Orange Belgium continues on its growth trajectory
2019年10月23日 - 2:00PM
Orange Belgium continues on its growth trajectory
Press releaseEmbargo until October 23, 2019 at
7:00 amRegulated information
Financial information for the third quarter of 2019 and first
nine months of 2019
Orange Belgium continues on its growth
trajectory
- Mobile postpaid customer base grew 5.8% yoy on
quarterly net-adds of 32k
- Convergence customer base increased 50.3% yoy on
quarterly net-adds of 17k
- Revenues1: +2.5% yoy
for the quarter / Retail service
revenues1: +7.1% yoy for the
quarter
- EBITDAaL1 +1.1% yoy
for the quarter
Belgium Q3’19 operating highlights
- Orange Belgium anchors its Bold challenger positioning
with the successful launch of Love Duo in July. While Love
Duo had a marginal impact on the quarter’s convergent net-adds due
to time-to-installation, the order book demonstrates strong
consumer appetite for cord-cutting offers. Concurrently, the
single-installer process was progressively implemented. Most cable
installations are now completed in a single intervention, thus
improving customer experience and reducing installation costs.
- Orange Belgium continues to attract mobile postpaid
customers in spite of competition’s increased promotional
activity. During the quarter, Orange Belgium added 32k
mobile postpaid subscribers and ended with a customer base of 2.5m
(+5.8% yoy).
- Convergent net-adds (+17k) remained solid.
This is a strong performance in the context of the transition to
single-installer which had a temporary impact on customer
connections. At the end of the quarter, convergent mobile
subscribers represent 14.6% of mobile postpaid customers (Q3’18:
10.1%).
- Mobile-only postpaid ARPO decreased 2.6% yoy
mainly due to the regulation on intra-EU calls. The company
continued to benefit from the migration towards simple abundant
tariff plans which reduces out-of-bundle revenues while increasing
access revenues. B2C convergent ARPO
increased 1.3% yoy as all new customers are now billed
set-up fees.
Orange Belgium: key operating figures
|
Q3 2018 |
Q3 2019 |
change |
Mobile
postpaid customer base (in ‘000) |
2,408 |
2,548 |
5.8% |
Net adds (in
‘000) |
53 |
32 |
-39.6% |
Mobile only
postpaid ARPO (€ per month) |
21.8 |
21.2 |
-2.6% |
Convergent
customer base (in ‘000) |
155 |
233 |
50.3% |
Net adds (in
‘000) |
19 |
17 |
-9.7% |
B2C convergent
ARPO (€ per month) |
76.7 |
77.7 |
1.3% |
Convergent
mobile customer as % mobile contract customer base |
10.1% |
14.6% |
451 bp |
|
|
|
|
Q3’19 consolidated financial highlights
- Revenues reached €334.3m, grew 2.5%
yoy1 despite lower MVNO
revenues. Retail service revenues increased 7.1%1,
representing another quarter of solid growth.
- EBITDAaL increased by
1.1% yoy1 to €83.6m
despite headwinds of €12.9m (MVNO revenues, brand fees and EU
regulation effect). This performance was driven by higher
retail service revenues, sustained efficiencies as well as
continuous improvements in the cable operations.
- Orange Belgium continues to drive efficiencies in its
cable operations. The business generated a positive
EBITDAaL of €2.2m in Q3’19. The 9M19 cable operating cash flow
improved by €19.6m yoy but remains negative at -€26.7m.
- BKM’s acquisition was finalized on 31 July.
The ICT player contributed an EBITDAaL of €0.8m on revenues of
€7.9m.
- eCapex amounted to €39.3m. Some Network and IT
spend was brought forward to Q3’19 but will have no impact on
full-year eCapex.
- Operating cash flow amounted to €44.3m. Net
financial debt amounted to €248.4m due to the acquisition of
BKM.
- 2019 guidance confirmed. Orange Belgium Group
expects slight revenue growth, EBITDAaL of €285m-€305m and stable
eCapex.
Orange Belgium Group: key financial figures
|
reported |
comparable1 |
|
comparable |
reported |
reported |
comparable1 |
|
comparable |
reported |
in €m |
Q3 2018 |
Q3 2018 |
Q3 2019 |
change |
change |
9M 2018 |
9M 2018 |
9M 2019 |
change |
change |
Revenues |
318.0 |
326.0 |
334.3 |
2.5% |
5.1% |
937.6 |
945.6 |
971.4 |
2.7% |
3.6% |
Retail service
revenues |
199.1 |
207.0 |
221.8 |
7.1% |
11.4% |
569.1 |
577.1 |
634.5 |
9.9% |
11.5% |
|
|
|
|
|
|
|
|
|
|
|
EBITDAaL |
|
82.7 |
83.6 |
1.1% |
|
|
210.2 |
220.5 |
4.9% |
|
margin |
|
25.4% |
25.0% |
-35
bp |
|
|
22.2% |
22.7% |
47
bp |
|
eCapex |
|
-33.2 |
-39.3 |
18.2% |
|
|
-110.5 |
-119.1 |
7.8% |
|
Operating cash flow2 |
|
49.5 |
44.3 |
-10.3% |
|
|
99.7 |
101.4 |
1.7% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
81.4 |
|
|
|
|
208.7 |
|
|
|
|
margin |
25.6% |
|
|
|
|
22.3% |
|
|
|
|
Capex |
-33.1 |
|
|
|
|
-110.4 |
|
|
|
|
Operating cash flow3 |
48.3 |
|
|
|
|
98.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net financial
debt |
254.0 |
265.5 |
248.4 |
|
|
254.0 |
265.5 |
248.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
- Comparable base includes the impact from IFRS 16 implementation
and BKM consolidation
- Operating cash flow defined as EBITDAaL – eCapex
- Operating cash flow defined as Adjusted EBITDA –Capex
Michaël Trabbia, Chief Executive
Officer, commented:
I am pleased to report another quarter of
sustained commercial and financial performance. In spite of
increased promotional activities from competitors, our mobile and
convergence operations continue to grow thanks to our Bold
challenger positioning.
In July, we further delivered on our ambition to
break telco conventions. We launched Love Duo because we believe
customers shouldn’t pay for services they don’t need. Belgian
consumers have embraced this broadband + mobile offer designed for
cord-cutters: we are seeing a significant increase in our order
book, which looks quite promising for the future.
At the same time, following the new regulation,
we successfully implemented the single-installer process for our
cable customers. The Orange technician can now deal with most
installations by himself in a single intervention, improving both
customer experience and costs.
Arnaud Castille, Chief Financial
Officer, stated:
This quarter proves yet again our commercial
focus is on the right track. Retail service revenues as well as the
mobile and convergent customer base continue to grow.
From a financial perspective, the strength of
our core business growth, as well as our continued efficiency
efforts, allowed us to maintain a growing EBITDAaL despite the
significant headwinds that impact us in 2019. For the 9 months
ended September, we improved the cable operations’ operating cash
flow by €19.6m. We remain focused on driving efficiencies in all
aspects of our internal processes which will further expand Orange
Belgium’s EBITDAaL margin.
During the quarter, we welcomed BKM into the
fold. We expect this acquisition to enhance our B2B offering and
expand our presence in the ICT and connectivity markets. Work on
the mobile access network sharing agreement with Proximus is
progressing according to plan. We expect to finalize the agreement
by year-end.
We confirm our 2019 guidance. We expect slight
revenue growth, EBITDAaL of €285m-€305m and a stable eCapex.
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