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ROYAL KPN (KPN)
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KPN KON : Annual Results 2012

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02/06/2013 | 12:57pm CET

Den Haag, 5-2-13



Aligning financial position with strategy

Highlights

2012 performance
• Mixed performances across the Group
• Stabilizing domestic market positions, strong growth in TV
• Highly valuable spectrum acquired in The Netherlands
• Financial outlook largely achieved, supported by asset disposals
Strategic review
• The Netherlands expected to stabilize towards 2014
• Next phase German strategy; service revenue growth expected at lower margin
• EUR 4bn rights issue supporting financial position and strategic flexibility
• Revised strategic market objectives



Message from the CEO, Eelco Blok
"In 2012, KPN continued to face a challenging environment. The adverse macro-economic conditions continued to weigh on consumer confidence and on the investment plans of our business customers. Moreover, competition intensified in our mobile markets. The financial performance of our businesses in 2012 was largely within the outlook ranges, though supported by asset disposals and somewhat below our expectations at the start of the year. Operationally, we have made good progress in executing our strategy by taking steps to stabilize our domestic market positions; however we have seen a slow-down in revenue growth in Germany.

We are experiencing lower underlying profitability in each of our three main markets. Partly, this is a result of the sustained pressures described above. However, it additionally reflects the costs of positioning ourselves for the future by implementing our operational strategy - investments in customer acquisition and service, network and IT costs, and strategic investments including spectrum and fiber. In The Netherlands, we are approaching a new balance between a focus on market positions and achieving stable performance. In Germany and Belgium, the next phases in our Challenger strategy are being implemented to fuel underlying growth in 2013 and beyond.

In order to execute on our strategy and position KPN for future growth, we need to strengthen the balance sheet. In recent years, KPN's financial position has been impacted by rising debt levels combined with increased commercial investments. The EUR 4bn rights issue announced today and our earlier announcements of a lower dividend outlook will support our financial position in the coming years."

Press Release for download here: www.kpn.com/results.htm

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Financials (€)
Sales 2017 6 569 M
EBIT 2017 940 M
Net income 2017 518 M
Debt 2017 6 655 M
Yield 2017 4,20%
P/E ratio 2017 25,00
P/E ratio 2018 22,47
EV / Sales 2017 2,91x
EV / Sales 2018 2,92x
Capitalization 12 474 M
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 3,26 €
Spread / Average Target 9,7%
EPS Revisions
Managers
NameTitle
Eelco Blok Chairman-Management Board & CEO
Duco W. Sickinghe Chairman-Supervisory Board
Joost F. E. Farwerck Chief Operations Officer
Jan Kees de Jager Chief Financial Officer
Derk J. Haank Vice Chairman-Supervisory Board
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