Proximus Sa · EURONEXT:PROX
Proximus Sa — Q1 2016 Earnings Presentation
66 slides from Proximus Sa's earnings presentation, 2016
Slide 1: Results Presentation
2006 O Results Presentation prossimus
Slide 2: Agenda
Q1’16 EBITDA growth sustained 3 FY 2016 Outlook 18 Key Group achievements Q1’16 4 Workforce & Early leave plan 19 Group underlying revenue per segment 5 Cost reduction program 21 Group underlying revenue by product group 6 Consumer segment results 22 Fixed Internet and TV 7 Enterprise segment result
Slide 3: EBITDA growth sustained in Q1'16, supported by direct margin and cost efficiencies
EBITDA growth sustained in Q1’16, supported by direct margin and cost efficiencies Group Group Capex Q1 FCF Q1’16 Commercial Revenue* EBITDA* drivers €1,433m €418m €237m €133m Good acquisition in a more competitive -3.1% YoY +2.5% YoY market + 35,000 Underlying Domestic Domestic EBITDA, Total capex
Slide 4: Key Group Achievements Q1 2016
Key Group Achievements Q1 2016
Slide 5: Domestic revenue nearly stable YoY, lower mobile devices
Domestic revenue nearly stable YoY, Fixed and Mobile growth mitigated by lower mobile devices BICS revenue decreased YoY on less voice traffic Group underlying revenue (M€) & YoY variance 1,479 -2 5.5% 0 -2 1 -44 -1.1% -1.2% 2.2% 1.5% 2.5% -0.3% -3.1% 1,483 1,472 1,506 1,479 1,505 1,509 1,502 1,433
Slide 6: Good revenue growth of Fixed Internet, TV and Mobile services
Good revenue growth of Fixed Internet, TV and Mobile services 1,479 13 6 -17 -2 0 -44 -2 1,433 -3.1% Revenue Fixed Mobile Mobile Carrier & Subsidiaries BICS Others Revenue Underlying (Total) services devices Wholesale Underlying Q1'15 Q1'16 • Solid revenue growth from Fixed Internet, TV & Mobile ser
Slide 7: Fixed Internet, TV and Fixed Voice customer evolution
Fixed internet TV Fixed Voice Broadband customer evolution net adds total 1,856 1,879 TV evolution net adds total unique Fixed Voice customer evolution 1,813 1,828 1,788 1,759 1,795 net adds total 1,740 1,657 1,692 1,716 1,705 1,718 1,593 1,525 1,558 2,876 2,850 2,831 2,836 2,822 2,800 2,781 2,751 1
Slide 8: Growing base mobile cards
Growing base mobile cards Mobile services revenue : +1.7pp YoY 6,397 5882 6,009* 2.5% 2.7% 5736 1.1% 2.1% 1.7% 5,591 5,617 5,698 5,717 0.0% -0.4% Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 416 141 129 -4.5% -6.0% 54 36 41 26 22 Impact mobile market 61 64 37 39 41 50 disruption 30 17 -46 -
Slide 9: Convergence: 53% of households multi-play
• 45 % of the Households/Small offices are 3-or 4-play, • Revenue from X-play HH/SO +4.4% YoY; 4-Play revenue and count for 64% of total HH/SO revenue +10.1% • Continued improvement of mix following growth for • ARPH up by 3.2% YoY to EUR 65.5, 4-Play ARPH at € 114.9 3-Play and 4-Play CBU Households
Slide 10: Group underlying direct margin
By quarter: By segment: Group underlying revenue (M€) & YoY variance 2 -1 2 902 5.5% 2.5% 1.9% 9 0 -1.1% -1.2% 2.2% 1.5% 1.4% 889 891 879 890 915 917 896 902 62 64 62 65 75 73 65 67 890 827 827 817 825 840 844 831 835 Domestic +1.2% +1.4% Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 DM Underlying
Slide 11: Group underlying expenses and YoY variance
* For subsidiaries Workforce expenses include internal HR expenses only. Group underlying expenses (€M ) & YoY variance Group underlying Underlying Other Opex by nature expenses (€m)(€M) & YoY & var. YoY 3.4% 0.4% 1.2% 0.4% -3.9% 498 482 478 484 30 458 458 460 464 25 32 32 32 28 26 57 29 62 69 62 57
Slide 12: Group underlying EBITDA & YoY variance
Group underlying EBITDA & YoY variance 4 -6 2.2% 5.5% 1.5% 2.5% 9.5% 2.5% 2 -1.1% -1.2% 10 418 431 433 408 455 453 418 418 382 408 35 39 47 41 34 35 32 39 397 394 350 369 408 412 384 383 +2.5% Underlying Direct Margin Direct Margin Expenses Expenses BICS Underlying Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'1
Slide 13: YTD March'16 net income (Group share) €112m
YTD March’16 net income (Group share) totaled € 112m. The decrease versus the same period of 2015 is for a large part explained by incidentals* and higher depreciation and amortization due to higher asset base. This was partially offset by positive Underlying EBITDA variance and lower tax expenses.
