offset by favorable change in cast-allocation (Group neutral)
Consumer
Negatively impacted by the change in cost allocation (Group neutral) and YoY increase in bad debt versus low Q4’11 basis
Enterprise
Business Unit
Business Unit
Quarterly Non-HR expenses ( € million)
Slide 20
Yoy increase as variance was impacted by a one-off positive provision reversal booked in Q4 2011
SDE & W
925 860 +7.6%
5000
10000
15000
20000
25000
YE96 YE98 YE00 YE02 YE04 YE06 YE08 YE10 Q4 12
Belgacom headcount in FTE
274 282 278 283 282 285 294282
150
170
190
210
230
250
270
290
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Quarterly HR-expenses (€ million)
Q4’12 HR expenses nearly stable YoY
Positive effect of headcount restructuring program ‘Tutorship’ and favorable yoy comparison year-end provisions offset by: Inflation-based salary indexations (March 2012) and other wage drifts M&A-driven and business critical additional headcount
-0.4%
15,859 FTEs end December (+71 FTE YoY) Civil Servants decreased to 34% of total headcount
Estimated cash-out for termination benefits
EUR million 2013 79 2014 49 2015 21 2016 6
2017-2033 24*
(* Cumulative for full period)
PTS -6,300 FTE
BeST -4,160 FTE 2006-2012
Tutorship & FMS -3,900 FTE
Jan ‘12 : The Phone House
+518 FTE
Telindus +2,600 FTE
15,859
Slide 21
1,141 1,117 +2.2%
480 512472 446 466 434 460 425
30.3% 31.8%29.6% 27.6% 29.3% 27.0% 28.4% 25.9%
-3.0%
2.0%
7.0%
12.0%
17.0%
22.0%
27.0%
32.0%
0
100
200
300
400
500
600
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Q4’12 Group EBITDA* -4.8% YoY
Q4’12 Group EBITDA of €425 m, before non-recurring expenses – -4.8% lower vs 2011, with YoY variance complicated by: – incidentals and M&A, with a total impact of € -13m – regulatory measures impacted EBITDA by € -14m (-3.2%)
Underlying Belgacom Group EBITDA -0.9% YoY: – result of YoY improvement of underlying Consumer and SDE&W segment result – offset by lower result for Business segment.
-4.8%
Quarterly Group EBITDA ( € million)
Slide 22
1,784 1,912 -6.7%
*Excluding non-recurring
Solid performance fixed products
Belgian digital TV penetration @ 76% Stable DTV market share of 32% Total TV market** share of 25% ; +3pp YoY
DDTV market share
*Corresponds to the total settop boxes, including multi-stream ** Total TV market includes analog TV
Belgian Fixed internet market still growing, but at slower pace
Internet penetration @ 77% Belgacom market share erosion limited to -0.3% YoY
Fixed Internet market share
Slide 23
Stable market, Fixed Voice penetration @ 73% Belgacom stabilized its Fixed Voice line erosion Fixed Voice line “upgraded” via:
Flat rate calling “Happy Time XL” and “Happy Time International” Multi-play packaging
1815
912
11
1,591 1,606 1,615 1,626 1,637
1,200
1,300
1,400
1,500
1,600
1,700
-2
3
8
13
18
23
28
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12
Broadband customer evolution net adds total
BST
72
4348
3946
1,211 1,2541,301 1,340
1,386
400
500
600
700
800
900
1,000
1,100
1,200
1,300
1,400
0
20
40
60
80
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12
TV Lines evolution* net adds total
-35 -39 -37-30 -33
3,225 3,186 3,149 3,119 3,085
2,500
2,700
2,900
3,100
3,300
3,500
-50
-30
-10
10
30
50
70
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12
Fixed Voice customer evolution net adds total
11
1,6371,637
1,200
1,300
1,400
1,500
1,600
Q4'12
1 386
Customer acquisition via convergent Packs – Mobile in Pack continues to increase
Slide 24
66
54
34 37
23
1,089,0001,143,000
1,177,0001,214,000 1,237,000
700,000
800,000
900,000
1,000,000
1,100,000
1,200,000
0
20
40
60
80
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12
Packs evolution net adds total
11,237,000
PACKS
Revenues GGenerating UUnits* per residential households in Q4
Of the total number of residential
Packs sold in 2012, 440% includes a mobile
component
Fixed ARPU per residential Household up from € 43 in Q4’11 to € 46 in Q4’12 driven by positive evolution of number of products per household
+148k in 2012
2.55 43 € 46 €
Q4-11 Q1-12 Q2-12 Q3-12 Q4-12
fixed ARPU per HH
*i.e. average RGU per household = total number of RGU's (excl. Prepaid) divided by total number of unique households.
New Telco law and competition impacted the mobile subscriber base
Postpaid: - 16,000 Prepaid: -72,000
The new Telco law, in addition to aggressive competitive pricing impacted the mobile subscriber base
Mobile market share
Change in customers’ behaviour triggered by new law (fixed term contract) and new low price offers as from October. Impacting the Residential and SME mobile market
1 Active mobile cards 2 Mobile active customers including mobile customers Luxembourg, and including mobile data cards. 18k inactive cards cleaned from total Mobile customer base end 2011 3 Sum in absolute amounts of both the weekly port-in and the weekly port-out
1
Slide 25
64
39 45
-39
-88
5,458 5,498 5,543 5,5045,416
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
Q4'11 Q1'12 Q2'12 Q3'12 Q4'12
Mobile customer evolution2
net adds total
addition ve obile
Mobile market share1
w1 w11 w21 w31 w41 w51
Weekly port-in + port- out CBU postpaid in 2012
new FTC law
Mobile postpaid market volatility amplified as from Q4’12
3
New market conditions led to more value included in Belgacom’s new mobile offers
-15 € Data x 5 + (4G included)
-5 € Data x 4 + (4G option)
+40 Min Data included
Voice :
SMS :
Data : 1 Gb
Unlimited
Unlimited
90€ (75€)
5Gb
Unlimited
Unlimited
75€ (60€)
Q4-11 Q4-12
250 Mb
120 Min
Unlimited
25€ (20€)
1 Gb
120 Min
Unlimited
20€ (15€)
Q4-11 Q4-12
/
60 Min
Unlimited
15€ (10€)
500 Mb
100 Min
Unlimited
15€ (10€)
Q4-11 Q4-12
Comfort 90 Comfort 25 Generation MTV 15
Tariffs : stand-alone
(in pack)
Smart 20 Smart 75
All assets in hands to cope with changing telecom market
Slide 27
99.85% DSL (among world leaders)
85% VDSL (2nd in Europe)
> 92% TV coverage
DSL FON 4G
Largest WiFi network in
Belgium
650,000 FON spots in
Belgium
7 million throughout the world
First to launch in November ‘12
2G
99.98% coverage
Belgacom has extensive service coverage and state of the art service platforms enabling true service convergence
3G
97% coverage
gg
Source: IDATE – June 2011
FTTx homes passed per country
0%
25%
50%
75%
100%
SWI
POR BE UK DE FR NL
FTTH/B
VDSL
BE
28
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)
Q4 2012 results per business unit Consumer Business Unit (CBU)
Enterprise Business Unit (EBU)
Service Delivery Engine &Wholesale (SDE&W)
Staff and Support (S&S)
Belgacom International Carries Services (BICS) Slide 28
264271
257233
251232
261241
46.7% 46.8% 45.0%40.8% 43.5%
40.4%44.5%
41.6%
30.0%
35.0%
40.0%
45.0%
50.0%
180
200
220
240
260
280
300
320
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
CBU EBITDA (EUR mio) & margin
83 85 86 87 90 88 92 88
70 74 71 84 74 73 77 86
0
20
40
60
80
100
120
140
160
180
200
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Personnel Non-HR
CBU Personnel & Non-HR costs (EUR mio)
149 149 158 168 162182
157 166
90
110
130
150
170
190
210
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
CBU Cost of Sales (EUR mio)
565579 571 572 577 575
587 581
510
530
550
570
590
610
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
CBU revenue (EUR mio)
Consumer - P&L
Limited increase in HR expenses, up 0.9% ; driven by The Phone House acquisition (partly divested Mid-November) & wage indexation. This was nearly offset by favorable YoY comparison of year-end HR provisions. Non-HR expenses 2.3% up, mainly driven by contribution from The Phone House and an update of year-end provisions
Segment result Q4 ’12 +3.5% YoY. Better Gross Margin as revenue trend improved & Cost of Sales remained controlled while HR-expenses showed a limited increase due to a favorable YoY comparison of year-end HR-provisions
– Regulation impact of € -5 m (-2.3%) – Contribution margin of 41.6%, i.e. +0.8 p.p. YoY
Solid revenue growth from TV and Fixed Internet, Fixed voice decline slowed. All supported by Packs.
