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Ordinary General Shareholders’ Meeting Brussels, 9 April 2008

Ordinary General Shareholders’ Meeting Brussels, 9 April 2008. Simultaneous translation English : channel 3. Please switch off your mobile. Voting procedure. Inserting your voting card. Make sure the barcode is at the top of the voting card and facing you. Inserting your voting card.

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Ordinary General Shareholders’ Meeting Brussels, 9 April 2008

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  1. Ordinary General Shareholders’ MeetingBrussels, 9 April 2008

  2. Simultaneous translationEnglish : channel 3

  3. Please switch off your mobile

  4. Voting procedure

  5. Inserting your voting card • Make sure the barcode is at the top of the voting card and facing you.

  6. Inserting your voting card • Insert the voting card up to the red line. • This symbol will appear when the card is inserted correctly.

  7. Voting • You can vote when the handset displays the 3 voting options.

  8. Voting • To cast your vote, press the appropriate button on the handset. • For example, to vote FOR press button 1on the handset.

  9. Voting • If you wish to change your vote during the voting time simply press your new choice.

  10. Voting • If your voting card is not inserted correctly during the vote, a warning will be displayed.

  11. After the Meeting • If you are not participating to the Extraordinary General Shareholders’ Meeting, please return your handset and voting card at the end of the Ordinary General Shareholders’ Meeting.

  12. Test question • Justine Henin will win a golden medal at the 2008 Olympic Games in Beijing • FOR2. AGAINST3. ABSTAIN

  13. Theo DilissenChairman of the Board

  14. Dirk LybaertSecretary General

  15. Theo DilissenChairman of the Board

  16. Belgacom, a genuine supplier of integrated solutions for residential clients and business customers • Our successes in 2007 • Teams that make the difference • Responsible social partners • Visionary decisions • Multiple challenges for 2008

  17. Didier BellensPresident & CEO

  18. Full year results 2007

  19. Highlights – Excellent Business performance Great results in TV, Mobile and Packs • Thanks to the success of the packs and the extended TV offer, the Belgacom TV customer base more than doubled (+165,654). • Combination of strong customer growth with a reduced churn rate and a continuous increase of the ARPU to reach EUR 16.1 end 2007. TV • Various targeted acquisition initiatives & the launch of segmented rate plans led to a revival in new active customers (+308,796). • Proximus managed to improve its postpaid/prepaid ratio to 51/49 & was able to maintain an outstanding churn rate of 15.7%. Mobile • Since April 2007, several packs have been launched, combining Internet with TV and/or Mobile. • 153,000 packs sold, especially TV+Internet pack very successful. Packs

  20. Highlights – Subsequent events • Entering an additional market segment • Total of 180,000 broadband customers • Price of EUR 185 million on debt and cash free basis • Subject to approval by competent competition authorities • Share buy-back as approved by Board of Directors of 18 October 2007 for maximum amount of EUR 230 million almost finalised • By 4 March 2008 Belgacom bought back 7,038,765 shares for a total amount of EUR230 million Acquisition Scarlet Share buy-back

  21. Fixed Line Services

  22. Voice ARPU EUR/Month Voice Access Line loss (000) Traffic Volume (mio min) Q407 Q406 2006 2007 Voice Pressure on voice access lines continued but impact on revenue limited to -1.8% 27.2 27.2 26.3 26.6 Traffic Access Q406 Q407 2006 2007 Q406 Q407 2006 2007

  23. Residential ADSL* ARPU/month (EUR) Q407 Q406 2006 2007 Broadband Broadband Growth (‘000) Continued growth in broadband customer base despite competitive pressure Broadband lines (‘000) +9.6% + 2% Q3 ‘05 2006 2007 2006 2007 Average ADSL ARPU ADSL Light ARPU *: incl small business ADSL GO ARPU

  24. Q407 Q406 2006 2007 ICT*Continued growth in ICT services ICT revenue (‘000) + 7.5% Product group contains all ICT-related products and services offered by the Belgacom Group. + 10.9% • Y-o-Y ICT revenue increased with 7.5% mainly driven by: • the acquisition of ISIT B.V, a Dutch data storage specialist • some new major contracts that have been signed • the launch of Belgacom Explore: especially successful in the retail sector • the launch of new solutions • * ICT revenue includes: • Telindus • Belgacom 'integration services‘ • Security & Applications

  25. BelgacomTV TV growth TV total (‘000) (‘000) Belgacom proves to be a strong iDTV player Q406 Q407 2006 2007 Belgacom TV revenue Belgacom TV ARPU (EUR) (‘000) 43 2007 Q406 Q407 2006 2007 Q406 Q407 2006

  26. Mobile Communications Services

  27. Proximus’ strategy results in solid customer gain • YoY Proximus added 308,796 customers, leading to a total of 4,620,232 active customers • 126,298 new active customers in Q4’07 (incl. 28,778 new active MVNO customers) compared to 71,031 a year ago Quarterly customer growth (‘000) Total customers (‘000) +309 4,311 4,620 126 71 2006 2007 Q406 Q407 * 3-month active subscribers

