Proximus Sa · EURONEXT:PROX
Proximus Sa — Belgacom — Q4 2011 Earnings Presentation
65 slides from Proximus Sa's earnings presentation, March 2012
Slide 1: Belgacom Company presentation - Roadshow March 2012
Belgacom Company presentation Roadshow March 2012 Group Highlights Q4 2011 Results per segment Popular discussion topics Q4 2011 Financials – slide 2 Consumer – slide 14 Strategic Progress – slide 36 Operationals – slide 8 Enterprise – slide 24 Mobile Data – slide 40 Market shares – slide 9 SDE&W –
Slide 2: Group – Financial highlights
Group – Financial highlights1 Group revenues (EUR mio) • Q4 revenue -2.6%; including regulation and divesture 1,6 80 – €-9m regulation impact (-0.6%) 1,6 30 1,641 1,664 1,640 1,658 – Underlying revenue -2.0%: 1,612 1,596 1,616 1,5 80 1,5 30 1,583 – CBU: no more support of price indexation (Aug 2010)
Slide 3: Group – Revenue evolution
Group – Revenue evolution Group revenue evolution Reported Group revenue showing improving trend Revenue as reported 2.2% excl. REG impact as impact from regulation softens 1.5% 1.5% 0.2% -0.3% -0.4% -0.3% -1.2% Excl regulation, Q4 revenue experienced -0.2% Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11
Slide 4: Group – P&L
Group – P&L VAR VAR in mio € Q110 Q210 Q310 Q410 FY 2010 Q111 Q211 Q311 Q411 FY 2011 Q4/Q4 FY Revenues (1) 1,641 1,664 1,640 1,658 6,603 1,583 1,612 1,596 1,616 6,406 -2.6% -3.0% Total OPEX -1,146 -1,161 -1,149 -1,163 -4,619 -1,103 -1,099 -1,123 -1,169 -4,494 0.6% -2.7% Cost of goods sold -662 -674
Slide 5: Group - Investments
Group - Investments • Continued focus on enhancing core fixed and mobile network, increasing coverage and speed • Capex Q4 at €279m (+€60m YoY) generally higher in last quarter, reinforced by step up in Fiber (FttC) roll-out and acquisition of 4G-license • FY Capex at €777m − 12.1% of Group revenues
Slide 6: Group - Free cash flow
Group - Free cash flow • FCF Q4 at €26m, typically impacted by a.o. annual interest payments on long-term bonds, a 13th month wage payment and a double VAT payment. Q4 also includes an advance for the use of the 2G-spectrum and somewhat higher cash-outs for capital expenditures. Better core working
Slide 7: Group – Sound financial position
Group – Sound financial position • Belgacom continues to have a sound financial position – Net financial debt at EUR 1,479 m – The outstanding financial debt amounted to €1.9Bio – €384m matured in November 2011 , redeemed via readily available cash • Credit ratings: Standard &Poor’s A; Moody’s A1 Ne
Slide 8: Group - Operationals
Group - Operationals (in ‘000) Good Q4 2011 net adds: successful year-end campaign & reduced churn Mobile customer evolution¹ 5,478 Mobile data card evolution² Broadband customer evolution 1,590 net adds total 5,413 5,500 50 net adds total 226 250 net adds total 1,600 5,338 28 1,568 1,573 1,572 90 5
Slide 9: Market share evolution
Market share evolution Mobile customer market share Mobile data cards market share 43.1% 42.7% 61.9% 61.6% 61.9% 62.4% 61.7% 41.2% 40.9% 40.6% 40.4% 40.3% 57.6% 57.2% 2008 2009 2010 Q1'11 Q2'11 Q3'11 Q4'11 2008 2009 2010 Q1'11 Q2'11 Q3'11 Q4'11 Broadband market share Digital TV market share 49.4% 31
Slide 10: Group - 2012 guidance
Group - 2012 guidance • Group revenue to be about 1% lower versus 2011 ─ Negative effect from regulation and divestures ─ Erosion of high margin Voice revenue ─ Positive contribution from The Phone House ─ Further support from the growth areas (Mobile Data, ICT, TV & BICS) To structurally reduce Bel
Slide 11: Improving our Way of Working
