Proximus Sa · EURONEXT:PROX
Proximus Sa — Q4 2016 Earnings Presentation
65 slides from Proximus Sa's earnings presentation, February 2017
Slide 1: Q4 2016 Results Presentation
206 O4 Results Presentation prosgimus
Slide 2: Contents
Q4’16 Group highlights 3 FY 2017 outlook 20 Group underlying revenue per segment 4 Regulation 21 Group underlying revenue by product group 5 Consumer segment results 22 Group - Fixed 6 Enterprise segment results 39 Group -Mobile 7 Wholesale 47 Multi-play overview 8 BICS 48 Group underlying direct ma
Slide 3: Q4'16 Group highlights
Solid 5.5% progress in Underlying Group EBITDA , driven by a 5.3% Domestic EBITDA growth Group Group Commercial drivers Revenue* EBITDA* Capex YTD FCF €314m €559m Continued growth of €1,490m €441m customer base, in a more competitive -0.8% YoY +5.5% YoY market + 17,000 Domestic revenue Domestic EBIT
Slide 4: Group underlying revenue per segment
Domestic underlying revenue up by 0.9%, BICS revenue decreased YoY 10 3 Group underlying revenue (M€) & YoY variance 1,502 -2 -1 -22 1,490 5.5% 1.5% 2.5% -0.3% -3.1% -3.0% -1.4% -0.8% Domestic +0.9% 1,479 1,505 1,509 1,502 1,433 1,460 1,487 1,490 399 411 420 385 356 359 382 363 1,080 1,094 1,088 1,1
Slide 5: Group underlying revenue by product group
Q4’16 Mobile services -7 1,502 5 0 -7 17 -2 -4 -22 1,490 Domestic +0.9% • Continued sound revenue growth for Group -0.8% Fixed Data, TV and ICT. • Mobile services revenue impacted by Revenue Underlying Fixed Mobile Postpaid Mobile Prepaid Mobile devices Carrier & Wholesale Others BICS Revenue Underl
Slide 6: Group - Fixed
In ‘000 In ‘000 In ‘000 Fixed internet TV (Households) Fixed Voice Broadband customer evolution 1,920 Fixed Voice customer evolution net adds Park 1,892 1,906 net adds Park 1,856 1,879 TV evolution net adds subscriptions Households 1,813 1,828 2,836 2,822 2,800 2,781 2,751 1,788 2,723 2,696 2,688 1,
Slide 7: Group - Mobile
Q4 Mobile services revenue : -2.1% YoY. Decline in revenue from Prepaid while Postpaid revenue remained fairly stable. Strong Q4 for Mobile postpaid Impact roaming Mobile (excluding M2M and Internet Everywhere cards -in 000’s) Postpaid Prepaid Total Mobile Services Revenue regulation & destination m
Slide 8: Multi-play overview
• Accelerated growth in 4-Play HH/SO base following the launch • Revenue from X-play HH/SO +1.8% YoY; 4-Play revenue of Tuttimus increased value and loyalty of the customer base. +8.1%. • Over 46 % of the Households/Small offices are 3-or 4-play, • ARPH up by 1.8% YoY to EUR 66.2, 4-Play ARPH at € 1
Slide 9: Group underlying direct margin
Group underlying direct margin(M€) & YoY variance Q4’16 Group direct margin +0.1% YoY 1.8% 2.9% 2.9% 1.9% 1.4% -0.5% 0.2% 0.1% • Domestic direct margin fairly flat. • Domestic direct margin as % of revenue at 73.6%. 890 915 917 896 902 911 918 897 • BICS posted a solid 3.9% increase in direct margin
Slide 10: Underlying cost evolution
Group expenses (M€) Group underlying Underlying Other Opex by nature expenses (€m)(M€) & YoY & var. YoY workforce vs. non-workforce -4.6% 3.4% 0.4% 1.2% 0.4% -3.9% -2.6% -4.2% -4.6% 482 464 478 484 460 448 444 456 25 32 29 32 32 31 69 53 73 29 33 62 57 59 59 51 180 153 190 189 Domestic 161 155 156 1
Slide 11: Structural Domestic cost reductions
Domestic Opex -59M€ in 2016 -3.4% 1,766 -40 -19 Contributors to structural Domestic cost reductions reflected 1,707 in the downward trend on both workforce and non-workforce opex: Sales channel optimisation FY'15 Workforce expenses Non-Workforce expenses FY'16 Integration of Wireless Technology
Slide 12: Group underlying EBITDA
Group underlying EBITDA (M€) & YoY variance Q4’16 underlying Group EBITDA totaled € 441m, up by 0.0% 5.5% 4.7% 9.5% 2.5% 1.7% 4.7% 5.5% 5.5% YoY • Mainly driven by Domestic, up 5.3% YoY to € 405m, 455 453 463 474 resulting from lower expenses. 418 418 441 408 40 47 41 38 39 34 35 36 • In contrast to