– Reported revenue includes M&A; like-for-like revenue -1.0% – Regulation impact of €-10m (-1.7%) – Underlying revenue +0.7% YoY
+1.5%
-1.5%
+1.6%
+3.5%
Improved Direct Margin driven by both higher revenue & lower Cost of Sales
Slide 29
Q4’ 12 Cost of Sales 1.5% lower YoY – Positive impact of the capitalization of modems, regulation
and lower acquisition costs – More than offset cost increase due to The Phone House
2,321 2,288
666 624
359 340
986 1,025
310 299
+1.4%
+6.8%
+3.7%
+5.5%
-3.8%
1,061977 936
1,036 1,086 1,027 9651,060
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Traffic (mio min)
20.2 20.0 19.7 19.8 20.2 19.7 19.7 20.0
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Fixed voice ARPU (EUR/month)
-37 -26 -31 -21 -20 -22 -21 -18
1,896 1,870 1,839 1,818 1,780 1,758 1,737 1,718
30
530
1,030
1,530
2,030
-50
-30
-10
10
30
50
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Voice line loss & EOP (000)
118 115 111 110 110 105 105 10580
90
100
110
120
130
140
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Fixed voice revenue (EUR mio)
Consumer - Fixed voice FFixed Voice line erosion stable; revenue decline continued to persist
*
*i.e. real line loss, differs from QoQ EOP difference due to re-segmentation exercise at start of 2012
Fixed Voice customer base of 1,718,000 end Q4’12 – Continued relief on line erosion by the Happy Time XL pricing
plan and Packs
Total traffic in minutes up 2.3% YoY – Positive trend driven by an uptake in Happy Time XL, allowing
free off-peak calls
FY ’12 Fixed Voice traffic usage was 3.2% higher YoY
Fixed Voice ARPU slightly up to EUR 20.0 FY’12 ARPU of € 19.9 was 0.2% lower YoY
Fixed Voice revenue erosion limited to -4.3% YoY – maintained lower level of line erosion showing its benefit – the positive impact of the price indexation of Jan’12 offset the
cut in fixed-to-mobile rates (Jan’12)
-4.3%
+1.0%
+2.3%
Improved Fixed Voice line erosion confirmed; declining revenue trend further slowed
Slide 30
425 454 -6.5%
140 147 143 136 130123
133120
90
100
110
120
130
140
150
160
170
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Mobile voice revenue (EUR mio)
102.2106.6 103.6 103.8 101.5 104.7
100.5 101.7
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
MoU (min/month)
12.7 13.4 12.9 12.2 11.6 11.112.0
11.1
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Blended net voice ARPU (EUR/month)Blended net voice ARPU (EUR/month)
-47
348
32 10 5
-62 -105
3,723 3,726 3,774 3,805 3,805 3,8113,748
3,643
3,350
3,450
3,550
3,650
3,750
3,850
-110
-60
-10
40
90
140
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Mobile growth & EOP (000)
Consumer – Mobile Voice Augmented pressure on Mobile Voice revenue; new telecom law and competition leading to peak in subscriber churn despite growing Mobile in Pack
*
*i.e. Mobile net adds differ from QoQ EOP difference due to re-segmentation exercise at start of 2012
End Q4’12 Mobile customer base of 3,643,000 cards – Postpaid -37,000 due to the new telecom law & aggressive
competition. Packs including mobile and Internet Everywhere offer continued their strong traction
– Prepaid -68,000
Net Voice ARPU at € 11.1, or -9.2% YoY – Customer migration to lower or more abundant tariff plans
starting to show
For FY’12 ARPU of € 11.5, or 10.4% lower YoY
MoU slightly down to down 2.1% to 101.7 minutes/user/month FY’12 average usage -2.1% YoY, from 104.3 MoU to 102.1 MoU
Q4’12 Mobile Voice revenue -12.1% YoY. – Driven by regulatory impacts, – in addition to lower customer base and resulting lower usage
-12.1%
-2.1%
-9.2%
12.0
Slide 31
505 565 -10.5%
27.6 27.0 26.7 26.1 26.9 26.4 26.5 26.1
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Broadband ARPU (EUR/month)
8 5 1
18 1510 13 12
1,131 1,136 1,138 1,156 1,159 1,169 1,181 1,193
10
210
410
610
810
1,010
1
21
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Broadband growth & EOP (000)Broadband growth & EOP (000)Broadband growth & EOP (000)Broadband growth & EOP (000)
85 83 82 8285 84 85 85
72
74
76
78
80
82
84
86
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Fixed data revenue (EUR mio)
Consumer - Fixed Data Continued Fixed Internet revenue growth driven by growing customer base
*
*i.e. Fixed Internet net adds differ from QoQ EOP difference due to re-segmentation of customers
Q4’12 revenue up 4.1% YoY – Positively impacted by price indexation Jan’12 – Continued YoY customer growth
CBU ended Q4’12 with 1,193,000 Fixed Internet customers – +12,000 net-adds, supported by the “Internet Everywhere”
offer, mainly bought in Pack
ARPU Q4’12 of € 26.1; i.e. +0.3% YoY – ARPU stable YoY, compared to a 5.5% decline for the same
period of 2011.
