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Annual results 2011
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Den Haag, 24-1-12
2011 results in line with outlook, 2012 to be transition year
Highlights
• Financial results in line with full-year outlook
• The Netherlands overall performance not meeting our expectations
• Positive trends in IPTV and FttH
• Continued strong performances in Germany and Belgium
• Outlook 2012 lower, reflecting transition year
Message from the CEO, Eelco Blok
"In 2011, we have achieved our Group outlook. We have seen positive trends in IPTV and FttH and our international businesses continued showing strong underlying profitable growth. However, some aspects in the performance of The Netherlands did not meet our expectations. In order to strengthen our domestic businesses in response to the challenges they face from the changing external environment, we will further expand and accelerate our investment strategy beyond the measures we announced in May 2011. This means 2012 will be a year of transition in The Netherlands, as we aim to bottom-out our broadband market share and to stabilize our market share in Consumer wireless. The investment strategy will ensure a sustainable level of profit for The Netherlands going forward, combined with a focus on quality and simplification to drive customer satisfaction and reputation. In 2012 we will continue to balance revenue growth and EBITDA margins of our international businesses and keep investing in mobile network roll-out in Germany and Belgium.
Group profits and cash flow will be lower in 2012 while The Netherlands is in transition, which is reflected in the 2012 Group outlook. Furthermore, the overall macro environment is unsettled. At such a time, we must strike the right balance between investments, including possible strategic investments (e.g. spectrum and fiber), shareholder remuneration and a prudent financing policy. I have full confidence that KPN will come out of this transition year a stronger company."
Press Release for download here.
