Publicatie KPN tweede kwartaalcijfers 2021

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Algemeen advies 27/07/2021 08:18
“We zetten alles op alles om iedereen in Nederland te verbinden met een duurzame toekomst. We hebben omzetgroei gerealiseerd in het mass-marketsegment, een belangrijk teken dat onze strategie succesvol is. Het is een stap in de richting van duurzame groei voor het hele bedrijf, waar we overigens ook lichte groei lieten zien. Ons mobiele netwerk is opnieuw bekroond als beste netwerk van Nederland, en het snelste 5G netwerk. Ook hebben we de klantervaring verder verbeterd. Kortom we liggen op koers om onze doelstellingen voor 2021 waar te maken.

We bouwen een glasvezelbedrijf en sluiten Nederland in een recordtempo aan op glasvezel. Afgelopen kwartaal passeerden we de mijlpaal van drie miljoen glasvezelaansluitingen. Op dit moment kan bijna de helft van alle Nederlandse huishoudens over glasvezel beschikken; het overgrote deel via KPN. Dankzij de joint-venture Glaspoort, die nu operationeel is, kunnen we onze glasvezelambitie verder versnellen en verwachten we gezamenlijk eind 2026 ongeveer 80% van Nederland te voorzien van glasvezel. Dankzij de inzet van alle collega's en onze investeringen in de kwaliteit en betrouwbaarheid van onze digitale dienstverlening zien we de klantervaring en NPS wederom verbeteren.

Als gevolg van onze succesvolle Unlimited data-propositie zien we voor het eerst in vier jaar groei in de omzet uit mobiele diensten voor consumenten. Het totale aantal nieuwe mobiele klanten in zowel de consumenten als de zakelijke markt blijft in een stevig tempo groeien. De omzet uit diensten in de mkb-markt toont een verbeterende trend en ligt op schema om zich in de tweede helft van dit jaar te stabiliseren. In Wholesale blijven de prestaties sterk, dankzij ons open netwerkbeleid dat wordt ondersteund door vernieuwde breedband- en MVNO-overeenkomsten. Met duurzaamheid (ESG) volledig verankerd in de strategie en werkwijze van KPN, maken we van Nederland een nog betere leefomgeving.

We blijven volop investeren om toekomstige groei te realiseren en behouden ruimte om kansen te benutten die waarde kunnen creëren voor alle stakeholders. Het vertrouwen in onze strategische plannen en de succesvolle uitvoering van ons meerjarig dividendbeleid, geven ons daarnaast de ruimte om structureel extra kapitaal uit te keren aan onze aandeelhouders. Als een eerste stap, hebben we de intentie om dit jaar voor 200 miljoen euro aandelen in te kopen.”

Documenten
Download hier het persbericht van de tweede kwartaalcijfers 2021.
Ga naar ir.kpn.com voor het persbericht en alle overige documenten met betrekking tot de resultaten.

KPN delivers mass-market service revenue growth in Q2; on track to
reach full-year outlook
• Executing strategy and delivering on commitments ahead of schedule by growingmass-market service revenues
• Return to mobile service revenue growth in Consumer for first time since Q1 2017
• Consumer realizing +23k broadband net adds, of which 22k related to Oxxio acquisition
• Sequential service revenue growth in SME, on track to stabilize by year end
• Passed the milestone of 3 million fiber households; Glaspoort JV operational
• Recognized as best mobile network and fastest 5G in the Netherlands
• Adjusted EBITDA AL +0.6% y-on-y; investments in customer support resultingin higher NPS
• Additional capital returns structural part of shareholder remuneration, € 200m SBBprogram in 2021
Message from the CEO, Joost Farwerck
“We go all out to connect everyone in the Netherlands to a sustainable future and to create value for all stakeholders. We delivered
growth in mass-market service revenues; an important proof point of the success of our strategy and a first step towards
sustainable top-line growth for the Group, which showed slight growth as well this quarter. We have further improved the quality
of our mobile network, we have improved customer experience, and we’re on track to reach our full-year outlook.
We are building a fiber company and we’re installing fiber at a record pace. During the quarter we’ve passed the milestone of
three million fiber connections. Today, almost half of all Dutch households have a fiber connection; the vast majority via KPN.
Thanks to the Glaspoort JV, which is now operational, we will be able to further accelerate our ambition and commit to jointly
covering approximately 80% of the Netherlands with fiber by the end of 2026. Our mobile network has once again been recognized
as the best in the Netherlands with best coverage and fastest 5G. Thanks to the efforts of all colleagues and our investments in
the quality and reliability of our digital services, the customer experience and NPS are again improving.
For the first time in four years we’ve seen growth in Consumer mobile service revenues, supported by the strong commercial
performance of our Unlimited data proposition. Total mobile net adds in Consumer and Business continued to grow strongly. In
SME, our service revenue trend is improving and is on track to stabilize in the second half this year. In Wholesale we see continued
strong performance, backed by our open wholesale access policy and several renewed broadband and MVNO agreements. With
ESG fully embedded in our strategy and operations, we are contributing to making the Netherlands a better place to live.
While we keep investing to drive future growth and maintain room for value creating growth opportunities, we pay out a
progressive dividend that is comfortably covered. The confidence in our strategic plan and successful execution gives us comfort
around our multi-year cash generation perspective, enabling us to structurally return additional capital to our shareholders. As a
first step, we intend to buy back shares worth 200 million euros this year.”
Key figures
Group financials (unaudited) Q2 2020 Q2 2021 ? y-on-y H1 2020 H1 2021 ? y-on-y
(in € m, unless stated otherwise)
Adjusted revenues 1,292 1,296 +0.2% 2,622 2,586 -1.4%
Adjusted EBITDA AL 585 589 +0.6% 1,160 1,156 -0.3%
As % of adjusted revenues 45.3% 45.5% 44.3% 44.7%
Operating profit (EBIT) 233 1,093 >100% 449 1,329 >100%
Net profit 135 800 >100% 255 941 >100%
Capex 295 304 +3.3% 572 625 +9.2%
As % of adjusted revenues 22.8% 23.5% 21.8% 24.2%
Operational Free Cash Flow 291 284 -2.1% 588 531 -9.6%
As % of adjusted revenues 22.5% 22.0% 22.4% 20.5%
Free Cash Flow 177 179 +1.2% 257 301 +17%
As % of adjusted revenues 13.7% 13.8% 9.8% 11.7%
Net debt 5,248 5,201
ROCE 9.8% 10.3%