Slide 13: Net income (Group share)
• Q4’16 net income (Group share) of €125m. • FY’16 net income of€523m: +€ 41m or 8.5% explained by higher Group EBITDA and lower finance costs, partly offset by higher depreciation and amortization and tax expenses. FY’16 in M€ 24 -47 62 19 -11 -8 2 523 482 Net income YTD Underlying Incidentals (*)
Slide 14: Investments
Mobile Network Capex in M € 4G outdoor 4G indoor Average speed 4G(+) device1 (Mbps) coverage 1 coverage 1 75 39.4 % 4G+ pop. 38.3 coverage2 98,8 99,7 97.7 93,4 % % % % 926 949 Capex excl. 16,2 spectrum Spectrum Download Upload Q4’15 Q4’16 Q4’15 Q4’16 national national FY’15 FY'16 Fixed 100 Mbps3 ope
Slide 15: Free cash flow
YoY FCF (in M€) +23% like-for-like 38 -25 30 559 62 46 454 408 Transversal cash management initiative launched mid-2015 contributed to a strong YTD ’16 Free Cash Flow of € 559m. FCF Net Normalized Higher Less cash for Accounts Income tax FCF FY'16 FY'15 one-offs FCF '15 Underlying Capex Payable/ pay
Slide 16: Transversal cash management initiative
Transversal Cash Management initiative As from 2016, • Launched mid- 2015 Operating FCF, including Working • Focus on all actionable working capital operating decisions Capital, was part of • Optimize a long-term sustainable level of FCF management’s short- term incentive. Proximus Domestic Accounts
Slide 17: Financial position
Dec-16 Net Debt DEC Dividends to non-controlling Net sale of Net Debt DEC Net debt/EBITDA ratio @ ~ 1 M€ 2015 FCF Dividends interests treasury shares Other 2016 • Net financial debt at € 1,861m. • Credit ratings: Standard & Poor’s A, Moody’s A1 , both stable outlook. 559 -485 -26 18 -7 -1,861 -1,919
Slide 18: FY 2016 performance versus outlook
FY2015 FY2016 Revised outlook 2016 Guidance metrics Actuals Actuals Oct. 2016 Achievement Domestic Growth ambition underlying € 4,379m €4,410m Slight growth 0.7% achieved for the revenue Group underlying second year in a EBITDA € 1,733m €1,796m 3% to 4% growth 3.6% row Capex (excl. €926m €949m Aroun
Slide 19: Fit for Growth strategy 2017-2019
After a successful execution of its 3-year ‘Fit for Growth’ strategy launched in 2014, Proximus will further build on its achievements. Over the next three years we are strengthening our ambition and aim at accelerating our transformation towards a digital service provider, delivering superior custo
Slide 20: FY 2017 outlook
In 2017, Proximus will execute its renewed ‘Fit for Growth’ strategy, aiming at delivering sustainable growth. Proximus will continue to grow a valuable and loyal customer base, and further deliver upon its cost reduction plan. Guidance metrics Actuals 2016 Outlook 2017 Regulatory measures however,
Slide 21: Regulation
• Transitory period towards Roam-like-at Home - From 30 April ‘16 Overview of regulation impact YoY in €M on Proximus financials - 14 June ’17: surcharge up to the current regulated wholesale rates. Q4'16 Actuals FY'16 Actuals FY'17 Estimate Roaming Roaming Roaming • As from 15 June 2017, ‘Roam-Like
Slide 22: Consumer results Q4 2016
Consumer results Q4 2016
Slide 23: Consumer underlying revenue and margin
Q4’16 Consumer revenue +1.3% YoY Consumer underlying revenue (M€ ) & YoY • Continued Fixed revenue growth: +0. 4 % • Fixed Internet +4.9% 5. 3 % 3 . 9% 2 . 0% 1. 1% -0. 3% -1. 2% 1. 9% 1. 3 % • TV-revenue + 11.2% • Higher revenue from mobile device sales 712 727 720 733 710 718 734 742 2,892 2,905 •
Slide 24: Product view
Product view Note In line with Proximus’ strategy, most products are sold through multi-play bundles. Therefore, the revenue and ARPU of standalone products are largely the result of the allocation of revenue and discounts to the respective products included in the Packs, as required by IFRS rules.
