Proximus Sa · EURONEXT:PROX

Proximus Sa — Belgacom — Q3 2012 Earnings Presentation

65 slides from Proximus Sa's earnings presentation, November 2012

  1. Slide 1: Belgacom Presentation Q3 2012 results

    Belgacom Presentation Q3 2012 results November 2012 Group Highlights Q3 2012 Results per segment Other topics Q3 2012 Revenue – slide 2 Consumer – slide 20 P&L – slide 38 Cost of Sales – slide 4 Enterprise – slide 27 Balance Sheet – slide 39 Non-HR expenses - slide 5 Shareholder structure – slide 40

  2. Slide 2: Group revenue Q3 growing +1.5% YoY

    Group revenue Q3 growing +1.5% YoY Quarterly Group Revenue ( € million) +1.5%  Reported Q3’12 revenue up 1.5% YoY 1,6 80 1,6 30 1,658  1,612 1,596 1,616 1,620 1,5 80 Like-for-like, revenue +0.4% YoY 1,5 30 1,583 1,588 1,611 Including € -36m impact regulation (-2.3%) 1,4 80 1,4 30 1,3 80  Solid bu

  3. Slide 3: Group revenue trend improved vs 2011

    Group revenue trend improved vs 2011 Group revenue evolution Revenue as reported Like-for-Like Underlyi ng 2.7% Group revenue continuing the improved trend 1.8% 1.0% 0.7% 1.5% 0.3% 0.4% Underlying revenue up 2.7%, i.e. excluding impact -0.9% Q3'11 -1.0%Q4'11 Q1'12 0.1% Q2'12 -0.1% Q3'12 from M&A and

  4. Slide 4: Cost of Sales up 2.6%, mainly driven by BICS

    Cost of Sales up 2.6%, mainly driven by BICS Quarterly Cost of Sales ( € million) +2.6% 68 0 667 63 0 655 655 649 Q3’12 Cost of Sales at € 649m, + 2.6% 633 621 614 58 0 609 YoY driven by BICS, trend improvement 53 0 for Consumer 48 0 Q410 Q111 Q211 Q311 Q411 Q112 Q212 Q312 CoS down 0.9% YoY. The cos

  5. Slide 5: Non-HR expenses up 2.3%

    Non-HR expenses up 2.3% Quarterly Non-HR expenses ( € million) 25 0 +2.3% 24 0 The non-HR costs increased by 2.3% YoY. Mainly 23 0 22 0 230 232 driven by costs related to The Phone House, a 21 0 220 226 224 218 20 0 213 negative YoY foreign currency impact and some 19 0 18 0 196 costs linked to the

  6. Slide 6: HR expenses impacted by wage inflation & M&A

    HR expenses impacted by wage inflation & M&A Quarterly HR-expenses (€ million) +5.6%  Positive effect of headcount restructuring 29 0 294 program ‘Tutorship’ offset by: 282 283 282 285 27 0 278 274 278  25 0 Inflation-based salary indexations (March 2012) 23 0  M&A-driven and business critical ad

  7. Slide 7: Q3'12 Group EBITDA improved vs. H1, -2.7% YoY

    Q3’12 Group EBITDA improved vs. H1, -2.7% YoY EBITDA -2.7% on a reported base  Improvement in spite of increased Regulation impact  Mainly driven by improved Direct Margin in Consumer  Including minor positive net impact from One-offs Like-for-like EBITDA -3.5% YoY;  Including a € -27mio (-5.7%)

  8. Slide 8: Continued investments in high-quality Fixed and Mobile networks

    Continued investments in high-quality Fixed and Mobile networks 700 650 10.8% 15% 14% 13% 600 10.4% 12% 11% FY’12 Capex 10% 550 520 09% 498 08% in upper- 500 07% end “10%- 450 06% 12%” of 05% revenue Belgacom invested € 160m in Q3 2012, 400 04% 03% € 520m YTD September 2012 or 10.8% 350 02% 01% of i