FY’12 ARPU of €26.5 or -1.3% vs € 26.8 for 2011
*
+4.1%
Stable
Slide 32
339 332 2.1%
77 80 79 85 85 87 84 87
10 1014 13 12 15 15 13
0
30
60
90
120
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
SMS Adv Data
Mobile data revenue (EUR mio)
87 9293 97 97
98 100102
7.8 8.2 8.2 8.5 8.5 9.0 8.7 9.0
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Blended net data ARPU (EUR/month)
239 254 235273 280 291 262
294
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
SMS (units/month)
Consumer - Mobile Data Mobile data revenue growth trend impacted by regulation; sustained growth in SMS usage aage
SMS usage growing with 7.7% YoY to 294 SMS/Month
Mobile Data ARPU up 6.1% to € 9.0 – Resulting from growing SMS and Advanced Mobile Data
revenue – Growth impacted by Roaming regulation
ARPU FY’12 of € 8.8vs € 8.2 for 2011; i.e. +7.9% YoY
Mobile Data rev up by 2.7% YoY – Revenue growth restrained by regulation – SMS revenue was up by 2.4% for Q4 – Advanced Mobile Data +4.9% . Lower growth vs first half of
the year due to regulated price cap on retail Data roaming.
+2.7%
+7.7%
+6.1%
Slide 33
342 320 +6.9%
56 49 +14.3%
19.4 19.217.8 17.5 17.6 17.6 18.1 18.2
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
TV ARPU (EUR/month)
51 53 51 53 55 57 61 62
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
TV revenue (EUR mio)TV revenue (EUR mio)
Belgacom TV
Solid Q4 TV revenue, up 18.1% YoY; TV customer base continues to grow
Strong net adds of 46k – Driven by year-end campaigns – Total customer base of 1,386,000; +14% YoY – Total includes 230,000 multiple streams
Q4 TV ARPU of EUR 18.2 , a 3.9% growth YoY – Supported by the price increase for rented settop boxes
TV revenue +18.1% YoY driven by – Continued growth of subscribers – Price increase of rented settop box
+18.1%
+3.9%
Slide 34
54 59 52 72 43 48 39 46
1,029 1,087 1,139 1,211 1,254 1,301 1,340 1,386
0
200
400
600
800
1,000
1,200
1,400
8
28
48
68
88
108
128
148
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
TV growth & EOP (000)
235 208 +13.5%
25 26 28 28 27 28 2830
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Tango revenue (EUR mio)Tango revenue (EUR mio)Tango revenue (EUR mio)Tango revenue (EUR mio)Tango revenue (EUR mio)Tango revenue (EUR mio)Tango revenue (EUR mio)Tango revenue (EUR mio)Tango revenue (EUR mio)Tango revenue (EUR mio)Tango revenue (EUR mio)Tango revenue (EUR mio)Tango revenue (EUR mio)Tango revenue (EUR mio)Tango revenue (EUR mio)Tango revenue (EUR mio)
28
26.6 28.1 29.3 29.1 28.4 29.2 29.5 30.7
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Blended mobile net ARPU (EUR/month)
Tango Luxembourg
Q4 revenue +8.8% YoY
– success of the iPhone and Samsung offer– the ongoing migration of prepaid towards postpaid offers.
Tango acquired 1,000 new Mobile customers in the fourth quarter 2012. In Q4, Tango launched a Quadplay offer and was the first to offer a full 4G coverage in Luxembourg The ARPU increased to EUR 30.7, i.e. 5.7% year-over-year.
– Partly offset by a decline in roaming revenues due to the EU regulation
+8.8%
+5.7%
Slide 35
254 256 260 264 266 268 270 271
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Tango mobile customers EOP (000)
114 107 +6.5%
300 298291 296 289 277 267 274
50.6% 50.3% 50.9% 50.0% 50.0% 48.1% 47.8% 47.4%
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
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
EBU EBITDA (EUR mio) & margin
94 98 93 96 100 103 103 10137 37 34 36 40 39 39 41
0
20
40
60
80
100
120
140
160
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Personnel Non-HR
EBU Personnel & Non-HR costs (EUR mio)
162 160 154164
149157 150
163
120
130
140
150
160
170
180
190
200
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
EBU Cost of Sales (EUR mio)
593 593572
591579 576
560579
520
540
560
580
600
620
640
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
EBU revenue (EUR mio)
Enterprise – quarterly P&L
Q4’12 CoS 0.9% lower YoY – positive effect from lower MTRs, more than offsetting – the unfavorable evolution of EBU’s overall product mix on the
Cost of Sales. FY’12 CoS 3.1% lower YoY, incl Telindus Spain divestment
Lower Q4’12 segment result due: – lower Direct margin (regulation & product mix) – higher expenses (including some group neutral changes in cost
allocation).
Q4’12 Non-HR increase YoY driven by: revised cost allocation and bad debt comparing low Q4’11 basis Q4’12 HR cost: negative impact from changed cost-allocation, higher headcount and salary indexation
Q4 YoY decline limited to 2.1%, in context of unfavorable economy and stiff competition
– Regulation impact of € -12m (-2.1%) in Q4 – Q4 underlying revenue -0.3% YoY : ICT & mobile data nearly
compensated for eroding Fixed & Mobile Voice, ex-regulation
** like-for-like: adjusted for impact from divestures and acquisitions , customer re-segmentation
-2.1%
-0.9%
+8.0%
-7.2%
Slide 36
2,294 2,349 -2.3%
619 639 -3.1%
407 381 6.7%
160 144 11.3%
1,108 1,185 -6.5%
782 732672 716 754 699
636 686
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Traffic (mio min)
29.1 28.9 28.1 28.6 28.9 28.4 27.9 28.6
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Fixed voice ARPU (EUR/month)
-15 -13 -13 -14 -18 -15-9
-14
1,425 1,412 1,400 1,385 1,394 1,379 1,370 1,356
-100
100
300
500
700
900
1,100
1,300
1,500
1,700
1,900
-20
0
20
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Voice line loss & EOP (000)
128 125 121 122 124 120 118 119
90
100
110
120
130
140
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Fixed voice revenue (EUR mio)
Enterprise - Fixed Voice Stable ARPU and contained Voice line erosion led to continued improvement in the declining revenue trend
Fixed Line erosion Q4’12 of -14,000 lines, stable to Q4’11
Q4 Fixed Voice traffic was 4.2% lower YoY driven by: – fixed line erosion – lower usage per line
FY ’12 Fixed Voice traffic usage was 4.3% lower YoY
Q4’12 ARPU stable YoY to € 28.6 – Positive effect from price indexation (Jan ’12) – Negative effect from reduced F2M (Jan’12)
FY’12 ARPU of € 28.5 was 0,8% lower YoY (€ 28.7)
Sequential improvement in declining revenue trend Q4 revenue decline limited to -2.4% YoY vs. -7.6% for same period of 2011 FY 2012 revenue of € 481m, -3.1% YoY, vs. -7.9% for FY 2011
*
**Fixed line loss differ s from QoQ EOP difference due to re-segmentation exercise at start of 2012 and inclusion of business trunking
-2.4%
-0.1%
-4.2%
Slide 37
481 496 -3.1%
115 115110 108 106 102 100 96
80
90
100
110
120
130
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Mobile voice revenue (EUR mio)
29.2 28.7 26.9 25.9 25.3 23.7 22.9 21.6
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Net voice ARPU (EUR/month)
317.1 328.3 305.0 322.8 327.8 326.6293.3 314.3
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
MOU (min/month)
2430
22 2922
36
2116
1,327 1,357 1,380 1,408 1,413 1,449 1,470 1,486
500
600
700
800
900
1,000
1,100
1,200
1,300
1,400
0
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Mobile growth & EOP (000)
Enterprise - Mobile Voice SSolid customer growth, revenue under pressure due to pricing and regulation
Solid Mobile customer growth in Q4’12 in spite of aggressive competitor moves in the low-end of business market
– 16,000 net mobile cards added, incl Mobile Voice, Mobile Data and M2M cards.