Improving our Way of Working • Results of the International Telecommunications Benchmarking have indicated improvement opportunities for Belgacom. • Belgacom needs to improve its time-to-market as well as its operational and financial performance to fuel growth. • To achieve these objectives, Belgac
Slide 12: Group – Shareholder return
Group – Shareholder return Committed to attractive shareholder return Dividend over the result 2011 Gross dividend of €2.18/share • Interim dividend of €0.50 gross/share, paid on 9 December 2011 • Board decision of 1 March 2012: normal dividend of €1.68 gross/share (subject to approval by the Annual
Slide 13: Q4 2011 results per business unit
Belgacom Company presentation Investor Relations Q4 2011 results per business unit • Consumer Business Unit (CBU) • Enterprise Business Unit (EBU) • Service Delivery Engine &Wholesale (SDE&W) • Staff and Support (S&S) • Belgacom International Carries Services (BICS) Slide 1133
Slide 14: Consumer – Highlights Q4 2011
Consumer – Highlights Q4 2011 • Q4 revenue (-4.6% YoY): pressure on Voice, divestment and free football-offer – Regulation impact of €-5m (-0.8%); impact of regulation measures fading – Underlying revenue -3.8% YoY: 1) weaker YoY comparison for Fixed and Mobile Voice; 2) lower Scarlet revenue driven
Slide 15: Consumer - P&L
Consumer - P&L CBU revenue (EUR mio) • Q4 revenue -4.6%; FY -3.3% • REG impact of €-5m in Q4 (-0.8%); FY: €-54m (-2.2%) 61 0 600 59 0 590 592 57 0 55 0 585 565 579 571 572 • Q4 underlying business -3.8%; FY -1.1% 53 0 • Q4 impacted by lower Voice revenue, free football offer and divestment 51 0 Q110
Slide 16: Consumer - Fixed voice
Consumer - Fixed voice Q4 ‘11 Line erosion improved, revenue variance worsened 14 0 Fixed voice revenue (EUR mio) • Q4 revenue -11.4% ( FY -10.2%) 13 0 12 0 133 • YoY decline due to line erosion, regulation impact and 125 124 124 11 0 118 115 recurring discounts on Packs 111 110 • Q4 YoY worsened: p
Slide 17: Consumer - Mobile Voice
Consumer - Mobile Voice Solid customer growth in Q4; pressure on revenues continues Mobile voice revenue* (EUR mio) 17 0 • Q4 revenue -12.8% YoY; FY -11.9% 16 0 15 0 158 165 162 − Roaming and MTR regulation 156 − Voice usage rebased to lower level since start of 2011 14 0 13 0 140 147 143 136 − No s
Slide 18: Consumer - Fixed Data
Consumer - Fixed Data Solid customer growth Q4: successful promotion, reduced churn Fixed data revenue (EUR mio) • Q4 revenue -1.8%, FY revenue of € 332m or -1.4% • Recurring discounts on multi-play Packs including 86 84 85 85 84 85 Internet 82 83 83 82 82 80 78 76 74 72 • Changing customer mix Q110
Slide 19: Consumer - Mobile Data
Consumer - Mobile Data Mobile data growth trend continuing, revenue up 11% YoY Mobile data revenue*(EUR mio) • Q4 Mobile Data revenue +11%, FY +10.4% 12 0 SMS Adv Data − Attractive pricing plans led to continued benefit from 97 10 0 88 87 92 93 SMS growth: Q4 revenue up 8.5% 83 82 82 13 80 8 9 10 10
Slide 20: Belgacom TV
Belgacom TV TV subscribers growth accelerated in Q4 to +72,000 TV revenue (EUR mio) • Q4 revenue +6.7%; FY+14.3% − Benefit from strong customer growth 58 53 53 53 48 43 38 33 44 43 46 49 51 51 − tempered by free football offer and promotions 28 23 18 13 Q110 Q210 Q310 Q410 Q111 Q211 Q311 Q411 TV gro
Slide 21: Belgacom TV - Market overview and offer
Belgacom TV Market overview and offer Competitive landscape • ~ 4.7m households in Belgium • Belgacom TV coverage ~92% • Penetration digital TV at 69% Flanders Telenet-zone Brussels Total TV market share Digital TV market share Numéricable 4% 3% Belgacom - zone Wallonia 22% 32% Voo-zone 1% 63% 73% B
Slide 22: Belgacom TV - Soccer
