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cheap longchamp Royal KPN's CEO Discusses Q1 2014 Results | Website Excite
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cheap longchamp Royal KPN’s CEO Discusses Q1 2014 Results

by / Thursday, 12 November 2015 / Published in Latest posts

Royal KPN’s CEO Discusses Q1 2014 Results

Good day, ladies and gentlemen, and welcome to the Analyst Quarterly Figures Conference Call. At this time, all participants are in listen only mode. After the presentation, we will facilitate a Q session. I would now like to turn the conference over to Mr. Hans Shngen, Head of Investor Relations. Go ahead Mr. Hans Shngen.

Good morning, everyone. Welcome to KPN’s first quarter 2014 results presentation. Today, our CEO, Eelco Blok; and Interim CFO, Steven Van Schilfgaarde will take you through our results and address your questions during Q me briefly point out that the Safe Harbor statements applies to this presentation, that any forward looking statements made in this presentation do not differ from those already made in the press release published this morning.

Thank you, Hans, and good morning. Thanks for joining us on the call to discuss our first quarter results. With me on the line is Steven Van Schilfgaarde, our Interim CFO who will present Q1 financials.

Let me start with the highlights of quarter. In the first quarter of 2014, we’ve made good progress with the execution of our strategy by further strengthening our networks and simplifying our operating model. Commercially, success of our strategy is visible with promising postpaid net adds in consumer mobile, and continued good IPTV net adds in consumer residential.

The focus on our market leading products such as 4G and IPTV leads to growing numbers of triple and quad play customers in consumer markets and a growing number of multi play seats in the business market.

In Germany, underlying service revenue growth was strong at 3.8%. And we increased our market share to around 16%. At the same time, postpaid net adds were again at a high level close to 200,000.

In Belgium, our clear market position, which combines a high network quality with price leadership translated into another quarter with high postpaid net adds of 28,000 and market outperformance.

Financially, our performance from continuing operations in the first quarter was impacted by the competitive environment in our mobile markets, leading to a decline of ARPUs and pressure on the business market size. We have completed to rollout the 4G in the Netherlands in a remarkably short timeframe of 15 months following the spectrum auction, and are substantially ahead of the competition.

This means that these investments can now be scaled back, leading to lower CapEx levels, also supported by phasing out of the handset lease and the implementation of our simplification program.

The free cash flow in Q1 reflects intra year phasing and a difficult year on year comparison. Steven will elaborate further on this in the financial review.

The outlook I shared with you at the full year results has not changed. The good strategic and operational progress makes me confident that we will reach a stabilizing financial performance towards the end of 2014 and free cash flow growth in 2015. As I also indicated at our full year results back in February, we will recommence paying a dividend of EUR 0.07 to our shareholders in respect of 2014, and expect growing dividend in respect of 2015. The dividend remains subject to the sale of E Plus.

Furthermore, we will potentially benefit from additional excess cash by receiving dividends by our 20.5% stake in Telefnica, post completion of the E Plus sale.

Let’s look at where we are on the E Plus sale. The E Plus sale is subject to a Phase 2 review by the European Commission. We are confident to obtain regulatory approval in June and to complete the sales shortly after that. Closing of the sale of E Plus allows us to pay a sustainable and growing dividend combined with a solid financial profile.

Post completion, we will own an effective 20.5% stake in Telefnica Deutschland. Through this shareholding, we’ll have exposure to the strong synergy potential of the combination.

Now over to Steven for the financial review. Steven?

Thank you, Eelco. Good morning everyone. I will start with the financial profile of the Group which includes our discontinued operation.

In the first quarter, our net debt level increased by about EUR 600 million compared to the end of Q4 2013. The increase is mainly related to the usual intra year phasing of free cash flow within the Group. I will discuss this in more detail shortly.

As a result, free cash flow for continuing operations was EUR 292 million negative while free cash flow for our discontinued operations amounted to minus EUR 134 million negative, also due to the cash flow phasing. Other investing cash flow was about EUR 100 million higher, due to additional shareholder allowance to Reggefiber.

On a pro forma basis, including the expected net cash proceeds of the sale of E Plus and including the expected consolidated impact of Reggefiber, net debt at the end of Q1 2014 was EUR 6.2 billion versus EUR 5.8 billion at the end of Q4.

At the end of the first quarter, pro forma net debt over EBITDA was around 2.1x. The increase compared to the fourth quarter is mainly due to a EUR 179 million lower 12 month rolling EBITDA and the EUR 350 million high net debt.

Our gross debt decreased by roughly EUR 1 billion in the quarter as a result of EUR 750 million bond reduction and the cancellation of the preference shares which resulted in the repayment of EUR 258 million, including EUR 2 million dividends to the foundation. The preference shares were recorded as current debt.

Let me now take you through our Q1 Group results. Let me first point out debt as you might have seen in our consensus filed for the first quarter, we will put most emphasis on our results, adjusted for incidentals and restructuring costs.

Adjusted revenues for the first quarter were down 7.7% year on year, which was somewhat better than the previous quarters. The revenue decline was driven by the competitive mobile markets and also pressure on the size of the business markets, as a result of continued customer rationalization and optimization.

The OpEx, excluding D and adjusted for the impact of phasing out of the handset lease model, decreased by 4.5% year on year driven by lower employee cost in the Netherlands.

Adjusted EBITDA decreased by 21% year on year as a result of lower revenues and phasing out of the handset lease. Excluding the impact from phasing out of the handset lease of EUR 43 million, the adjusted EBITDA decline was 15%.

Let’s move to the Group cash flow for Q1. In the first quarter, our free cash flow for continuing operations was EUR 402 million lower than Q1 2013. The main items that explain the delta are as follows: EUR 250 million less cash from change in working capital, mainly driven by EUR 167 million prepayments that were made in Q4 2012, and supported a positive Q1 2013 working capital developments; a EUR 176 million lower reported EBITDA; and EUR 50 million cash payment as a result of the final settlement agreement with the bank of the trustees of KPNQuest.

These negative effects were partly offset by a EUR 96 lower million CapEx which I will explain on the next slide.

These items led to a free cash flow from continuing operations almost EUR 292 negative. For our full year 2014 free cash flow, we expect to see a significant improvement versus the first quarter, driven by a positive working capital developments and less interest payments in the remainder of the year. Compared to last year, we will see lower CapEx levels and lower taxes paid.

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