  9. Slide 9: FCF impacted by lower EBITDA, M&A, working capital and investments

    FCF impacted by lower EBITDA, M&A, working capital and investments FCF end September 2012 at €537m; € 224m lower YoY: (in mio € ) Ytd Se p t '11 Ytd Se p t '12 variance  Lower EBITDA (adjusted for non-cash one-off impacts) CF from operating activities 1260 1101 -159  Higher income tax payments (€

  10. Slide 10: Sound financial position

    Sound financial position  Net financial debt at EUR 1,467 m  The outstanding long term financial gross debt amounted to €1.9Bio  Credit ratings: Standard & Poor’s A; Moody’s A1 – both stable outlook (1,479) 537 (540) (1,467) 13 2 Net debt FCF Dividends Net sale of Other Net debt December 2011 tre

  11. Slide 11: FY 2012 guidance upgraded

    FY 2012 guidance upgraded Initial Guidance Revised Guidance Q1 2012 Q2 2012 Q3 2012 YTD 2012 Metrics FY’12 FY’12 (excl. Telco (excl. Telco (excl. Telco Law) (excl. Telco Law) Law) Law) Group revenue About -1% Up to +1% +0.3% +0.7% +1.5% +0.8% Group EBITDA Between Between -3.1% -8.6% -2.7% -4.9% “-5%

  12. Slide 12: Committed to attractive shareholder return – increased interim dividend

    Belgacom committed to attractive shareholder return – exceptionally increased interim dividend Shareholder remuneration policy: - Belgacom commits to an attractive shareholder remuneration policy by returning, in principle, most of its annual free cash flow, to its shareholders. - The return of free

  13. Slide 13: Successful Packs acquisition reflects convergence & value approach

    Successful Packs acquisition reflects convergence & value approach – continued uptake Mobile in Pack Packs evolution net adds total 1,214,000 1,177,000 1,089,000 1,143,000 1,200,000  Total Packs increased with 37,000 in Q3 to 1,214,000  Of Packs sold in Q3’12, 33% include mobile component 80 1,100

  14. Slide 14: Taking convergence a step further in the Belgian market

    Belgacom taking convergence a step further & strengthening it’s position in the Belgian market “TV Everywhere” “WiFi everywhere via FONspots” Combining Fixed & Mobile on all levels “Internet Everywhere”  TV Everywhere  > 300.000 downloads €24.95/month €35.95/month €46.20/month  > 30 channels 100G

  15. Slide 15: Strong performing Fixed products despite mature market

    Strong performing Fixed products despite mature market Broadband customer evolution Fixed Internet market share 1,626  Belgian Fixed internet market net adds total 1 ,6 50 28 1,606 1,615 1,591 Other 8% 23 1,572 1 ,6 00 still growing, but at slower pace  Consumer Internet penetration @ 76% 18 1 ,5

  16. Slide 16: Competitive pressure on mobile mainly impacted prepaid

    Competitive pressure on mobile mainly impacted prepaid; postpaid continued to grow Mobile customer evolution 2 net adds total  Postpaid: + 41,000, driven by 5,543 100 5,413 5,458 5,498 5,504 5,600 convergent Packs including 80 75 5,400 5,200 mobile and by the new “Internet 60 64 5,000 Everywhere” o

  17. Slide 17: SMS revenue and usage showing continued growth

    SMS revenue and usage showing continued growth SMS (Group) Revenue in € million and YoY variance 9% 11% 11% 10% 11% 8% 9% 6% 4% 111 111 114 114 102 100 104 103 93  No visible substitution of SMS by Mobile data applications such as WhatsApp or iMessage  Smartphone penetration Belgium growing but st

  18. Slide 18: Regulation pressured Advanced Mobile Data revenue

    Regulation pressured Advanced Mobile Data revenue – growing smartphone & tablet penetration Advanced Data (Group)  Q3 revenue from Advanced Mobile data (non-SMS) Revenue in € million and YoY variance impacted by Roaming regulation. Significant volume 30% 34% growth, though not compensating price im

  19. Slide 19: Q3 2012 results per business unit

    Belgacom Company presentation Investor Relations Q3 2012 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) 19 19 Slide