Belgacom TV - Soccer Attractive and still expanding offer Soccer fees/yr in mio € Soccer broadcasting rights 2011-2013: € 55m/year BGC pricing Before All Foot € 19.95/m onth 55 My Club € 9.95/m onth 44.7 Lot 1 & 2 Lot 3 Lot 4,5,6 Pay per view: 36 120 matches/year 182 matches/year Magazines of € 5/m
Slide 23: Tango – Mobile activities in Luxembourg
Tango – Mobile activities in Luxembourg Tango revenue (EUR mio) 28 26 26 28 28 • Q4 revenue +12.6% to € 28m 25 24 25 22 20 24 25 25 • FY +8.4% to € 107m 18 16 Q110 Q210 Q310 Q410 Q111 Q211 Q311 Q411 • Growth drivers: Tango mobile customers EOP (000) − Success of mobile subscriptions for iPhone 264 −
Slide 24: Enterprise – Highlights Q4 2011
Enterprise – Highlights Q4 2011 • Q4 continuing the improving underlying trend seen in the previous quarters EBU revenue evolution – Q4 revenue of € 591m, -2.4% YoY Reported revenue excl. REG impact Revenue excl regul & divestmt/acquisiton 1.1% – Excl €-5m regulation impact (-0.8%) & -0.1% -0.8% -0.
Slide 25: Enterprise - P&L
Enterprise - P&L 62 0 61 0 EBU revenue (EUR mio) • Q4 revenue -2.4%, FY -3.0% 60 0 59 0 615 610 606 606 • Excl divestment/acquisition; Q4 organic revenue -0.2% 58 0 593 593 591 57 0 56 0 55 0 572 • €-5m Q4’11 regulation impact (-0.8%), €-45 m FY (-1.9%) • EBU underlying revenue in Q4 up 0.6% 54 0 53
Slide 26: Enterprise - Fixed Voice
Enterprise - Fixed Voice Continued line erosion and lower usage impacting revenue Fixed voice revenue (EUR mio) • Q4 revenue -7.6% to €122m; FY -7.9% − Decline partly due to lower F2M 140 141 136 130 132 132 120 128 125 121 122 − Line erosion and lower usage main drivers of decline − Benefit price i
Slide 27: Enterprise - Mobile Voice
Enterprise - Mobile Voice Solid net adds, revenue pressured by regulation and pricing Mobile voice revenue* (EUR mio) • Q4 revenue -9.5% YoY; FY -10.4% − Regulation 130 120 129 130 110 119 119 115 115 110 − Ongoing price erosion driven by success of pricing 108 plans including free minutes 100 90 80
Slide 28: Enterprise - Fixed Data
Enterprise - Fixed Data Fairly stable revenue in competitive and saturated market Fixed data revenue (EUR mio) • Fixed data includes data connectivity & fixed internet • Q4 revenue -0.2% YoY, FY -0.8% 102 100 − Growth Data Connectivity nearly offsetting eroding 98 99 98 96 98 98 98 97 97 96 Internet
Slide 29: Enterprise - Mobile Data
Enterprise - Mobile Data Strong YoY revenue growth Mobile Data Mobile data revenue* (EUR mio) • Q4 revenue +22% YoY, FY +15.4% 70 SMS Adv Data 53 56 57 • Q4 Advanced data +35% YoY 50 − Success of Mobile Solutions with ‘Internet On GSM’- 60 45 48 47 47 50 40 23 27 28 32 31 customers growing fast 23 2
Slide 30: Enterprise - ICT
Enterprise - ICT Organic ICT revenue growth accelerated in Q4: +10% YoY • Reported Q4’11 revenue +1.7% YoY, FY revenue of € 697m or +0.8% • Revenue variance impacted by divesture of Telindus Spain, partly compensated by acquisition of Eudasys by Telindus France • Excl divestment/acquisition, organic
Slide 31: Service Delivery & Wholesale - P&L
Service Delivery & Wholesale - P&L SDE&W revenue* (EUR mio) • Q4 revenue -3.9%; FY -6.9% − Regulation impact neutral in Q4 98 93 88 94 83 78 85 83 − Lower volume of leased lines and national traffic 81 73 68 79 80 77 80 − Volume increase of Roaming traffic partially offsetting Roaming price decrease
Slide 32: Staff & support - P&L
Staff & support - P&L S&S Revenue(EUR mio) • Q4 revenue 7.6% up YoY 25 * 25 20 • FY ‘11 revenue of € 47m versus € 35m for 2010 • YoY increase due to recording of internal invoice in Q3, 15 10 10 10 5 0 7 7 8 7 8 not impacting Group result Q110 Q210 Q310 Q410 Q111 Q211 Q311 Q411 * Internal invoice; n
