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    KPN   NL0000009082

ROYAL KPN N.V.

(KPN)
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Royal KPN N.V. Press Release : KPN further accelerates fiber rollout through JV with APG

03/23/2021 | 01:31am EDT
Royal KPN N.V. 
Royal KPN N.V. Press Release: KPN further accelerates fiber rollout through JV with APG 
23-March-2021 / 07:30 CET/CEST 
=---------------------------------------------------------------------------------------------------------------------- 
 
KPN further accelerates fiber rollout through JV with APG 
  . Strengthening KPN's strategy as leading fiber operator in the Netherlands 
  . 80% FttH coverage by 2026 with JV taking up KPN's long tail, on top of existing fiber rollout plans 
  . Further accelerating fiber rollout through JV to 685k households in medium-dense areas and to 225k businesses 
  . EUR 440m cash payment over time by APG for 50% ownership, crystallizing the value of KPN's state-of-the-art fiber 
    network 
Rotterdam, 23 March 2021 - Today, Royal KPN N.V. (KPN) announces it has signed an agreement with APG to participate in 
a joint venture to further accelerate the rollout of fiber and lead the digitalization of the Netherlands. Through the 
joint venture, KPN strengthens its 'Accelerate to grow' strategy and reaches maximum rollout speed. 
KPN will continue to pursue its existing fiber rollout plans of 2.5m additional fiber households in the coming five 
years. On top of this, the new JV will take up the long tail of KPN's fiber rollout plans and will cumulatively roll 
out 910k additional fiber connections in underserved areas in the coming years. This consists of 685k households in 
medium-dense areas and 225k businesses. As a result, the FttH network owned by KPN and the JV will jointly cover 
approximately 80% of Dutch households by 2026, with scope to finalize the rollout in the years thereafter. In addition, 
the JV extensively expands its fiber footprint in business areas. 
APG has agreed to pay EUR 440m (pre-tax) for a 50% stake in the joint venture, subject to closing adjustments and split 
in an initial payment of EUR 220m and another EUR 220m to be paid in annual installments based on the rollout progress. 
The total equity value of EUR 880m for the JV implies an equity value of EUR 970 per line. Over the rollout period, Capex 
of the JV will total approximately EUR 1.2bn, financed with 70% debt on a non-recourse basis. The initial payment more 
than covers KPN's share of expected equity contributions in the JV. Almost all construction capacity as well as Capex 
financing commitments for the fiber rollout have been secured. The transaction is subject to regulatory approval, with 
the JV expected to start operations in Q2 2021. The JV will initially be deconsolidated, with KPN having a conditional 
call option on 1 share. As a result, KPN has the potential to obtain control and reconsolidate in the future. 
Joost Farwerck, CEO of KPN: "This strategic partnership with APG marks a next step in the acceleration of our fiber 
rollout in the Netherlands and shows we can act quickly on opportunities in the Dutch market. It is an attractive 
transaction, creating additional value for all stakeholders. Through this JV we further accelerate the fiber rollout 
and bring forward the long tail in smaller villages and business parks. It ensures almost nationwide fiber coverage by 
2026. Together with 5G, our state-of-the-art fiber network creates the most modern and powerful network, supporting the 
Netherlands well into the 21st century." 
This strategic partnership further strengthens KPN's strategy as the leading fiber company in the Netherlands. 
Furthermore, it supports KPN's strategy by growing service revenues and strengthening the customer footprint in less 
densely populated areas. It also enables accelerated savings related to phasing out of services on the copper network. 
The joint venture will pursue an open wholesale policy, based on voluntary offers and long-term contracts. KPN will be 
an anchor tenant on the network that is being built, operated, and maintained by the joint venture, but the network 
will be open for any third-party operator, fostering competition and innovation in the Netherlands. 
In APG, one of the largest pension investors globally, KPN has found a long-term, reliable, and mutually reinforcing 
partner with a Dutch heritage. A strong partner in its aim to provide fiber to families and businesses in the 
Netherlands. 
This transaction illustrates KPN's ability to access long-term pension fund capital at attractive terms to help further 
accelerate and increase the rollout of a part of our state-of-the-art fiber network whilst crystalizing significant 
value for KPN upfront. 
 
Conference call at 10h00 CET 
KPN will host a conference call at 10h00 CET. A supporting presentation has been published on the KPN website: 
ir.kpn.com. You can register for the call via this link. 
 
Company profile APG 
APG Group is one of the world's largest independent pension fund managers with pension assets of 
c.EUR 575bn (as of Q4 2020), representing over 30,000 employers and 4.7m participants in the Netherlands, with offices in 
Amsterdam, Heerlen, Brussels, New York, Hong Kong, Shanghai and Beijing. 
On behalf of its clients (all of which are Dutch pension funds), APG has been an active infrastructure investor since 
2004, investing c.EUR 16.5bn to date and managing >35 direct stakes in portfolio companies. APG's investments include 
assets within energy and utilities, telecommunications and transport infrastructure. 
For more information: 
KPN Royal Dutch Telecom 
Investor Relations 
Wilhelminakade 123 
3072 AP Rotterdam 
E-mail: ir@kpn.com 
 
=---------------------------------------------------------------------------------------------------------------------- 
Dissemination of a CORPORATE NEWS, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 

1177417 23-March-2021

(END) Dow Jones Newswires

March 23, 2021 02:30 ET (06:30 GMT)

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Financials
Sales 2021 5 224 M 6 209 M 6 209 M
Net income 2021 541 M 644 M 644 M
Net Debt 2021 5 693 M 6 766 M 6 766 M
P/E ratio 2021 20,1x
Yield 2021 5,29%
Capitalization 10 988 M 13 027 M 13 061 M
EV / Sales 2021 3,19x
EV / Sales 2022 3,13x
Nbr of Employees 9 237
Free-Float 79,8%
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 3,12 €
Last Close Price 2,62 €
Spread / Highest target 52,8%
Spread / Average Target 19,1%
Spread / Lowest Target -12,1%
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Managers and Directors
NameTitle
Joost F. E. Farwerck Chairman-Management Board, CEO & COO
Chris H. Figee Chief Financial Officer
Duco W. Sickinghe Chairman-Supervisory Board
Babak Fouladi Chief Technology & Digital Officer
Derk Johan Haank Vice Chairman-Supervisory Board
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