  20. Slide 20: Consumer - P&L

    Consumer - P&L Higher revenue and focus on value creation improved Direct margin in Q3 CBU revenue (EUR mio) 61 0  Solid revenue from TV and Fixed Internet, Fixed voice decline 2.8% 59 0 600 slowed. All supported by Packs. 57 0 579 571 572 577 575 587  Reported revenue includes M&A; like-for-like

  21. Slide 21: Consumer - Fixed voice

    Consumer - Fixed voice Fixed Voice line erosion stable; revenue decline continued to persist Continued better Fixed Voice line erosion vs last year, ARPU stable 14 0 Fixed voice revenue (EUR mio)  Fixed Voice revenue erosion limited to -5.8% YoY -5.8% 13 0  maintained lower level of line erosion s

  22. Slide 22: Consumer – Mobile Voice

    Consumer – Mobile Voice Mobile Voice revenue pressure continued; Postpaid +17,000 driven by Internet Everywhere and Mobile in Pack Mobile voice revenue (EUR mio) 17 0  Q3’12 Mobile Voice revenue -6.9% YoY. 16 0 15 0 -6.9%  Half of decline driven by regulatory impacts, 156  14 0 13 0 140 147 143 1

  23. Slide 23: Consumer - Fixed Data

    Consumer - Fixed Data Fixed Internet revenue showed further improvement; solid net adds Fixed data revenue (EUR mio) 3.3%  Q3’12 revenue up 3.3% YoY 86 84  Positively impacted by price indexation Jan’12 85 85 85 82 80 83 83 82 82 84  Continued YoY customer growth 78 76 74 72 Q410 Q111 Q211 Q311 Q

  24. Slide 24: Consumer - Mobile Data

    Consumer - Mobile Data Mobile data revenue growth trend impacted by regulation; continued growth in SMS usage age Mobile data revenue (EUR mio)  Mobile Data rev up by 6.1% YoY 12 0 SMS Adv Data +6.1%  Revenue growth slowed by regulation 102 98 88 87 92 93 97 97 12 15  SMS revenue was up by 6.3% f

  25. Slide 25: Belgacom TV

    Belgacom TV Solid TV revenue, up 18.9% YoY; TV customer base continues to grow TV revenue (EUR mio) +18.9%  TV revenue +18.9% YoY driven by  Continued growth of subscribers 61 49 51 53 51 53 55 57  YoY growth no longer tempered by free football offer  Price increase of rented settop box Q410 Q11

  26. Slide 26: Tango – Mobile activities in Luxembourg

    Tango – Mobile activities in Luxembourg Tango revenue (EUR mio)  +2.7% 28 Q3 revenue +2.7% YoY 28 28 27 28 28  success of the iPhone offer and smartphones and 25 25 26  the ongoing migration of prepaid towards postpaid offers. Q410 Q111 Q211 Q311 Q411 Q112 Q212 Q312 Tango mobile customers EOP (00

  27. Slide 27: Enterprise - P&L

    Enterprise - P&L 640 EBU revenue (EUR mio)  Limited revenue erosion of -2.2% in adverse economy 620 -2.2%  Increased impact from regulation; € -22m (-3.8%)  600 606 Underlying revenue +1.3% YoY: Mobile data & ICT 593 593 591 580 560 572 579 576 540 560 520 Q410 Q111 Q211 Q311 Q411 Q112 Q212 Q312

  28. Slide 28: Enterprise - Fixed Voice

    Enterprise - Fixed Voice Fixed Voice price indexation giving further support; third-quarter line erosion limited to 9,000 lines Fixed voice revenue (EUR mio) -2.8%  Q3 Fixed Voice revenue of € 118 m, decline limited to -2.8%  14 0 13 0 Price indexation (Jan ’12) gave further relief 12 0 132 128 12

  29. Slide 29: Enterprise - Mobile Voice

    Enterprise - Mobile Voice Enterprise - on Continued pressure Mobile Voice Mobile Voice revenue; growing Mobile customer Solid basecustomer growth, revenue under pressure due to pricing and regulation Mobile voice revenue (EUR mio)  Q3’12 Mobile Voice revenue -9% YoY -9.0%  130 120 impact of lower