Slide 33: International Carrier Services P&L
International Carrier Services P&L BICS Revenue (EUR mio) • Q4 revenue -0.3% YoY; FY -3.0% • Voice revenue -1.8%; FY -4.4% 42 0 41 0 40 0 414 415 39 0 38 0 402 388 401 401 − Benefit strong volume growth offset by European- 37 0 36 0 378 372 wide reduction MTRs Non-voice +15.5%; FY +12.8% 35 0 Q110
Slide 34: International Carrier Services
International Carrier Services BICS delivers best in class global solutions BICS ownership • Active in the international carrier market since 1997 • January ‘05: spin off of Belgacom ICS as an independent affiliate of Belgacom 20% • Since Dec ‘09 JV held by Belgacom, Swisscom & MTN 57.6% 22.4% • In
Slide 35: Popular discussion topics
Belgacom Company presentation Investor Relations Ytd September Popular 2010 discussion results in detail topics • • Strategic progress • Pricing – slide 50 – slideUnit 36 (CBU) Consumer Business • Headcount – slide 54 • • Customer Centricity Enterprise Business– slide Unit38(EBU) • • Mobile Payment
Slide 36: Taking our strategy a step further…
Taking our strategy a step further… 2011 2012 Move customers Multi-play incl. mobile Move to multi-play Differentiated internet value proposition (fixed, WIFI, mobile, customers content - 500K FON points activated in March 2012) Value from single- and proposition differentiating Disruptive con
Slide 37: … while keeping the focus on
… while keeping the focus on 2011 & 2012 Uplift and stabilize service level Special Fromfocus satisfaction to promotorship: e.g. postive impact Special focus on customer onTablet-offering customer ; significantly less complaints on fixed in Simple & satisfaction and user 2011 satisfaction Friendl
Slide 38: Customer centricity
Customer centricity Some 2011 achievements Slide 38
Slide 39: Mobile payment
Mobile payment Belgacom frontrunner in this new market In 2009 Belgacom launched an end-to-end mobile payment system branded PingPing: • e-wallet in the cloud • accessed by the end-user via: SMS, NFC* • In order to put the eco-system in place, Belgacom took the following participations: • (100%) • C
Slide 40: Mobile data - 1
Mobile data Mobile data - 1 ~34% of mobile revenues (CBU+EBU) Mobile data on Group level Advanced data ~28% of mobile Mobile data Group revenues (in mio €) data Advanced data SMS incl Premium SMS revenues 180 • In Q4’11 BGC Group generated € 154m revenues 160 140 40 46 44 33 37 from mobile data; or
Slide 41: Mobile data - 2
Mobile data - 2 Zoom-in “Internet on Laptop” & “Internet on Smartphone” Market share mobile internet on Belgacom Mobile Internet customer base 1 laptop & tablet 216,000 226,000 198,000 61.7% 182,000 186,000 158,000 139,000 38.3% 120,000 +24% Y oY Lot of growthQ110 Q210 Q310 Q410 Q111 Q211 Q311 Q411
Slide 42: Convergence, key to long-term success
Convergence, key to long-term success Started with successful commercial convergence… Packs evolution ('000) Multiplay overview residential customers net adds total Single double Triple Quadruple 1,089 1,200,000 180 1,024 977 160 927 870 1,000,000 140 807 741 800,000 120 653 100 600,000 < 55% single
Slide 43: Convergence, key to long-term success
Convergence, key to long-term success …moving to true convergence Launch of a “second generation” Convergent Pack. Belgacom joins forces with Samsung to give 1/6 everybody the possibility to access Internet everywhere Samsung Galaxy Tab 10.1” ready to use Internet Comfort at home (100 Gb) € 49.99 wi
Slide 44: An all integrated network
An “all integrated network” thanks to early and continuing investments * Current fixed network • Belgacom among world leaders for >81% 79.2% VDSL fiber coverage • End 2011 VDSL2 coverage of >81% • 85% service coverage target by end 99.85% 2013 ADSL • Quality of the DSL network driving coverage of Be