– total Mobile customer base: 1,486,000 cards end 2012
Q4’12 Mobile Voice ARPU of €21.6, -16.5% YoY – Declining trend due to regulation and price competition
For FY’12 ARPU of € 23.3, or 15.5% lower YoY
Q4 shows somewhat lower usage YoY – Q4’12 MoU at 314 minutes/month, or 2.6% lower than for the
same period of 2011
FY’12 average usage -1.1% YoY, from 319 MoU to 315 MoU
Q4’12 Mobile voice revenue of € 96m, -10.9% YoY – regulated MTR and Voice Roaming prices – Pricing plans and competitive mobile market.
FY € 403m revenue, 10% lower YoY
*
*i.e. Mobile net adds differ from QoQ EOP difference due to re-segmentation exercise and cleaning in-active cards at start of 2012
-10.9%
-2.6%
-16.5%
Enterprise - Mobile Voice Continued pressure on Mobile Voice revenue; growing Mobile customer base
Slide 38
403 448 -10.0%
98 97 96 9799 99
96 95
90
92
94
96
98
100
102
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Fixed data revenue (EUR mio)
39.6 39.3 39.1 38.9 39.5 39.0 39.1 38.8
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Broadband ARPU (EUR/month)
2 0
-2
2 0
-2 -1 -1
436 436 434 434 446 445 444 443
30
80
130
180
230
280
330
380
430
-10
11
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Broadband growth & EOP (000)
Enterprise - Fixed Data SSlightly positive revenue trend continued; Internet customer base fairly stable
Q4’12 Fixed Data revenue €95 m, -2.3% vs 2011 – Continued migration from older technologies to the Belgacom
Explore platform, for which pricing is more favorable
Fixed Data revenue FY’12 of €388 m, -0.2% vs 2011
2012 ended with fairly stable Fixed Internet customer base of 443,000, in spite of operating in a saturated and increasingly competitive professional Fixed Internet market
Q4’12 ARPU of €38.8 nearly stable YoY FY’12 ARPU of €39.1 or -0.4% vs € 39.2 for 2011
*
*i.e. Fixed Internet net adds differ from QoQ EOP difference due to re-segmentation of customers
*
-2.3%
-0.4%
Enterprise - Fixed Data Migrations to Explore platform slightly erodes Fixed Data revenue, while Internet ARPU remains fairly stable
Slide 39
388 389 -0.2%
Enterprise – Mobile Data SMS continues growth, while advanced Mobile data revenue is pressured by regulated price caps
23 24 24 26 26 27 27 28
27 28 32 31 30 31 28 26
0
10
20
30
40
50
60
70
80
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
SMS ADV Data
Mobile data revenue (EUR mio)
50 53 56 57 56 58 55 54
84 90 87 96 107 112 105 118
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
SMS (units/month)
12.6 13.2 13.8 13.7 13.5 13.512.6 12.2
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Net data ARPU (EUR/month)
Continued uptake in SMS usage, growing 24% YoY to 118 text messages per user per month
– Success of MTV Generation pricing plans, including unlimited SMS, continued to push the volume of both free and paying SMS
Mobile Data ARPU down 10.5% YoY to €12.2
– Growth trend reversed since 1 July 2012 due to regulated price caps for Mobile Data roaming
– aggressive competitor moves on low-end of business market
ARPU FY’12 of €12.9vs € 13.3 for 2011; i.e. -2.9% YoY
-4.9%
+24%
-10.5%
Slide 40
€ 54m Mobile Data revenue, i.e. -4.9% YoY – Q4’12 non-SMS Data revenue € 26m, -15.3% YoY due
to negative regulated price effect. – SMS continued its revenue growth trend in Q4’12
(+7.3%), in spite of regulated SMS roaming rates
FY’12l Mobile Data revenue of € 223m, +3.3% YoY
115 118 -2.5%
108 98 10.3%
175 177163
182167 172 167
186
130
140
150
160
170
180
190
200
210
220
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
ICT revenue (EUR mio)
Enterprise – ICT IICT revenue up by 6.1% on like-for-like basis
Q4’12 ICT revenue +2% YoY to €186m – Seasonally strong quarter , – Growth somewhat contained due to customers
delaying IT projects or opting for Cloud-based solutions, which triggers a shift from one-shot revenue to monthly services fees.
FY’12, € 692m ICT revenue -0.7% vs 2011. – M&A effects impacting variance – Divesture of Telindus Spain since end June 2011
and the acquisition of Eudasys by Telindus France.
– On a like-for-like basis, EBU saw its ICT revenue growing by 2.8% in 2012.
+2.0%
Enterprise - ICT Q4’12 ICT revenue showing 2% growth in challenging economic context
Slide 41
692 697 -0.7%
-29-12
-30 -21 -23 -26 -21 -26
-60
-50
-40
-30
-20
-10
0
Q111 Q211** Q311 Q411 Q112 Q212 Q312 Q412
SDE&W EBITDA (EUR mio)
49 50 50 50 43 44 47 43
52 33 48 42 48 50 41 48
0
20
40
60
80
100
120
140
Q111 Q211** Q311 Q411 Q112 Q212 Q312 Q412
Personnel Non-HR
SDE&W Personnel & Non-HR costs (EUR mio)
9 9 9 9 9 9 9 108
8
9
9
10
10
11
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
SDE&W Cost of Sales (EUR mio)
81 80 77 80 78 76 75 76
53
58
63
68
73
78
83
88
93
98
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
SDE&W revenue (EUR mio)
livery & Wholesale - P&L
CoS slightly up
Operating expenses for Q4’12 -0.7% YoY – Q4 Non-HR 15% higher YoY, due to provision reversal in Q4’11 – Q4 HR expenses -14% YoY : lower headcount , limited positive
effect of cost allocation change and HR provisions more than offset inflation-based salary increase of March 2012.
