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Solid third quarter results
Den Haag, 22-10-08
Sound financial profile
Highlights
· The Netherlands comfortably delivering on upgraded EBITDA guidance for 2008
· Mobile International showing continued profitable growth
· Confirming 2010 objectives as stated in ‘Back to Growth’ strategy
· Solid liquidity profile after Q3 bond issue, announcing EUR 1bn share buyback for 2009
“The third quarter of 2008 was another solid quarter. Our domestic business is set to comfortably achieve the guidance we upgraded at the Q2 results. With that, the years of domestic EBITDA decline have come to an end. With 2008 being 'flat', we are confident about returning to EBITDA growth next year and that is the achievement of the first milestone of our ambitious ‘Back to Growth’ strategy. Meanwhile our international business continues its profitable growth as a result of sustained outperformance of competition. So far we have not seen an impact of an economic downturn on our operations, but we have developed contingency plans to protect our cash flow in case of economic headwind. Hence we are confirming our 2010 objectives and given our solid liquidity profile, we will start our EUR 1bn share buyback program for 2009 already in November 2008.”
Ad Scheepbouwer, CEO KPN
press release for download here