Slide 45: Belgacom is well positioned vs. Cable
Belgacom is well positioned vs. Cable Speed comparison Telenet / Belgacom when customers are surfing and watching TV (scenario 600 Mbps/node – evening) Telenet 2015 Belgacom 2015 Assumptions * 500 homes passed / VDSL2 VDSL2 node 30 Mbps 50 Mbps Market share 50 % Not relevant Not relevant Customers
Slide 46: Copper has promising evolutionary path
Copper has promising evolutionary path, allowing for stepwise increase of bitrate Local Street cabinet Non-shared bandwidth in Mbps Homes / businesses exchange / & Remote Central Office optical platform 4) Phantom Mode 1) VBB ≥ 100 2) Vectoring ≥ 50 2) Vectoring 30 30 3) Pair bonding = copper = fibe
Slide 47: Zoom-in: vectoring to increase bandwidth availability
Zoom-in: vectoring to increase bandwidth availability • In September 2011, Belgacom announced its joint development program with Alcatel-Lucent to introduce vectoring in the network • Vectoring cancels crosstalk in the copper cables resulting in a significant increase of bitrates of the copper lines
Slide 48: Head start in mobile data thanks to network improvements
Head start in mobile data thanks to continued improvements in our mobile network Spectrum efficiency 50-100Mbps HSPA +: A few 10Mbps HSDPA : A few Mbps UMTS : EDGE Evolution: 128 to 384 kbps 10-14 Mbps GPRS : 30 to 50 kbps EDGE : Voice/Circuit 150 à 200 kb/s 1995 2005 2011 • Simplified, high capacit
Slide 49: Spectrum
Spectrum Belgian situation 2G spectrum 3G spectrum 4G spectrum Digital dividend 900 MHz & 1800 MHz 2100 MHz 2600 MHz 790 MHz – 862 MHz • Belgian operators allowed • Proximus, Mobistar & • Out of 5 candidates, 4 have • Spectrum that is freed up to deploy UMTS in 900 obtained spectrum in 2,6 by switch
Slide 50: Pricing – Fixed products
Pricing – Fixed products No Limit National Classic Happy T ime XL Anytime 19.65€ / month 19.65€ / month 39.60€ / month Note: Free FIX to FIX Any time Free FIX to FIX & MOB Lower tariffs during peak during OffPeak & Weekend compared to Happy Time Peak: 8-1 9h Peak: 8-1 7 h Peak Mobile: 8-1 9h Interne
Slide 51: Pricing – Mobile Voice
Pricing – Mobile Voice Generation MTV 10 Generation MTV 15 Generation MTV 25 Generation XL 35 Generation XL 55 10€ / month 15€ / month 25€ / month 35€ / month 55€ / month 1 20 min ATAN + 6 0 min ATAN 1 80 min ATAN 1 5 min ATAN + 6 0 min ATAN + Unlimited SMS ATAN + 250 + u n limited min AN E&W + u n
Slide 52: Pricing – Mobile Data
Pricing – Mobile Data Internet on GSM Internet on GSM Internet on GSM Standard Pay & Surf Start Comfort Favorite 0,42€ / 5 m in 4,99€ / m onth 9,99€ / m onth 19,99€ / m onth 3€ 25 MB Or 50 MB incl. 250 MB incl. 1 GB incl. 10€ 200 MB 0,5€ / 100 kb €0,1 / MB €0,03 / MB €0,03 / MB General Postpaid
Slide 53: Pricing converged PACKS
Pricing converged PACKS T V + Fix 33,75€ / month TV Comfort Internet + T V + Classic (or Happy 46€ / month Time XL) Internet Comfort (100GB, 15 Mbps) Internet + Fix + TV Comfort 45,47 € / month Internet Comfort Internet + T V + Fix (100GB, 15 Mbps) + 54,32€ / month Classic (or Happy Internet Comfort
Slide 54: Group - Headcount
Group - Headcount • FY 2011, headcount lowered by 520 FTE’s to Personnel Expenses (EUR mio) 15,788 283 • 282 HR-expenses up 1.6% in Q4 with the lower 281 278 278 headcount being offset by the salary 274 275 274 indexations and updated HR-provisions; FY 2011 +0.9% YoY; • Salaries indexed by 2% on 1 J
Slide 55: Regulation – Overview financial impact