Slide 25: Consumer revenue evolution
Q4’16 +1.3% YoY revenue increase Q4 in M€ 9 3 -7 8 742 • Revenue growth for Fixed Data and TV partially offset by Fixed Voice -1 -1 erosion . 733 -9 7 • Mobile services revenue : growth Postpaid more than offset by lower Prepaid. • Revenue of terminals up driven by increased level of mobile devices
Slide 26: Fixed data revenue
Growing internet customer base and ARPU leading to +4.9% revenue increase in Q4 Fixed data revenue (M€) & YoY 4.9% Fixed Data revenue increase in Q4’16 5. 9% 5. 8% 9. 1% 8. 5% 9. 0% 10. 0% 5. 5% 4. 9% +7. 3% • Growing customer base of 64,000 or 3.7% in 1 year. • Q4’16 ARPU up by 0.8% YoY. 135 137 14
Slide 27: TV revenue and households
+17,000 TV households in Q4, revenue up 11.2% from previous year TV revenue (M€) & YoY variance +10. 0% Q4’16 revenue from TV totaled € 94m, +11.2% YoY 15. 0% 17. 9% 13 . 9% 11. 6% 10. 5% 7. 6% 10. 8% 11. 2% 0 • Continued subscriber growth, with both the Proximus and Scarlet brand increasing their c
Slide 28: Fixed voice revenue
Launch of Tuttimus increasing Fixed Voice Park in Q4 Fixed voice revenue (M€) & YoY variance -4.9% Q4’16 revenue from Fixed Voice totaled € 128m, -6.3% YoY -3 . 6% -4. 1% -2 . 5% -4. 0% -3 . 5% -4. 5% -5. 1% -6. 3 % • Lower YoY Fixed Voice customer base. • Lower ARPU, including Pack discount. 139 13
Slide 29: Mobile service revenue
Q4’16 Mobile service revenue decline stable at -1.6%. Postpaid service revenue +1.2%. Mobile service revenue (M€) & YoY variance Q4’16 revenue from Mobile services down 1.6% YoY, -1.0% • Postpaid revenue +1.2% following greater customer base, 2 . 0% 0. 7% 1. 2 % -0. 6% 0. 7% -1. 6% -1. 6% -1. 6% mor
Slide 30: Blended mobile ARPU
Blended net mobile ARPU (€) & YoY Increasing blended Mobile ARPU at € 22.4 up 0.2% YoY • Blended ARPU for Postpaid/Prepaid up on a higher portion of 3 . 1% 1. 6% 2 . 1% -0. 1% 1. 3 % -0. 6% -0. 3% 0. 2 % +0. 2 % Postpaid in the total. 21.9 22.7 22.8 22.3 22.2 22.6 22.8 22.4 22.4 22.5 Q1'15 Q2'15 Q3'
Slide 31: Postpaid and prepaid revenue
Postpaid revenue (M€) & YoY variance Postpaid ARPU at €28.7 +2.5% • Postpaid ARPU at € 28.7, showing stable 1.6% decline YoY, 4. 9% 2 . 3% 1. 4% 1. 2 % due to reduced roaming pricing. 213 210 210 213 216 213 852 200 208 831 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 YTD'15 YTD'16 Postpaid ARPU
Slide 32: Tango revenue
Tango revenue (M€) & YoY variance Tango Q4’16 revenue of € 34m, -2.9% YoY 9. 5% 11. 0% 9. 9% 13 .8% -1. 9% 0. 1% -3 . 7% -1. 1% -2 . 9% • End of anonymity on prepaid. 130 • Lowered EU roaming pricing following the EU regulation. 127 31 31 33 35 31 30 32 34 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q
Slide 33: X-Play view
X-Play view
Slide 34: Total Consumer revenue Q4'16
733 742 2 -3 14 -1 15 -4 31 -7 -7 742 37 34 35 733 46 60 HH/SO +1.8% 40 33 Total Consumer +1.3% +1.8% Underlying 4-Play 3-Play 2-Play 1-Play Prepaid Terminal Tango Other Underlying Q4'15 sales Q4'16 575 585 Q4'15 Q4'16 Revenues X-Play Prepaid Terminals sales Total Consumer revenue Q4’16 +1.3% YoY in
Slide 35: X-Play revenue
-3 . 0% -2 . 9% -3 . 5% -4. 0% 10. 1% 8. 2% 7.3% 8. 1% 4-Play 2-Play revenue (M€) revenue (M€) & YoY variance & YoY variance 83 81 82 81 80 79 79 78 172 179 184 186 190 193 197 201 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 -1. 5% -2 . 1% -2 . 8%