  28. Proximus’ Value Share is stable at 50.1 %(*) For the third consecutive quarter, Proximus gained in value market share compared to 2006 Evolution of Value Share* (%) 50.8% 50.6% 49.9% 49.9% 50.1% 49.4% 49.2% 50.1% Q406 Q407 2006 2007 Proximus Others (*) MCS estimates * Share of Mobile Net Service Revenue, including regulation impact/excluding handsets & other revenues

  29. Proximus’ Market Share at 43.8%(*) Proximus further improved the quality of its customer portfolio, mainly thanks to the acquisition of 348,463 new postpaid customers Customer Base and Volume Share Evolution* (%) * 3-month active subscribers (*) MCS estimates

  30. Blended net ARPU of EUR 34.8 2007 Net ARPU went down by 7.8%. Excluding the regulation impact (MTR and Retail Roaming), the net ARPU decrease would be limited to 3.3%, driven by the success of new bundled tariff plans Blended ARPU1(EUR/month) (Excl regulation: -4.5%) (Excl regulation: -3.3%) 37.7 34.8 36.4 32.6 -10.4% -7.8% MTR impact Credits & Discounts Net ARPU Gross ARPU 1 Gross ARPU 3-month active subscribers, includes Machine-to-machine, excludes discounts & promotions Net ARPU : Gross ARPU including discounts & promotions

  31. International Carrier Services

  32. Operational Overview Consolidation & outsourcing to become ICS world leader • Post Merger IntegrationSwisscom & Belgacom carrier operationssuccessfully completed – full network integration through deployment of NGN transmission network & switching platform • Outsourcing project with MTN* Group extended to more affiliates - keeps contributing to strong mobile business growth • Strategic partnership signed with Omantel – positive impact on results second half 2007- BICS reinforces presence in fast growing Middle East region Increase value from organic growth • Re-engineering project for Service Delivery is on track – new tools and processes to cope with growth and shift to IP • Further extension of Mobile Data footprint (new sizeable contracts) • Several major capacity deals won in 2007 Move up the mobile value chain • Launch roaming solutions on track *MTN Group is leading provider of cellular and communications services in Africa

  33. Group Financials

  34. Consolidated income statement 2007 Variance EUR (Mio) 2006

  35. Segment results Revenues (EUR Mio) EBITDA (EUR Mio) 6,100* -0.6% 6,065* 2,149 -5.5% 2,031 -46 Fixed Line Mobile International Carrier Non recurring expenses * Total revenues as reported post inter-segment eliminations

  36. Investments CAPEX (EUR Mio) 676 -7.6% 625 Group Capex as % of Group Revenue: 10.3% Fixed Line Mobile International Carrier

  37. Free cash flow influenced by financial assets transactions Free cash flow (EUR Mio) • Transactions on financial assets • 2006 : - acquisition of Telindus (EUR -584 mio) • - disposal of Neuf Cegetel shares (EUR +238 mio) • - acquisition of Vodafone minority share in Proximus (EUR 2 billion) • 2007 : - disposal of M* & Eutelsat (EUR +245 mio) • - acquisition of ISIT (EUR -13 mio)

  38. Net financial position (EUR million)

  39. Agenda

  40. Questions & Answers

  41. Oral questions

  42. Proposed resolutions

  43. Vote on the proposed resolutions

  44. Proposed resolution Approval of the annual accounts with regard to the financial year closed on 31 December 2007, including the following allocation of the results: (*) : for 2007, the gross dividend amounts to € 2.18 per share, entitling shareholders to a dividend net of withholding tax of € 1.635 per share, from which on 6 December 2007 an interim dividend of € 0.50 (€ 0.375 per share net of withholding tax) was paid; so that on 15 April 2008 a gross dividend of € 1.68 per share (€ 1.26 per share net of withholding tax) will be paid. • FOR2. AGAINST3. ABSTAIN

  45. Proposed resolution Granting of a discharge to the members of the Board of Directors for the exercise of their mandate during the financial year closed on 31 December 2007. • FOR2. AGAINST3. ABSTAIN

  46. Proposed resolution Granting of a discharge to Mr Didier Bellens for the exercise of his mandate during the financial year closed on 31 December 2007. • FOR2. AGAINST3. ABSTAIN

  47. Proposed resolution Granting of a discharge to Mr Guido J.M. Demuynck for the exercise of his mandate during the financial year closed on 31 December 2007. • FOR2. AGAINST3. ABSTAIN

  48. Proposed resolution Granting of a discharge to Mr Pierre-Alain De Smedt for the exercise of his mandate during the financial year closed on 31 December 2007. • FOR2. AGAINST3. ABSTAIN

  49. Proposed resolution Granting of a discharge to Mr Theo Dilissen for the exercise of his mandate during the financial year closed on 31 December 2007. • FOR2. AGAINST3. ABSTAIN

  50. Proposed resolution Granting of a discharge to Mrs Carine Doutrelepont for the exercise of her mandate during the financial year closed on 31 December 2007. • FOR2. AGAINST3. ABSTAIN

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