Slide 14: Capex Q1'16: €237m
• Capex Q1’16 : € 237m, +€ 10m YoY • Investing in capacity and speed, both in Fixed and Mobile • Enriching content • Rebalancing Capex portfolio • Special focus on Fiber-to-the-Enterprise in 2016 (M€) 16 75 Rebalancing Capex to Fixed 978* 926 950 investments 2014 2015 2016E 2014 2015 2016E Mobile Fi
Slide 15: Fixed network: vectoring roll-out and speed evolution
Successful Vectoring roll-out Strong average speed evolution High quality of streaming Vectoring national Average VDSL speed Netflix speed coverage (Mbps) index in evolution April (%) National (Mbps) 49% coverage 43% 52 54 75-80 to be 39 4.03 22% 3.72 3.49 completed in 2017 End 2014 End 2015 Q1’16 E
Slide 16: Mobile network: coverage and experience
Coverage as key driver for experience Voice & Data Experience • Ubiquitous 4G outdoor coverage and rapidly increasing 4G • Best voice experience with dropped calls below 0.5% indoor coverage • Best data experience with fastest 4G down- and upload speeds • Mobile Coverage Extender for solving subopti
Slide 17: Free cash flow
YoY FCF (in M€) Transversal cash management 10 133 98 -3 initiative launched mid-2015 contributed to a strong Q1’16 Free Cash Flow of € 133m: 10 10 8 • Lower cash needs for working FCF YT D MAR 15 Less cash paid for Higher underlying Less cash used f or Acq./disp. Other FCF YT D MAR 16 capital. Cape
Slide 18: Net debt and debt maturity schedule
Dividends to Net debt/EBITDA ratio @ 1 MAR-16 Net Debt DEC non-controlling Net sale of Net Debt MAR 2015 FCF Dividends interests treasury shares Other 2016 in M€ • Net financial debt at € 1,784M 133 -1 0 5 -3 -1,784 • Credit ratings: Standard & Poor’s A, Moody’s A1 , both stable outlook. -1,919 Aver
Slide 19: 2016 Outlook
Q1’16 We confirm our expectation to end 2016 with 2016 Outlook Outlook 2016 Actuals slightly growing Domestic* underlying revenue and a slightly growing Group EBITDA, despite BICS’s high comparable basis for BICS. Domestic* underlying revenue -0.3% Slight growth We expect the capex level to be aroun
Slide 20: Voluntary early leave plan
• Become a more competitive, efficient and agile company • Plan will run over several years, with 1,300 people that might leave the company over the next three years. • Allows employees from the age of 60 to stay at home voluntarily until their earliest pension date, and reduces their working time t
Slide 21: Workforce and age pyramid
25000 Telindus +2,600 FTE 20000 PTS -6,300 FTE 2006-2012 BeST -4,160 FTE Tutorship & FMS -3,900 FTE 15000 14,038 Early leave plan 2016 • 14,038 FTEs in Proximus Group end March 2016 ~1,300 FTE 2016-2018 10000 • vs one year ago –73 FTEs natural attrition • End March: 4,724 civil servants, or 34% 5000
Slide 22: Cost reduction program
Ambition to realize ~260M gross Initiatives for Gross Opex Partly offset by… savings by 2018 savings Supported by early leave plan Agile organization • Increasing customer installed base Company-wide detailed cost • Optimize Sales channels • Capacity driven maintenance costs programs to accelerate O
