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    KPN   NL0000009082

ROYAL KPN N.V.

(KPN)
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Royal KPN N : KPN Q1 2021 Results (Presentation)

04/30/2021 | 01:36am EDT

Q1 2021

results

30 April 2021

kpn. The network of the Netherlands

Safe harbor

Alternativeperformancemeasuresandmanagementestimates

This financial report contains a number of alternative performance measures (non-GAAP figures) to provide readers with additional financial information that is regularly reviewed by management, such as EBITDA and Free Cash Flow ('FCF'). These non-GAAP figures should not be viewed as a substitute for KPN's GAAP figures and are not uniformly defined by all companies including KPN's peers. Numerical reconciliations are included in KPN's quarterly factsheets and in the Integrated Annual Report 2020. KPN's management considers these non-GAAP figures, combined with GAAP performance measures and in conjunction with each other, most appropriate to measure the performance of the Group and its segments. The non-GAAP figures are used by management for planning, reporting (internal and external) and incentive purposes. KPN's main alternative performance measures are listed below. The figures shown in this financial report are based on continuing operations and were rounded in accordance with standard business principles. As a result, totals indicated may not be equal to the precise sum of the individual figures.

Financial information is based on KPN's interpretation of IFRS as adopted by the European Union as disclosed in the Integrated Annual Report 2020 and do not take into account the impact of future IFRS standards or interpretations. Note that certain definitions used by KPN in this report deviate from the literal definition thereof and should not be considered in isolation or as a substitute for analyses of the results as reported under IFRS as adopted by the European Union. KPN defines revenues as the total of revenues and other income. Adjusted revenues are derived from revenues (including other income) and are adjusted for the impact of incidentals. KPN defines EBITDA as operating result before depreciation (including impairments) of PP&E and amortization (including impairments) of intangible assets. Adjusted EBITDA after leases ('adjusted EBITDA AL') is derived from EBITDA and is adjusted for the impact of restructuring costs and incidentals ('adjusted') and for lease costs, including depreciation of right-of-use assets and interest on lease liabilities ('after leases' or 'AL'). KPN defines Gross Debt as the nominal value of interest-bearing financial liabilities representing the net repayment obligations in Euro, excluding derivatives, related collateral, and leases, taking into account 50% of the nominal value of the hybrid capital instruments. In its Leverage Ratio, KPN defines Net Debt as Gross Debt less net cash and short-term investments, divided by 12 month rolling adjusted EBITDA AL excluding major changes in the composition of the Group (acquisitions and disposals). The Lease adjusted leverage ratio is calculated as Net Debt including lease liabilities divided by 12 month rolling adjusted EBITDA excluding major changes in the composition of the Group (acquisitions and disposals). Operational Free Cash Flow is defined as adjusted EBITDA AL minus capital expenditures (Capex) being expenditures on PP&E and software. Free Cash Flow ('FCF') is defined as cash flow from continuing operating activities plus proceeds from real estate, minus Capex. Return on capital employed (ROCE) is calculated by the net operating profit less adjustments for taxes divided by capital employed, on a 4-quarter rolling basis. Net operating profit is the adjusted EBITA (excluding incidentals and amortization of other intangibles and including restructuring costs). KPN defines capital employed as the carrying amount of operating assets and liabilities, which excludes goodwill and the other intangibles. All market share information in this financial report is based on management estimates based on externally available information, unless indicated otherwise. For a full overview on KPN's non-financial information, reference is made to KPN's quarterly factsheets available on ir.kpn.com.

Forward-lookingstatements

Certain statements contained in this financial report constitute forward-looking statements. These statements may include, without limitation, statements concerning future results of operations, the impact of regulatory initiatives on KPN's operations, KPN's and its joint ventures' share of new and existing markets, general industry and macro-economic trends and KPN's performance relative thereto and statements preceded by, followed by or including the words "believes", "expects", "anticipates", "will", "may", "could", "should", "intends", "estimate", "plan", "goal", "target", "aim" or similar expressions. These forward-looking statements rely on a number of assumptions concerning future events and are subject to uncertainties and other factors, many of which are outside KPN's control that could cause actual results to differ materially from such statements. A number of these factors are described (not exhaustively) in the Integrated Annual Report 2020. All forward-looking statements and ambitions stated in this financial report that refer to a growth or decline, refer to such growth or decline relative to the situation per 31 December 2020, unless stated otherwise.

2 Q1 2021 Results

Highlights Q1 2021

Mass-market segments seeing encouraging base and service revenue trends Business segment seeing improving revenue developments

Fiber rollout well on track, announced JV with APG Mobile network recognized as best in the Netherlands1 Adj. EBITDA AL flat on underlying basis2

Cost savings program off to a good start, successful copper phase out in pilot areas Free Cash Flow well on track, partly due to different intra-year phasing

3

Q1 2021 Results

1. Source: Ookla® 2. Corrected for € 8m one-off in Consumer Fixed service revenues related to timing of revenue recognition in 2020

Accelerate to grow supported by three key pillars

Three strategic pillars…

  1. Leverage & expand superior networks
    • Covering the Netherlands through fiber
    • Low latency services via 5G and edge computing
  2. Grow & strengthen customer footprint
  • Outstanding digital experience
  • Differentiated services for families and businesses

3. Simplify & streamline operating model

• New ways of digital working

• Continue strong and disciplined cost control program

…to support our ambition to

Connect the Netherlands to a sustainable future

  • Leading the Dutch digitalization wave
  • Recognized as ESG front runner

Grow mass-market service revenues and EBITDA

  • Fiber fueling household revenue growth in B2C
  • Segmented B2B approach, stabilize SME first

Provide attractive shareholder returns

  • Covered by growing Free Cash Flow
  • Progressive dividend, +3-5% annually

4 Q1 2021 Results

Expand superior network: Fiber rollout well on track

Continuously expanding fiber footprint

Strong FttH activation rate

homes passed, k

+106

homes activated, k

+77

+73

+112

+46

+76

+32

+42

2.890

1.484

2.784

2.672

1.407

2.599

1.287

1.319

1.361

2.523

Successful copper phase out

6 pilot areas

Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021

Last twelve months:

Last twelve months:

+367k HP own rollout1

+197k HA

+30k HP on 3rd party FttH

~54% activation rate2

5 Q1 2021 Results

1. Incl 20k HP M&A (~6k in Q2 2020, 6k in Q4 2020 and 8k in Q1 2021) 2. HA / HP

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Koninklijke KPN NV published this content on 30 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2021 05:35:06 UTC.


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Financials
Sales 2021 5 223 M 6 231 M 6 231 M
Net income 2021 535 M 639 M 639 M
Net Debt 2021 5 714 M 6 816 M 6 816 M
P/E ratio 2021 20,4x
Yield 2021 5,27%
Capitalization 11 035 M 13 180 M 13 163 M
EV / Sales 2021 3,21x
EV / Sales 2022 3,14x
Nbr of Employees 9 237
Free-Float 79,8%
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Number of Analysts 24
Last Close Price 2,63 €
Average target price 3,12 €
Spread / Average Target 18,6%
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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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