Slide 36: X-Play Households/Small offices
4 72 468 462 455 451 449 446 564 571 601 438 54 7 555 4-Play 510 52 1 53 1 2-Play growth & EOP growth & EOP -2 (000) (000) -9 -6 -7 -4 -3 -8 30 -4 22 11 16 10 8 9 7 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 771 775 1,224 1,2 12 1,2 04 1,194 1,177
Slide 37: X-Play ARPH
The average ARPH increased year-on-year by 1.8% to 2.5% 2.0% 1.8% EUR 66.2, including a favorable impact from the X-Play January 2016 price increases, and uptiering of ARPH (€) & customers YoY Variance 66.8 65.5 65.0 65.5 65.7 66.2 64.1 • 4-Play ARPH remaining fairly stable YoY, at € 115.1. Q2'15 Q3
Slide 38: X-Play annualized churn
Average churn 3 & 4 Play lower YoY X-Play The average annualized full-churn rate of 3 & 4 Play improved from Annualized one year ago , with average of all Plays at 13.6% 14.4% 13.6% full churn 12.1% 13.3% 13.4% 13.4% 12.0% 12.7% rate • More HH/SO chose to combine Fixed and Mobile services thanks to
Slide 39: Enterprise results Q4 2016
Enterprise results Q4 2016
Slide 40: Enterprise revenue, COS and direct margin
Enterprise underlying revenue (M€) & YoY Q4’16 underlying revenue +0.8% YoY +1. 9% 2 . 1% -0. 1% 4. 8% 1. 4 % 0. 1% 5. 8% 0. 9% 0. 8% • Be-Mobile NV, a Smart Mobility Company created mid- March’16 contributed to the growth. 1,360 • ICT grew by 2.1%. 328 326 331 350 329 345 334 352 1,335 • Roaming re
Slide 41: Enterprise revenue evolution
Q4 in M€ Q4’16 revenue of Enterprise up 0.8% YoY • Fixed voice revenue down by 5.5%. 350 -3 -1 3 -3 7 352 • Fixed data revenue down by 1.0% on one-offs. • ICT revenue up by 2.1%. • Mobile services revenue down by 3.5%. +0.8% Underlying Fixed Voice Fixed Data ICT Mobile Service Terminals & Underlying
Slide 42: Enterprise fixed voice
Lower Fixed Voice revenue due to Fixed Voice customer base erosion, ARPU slightly up Fixed voice revenue (M€) & YoY variance Q4’16 revenue from Fixed Voice totaled € 58m, - 5.5% YoY • Continued Fixed Voice line erosion. -4. 2% -3 . 3% -3 . 8% -4. 4% -2 . 8% -4. 9% 0 -5. 7% -5. 5% 0 -4. 4% • Technolo
Slide 43: Enterprise fixed data
Q4’16 revenue slightly down YoY on one-offs Fixed data revenue (M€) & YoY variance +0. 5% Q4’16 Fixed data revenue of € 62m, -1.0% YoY -2.0% 0.7% 2.6% 2.0% 1.1% 1.1% 1.0% -1.0% 0 • Benefit from a growing data connectivity customer base, Millions 0 better product mix and roll-out of P2P fiber offset
Slide 44: Enterprise ICT revenue
Underlying ICT revenue (M€) & YoY Enterprise generated in Q4’16 € 129m revenue from ICT, up 2.1% YoY 2 . 2% -1. 2% 9. 1% -0. 3% 1. 1% 14. 2% 1. 1% 2 . 1% +4. 5% • Higher revenue resulting from onsite infrastructure revenue, 0 growing revenue in cloud and storage services, as well as Millions higher
Slide 45: Enterprise mobile service revenue
Revenue from strong customer growth in competitive setting offset by roaming regulation and travel destination mix Mobile service revenue (M€) & YoY variance Q4’16 revenue from Mobile services totaled € 80m, -3.5% YoY 3 . 4% 1. 8% 6. 7% 10. 6% 5. 0% 0. 3 % -2 . 7% -0. 3% -3 . 5% • Lowered EU roaming
Slide 46: M2M and mobile data usage