Q4 segment result YoY lower mainly due to lower Direct margin
Q4 revenue -5% YoY – Lower leased line and BB volumes, decreasing Roaming
prices only partially offset by higher Roaming volumes. – Regulatory measures reduced the Q4 revenue by 1.3%.
FY’12 revenue -4.4%, incl -1.2% due to regulation
-5.0%
+11.2%
-0.7%
-20.4%
** Q2 2011 and Q4 2011 impacted by one-off reversal of provision due to litigation settlement
Service Delivery & Wholesale – P&L
Slide 42
304 318 -4.4%
37 36 +3.3%
187 175 6.9%
177 199 -11.0%
-97 -92 -5.6%
47 41
66 6151 50 49
67
0
10
20
30
40
50
60
70
80
90
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
S&S Non-HR costs (EUR mio)
39 40 40 4038 39 41
3932
34
36
38
40
42
44
46
48
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
S&S Personnel costs (EUR mio)
8 7
25
8 9 7 7 110
5
10
15
20
25
30
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
S&S Revenue(EUR mio)
Staff & support - P&L
• In Q4’12, Staff and Support recorded € 11m revenues. This brings the FY’12 revenue for Staff and Support to € 34m. The decrease compared to the previous year is mainly explained by a positive one-off recorded in the third quarter of 2011.
• Q4’12 HR-expenses 4.8% lower YoY – Positive effect of decline in headcount more than offset the
wage indexation impact
• Q4’12 non-HR higher YoY – provision for environmentally driven soil works in Q4’12, – a one-off capital loss – and costs related to the cost-efficiency project.
• FY’12, S&S non-HR expenses up 1.3% to € 218m.
*
* Internal invoice; neutral on group level
+44.2%
-4.8%
+10.3%
Staff & Support – P&L
Slide 43
34 47 -27.2%
218 215 +1.3%
* 156 160 -2.1%
2429 35 33
2834 35 32
6.5% 7.5%8.7% 8.3% 7.3%
8.4% 8.3% 7.3%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0
10
20
30
40
50
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
BICS EBITDA (EUR mio) & margin
29 29 31 31 31 32 32 3423 26
28 27 25 30 31 29
0
20
40
60
80
100
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
Non-Voice Voice
BICS Gross margin (EUR mio)
372388
401 401382
409424 430
340
350
360
370
380
390
400
410
420
430
440
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
BICS Revenue (EUR mio)
International Carrier Services P&L
• Voice volumes: Q4 up 7.7%; FY up 3.4% YoY • Non-Voice volumes: Q4 up 41.2%; FY up 45% YoY
• Q4 EBITDA 5.4% lower YoY. Higher Gross margin offset by – a reassessment of bad debt provisions, and -to a smaller
extend- a negative YoY currency effect. – HR expenses impacted by inflation-based wage indexations
and variable performance-related compensation.
• Gross margin Q4’12 up 7.9% YoY – Gross margin Voice + 9.0% YoY – Gross margin non-Voice + 6.7% YoY
• Q4 revenue increase of 7.3% YoY – € 20m more revenue from Voice traffic: strong traffic increase
to Asia & Africa, partly offset by Eu-wide MTR reduction. – Data revenue grew solidly, with revenue up nearly 21% – Limited positive dollar impact
+7.3%
+7.9%
-5.4%
International Carrier Services – P&L
Slide 44
6,574 6,997 6,853 7,018 6,907 6,984 6,934 7,556230 253 276 315 323 361 428 446
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412
SMS/MMS Minutes
BICS Volumes (in mio)
1,645 1,562 +5.3%
115 104 10.2%
129 122 6.1%
130 120 8.4%
45
Belgacom Company presentation Investor Relations
Ytd September 2010 results in detail
• Consumer Business Unit (CBU) • Enterprise Business Unit (EBU) • Service Delivery Engine &Wholesale (SDE&W) • Staff and Support (S&S) • Belgacom International Carries Services (BICS)
Other topics
Slide 45
Work In Progress
• Shareholder structure – slide 46 • Network & Spectrum – slide 47 • Pricing – slide 53
Other topics
• New Telco Law – slide 58 • Regulation & legal – slide 59 • Belgian economy – slide 63
Shareholder structure
Belgian state owns ~ 53.5%
Status 30 Sep 2012
Shares %
shares %
Voting %
Dividend
Belgian state 180,887,569 53.5% 56.8% 55.9%
Free float 137,434,096 40.7% 43.2% 42.5%
Own shares 19,703,470 5.8% - 1.6%
338,025,135 shares, of which 318,321,665 Outstanding • Limited liability company under public law
- Belgian state main shareholder: 53.5% - Legal obliged threshold: 50%+1 share
• Free float 40.7%
• Treasury shares 5.8%
- Under Belgian law, companies prohibited from owning >20% of outstanding share capital
- Part of own shares held for personnel incentives: Options and DSPP
Slide 46
Global network strategy Value enablers for a convergent interconnected world
Slide 47
47
Belgacom has all assets in hands to cope with a changing telecom ecosystem
Fiber speeds on copper with vectoring and dynamic line management
Leaner operations through network simplification
3G+ upgrade for superior mobile data experience
• Mobile network innovation driving leadership superiority
• Network simplification driving efficiency
• Fixed network innovation driving customer value
••••••••••• •••••••••••• ••••••
Mobile network Fixed network Network simplification
Speed acceleration with FTTH in new zonings
4G roll out as important enabler of our convergence strategy
Combined with strong product & process simplification
Mobile network
Slide 48
Ambition is to remain the best mobile operator for all type of customers on the Belgian market. 3G+ upgrade will bring 8 Mbps download and up-to-21 Mbps top speeds, 42 Mbps for dual carrier devices
Best mobile 3G network
• Fastest down- and upload speed available in the market
• Significantly better 3G indoor coverage vs competitors
Further boost experience for 3G customers
50% 60% 70% 80% 90%
Mobistar
Base
Belgacom
% 3G indoor coverage1
1 Source: Factual coverage as measured by independent agency CommSquare during Q4 2012 drive tests at same reference level showing an important delta between operators. Delta is confirmed at different ranges of reference levels.
