4th consecutive quarter of near double-digit growth in retail service revenues
2019年7月24日 - 2:00PM
4th consecutive quarter of near double-digit growth in retail
service revenues
Press releaseEmbargo until July 24, 2019 at 7:00
amRegulated information
Financial information for the second quarter of 2019 and first
half of 2019
4th consecutive quarter of near
double-digit growth in retail service revenues
- Mobile postpaid customer base grew 6.8% yoy on
quarterly net-adds of 26k
- Convergence customer base increased 58.8% yoy on
quarterly net-adds of 16k
- Revenues: +1.9% yoy for the quarter / Retail service
revenues:+9.6% yoy for the quarter
- EBITDAaL +18.2% yoy for the quarter (H1’19 : +7.4% yoy,
+4.2% excluding seasonality effect)
Belgium Q2’19 operating highlights
- Bold challenger positioning is driving operating and
financial performance. Orange Belgium has been drilling
consistent messages around delivering better value proposition,
simple tariffs (generous data and voice allowance), no bad
surprises and no price increases. That bold positioning is being
increasingly anchored in the consumers’ brand perception.
- Mobile postpaid continues its growth
trajectory. The mobile postpaid customer base grew 6.8%
yoy to 2.5m with net-adds of 26k subscribers during the quarter. An
increasing number of subscribers continue to opt for higher tariff
plans
- 16k convergent net-adds. Orange Belgium
reached 216k Love customers, just prior to the launch of Love Duo.
The convergent mobile subscriber base represents 13.6% of mobile
postpaid customers (Q1’19: 12.7%).
- Mobile only postpaid ARPO decreased by 3.2%
yoy. Regulation on intra-EU calls as well as continuous
migration towards simple abundant tariff plans continued to drive
out-of-bundle revenues lower - in line with Orange Belgium’s
commitment to “no bad surprises”. The decrease in out-of-bundle
revenues was partially offset by growing access revenues.
B2C convergent ARPO increased 4.1%
yoy, driven by the absence of discounts, revenues from
set-up fees and fixed line option.
Orange Belgium: key operating figures
|
Q2 2018 |
Q2 2019 |
change |
Mobile
postpaid customer base (in ‘000) |
2,355 |
2,516 |
6.8% |
Net adds (in
‘000) |
26 |
26 |
1.1% |
Mobile only
postpaid ARPO (€ per month) |
21.3 |
20.6 |
-3.2% |
Convergent
customer base (in ‘000) |
136 |
216 |
58.8% |
Net adds (in
‘000) |
14 |
16 |
10.9% |
B2C convergent
ARPO (€ per month) |
73.7 |
76.8 |
4.1% |
Convergent
mobile customer as % mobile contract customer base |
8.8% |
13.6% |
481 bp |
|
|
|
|
Q2’19 consolidated financial highlights
- Revenues increased by 1.9% yoy to €318.9m
thanks to sustained strong growth (+9.6%) in retail service
revenues, offsetting lower MVNO revenues while Medialaan completed
its migration towards Orange Belgium’s network in June.
- EBITDAaL increased by
18.2% yoy to €78.9m despite lower MVNO revenues.
The drivers were: higher retail service revenues; cost control;
cable operations improvement; and a €4m tailwind from the
seasonality in advertising and IT spend.
- eCapex decreased 5.6% to €42.9m.
- Operating cash flow increased to €36.0m on
improved profitability. Net financial debt amounted to
€248.8m.
- Cable operations continue to improve. Cable
generated a positive EBITDAaL of €1.3m in H1’19 thanks to
continuous effort on operational efficiency. H1’19 cable operating
cash flow remains negative (-€22.0m) on eCapex of €23.3m.
- 2019 financial guidance reiterated. Orange
Belgium Group expects slight revenue growth, EBITDAaL of
€285m-€305m and stable eCapex.
Orange Belgium Group: key financial figures
|
reported |
comparable |
|
comparable |
reported |
reported |
comparable |
|
comparable |
reported |
in
€m |
Q2 2018 |
Q2 2018 |
Q2 2019 |
change |
change |
H1 2018 |
H1 2018 |
H1 2019 |
change |
change |
Revenues |
313.0 |
|
318.9 |
|
1.9% |
619.6 |
|
637.1 |
|
2.8% |
Retail service revenues |
188.8 |
|
207.0 |
|
9.6% |
370.0 |
|
412.6 |
|
11.5% |
|
|
|
|
|
|
|
|
|
|
|
EBITDAaL |
|
66.7 |
78.9 |
18.2% |
|
|
127.5 |
136.9 |
7.4% |
|
margin as % of revenues |
|
21.3% |
24.7% |
342bp |
|
|
20.6% |
21.5% |
91 bp |
|
eCapex |
|
-45.5 |
-42.9 |
-5.6% |
|
|
-77.3 |
-79.8 |
3.3% |
|
Operating cash flow1 |
|
21.2 |
36.0 |
69.3% |
|
|
50.2 |
57.1 |
13.7% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
66.7 |
|
|
|
|
127.3 |
|
|
|
|
margin as % of revenues |
21.3% |
|
|
|
|
20.5% |
|
|
|
|
Capex |
-45.5 |
|
|
|
|
-77.3 |
|
|
|
|
Operating cash flow2 |
21.2 |
|
|
|
|
50.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net financial debt |
305.1 |
|
248.8 |
|
|
305.1 |
|
248.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Operating cash flow defined as EBITDAaL – eCapex2 Operating
cash flow defined as Adjusted EBITDA –Capex
Michaël Trabbia, Chief Executive
Officer, commented:
As a Bold challenger, we must remain true to our
customer promise for simple, generous and worry-free tariffs. We
are against bad surprises, be it unjustified price increases or
unreasonable out-of-bundle fees. This quarter, we pushed this
customer promise further by making MMS free of charge and by
extending our unlimited data tariff plans for use throughout the
EU.
This consistent positioning drove a significant
change in Orange’s brand’s perception in Belgium. In an active
competitive environment, this translated into steady commercial
results, both on mobile and convergence as well as sustained strong
retail service revenues growth.
Going one step further, we launched our long
awaited Love Duo offer (mobile + unlimited broadband), designed for
the cord-cutters who don’t want to be forced to pay for a service
they don’t use.
Finally, the recently announced radio access
network sharing agreement will help us improve network quality and
accelerate 5G roll-out. This operational transaction will allow us
to maintain our focus on real differentiation areas for our
customers while preserving an effective competitive
environment.
Arnaud Castille, Chief Financial
Officer, stated:
The highlights of the second quarter were once
again steady commercial and financial results. This demonstrates
that our commercial focus on granting our clients simple and
worry-free offers is bearing its fruits since we launched our
unlimited offers last year.
I am pleased to report a fourth consecutive
quarter of near double-digit growth in retail service revenues. The
latter was mainly driven by convergent services as well as
continued growth in our core mobile business. We continued to
manage our operating expenses, thus growing EBITDAaL despite lower
MVNO revenues.
We recently received the competition authority’s
approval of the acquisition of BKM. We expect to finalize the
transaction imminently. This acquisition will allow us to enhance
our B2B offering and grow our presence in the ICT and connectivity
markets.
We confirm our guidance for 2019. We are
committed to delivering excellent customer service in order to
maintain the commercial momentum. We remain extremely focused on
extracting operational efficiencies.
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