Continued strong operational momentum
• Consumer: mobile service revenues returned to growth (+1.3% y-on-y), driven by base growth and stable ARPU
? Fixed-Mobile households: stable (Q1 2021: +4k); Fixed-Mobile ARPA at € 82 (+2.4% y-on-y)
? Broadband: +47k
2
fiber net adds (Q1 2021: +47k), +23k total broadband net adds, +1k excl. Oxxio (Q1 2021: -1k)1,2
? Postpaid: +16k net adds (Q1 2021: +4k); ARPU stable at € 17 (+1.1% y-on-y)
? NPS improved q-on-q to +14 (Q1 2021: +11); quality improvements led to an increase of ~10% first-time-right calls YTD
• Business: continued good base developments on target portfolio, on track to stabilize SME service revenues by year end
? Broadband lines: -3k net adds (Q1 2021: +1k); Q2 run-rate impacted by technical correction (-4k); SME +7k (Q1 2021: +6k)
? Mobile SIMs: +32k net adds (Q1 2021: +23k); SME +17k (Q1 2021: +15k)
? NPS improved to +4 (Q1 2021: +2); driven by customer migrations to target portfolio and reliability of products and services
• Wholesale: success of open wholesale policy illustrated by continued revenue growth and contract renewals
? Broadband lines: +16k net adds (Q1 2021: +22k)2
? Postpaid SIMs: +23k net adds (Q1 2021: +30k)
• Network: fiber joint venture with APG ‘Glaspoort’ operational
? Added 113k FttH households to KPN’s fiber footprint and passed the 3 million milestone; activated 56k households
? Mobile network once again recognized by Ookla as best in the Netherlands with fastest 5G
• Cost savings: Net indirect opex savings of € 9m in the quarter
Solid financial performance
• Adjusted revenues increased 0.2% y-on-y, supported by growing mass-market service revenues (+0.5% y-on-y) and nonservice revenues (+15% y-on-y). Adjusted Group service revenues decreased 0.8% y-on-y as growth in Wholesale and
Consumer Fixed-Mobile was offset by Consumer Legacy and Business. H1 2021 adjusted revenues declined 1.4% y-on-y
• Adjusted EBITDA AL increased 0.6% y-on-y. The effects of higher revenues and continued cost control were partially offset
by a lower savings run-rate y-on-y due to elevated costs to improve customer support and less tailwind from COVID-related savings. Adjusted EBITDA AL margin increased to 45.5% (Q2 2020: 45.3%). H1 2021 adjusted EBITDA AL declined 0.3% y-on-y
• Net profit of € 800m increased € 665m y-on-y, mainly impacted by net effects of € 649m related to the ‘Glaspoort’ transaction,
a € 4m release of provision in Q2 2021 and € 11m book gain on the sale of KPN Consulting in Q2 2020. Excluding these incidentals, net profit would have increased by € 24m (+20%) y-on-y in Q2 2021. H1 2021 net profit excl. incidentals would have increased 18% y-on-y
• Capex of € 304m increased € 9m y-on-y driven by the accelerated fiber rollout. H1 2021 Capex increased € 53m y-on-y
• Operational Free Cash Flow of € 284m decreased 2.1% y-on-y due to higher Capex. H1 2021 Operational Free Cash Flow decreased 9.6% y-on-y
• Free Cash Flow of € 179m increased € 2m y-on-y despite higher Capex. H1 2021 Free Cash Flow increased € 45m as higher
Capex and cash taxes paid were more than offset by more favorable working capital developments, lower cash interest paid and cash restructuring
• Steadily improving ROCE to 10.3% in H1 2021 (+50bps y-on-y), driven by higher NOPLAT
• Strong liquidity of € 2,045m, covering debt maturities until 2023
Outlook 2021 and ambitions 2023 reiterated
KPN reiterates its FY 2021 outlook for adjusted EBITDA AL of approximately € 2,345m, Capex of € 1,200m, and Free Cash Flow of
approximately € 765m. KPN intends to pay a regular dividend per share of € 13.6 cents over 2021. An interim dividend of € 4.5
cents per share will be paid on 4 August 2021. The ex-dividend date is 29 July 2021. KPN reiterates its 2023 ambitions as provided at the Strategy Update on 24 November 2020. KPN’s successful execution of its strategy and multi-year cash generation perspective enables the company to structurally return additional capital to its shareholders. KPN intends to buy back shares worth € 200m in 2021.
go fot more to
https://www.overons.kpn/images/KPN_Q2_2021_Press_release.pdf

tijd 10.21
De AEX 737,86 -7,24 -0,97% KPN EUR doet 't goed op de cijfers EUR 2,739 +4,9ct vol. 5,7 milj.



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