• 70% increase of overall network capacity for data
• 30% average speed increase & top speed increase with HSPA+
1
2
1
2
Mobile data usage still in early stages with 35% of devices on our network being 3G compatible
Important market value with customers having devices not supporting 4G yet, both now and in future
Belgacom is determined to maintain its mobile leadership through investment in 4G roll-out
First to launch 4G
• 4G further improves mobile speed experience to average 20-30Mbps speed with peak speeds up to 50-60Mbps
• 4G is deployed in existing 1800Mhz spectrum
• First Belgian operator to deploy 4G in 8 large cities in November 2012
• High speed backhauling deployed for fast data transmission
1
2
New 2600Mhz spectrum will be used for targeted capacity & performance Only 4G deployment in Brussels if regulatory framework is changed
Further roll-out of 4G
1
2
Spectrum - Belgian situation
Slide 49
Proximus 2 x 12
Mobistar 2 x 12
Base 2 x 10.8
Proximus 2 x 20,8
Mobistar 2 x 20,8
Base 2 x 22
Unallocated2 x 11.4
Unallocated 2 x 15
800 MHz
900 MHz
1800 MHz
2100 MHz
2600 MHz
Proximus 2 x 15
Mobistar 2 x 15
Base 2 x 15
1x 5
1x5 1x5 Telenet / Voo
2 x 14.8 1x5
Proximus 2 x 20
Mobistar 2 x 20
Base 2 x 15
BUCD 1 x 45
• 900 MHz & 1800 MHz
• Used for 2G, 3G and 4G • Belgian operators allowed
to deploy UMTS in 900 MHz spectrum (more efficient in rural areas) and 4G in 1800 MHz
• Tacit extension: BGC has to pay €74m for 2010-2015; via annual payments. BGC filed annulment procedure.
900 MHz & 1800 MHz
• 900 MHz & 1800 MHz • Used for 3G • Proximus, Mobistar & Base
each have 1 UMTS license since 2001
• BGC paid € 150m • 2 Aug ‘11, BIPT awarded
4th license to Telenet/Voo for an amount of € 71.5m (2X 14.8 MHz)
• all licenses expire in 2021
2100 MHz
• Will be used for 4G • Out of 5 candidates, 4 have
obtained spectrum in 2.6 GHz band
• Belgacom acquired 2x20 MHz for an amount of €20.22 Mio.
• License is valid for 15 years as from July 2012
2600 MHz
DRAFT conditions: • Auction of 3 lots of 2x10
MHz• Minimum price of € 120m • License for 20 years • Spectrum cap of 2x10 MHz. • No spectrum reserved for
new entrants. • Coverage obligations • National roaming may be
imposed by BIPT. • Process expected to be
completed by end 2013.
800 MHz
Unallocated 2 x 10
Unallocated 2 x 10
Unallocated 2 x 10
Mobile network - Spectrum: The Belgian situation
Fixed network - Dynamic Line Management & Vectoring
Slide 50
To substantially increase bandwidth, Dynamic Line Management (DLM) & Vectoring will be deployed
DLM is an in-house developed technology and will improve the average speed experience with 30%
Fast-track Dynamic Line Management
DLM monitors stability of lines and dynamically applies maximum possible speed when a line is sufficiently stable
• A speed profile is applied to a VDSL2 line in function of the line distance
• Line characteristics however often allow higher speeds
1
2
Powerful vectoring technology
Vectoring brings up-to-70 Mbps speeds and 15 Mbps upstream
• Crosstalk is interference between copper pairs in same cable
• Crosstalk limits the achievable speed on VDSL
1
2
Vectoring cancels crosstalk in the copper cables resulting in a significant bit rate increase of copper lines
How we are ahead of other EU operators
Strong Regulatory Framework was negotiated, disentangling all blocking points required for full-fledged vectoring
• Belgacom is the first operator in the world to deploy vectoring on this scale
DLM will be applied on top of our Vectored lines to further increase speeds up-to-100 Mbps
1
How we will further increase speed soon after
• Only operator with an in-house developed technology to bring speed at maximum line capabilities
2
Belgacom is in better position to increase speed then other EU peers thanks to our access strategy over past years with a strong Fiber-The-The-Curb network topology and a dense 85% VDSL2 coverage
Pair Bonding brings speeds up-to-200 Mbps
Fixed network - Speed acceleration in coming years
Slide 51
Speed evolution in Mbps 2013 to >2018
FTTH in new zonings
FTTH offers speeds up-to-200 Mbps
• FTTH will be deployed in new residential zonings as of S2 2013
• Fiber costs are comparable to copper for new residential zonings
1
2
• Pair bonding increases bit rate by combining speed of 2 VDSL lines
• Both lines will be vectored and controlled by DLM
Pair Bonding of VDSL lines
1
2
• G.fast technology is currently analysed by standardization bodies
• Both evolutions aim at bringing fiber distribution close to the customer
G.Fast & Fiber evolution
Evolution brings speeds up-to-1000 Mbps
1
2
Belgacom will start with Fiber-To-The-Home (FTTH) deployment in new residential zonings in 2013. Future evolutions of speed acceleration is currently described by Pair Bonding and G.fast & Fiber evolution.
Network simplification Leaner operations through a simplified all-IP-network
Slide 52
Program aims at simplifying our network and decreasing operational costs. In its ambition to be an agile company, Belgacom will also focus on substantially simplifying its IT and product portfolios
Operational benefits from network simplification Approach in simplifying our networks
Transformation – Physical removal of legacy technologies, PSTN switches and technical buildings
Consolidation – Migration of products & services to the new IP based network
Automation – Optimization of network architecture towards fully automated customer activation
• Lower cost to maintain – Lower maintenance, utility, powering and building cost of building facilities
• Higher efficiency to operate – Substantial cost savings in operating the network through efficiency increase of field force
• Better customer experience with instant servicing – Significant simplification & agility gain with one network for al services
1
2
3
• Outphasing of legacy equipment
• Full fiber to the street cabinet
Simplification+ goals
1
2
• Eliminate technical buildings
• Fully automated customer activation
3
4
First wave includes outphasing of 30 buildings and outphasing of our legacy ATM and PSTN switching Combined with product & process simplification
Pricing – Fixed products
29.67€ / month
Free to FIX Anytime
24/24
No Limit National Anytime
19.99€ / month
Free to FIX & to MOB during OffPeak & Weekend
Peak: 8-17h
Happy Time XL
46.20€ / month Volume incl: UUnlimited Download speed: 30 Mbps Upload speed: 4 Mbps + 250 MB 3G + unlimited hotspot access
Internet Maxi
35.95€ / month Volume incl: 150 GB Download speed: 30 Mbps Upload speed: 3 Mbps + 100 MB 3G + hotspot access
Internet Comfort
24.95€ / month
Volume incl: 100 GB Download speed: 30 Mbps Upload speed: 2.5 Mbps + 50 MB 3G + hotspot access
Internet Start
21.5€ / month
70 channels 3 TV
Parental control Set-top box rental
TV
19.99€ / month
Note:
Lower tariffs during peak compared to Happy Time
Peak: 8-19h
Classic
20.99€ / month
Free to FIX ,to MOB & to most European countries
during OffPeak & Weekend
Peak: 8-17h
Happy time international
Slide 53
Pricing – Mobile Voice (Postpaid)
25€ / month 20€/month PACK
150 min ATAN + Unlimited SMS ATAN
+ 1 GB incl.