Average monthly data usage of 4G-users reaching 1,170 Mb M2M *growth & EOP (000) M2M growth returning to normal run-rates 988 1,105 1,169 1,179 • M2M park growth of 10,000 in Q4’16 with road-user 3 11 321 453 576 0 charging project fully operational. • Park end 2016: 1,179,000 cards. 0 412 0 0 13 10
Slide 47: Wholesale revenue and direct margin
Wholesale underlying revenue (M€) & YoY 1.1% Q4’16 revenue totaled € 46m, -3.3 % YoY. Direct margin € -14.1% -5.5% -8.2% -12.2% -4.9% -7.3% -3.3% -3 . 6% 40m, -3.6 % YoY • Impact in the fourth quarter from the regulated decrease in 51 53 51 48 48 49 51 46 202 194 Fixed Termination Rates as from 1 No
Slide 48: BICS revenue and direct margin
Comparable base easing. BICS Q4’16 Direct margin +3.9%YoY BICS underlying revenue (M€) & YoY variance Q4’16 revenue totaled € 363m, -5.6% YoY 11.9% -9.6% • Continued volatile Voice business and less favorable -0.8% 2.5% -2.7% -10.9% -12.7% -9.1% -5.6% destination mix leading to -8.4% Voice revenue,
Slide 49: BICS underlying segment result
Q4 underlying segment result +8.0% YoY, a significant improvement from prior 3 quarters BICS underlying segment result (M€) & YoY variance Q4’16 segment result of €36m, up 8% YoY -7. 2% • Higher direct margin +3.9% YoY. 32.4% 34.9% 5.7% 5. 8% -3.1% 8. 0% • Expenses down 0.5% YoY, on performance-base
Slide 50: Additional info
Additional info • Headcount evolution • Pricing new portfolio • Fiber investment • Spectrum • Shareholder structure & remuneration
Slide 51: Headcount and early leave plan
What: • Employees as from 60 years can stop their active career, first wave on 1 July 2016 • Last 2 years of active career, the work time is reduced to 80% • Replacement income paid by Proximus until earliest retirement date Outcome : Financial implications: • 1.855 FTEs subscribed to the plan, leav
Slide 52: Tuttimus pricing
Tuttimus Tuttimus Tuttimus Tuttimus Tuttimus Tuttimus 81,00 € 92 ,00 € 103 ,00 € 88,95 € 99,95 € 110,95 € 100 Mbps/15 Mbps 100 Mbps/15 Mbps 100 Mbps/15 Mbps 100 Mbps/15 Mbps 100 Mbps/15 Mbps 100 Mbps/15 Mbps unlimited volume unlimited volume unlimited volume unlimited volume unlimited volume unlimit
Slide 53: Tuttimus and Wigo offers
Tuttimus S + 2nd mobile Tuttimus M Wigo 100 Wigo 120 with Mobilus S 5GB 2GB + 2GB 2GB to share between 5GB to share between 2 cards 5 cards Superfast unlimited surf Superfast unlimited surf Superfast, limited surf (200GB) Superfast limited surf Choose your favorite App : Choose your favorite App : F
Slide 54: Bizz offers S M L XL
S M L XL Mobile: 600 min to EU Unlimited fixed and mobile calls 600 min in EU Unlimited calls from mobile or fixed line to all fix & mobiles in Belgium. Unl SMS in EU Fix Take your fixed line with you on your smartphone thanks to Bizz Office Switch Unl. In EU A maximum of internet, fix and mobile 12
Slide 55: Familus M and L
Familus M Familus L €67 €74,95 Unlimited fast internet max. 100 Mbps download ; 15 Mbps upload ; unlimited Netflix 3 months for free 1 blockbuster for free/ month Pick your 1 Choose your favorite content: favourite TV • Movie&Series Pass bundle and/or • Entertainment Channels 1 blockbuster for free
Slide 56: Mobilus: increased value for customers