  30. Slide 30: Enterprise - Fixed Data

    Enterprise - Fixed Data Enterprise - Fixed Migrations to Explore platform Data slightly erodes Fixed Data revenue, while Slightly Internet positive ARPUrevenue remainstrend continued; Internet customer base fairly stable stable 10 2 Fixed data revenue (EUR mio)  Q3’12 revenue from Fixed Data -0.8%

  31. Slide 31: Enterprise - Mobile Data

    Enterprise-–Mobile Enterprise MobileData Data Mobile data Continued revenue revenue impacted growth by regulated : Advanced retail Data roaming pricing Data up ~12% , SMS up ~14% Mobile data revenue (EUR mio)  Mobile Data rev -2.3% YoY, in spite of volume growth  80 SMS ADV Data -2.3% Significantl

  32. Slide 32: Enterprise - ICT

    Enterprise Enterprise –- ICT ICT ICT revenue up by 6.1% on like-for-like basis ICT revenue showing 2.4% growth in challenging economic context  Q3’12 revenue up 2.4% YoY ICT revenue (EUR mio)  Growing revenue in the context of an 220 210 2.4% unfavorable economy, 200 190  180 In line with the str

  33. Slide 33: Service Delivery & Wholesale – P&L

    livery & Wholesale - P&L Service Delivery & Wholesale – P&L SDE&W revenue (EUR mio) -3.2%  Q3 revenue -3.2% YoY  98 93 88 Mainly driven by lower leased line volumes and decreasing Roaming prices which was only partially offset by higher 83 83 78 81 80 80 77 78 73 68 63 76 75 Roaming volumes. 58 53

  34. Slide 34: Staff & Support – P&L

    Staff & support - P&L Staff & Support – P&L S&S Revenue(EUR mio) • YoY difference explained by (Group-neutral) one-off 30 -70.7% 25 booked under Staff and Support in the third quarter of last 25 * year. 20 15 10 5 7 8 7 8 9 7 7 0 Q410 Q111 Q211 Q311 Q411 Q112 Q212 Q312 * Internal invoice; neutral on

  35. Slide 35: International Carrier Services – P&L

    International Carrier Services International P&L Carrier Services – P&L BICS Revenue (EUR mio) +5.7% • Q3 revenue increase of 5.7% YoY  430 420 410 424 Voice revenue +3.6%: destination mix and positively impacted 409 by the stronger dollar YoY. This more than offset the impact of 400 402 401 401 39

  36. Slide 36: International Carrier Services

    International Carrier Services Bics delivering 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 20% Belgacom 22.4% 57.6% • Since Dec ‘09 JV held by Belgacom, Swisscom & MTN • I

  37. Slide 37: Ytd September 2012 results in detail

    Belgacom Company presentation Investor Relations Ytd September Other topics 2010 results in detail • Consumer Business Unit (CBU) • Network & Spectrum – slide 42 • •P&L Enterprise – slide 38 Business Unit (EBU) • Pricing – slide 52 • •Balance Service Delivery Engine &Wholesale (SDE&W) sheet – slide

  38. Slide 38: Group – P&L

    Group – P&L On reported basis, incl. one-off items VAR VAR in mio € Q111 Q211 Q311 YTD 2011 Q112 Q212 Q312 YTD 2012 Q3/Q3 YTD Revenues (1) 1,5 8 3 1,6 12 1,5 9 6 4,79 0 1,5 8 8 1,6 11 1,6 20 4,8 18 1.5 % 0.6 % Total OPEX -1,103 -1,09 9 -1,123 -3,325 -1,122 -1,176 -1,16 0 -3,45 9 3.3% 4.0% Cost of go

  39. Slide 39: Belgacom consolidated balance sheet

    Belgacom consolidated balance sheet 31-Dec 30-Sep (EUR million) 2011 2012 TOTAL ASSETS 8,312 8,357 Non-recurrent assets 6,217 6,160 • Goodwill of €2,340m , up as a result of the Goodwill 2,323 2,340 acquisition of Wireless Technologies BVBA Intangible assets with finite useful life 1,155 1,108 Prope