€ 0.25 / min ATAN € 0.25 / MMS ATAN
€ 0.10 / MB
Generation MTV 25
15€ / month 10€/month PACK
100 min ATAN + Unlimited SMS ATAN
+ 500 MB incl
€ 0.25 / min ATAN € 0.25 / MMS ATAN
€ 0.10 / MB
Generation MTV 15
10€ / month
15 min ATAN + Unlimited SMS ATAN
+ 10 MB incl
€ 0.25 / min ATAN€ 0.25 / MMS ATAN
€ 0.50 / MB
Generation MTV 10
25€ / month 20€/month PACK 100 min ATAN + Unlimited
evening & we + 100 SMS
€ 0.20 / min ATAN € 0.25 / MMS ATAN
€ 0.85 / MB
Easy 25
15€ / month 10€/month PACK
100 min ATAN + 100 SMS
€ 0.20 / min ATAN € 0.25 / MMS ATAN
€ 0.85 / MB
Easy 15
For Voice centric
customers
45€ / month 40€/month PACK
400 min ATAN + + Unlimited SMS ATAN
+ 2,5 GB incl
€ 0.15 / min ATAN € 0.25 / MMS ATAN
€ 0.10 / MB
Smart 45
35€ / month 30€/month PACK
120 min ATAN + Unlimited Evening and we
+ Unlimited SMS ATAN + 1,5 GB incl
€ 0.20 / min ATAN € 0.25 / MMS ATAN
€ 0.10 / MB
Smart 35
20€ / month 15€/month PACK
120 min ATAN + Unlimited sms ATAN
+ 1 GB incl
€ 0.20 / min ATAN € 0.25 / MMS ATAN
€ 0.10 / MB
Smart 20
75€ / month 60€/month PACK Unlimited voice ATAN + Unlimited SMS ATAN +
5 GB incl. Unlimited / min ATAN € 0.25 / MMS ATAN
€ 0.10 / MB
Smart 75
10€ / month
50 min ATAN + 50 SMS
€ 0.20 / min ATAN € 0.25 / MMS ATAN
€ 0.85 / MB
Easy 10
ForSmartphone
users
For SMS centric
customers
Slide 54
included
Pricing – Mobile Voice (Prepaid)
Prepaid bonus
For Pay&Go Zen you get :
• Bonus 1 (towards fix and Mobile 10€ reload= 20min, 15€ reload= 40min, 25€ reload= 70min, 50€ reload= 200 min
OR Bonus 2 (towards fix): 10€ reload=150 min, 15€ reload=600 min, 25€ reload=unlimited min, 50€ reload=unlimited
For Pay&Go International you get:
• Permanent advantage: Call to 50 countries at € 0.29/min ATAN + Receive 1 Free P2P min per complete int. min called to one of the 50 countries
For Pay&Go Generation you get:
• Bonus 10€ Reload: 5.000 SMS OffPeak + 10 MB Peak: 7 – 16h • Bonus 15€ Reload: 5.000 SMS ATAN + 10 MB • Bonus 25€ Reload: 5.000 SMS ATAN + 250 MB
For Generation Connect you get:
• Bonus 20€ Reload: 2.000 SMS + 2GB + 10 MB* in Europe (*only for autoreload customers)
€ 0.29 / min ATAN € 0.12 / SMS ATAN € 0.42 / 5 min surf
Pay & Go International
€ 0.50 / min AN Peak € 0.25 / min OffPeak
€ 0.12 / SMS Peak € 0.08 / SMS OffPeak € 0.25 / MMS ATAN € 0.42 / 5 min surf
Pay & Go Generation
€ 0.27/ min ATAN € 0.12 / SMS ATAN € 0.25 / MMS ATAN
€ 0.5 /MB
Pay & Go zen
€ 0.25 / min ATAN € 0.12 / SMS ATAN
Generation Connect
Focus on Voice
Focus on International
calling
Focus on SMS
Focus on Data
included
Slide 55
Pricing – Mobile Data
2.99€ 25 MB 4.99€ 50 MB
9.99€ 250 MB
0.42€ / 5 min (prepaid partly)
Or 0.5€ / MB (prepaid
partly) Or
0.85€/MB (postpaid)
34.99€ / month
2 GB incl.
€0.03 / MB
Favorite
19.99€ / month
1 GB incl.
€0.03 / MB
Comfort
4.99€ / month + 1€/day of surf
1 GB incl.
€0.03 / MB
Daily
10€
500MB incl.
Pay & Surf for iPad
24.99€ / month
1.5GB incl. (if you use more – usage
is free but at a lower speed)
Favorite for iPad
Laptop & Tablet Only
GSM Only
iPad Only
Post-paid Only General Prepaid Only
Laptop Only
10€ 200 MB 15€ 300 MB 25€ 500 MB
50€ 1 GB
Pay & Surf
5€ reduction if you are already a BGC fixed internet customer
Prepaid Only Prepaid Only
Reload 15€> in 30d: +50% data volume
4.99€ / month
50 MB incl.
€0.1 / MB
9.99€ / month
500 MB incl.
€0.03 / MB
19.99€ / month
2 GB incl.
€0.03 / MB
Internet on GSM Start Internet on GSM
Comfort Internet on GSM
Favorite Pay & Surf Standard
18.15€ / month
200 MB incl.
€0.10 / MB
Blackberry service
Slide 56
included included included
included
Pricing converged PACKS
50.95€ / month
TV comfort +
Internet Comfort +Unlimited volume +Unlimited hotspot
access +250 MB 3G
TV + Internet
50.95€ / month
Classic (or Happy
Time XL) +
Internet Comfort +Unlimited volume +Unlimited hotspot
access +250 MB 3G
Fix+ Internet
35.75€ / month
TV comfort +
Classic (or Happy Time XL)
TV + Fix
59.95€ / month
TV comfort
+ Classic (or Happy
Time XL) +
Internet Comfort +Unlimited volume +Unlimited hotspot
access +250 MB 3G
TV + Fix + Internet
60.95€ / month
TV comfort +
Comfort 15 or MTV Generation 15
+ Internet Comfort
+Unlimited volume +Unlimited hotspot
access +250 MB 3G
TV + Mobile + Internet
69.95€ / month
TV comfort+ MTV Generation 15
+ Classic (or Happy
Time XL) +
Internet Comfort +Unlimited volume +Unlimited hotspot
access +250 MB 3G
TV + Fix + Mobile + Internet
Deezer premium Free with Generation packs.
Slide 57
* New fixed and mobile contracts, including promotional offers, (but excluding joint offers) are non-binding for the residential market. This means that a new customer can sign a contract & benefit from promotional advantages while being free to terminate the contract at any time, without charge. Several non-binding offers have also been designed for business customers.
