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Full year results 2007 and strategy update 2008-2010
Share KPN
Den Haag, 5-2-08
Full-year guidance for 2007 met
- Revenues and other income and EBITDA flat per guidance definition
- Capex of EUR 1.7bn and free cash flow of EUR 2.3bn
- Net profit up 67%, EPS up 80% to EUR 1.42 due to EUR 1.2bn tax gain at E-Plus
Strategy update 2008-2010 announced today: ‘Back to Growth’
- Revenue and EBITDA inflection in the Netherlands
- Continued growth at Mobile International
- Further FTE and cost reductions beyond ‘Attack-Defend-Exploit’ strategy
- Acceleration of shareholder remuneration
Solid performance in the Netherlands
- Consumer net line loss declining, TV customer base nearly doubled
- Strong EBITDA growth in wireless services, as a result of successful Telfort integration
- Continued growth in the Business market, migration to new services accelerating
- FttC / FttH rollout taken to the implementation stage
Continued profitable growth at Mobile International
- E-Plus outperforming competitors, exceeding growth and margin objectives
- Strategic initiatives creating growth platform in Belgium
Strategic M&A and business development with a focus on value creation
- Market leader in workspace management through the acquisition of Getronics
- Created a leading position in international wholesale through iBasis
- MVNO launched in Spain with proven Simyo brand and wholesale partners
Committed to continuing industry leading shareholder returns
- Shareholder returns of EUR 2.5bn in 2007, DPS for FY 2007 up 8% to EUR 0.54
- EUR 2bn shareholder returns for 2008, of which EUR 1bn of share repurchases
- Targeting 2010 dividend per share of EUR 0.80, updated medium-term dividend policy
Ad Scheepbouwer, CEO of KPN, said:
“I am delighted to report that KPN has again delivered a solid performance in 2007, in line with our guidance. Today, we are announcing our strategy update, following an extensive review, which will be for the period 2008 to 2010. Markets are changing and we continue to adapt too and feel confident in putting growth back at the top of our agenda, by building scale in recently introduced new services. We have also taken a further look at our cost base and decided that more needs to be done in cost and FTE reductions. The ‘Back to Growth’ strategy will result in the continued strong free cash flow generation and industry-leading shareholder returns that our shareholders have come to expect.”