  40. Slide 40: Shareholder structure

    Shareholder structure Belgian state owns ~ 53.5% 338,025,135 shares, of which 318,269,673 Outstanding • Limited liability company under public law - Belgian state main shareholder: 53.5% - Legal obliged threshold: 50%+1 share - 14 Board members, 50% state-appointed • Free float 40.6% • Treasury shar

  41. Slide 41: 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

  42. Slide 42: An all-integrated-network thanks to early and continuing investments

    An all-integrated-network thanks to early and continuing investments Current fixed network Current mobile network • Belgacom among world leaders • Leader in coverage 2G and > 83% Technical for fiber coverage 79.2% VDSL 3G (> 97%) launch 4G • End September 2012 VDSL2 coverage of • 4G launched 5 Novem

  43. Slide 43: Building a future-proof network

    Building a future-proof network Belgacom has all assets in hands to cope with a changing telecom ecosystem Fixed Mobile Revised IT Network Network Network Enable the driving a innovation innovation simplification Smart Home simplified driving driving driving & Smart agile customer customer efficienc

  44. Slide 44: Fixed network - Vectoring and Fiber to the Home

    Fixed network - Vectoring and Fiber to the Home in Greenfields Copper still has a promising evolutionary path, allowing a stepwise increase of bit rate. Vectoring technology will be deployed on our network to achieve this ambition. FTTH will be used in new zonings. Powerful vectoring technology FTTH

  45. Slide 45: Fixed network - Speed evolution in coming years

    Fixed network - Speed evolution in coming years Belgacom is in good position to increase speed through vectoring. Our good position for deploying vectoring Bring fiber speeds over copper • Belgacom is in a good position to deploy vectoring thanks of our access network strategy over past years: Non-s

  46. Slide 46: Position of the Belgacom network vs cable

    Position of the Belgacom network vs cable Both copper and fiber have deployed fiber in the access network. However, both are inherently different access networks with strengths & weaknesses. Copper access Cable access 100-200 Homes Passed 1.400 Homes Passed /SC /Node ROP 500 Homes Passed /Node (2015

  47. Slide 47: Mobile network – 4G deployment

    Mobile network – 4G deployment Keep mobile network leadership in speed & coverage Keep mobile network leadership Today’s mobile network • 4G allows average mobile internet speeds of 10-20 Mbps and peak speeds of 50-60 Mbps at low latency. This will bring an • A simplified, high capacity, high perfor

  48. Slide 48: 4G launched on 5 November '12

    4G launched on 5 November ‘12 Belgacom is the first to offer 4G in Belgium. Since the 5th of November, 4G was commercially launched in eight cities. Antwerpen Hasselt Gent Leuven Wavre Liège Mons Namur Slide 48

  49. Slide 49: Spectrum - Belgian situation

    Spectrum - Belgian situation • 900 900MHz MHz& 1800 MHzMHz & 1800 2100 MHz 2600 MHz 790 MHz – 862 MHz • 900 MHz & 1800 MHz • 900 MHz & 1800 MHz • Used for 2G, 3G and 4G • Used for 3G • Will be used for 4G • The digital dividend • Belgian operators allowed • Proximus, Mobistar & Base • Out of 5 candi

  50. Slide 50: Going for Network simplification & IT Transformation

    Going for Network simplification & IT Transformation With a strong technology evolution over past years, network complexity largely increased. A thorough network simplification program is foreseen as critical enabler of future efficiency. In parallel, our ambition is to transform IT. • Main IT trans

  51. Slide 51: Smart Home & Smart Office

    Smart Home & Smart Office Goal is to create simple-to-use value adding services with differentiating customer experience generated by unique combination of network & platform technology Possible Belgacom converged services Partner created new services Smart Home Smart Office Partner services Machine

  52. Slide 52: Pricing – Fixed products

    Pricing – Fixed products Classic Happy Time XL No Limit National Anytime Happy time international 19.65€ / month 19.65€ / month 29.33€ / month 20.65€ / month Note: Free to FIX & to MOB Free to FIX ,to MOB & to Free to FIX Anytime Lower tariffs during peak during OffPeak & Weekend most European count