Slide 23: Consumer results Q1 2016
Consumer results Q1 2016
Slide 24: Consumer underlying revenue, COGS and direct margin
Q1’16 Consumer revenue -0.3% YoY Consumer underlying revenue (M€ ) & YoY • Revenue from Fixed +3.9%. • Mobile Services + 0.7%, Postpaid +4.9%. 5. 3 % 3 . 9% 2 . 0% 1. 1% -0. 3% • Decline in low margin mobile device sales. 699 706 725 712 727 720 733 710 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'1
Slide 25: Product view
Product view
Slide 26: Consumer revenue -0.3% YoY
2 0 -20 8 Q1’16 -0.3% YoY revenue increase 12 • Revenue growth for Fixed Data , TV and Mobile services 712 -5 nearly offset the lower revenue from Terminals and the 710 Fixed voice erosion -0.3% Underlying Fixed Voice Fixed Data TV Mobile TANGO Terminals & Underlying Q1'15 Service others Q1'16 Reven
Slide 27: Fixed Internet revenue +9.0% YoY
Continued solid revenue growth for Fixed Internet, +9.0%YoY Solid revenue growth, up 9.0% for Q1’16 Fixed data revenue (M€) & YoY • Driven by the growing customer base, up by 92,000 or +5.6% in one year 9. 1% 8. 5% 9. 0% 5. 9% 5. 8 % • Q1’16 ARPU up by 2.3% YoY 130 130 132 135 137 142 144 147 Q2'14
Slide 28: TV base growth of 35,000 in the quarter
Proximus and Scarlet brand growing TV base by 35,000 in the quarter Q1’16 revenue from TV totaled € 87m, +10.5% YoY TV revenue (M€) & YoY variance • Continued subscriber growth, with both the Proximus and 15. 0% 17. 9% 13 . 9% 11. 6% 10. 5% Scarlet brand increasing their customer base • Over 12 mont
Slide 29: Fixed voice: pack migration contains line erosion
Pack migration contains line erosion, though lowers ARPU Q1’16 revenue from Fixed voice totaled € 134m, Fixed voice revenue (M€) & YoY variance - 3.5% YoY -3 . 6% -4. 1% -2 . 5% -4. 0% -3 . 5% • Eroding Fixed Voice customer base • Lower ARPU including Packs discount 143 142 143 139 137 138 137 134 Q
Slide 30: Mobile service revenue up 0.7%
First quarter Service revenue up 0.7%, Postpaid service revenue up 4.9% Q1’16 revenue from Mobile services up 0.7% YoY, including Mobile service revenue (M€) & YoY variance +4.9% Postpaid service revenue • Solid growth in Postpaid revenue following greater customer 2 . 0% 0. 7% 1. 2 % -0. 6% 0. 7% b
Slide 31: Blended ARPU and mobile data usage
Blended ARPU increasing YoY. Average Mobile data usage up by 53% YoY to 725Mb. Blended Mobile ARPU increasing +1.2% YoY at € 22.2 Blended net mobile ARPU (EUR ) & YoY • Revamped mobile pricing mid-August ’15 supports customer growth, but slightly lowered the Postpaid ARPU, down YoY by -3 . 9% 0. 2 %
Slide 32: Tango: fairly stable revenue YoY
Fairly stable revenue YoY Tango revenue (EUR mio) & YoY variance Tango Q1’16 revenue of € 31m, +0.1% YoY 9,5% 11,0% 9,9% 13 ,8% 0,1% • Revenue flat YoY • Change in growth trend of prior quarters due to a 28 30 31 31 31 33 35 31 decrease in Prepaid and less devices sales Q2'14 Q3'14 Q4'14 Q1'15 Q2'15