New Telecom Law
– TThe main changes due to the new law concerning contract regulation impose the following:
– Contract duration:
maximum 24 months (for consumers) obligation to propose a 12 month contract (for all customers)
– Replacement of existing contract by new fixed term contract (consumers and SME):
previous written information to client requires “express written” agreement from customer (letter, e-mail, internet link, sms); if client
doesn’t accept/answer: contract with undefined term
– Contract termination:
How? by “any written mean” (letter, form on website, mail, sms) no justification required at the moment chosen by the customer (even immediately) BUT operator has to stop the service asap and send a written confirmation to the customer
When? early termination possible after 6 months Penalties?
no penalty after 6 months except potential reimbursement of residual value of a free device (linear depreciation, max. 24 months)
The new Belgian Telecom Law entered into force on 4 August 2012. Transitional period until 1 October for the measure related to contract termination. Since this measure applies retroactively to existing contracts, Belgacom accounted for the accounting impact of this law in Q2, affecting revenue and EBITDA, though without impacting the Free Cash Flow.
CB U EB U Gro upREVEN U ES Mobile Voice Credits & Discounts -10 -2 -12
COST OF GOOD S SOLD Mobile commissions -16 -6 -22
EB ITD A -26 -8 -34
As from July,
new Belgacom contracts* are non - binding
Slide 58
• Over the ffourth quarter of 2012, Belgacom’s revenues were negatively impacted for a total amount of EUR 23 million by regulation measures. On the EBITDA level, this came down to an impact of EUR 14 million.
• For the ffull year 2012, the total impact of regulatory measures on revenues was EUR -90 million. Resulting in an EBITDA impact of EUR -55 million.
• For the ffull year 2013, the estimated total impact of regulatory measures on revenues is expected to be EUR -93 million. This would result in an EBITDA impact of EUR -53 million.
Regulation – 1 Overview financial impact
Slide 59
Estimated Impact Regulation impacts(Decrease in EUR million)
Revenue ~ €45m €10m €12m €13m €12m €46mEBITDA ~ €5m €2m €3m €3m €3m €12m
Revenue ~ €48m €2m €3m €24m €11m €40mEBITDA ~ €48m €2m €3m €24m €11m €40m
Revenue - €2m €2m - - €4mEBITDA - €2m €2m - - €3mRevenue ~ €93m €14m €16m €36m €23m €90mEBITDA ~ €53m €6m €7m €27m €14m €55mTotal
FY 2013 Q1 2012 Q2 2012 Q3 2012
MTR & flow-through Fix-to-Mob
Roaming (i.e. Voice, SMS and Data)
Other
Actuals
FY 2012Q4 2012
7.2
4.62 3.832.62
9.02
11.43
1.08
Before* 01-Aug-10* 01-Jan-11 01-Jan-12 01-Jan-13
MTR-Glidepath in €ct
Proximus Mobistar Base
*excl VAT, including inflation
– Glidepath in place since August 2010. Full symmetry effective since 1 January 2013
– MTR decreases reflected in F2M tariffs of BGC
– Mobistar & Base filed separate appeal against decision:
• Suspension procedure: On 15 Feb 2011, Court rejected all the claims
• Annulment procedure: On 16 May 2012, Court rejected claims regarding the price setting but asked notification to the Community regulators. In the meantime, rates remain valid.
MMTR regulation impact 2012 • 1 Jan 2012 MTR’s further reduced
Actual impact on Q4 2012 financials: − Revenue: € -12m − EBITDA: € -3m
Actual impact on FY ’12 financials: − Revenue: ~ € -46m − EBITDA: ~ € -12m
Regulation – 2
Mobile Termination Rates (MTR)
* *
Slide 60
MTR glide path Before* 01-Aug-10* 01-Jan-11* 01-Jan-12* 01-Jan-13*In euro cent (excluding VAT)Proximus 7.2 4.62 3.94 2.62 1.18Mobistar 9.02 5.05 4.29 2.79 1.18Base 11.43 5.81 4.90 3.11 1.18% changeProximus -36% -15% -34% -55%Mobistar -44% -15% -35% -58%Base -49% -16% -36% -62%AsymmetryMobistar-Prox 25% 9% 9% 6% 0%Base-Prox 59% 26% 24% 19% 0%
* * *
1.18
MTR regulation impact for 2013 Estimated impact on FY ’13 financials:
− Revenue: ~ € -45m − EBITDA: ~ € -5m
2.62
3.94 4.62
Roaming III Regulation entered into force on 1 July 2012. This new regulation covers a ten-year period until 30 June 2022. It imposes a further lowering of the existing regulated price caps and extended the roaming regulation to retail data as from July 2012.
Roaming III Regulation also foresees structural measures − Wholesale roaming access (1 July 2012) − Unbundled sale of roaming services (1 July 2014)
– Actual impact on Q4 2012 financials: − Revenue: ~€ -11m − EBITDA: ~€ -11m
– Actual impact on FY 2012 financials: − Revenue: ~€ -40m − EBITDA: ~€ -40m
– Estimated impact on FY 13 financials: − Revenue: ~€ -48m − EBITDA: ~€ -48m
Regulation – 3
Mobile voice and data-roaming: EU Roaming III Regulation regulation
Slide 61
Regulation – 4
Decision to open-up the Belgian Cable Network
OOn 18 July 2011, the Belgian regulators published their final decision on broadband & broadcast regulation:
Appeal against regulators’ decisions Belgacom launched an appeal against (pending): • its exclusion from digital TV & broadband access on the cable
networks • the non-inclusion of cable in broadband markets • the multicast and Operational Excellence in the broadband
markets Cable operators’ request to suspend their regulation was rejected by the Court of Appeal in H2 2012. No timing yet for ruling on annulment.
Slide 62
– On the broadcast Market Each cable operator has ‘Significant Market Power’ in its area a is submitted to the following
obligations: – resell analog TV – open up Digital TV platform – resell broadband
-> Belgacom can only obtain access to analog TV
– On the broadband Market Belgacom’s broadband regulation is still based on the finding of sole dominance (i.e. Cable
not included in the market) Based on the new decision, Belgacom has to provide:
– bitstream access for television (multicast) - Belgacom alternative solution based on shared channels accepted by BIPT on 4 Jan. 2012 – reference offer approved by BIPT on 4 Oct. 2012 – pricing decision still pending
– VDSL2 prices based on strict cost orientation The BIPT maintains a strong focus on operational excellence for wholesale services
Implementation
of cable regulation Final regulator’s’ decisions
about cable reference offers expected in the course of Q2
2013 with implementation by end 2013
Source: National Bank 1 GDP – percentage change on preceding year 2 Number of unemployed as a percentage of total labour force 3 Index of consumer prices – percentage change on preceding year
Macro economic environment
Belgium & Euro area - prospects
BBelgium:
Budget deficit from 6% in ’09 to 4% in’11
2012 ~3%.
Gross public Debt ~100% of GDP
Slide 63
7.2% 7.5%8.1%
10.1%11.0%
11.8%
2011 2012 2013
Belgium Euro area
Unemployment rate forecast (%)2
For further information: Belgacom Investor Relations e-mail: [email protected] Tel: +32 2 202 82 41
For further information:
Belgacom Investor Relations e-mail: [email protected]: +32 2 202 82 41
http://www.belgacom.com
Slide 64