Mobilus S Mobilus M Mobilus L Optional on €15/ month €25/ month €40/ month Increased Mobilus L value for Pick your favorite app (unlimited data volume) €20 customers opting for Data & Travel Tuttimus: More data, more + 5 GB national data voice calling +240 min in EU 1GB 3GB 8GB +240 min to EU 120 mi
Slide 57: Bizz Mobile
Bizz Mobile For employees Budget Unlimited Data & Roaming Bizz Mobile S Bizz Mobile M Bizz Mobile L Bizz Mobile XL €12 €21 €36 €56 Unlimited calls to fixed lines & Unlimited calls to fixed lines & colleagues in Belgium colleagues Fav app Fav app Fav app Fav app Unlimited usage of your favorite app 1
Slide 58: Scarlet no frills brand positioning
Positioning Scarlet as no frills brand, with very attractive pricing for ‘price seekers’ Postpaid Fixed Red Hot Chili € 23 / month Internet: 50 GB Extra € 3 per block of 50 GB €8 € 18 € 28 Down 30 Mbps Up 2 Mbps 150 min 500 min 1000 min 1000 SMS 2000 SMS 5000 SMS 500 MB 1 GB 4 GB € 35 / month € 0.16
Slide 59: Fiber investment: coverage ambition
Enterprise Residential Integrated • GPON to serve all businesses & living units Fiber-To-The-Home In dense & Business (FTTH&Bus) • Wall mounting & underground roll-out city areas • Switch-off existing copper in mid-long term to lower costs Fiber-To-The-Business (FTTBus) Fiber-To-The-Curb (FTTC) Outs
Slide 60: Fiber benefits: topline and cost
Churn below average Fiber ARPU above average 12 50 10 Average BB Market 8 40 30 Support share uplift in 6 20 topline Consumer Fiber 4 2 10 zones 0 0 no Fiber Fiber no Fiber Fiber Capitalize on roadwork synergies Lower maintenance Structural and pro-active Anticipate copper maintenance and cost p
Slide 61: FCF covering dividend
~10% Fiber: 3x ~30% Fiber Limited • Large part covered by rebalancing of Capex envelope incremental • Annual Capex estimated to stay around € 1Bn for 2017-2019 Other Ntw (Excl. annual • Weight of Fiber in Group Capex will triple by 2019 Fiber) Capex Other capex Underlying • Sound market position, wi
Slide 62: Spectrum licenses
800 MHz 900MHz & 1800 MHz 2100 MHz 2600 MHz • Used for 2G, 3G and 4G • Used for 3G • Licenses granted in ‘95 • Used for 4G • UMTS licenses granted in 2001 • 1st tacit extension (‘10-’15): Proximus paid • Licenses granted in November ‘13 • 20 year-licenses valid until €74m (annual payments). • 20 yea
Slide 63: Dividend and shareholder structure
Interim Normal 5 4,5 4 3,5 Dividend of 1.50/share The Board of Directors approved to propose to the 3 Annual General Shareholder meeting of 19 April 2017 General Shareholder Axis Title 2,5 to return over the result of 2016 a gross dividend of 2 EUR 1.50 per share, of which EUR 0.50 per share return
Slide 64: Investor Relations contact
Nancy Goossens Sarah Franklin +32 2 202 82 41 +32 2 202 77 11 Director Investor Relations Investor Relations Manager E-mail: investor.relations@proximus.com Proximus investor relations website: www.proximus.com/en/investors 64
Slide 65: Cautionary statement
Cautionary statement “This communication might include some forward-looking statements, without limitation, regarding Proximus’ financial or operational results, certain strategic plans or objectives, macro-economic trends, regulation, future market conditions and other risk factors. These forward-l