Slide 33: X-Play view
X-Play view
Slide 34: 3 & 4-Play revenue growth offsets Prepaid decline
Solid growth 3 & 4-Play revenue nearly covers Prepaid decline and lower device sales 712 710 11 -2 -2 33 29 -8 17 31 31 -14 46 32 0 38 712 710 46 +4.4% -4 -0.3% 580 Underlying 4-Play 3-Play 2-Play 1-Play Prepaid Terminal Tango Other Underlying 556 Q1'15 sales Q1'16 Q1'15 Q1'16 Revenues X-Play Prepai
Slide 35: X-Play revenue by play type
4-Play revenue (M€) & YoY variance 2-Play revenue (M€) & YoY variance 10.1% -3.0% 172 179 184 186 190 83 81 82 81 80 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 3-Play revenue (M€) & YoY variance 1-Play revenue (M€) & YoY variance 6.6% -1.5% 175 179 179 182 130 129 132 129 128 171 Q1
Slide 36: 2,951,000 households/small offices served
End-Q1’16, Proximus serviced 2,951,000 HH/SO in total, with improving customer mix 4-Play growth & EOP (000) 2-Play growth & EOP (000) 510 52 1 53 1 547 555 472 468 462 455 451 22 16 11 10 8 -4 -4 -9 -6 -7 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 3-Play growth & EOP (000) 1-Play g
Slide 37: X-Play ARPU
4-Play ARPU (EUR ) & YoY variance 2-Play ARPU (EUR ) & YoY variance -0.1% 1.8% 115.0 115.4 116.6 115.1 114.9 59.0 58.7 58.9 57.8 57.7 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 3-Play ARPU (EUR ) & YoY variance -1.3% 1-Play ARPU (EUR ) & YoY variance 2.9% 80.6 79.9 80.7 79.6 79.6 35
Slide 38: X-Play churn rates improve
Improvement for all X-Plays. Average churn X-Play at 13.4%, 1pp lower YoY 4-Play Annualized full churn rate 2-Play Annualized full churn rate -0.1pp -0.2pp 2 . 9% 2 . 5% 3 . 0% 2 .9% 2 . 8% 12 . 4% 10.7% 12 .3% 11. 3% 12 .1% Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 3-Play Annualiz
Slide 39: Prepaid revenue -17.8% YoY
Prepaid revenue (M€) & YoY variance Prepaid ARPU (EUR ) & YoY variance -17.8% -8.6% 46 47 42 40 10.7 11.2 10.4 10.0 9.8 38 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Prepaid loss & EOP (000) Prepaid churn rate 1.3pp 1 ,402 1 ,376 1 ,341 1 ,307 1 ,268 10 0.0 . 80 .0. 60 .0. 40 .0. 20
Slide 40: Enterprise results Q1 2016
Enterprise results Q1 2016
Slide 41: Enterprise Q1'16 underlying revenue stable YoY
Q1’16 underlying revenue stable YoY Enterprise underlying revenue (M€) & YoY • Mobile services revenue +5.0%. 2 . 1% -0. 1% 4. 8 % 1. 4% 0. 1% • Fixed Data +1.1% YoY. • ICT revenue +1.1% YoY. • Partly offset by erosion of Fixed Voice revenue (-4.4%) and lower 326 316 345 328 326 331 350 329 device s
Slide 42: Enterprise revenue flattish at €329m
Q1’16 revenue of Enterprise flattish with 0.1% YoY 4 -3 to € 329m • Solid Mobile Service revenue, up 5.0% driven by a 329 growing customer base and ARPU. 328 -3 1 • Fixed Data revenue up 1.1% driven by continued growth 1 from data connectivity services. • ICT revenue 1.1% up from the prior year. +0.