Regulation – 1 Overview financial impact Estimated Impact Actuals Regulation impacts FY 2012 Q1 2011 Q2 2011 Q3 2011 Q4 2011 FY 2011 (Decrease in EUR million) MTR & Revenue ~ €45m €29m €29m €12m €6m €76m flow-through Fix-to-Mob EBITDA ~ €8m €5m €3m €2m €2m €11m Revenue max. €32m * €2m €3m €4m €2m €1
Slide 56: Regulation – Mobile Termination Rates (MTR)
Regulation – 2 Mobile Termination Rates (MTR) • Glidepath in place since August 2010 leading to full MTR-Glidepath in €ct symmetry by 1 January 2013 11.43 Big drop in • Any MTR decrease reflected in F2M tariffs of BGC asymmetry as 9.02 from August • Mobistar & Base filed separate appeal against deci
Slide 57: Regulation – EU-roaming regulation
Regulation – 3 Mobile voice and data EU-roaming regulation Voice Roaming (€ct per minute) Retail Outgoing Retail Incoming Wholesale Outgoing Roaming regulation impact 2011 43 Expected range • Carry-over impact from lower rates on 1 July 2010 39 (lowest – highest) 26 35 25-32 20-28 15-24 • Voice and
Slide 58: Regulation – Other regulatory measures
Regulation – 4 Other regulatory measures Impact 2011 from other regulatory measures • Some other regulatory measures impact the 2011 financials: o.a. the new LLU1 & Bitstream prices • Actual impact on 2011 financials: − Revenue: ~ € -5m − EBITDA: ~ € -5m Estimated impact on FY 12 financials: − Reven
Slide 59: Regulation – Decision to open-up the Belgian Cable Network
Regulation – 5 Decision to open-up the Belgian Cable Network Regulators target to open On 18 July 2011, the Belgian regulators published their final Cable end decision on broadband & broadcast regulation: Oct 2012 • On the broadcast Market Each cable operator has ‘Significant Market Power’ in its ar
Slide 60: Legal – Damage claim Base/Mobistar
Legal – Damage claim Base/Mobistar Update on status On-net case: damage claim Base/Mobistar • Damage claim filed in 2003 by KPN Group Belgium (Base) & later also by Mobistar, claiming that BGC: − applied termination charges that were not cost-oriented − abused its dominant position by applying too l
Slide 61: Belgacom consolidated balance sheet
Belgacom consolidated balance sheet 31-Dec 31-Dec (EUR million) 2010 2011 TOTAL ASSETS 8,511 8,312 Non-recurrent assets 6,185 6,217 Goodwill 2,337 2,323 • Goodwill down €14m to €2,323m as disposal Intangible assets with finite useful life 1,190 1,155 Property, plant and equipment 2,348 2,401 of Teli
Slide 62: Shareholder structure
Shareholder structure Belgian state owns ~ 53.5% 338,025,135 shares, • Limited liability company under public law of which 317,648,821 Outstanding - Belgian state main shareholder: 53.5% - Legal obliged threshold: 50%+1 share Own shares - 14 Board members, 50% state-appointed 6.0% • Free float 40.5%
Slide 63: Macro economic environment
Macro economic environment Belgium & Euro area - prospects GDP growth (%)1 Unemployment rate (%)2 Belgium Euro area Belgium Euro area 2.3% 1.9% 1.0% 10.1% 10.1% 10.5% 1.9% 9.5% 1.5% -0.1% 0.4% 2009 7.5% 2008 2010 2011 2012 -0.3% 8.3% -2.8% 7.9% 7.5% 7.0% 7.2% Belgium likely to be above 1 2 3 4 5 EU
Slide 64: Cautionary statement regarding forward-looking statements
Cautionary statement regarding forward-looking statements “This communication might include some forward-looking statements, without limitation, regarding Belgacom’s financial or operational results, certain strategic plans or objectives, macro-economic trends, regulation, future market conditions a
Slide 65: For further information: Belgacom Investor Relations
For further information: Belgacom Investor Relations e-mail: investor.relations@belgacom.be Tel: +32 2 202 82 41 http://www.belgacom.com Slide 65