  53. Slide 53: Pricing – Mobile Voice (Postpaid)

    Pricing – Mobile Voice (Postpaid) Easy 10 Easy 15 Easy 25 10€ / month 15€ / month 25€ / month For Voice 10€/month PACK 20€/month PACK 50 min ATAN + 100 min ATAN + 100 min ATAN + Unlimited centric 50 SMS 100 SMS evening & we + 100 SMS customers € 0.20 / min ATAN € 0.20 / min ATAN € 0.25 / MMS ATAN €

  54. Slide 54: Pricing – Mobile Voice (Prepaid)

    Pricing – Mobile Voice (Prepaid) Pay & Go zen Prepaid bonus Focus on For Pay&Go Zen you get : € 0.27/ min ATAN Voice € 0.12 / SMS ATAN € 0.25 / MMS ATAN • Bonus 1 (towards fix and Mobile 10€ reload= 20min, 15€ reload= 40min, 25€ € 0.5 / mb reload= 70min, 50€ reload= 200 min OR Bonus 2 (towards fix):

  55. Slide 55: Pricing – Mobile Data

    Pricing – Mobile Data Internet on GSM Internet on GSM Blackberry service Standard Internet on GSM Start Pay & Surf Comfort Favourite 0.42€ / 5 min 4.99€ / month 9.99€ / month 19.99€ / month 9.99€ / month 2.99€  25 MB 50 MB incl. 250 MB incl. 200 MB incl. 4.99€  50 MB Or 2 GB incl. 9.99€  250 MB 0

  56. Slide 56: Pricing converged PACKS

    Pricing converged PACKS On 30 Oct ’12 Belgacom announced price TV + Fix increases for some of its products. New pricing will be applicable as of 1 Feb’13. • Prices of packs including Internet TV + Internet 34.75€ / month Everywhere, launched on 15 April ’12, will not be changed. TV comfort • Packs s

  57. Slide 57: New Telecom Law

    New Telecom Law The new Belgian Telecom Law entered into force on 4 August 2012. Transitional period until 1 October for the measure related to contract termination. Since this measure applies retroactively to existing contracts, Belgacom accounted for the accounting impact of this law in Q2, affect

  58. Slide 58: Regulation – Overview financial impact

    Regulation – 1 Overview financial impact Estimated Impact Actuals Regulation impacts FY 2012 Q1 2012 Q2 2012 Q3 2012 YTD 2012 (Decrease in EUR million) MTR & Revenue ~ €45m €10m €12m €13m €34m flow-through Fix-to-Mob EBITDA * ~ €10m €2m €3m €3m €9m Roaming Revenue * ~ €45m €2m €3m €24m €29m (i.e. Vo

  59. Slide 59: Regulation – Mobile Termination Rates

    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 7.2

  60. Slide 60: Regulation – EU Roaming III Regulation

    Regulation – 3 Mobile voice and data-roaming: EU Roaming III Regulation regulation Roaming regulation impact Q3 2012 – Carry-over impact from lower rates on 1 July 2011 – Voice and data roaming rates further decreased on 1 July 2012 – In addition, measures taken to prevent bill shocks with financial

  61. Slide 61: Regulation – Decision to open-up the Belgian Cable Network

    Regulation – 4 Decision to open-up the Belgian Cable Network On 18 July 2011, the Belgian regulators published their final decision on broadband & broadcast regulation: – On the broadcast Market Each cable operator has ‘Significant Market Power’ in its area a is submitted to the following obligation

  62. Slide 62: 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

  63. Slide 63: Macro economic environment

    Macro economic environment Belgium & Euro area - prospects Belgium in line with EU average Inflation driven by Belgium: increasing energy prices Budget deficit from 6% in ’09 to 4% in’11 2012 est. @~2.8%. Gross public Debt ~98% of GDP Source: National Bank 1 GDP – percentage change on preceding year

  64. 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

  65. 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

Belgacom — Q3 2012 Earnings Presentation on 6ix