Slide 43: Fixed Voice revenue decline
Fixed Voice revenue decline on erosion of Fixed Voice customer base Q1’16 revenue from Fixed voice totaled € 61m, - 4.4% YoY Fixed voice revenue (M€) & YoY variance • Continued Fixed Voice line erosion. -4.2% -5.7% -3.3% -3.8% -4.4% • Technology migration to VoIP. • Competitive pressure. 0 Millions
Slide 44: Fixed data revenue up 1.1% YoY
Q1’16 revenue up 1.1% YoY, driven by continued growth from data connectivity services Q1’16 Fixed data revenue of € 63m, +1.1 % YoY Fixed data revenue (M€) & YoY variance • Favorable revenue trend from Data Connectivity services -2.0% 0.7% 2.6% 2.0% 1.1% following roll-out of large customer projects
Slide 45: ICT revenue €108m
Enterprise generated in Q1’16 € 108m revenue from ICT, up Underlying ICT revenue (M€) & YoY 1.1% YoY 0 2.2% -1.2% 9.1% -0.3% 1.1% • Revenue mix more favorable as the growth mainly came Millions 0 from ICT services, while less revenue was recorded for ICT 109 104 127 107 107 113 127 108 0 products, b
Slide 46: Mobile service revenue growth
Service revenue growth on larger customer base and ARPU growth … Mobile service revenue (M€) & YoY variance Q1’16 revenue from Mobile services totaled € 83m, 3 . 4% 6. 7% 10. 6% 5. 0% 1. 8% +5.0% YoY • Growing mobile customer base and ARPU increase. 79 77 79 80 82 83 83 • Higher national and roaming
Slide 47: M2M growth and higher data usage
M2M growth and higher data usage Q1’16 M2M growth M2M *growth & EOP (000) • M2M park growth of 412,000 in Q1’16, driven by the roll out of 2 51 2 67 2 98 3 11 321 4 53 576 98 8 the Road User charging project. 412 • Park end 2016: 988,000 cards. 0 Thousands 0 412 0 0 31 132 123 9 16 13 10 0 0 Q2'14 Q
Slide 48: Wholesale revenue €48m, -4.9% YoY
Wholesale underlying revenue (M€) & YoY Wholesale underlying direct margin (M€) &YoY -14.1% -5. 5% -8.2% -12 .2% -4. 9% -15.3% -6. 1% -7. 8% -12 .0% -1. 7% 56 55 54 51 53 51 48 48 48 47 47 43 46 44 41 43 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16
Slide 49: BICS direct margin €67m, +3.5% YoY
Q1’16 direct margin of € 67m, +3.5% YoY on volume effect for Mobile data BICS underlying revenue (M€) & YoY variance Q1’16 revenue totaled € 356m, -10.9% YoY 11. 9% 0.5% -1.3% -0.8% 2.5% • The voice business showed high volatility, with, in Q1’16 less -6.1% -2.7% -10. 9% Voice traffic to African reg
Slide 50: BICS underlying segment result -10.0% YoY
Underlying segment result -10.0% YoY; margin rising to 9.9% Q1’16 segment result of €35m, down 10.0% BICS underlying segment result (M€) & YoY variance • Increase in direct margin offset by higher expenses. • Q1’16 expenses up, mainly on 32.4% 34.9% 5.7% 5.8% -10. 0% • Higher headcount to support ne
Slide 51: Additional information
Additional information • Pricing • Packs • Mobile • Fixed • Spectrum: ownership & usage • Regulation • Shareholder structure & remuneration
Slide 52: Pack offers: Scarlet and Proximus
Scarlet Proximus Proximus Proximus Scarlet Proximus Proximus Proximus Trio Pack Start Pack Comfort Pack Maxi Trio Pack Start Pack Comfort Pack Maxi Internet Internet Start Internet Comfort Internet Maxi Internet Internet Start Internet Comfort Internet Maxi 30 Mbps/4 Mbps 60 Mbps/4 Mbps 100 Mbps/6 M
Slide 53: 4-Play pricing
3-Play + 13 40 Mobile subscription @ Smart+ 15 Smart+ 45 Comfort Pack + Smart 15 discount 20 55 4-Play at € 76.95/month Smart+ 25 Smart+ 65 52
Slide 54: Mobile postpaid tariffs
Prices are incl. VAT 40 55 13 20 Smart+ 15 Smart+ 25 Smart+ 45 Smart+ 65 120 min 300 min Unltd min Unltd min Unltd sms Unltd sms Unltd sms BE + Unltd sms 1 GB 2 GB roaming EU 4GB 10GB 240 min in EU Roaming Speed Tiering 240 MB in EU included 240 min to EU International VERY FAST calling SUPER FAST i
Slide 55: Bizz Smart business mobile tariffs
Prices are excl. VAT Bizz Smart XL 8 15 35 50 70 €10 €20 €40 €60 €80 Unlt min 2 Fix + CUG 100’ 250’ Unl min Unl min Unl min 250sms Unl sms Unl sms Unl sms EU Unl sms EU 500MB 2 GB 5 GB 10GB 10GB PCAC QoS + Conf call + PCAC 600’ in EU 1000’ in EU 600 MB EU 2 GB EU Speed Tiering 600‘ to EU 1000‘ to EU
Slide 56: Prepaid and reload offers
Smart Full Control Reload P&G + 15 25 45 10 15 25 120 min 300 min Unltd min 10 min 20 min 50 min Unltd sms Unltd sms Unltd sms 500 sms Unltd sms Unltd sms 1 GB 2 GB 4 GB 100MB 250MB 500 MB Double data Automatic reload each month bundle of minutes/SMS/data Reload P&G + Credit reload needed for
Slide 57: Pay & Go prepaid offers
Pay & Go Max Pay & Go Smart Pay & Go Easy € 0.30 / min € 0.50 / min Peak € 0.27 / min € 0.12 / SMS € 0.25 / min OffPeak € 0.12 / SMS € 0.5/MB € 0.12 / SMS Peak € 0.5/MB € 0.08 / SMS Off-peak € 0.5/MB For each reload, you get a bundle For each reload you get: your For each reload you get: your Th
Slide 58: Higher speed when included in Pack
Higher speed when included in Pack Value increases when included in Pack 57
Slide 59: Easy access to content via Proximus TV decoder
Easy access to via the Proximus TV decoder + TV Replay free in packs Attractive sports offering with national and foreign football competitions and international sports. Agreement with ELEVEN SPORTS NETWORK, adding 2 new sports channels Eleven and Eleven Sports including 58
Slide 60: TV: easy access to a wide range of content
TV — provide customers easy access to a wide range of content Wanagogo is a digital platform with all your kids’ favorite heroes. They can play with Bumba, Maya UAbeille, Vic le Viking, Heidi, Fred & Samson, le Lutin Plop, Pat le Pirate, Mega Mindy, and all their friends! Wanagogp, parents are fans!
Slide 61: Positioning Scarlet as no frills brand
Positioning Scarlet as no frills brand, with very attractive pricing for ‘price seekers’ Postpaid Prepaid Red Hot Chili Reload 8 Reload 15 €8 € 18 € 28 €8 € 15 150 min 500 min 1000 min Bonus : Bonus : 1000 SMS 2000 SMS 5000 SMS 100 min to Unlimited to Scarlet 50 MB 1 GB 2 GB Scarlet mobile Mobile 10
Slide 62: Spectrum: ownership and usage
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: Regulation: roaming and MTR impact
2016 Estimated negative impact on YoY variance Transitory period towards Roam-like-at Home - From 30 April 2016 2015 2016 until 14 June 2017. (First 6 months) (as of May'16) • Operators are able to apply a surcharge up to the current regulated Roaming Revenue € -13m € -28m wholesale rates. • As of 3
Slide 64: Dividend of €1.50/share and shareholder structure
Dividend of 1.50/share General Shareholder return policy: We offer an attractive shareholder remuneration policy by returning, in principle, most of our annual free cash flow. 2014 2015 2016E status on This return of free cash flow is 30/09/2015 reviewed on an annual basis in order to keep strategic
Slide 65: For further information
For further information Investor relations 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
Slide 66: 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