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Ordinary General Shareholders’ Meeting Brussels, 11 April 2007

Ordinary General Shareholders’ Meeting Brussels, 11 April 2007. 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, 11 April 2007

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  1. Ordinary General Shareholders’ MeetingBrussels, 11 April 2007

  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 • Sporting Anderlecht will be champion of the Jupiler League this season • FOR2. AGAINST3. ABSTAIN

  13. Theo DilissenChairman of the Board

  14. Dirk LybaertSecretary General

  15. Theo DilissenChairman of the Board

  16. Two driving forces in 2006 • Convergence • Customers’ needs

  17. Thanks to the involvement of everyone • The teams of Belgacom, Proximus, Telindus, WIN, Skynet, Belgacom ICS and other Group entities • Constructive social partners • Committed Board members • Determinated management • The main mission for 2007 • Transforming the Belgacom Group into an integrated operator

  18. Didier BellensPresident & CEO

  19. 2006 results presentation

  20. Highlights • Buy-out of 25% Vodafone stake in Proximus and commercial partnership • Completion of Integration of Telindus • Sale of non-strategic assets: Neuf Cegetel and Mobistar stake • Belgacom Group revenue increase 7.1% YoY to EUR 6,100 million • Belgacom TV 139,665 customers end of 2006 • Proximus added 58,000 customers YoY; 71,000 in Q4 2006 • Increased shareholder returns: 200 Mio EUR share buy back & 100 Mio EUR interim dividend • New customer-centric organization structure

  21. Fixed Line Services

  22. Voice 1 2 VOICE VOLUMES Flat rates success leading to: • improved traffic volumes • continued growth of traffic market share on own network • but no longer limiting access line loss VOICE PRICING • Traffic ARPU decrease due to success of flat rates (free minutes) • Slight decline of Voice access ARPU driven by promotions

  23. Broadband Broadband Growth lines EOP Residential ADSL** ARPU/month (EUR) Broadband 2 1 BROADBAND PRICING • Growing importance of “ADSL light” on total volume and • high focus on customer acquisition & retention via discounts and promotions • leading to lower ARPU. BROADBAND VOLUMES • Growth continues thanks to • Segment specific actions • New & free Internet services • Ongoing focus on internet accessibility via hotspots 1,128 977 33 32.7 31.6 25 45 42 2005 2006 Q4 ‘05 2005 2006 Q4 ‘06 Average ADSL ARPU ADSL Light ARPU ADSL GO ARPU

  24. Telindus Revenue Contribution evolution (EUR mio) 191 Telindus 179 172 160 Q2 ‘06 Q1 ‘06 Q3‘06 Q4‘06 1 2 MARKET IMPACT • Integrated Belgacom-Telindus market approach leading to major new or renewed contracts REVENUES • YoY turnover growth over 10%, with higher growth in regions South and UK • Turnover split per quarter remains project driven

  25. FLS TV Customers (‘000) FLS TV ARPU (EUR/month) 140 Belgacom TV 103 74 42 33 Q3‘06 Q4‘05 Q1‘06 Q2‘06 Q4‘06 1 VOLUMES • Belgacom TV exceeding full year guidance by far • Mainly driven by • coverage improvement • offering expansion • promo’s (try & buy) 12.6 12.4 11.9 10.1 Q2‘06 Q1‘06 Q3‘06 Q4‘06

  26. Mobile Communications Services

  27. 4,311K Proximus customers at the end of 2006 • During the last quarter, Proximus increased its customer base by 71,000 and further improved its customer portfolio with 91,000 additional postpaid customers. • YoY Proximus added 58,000 customers. EOP Active Customer Base * +71 * 3-month active subscribers

  28. Proximus’ Market Share at 45.5%(*) • Proximus’ active Market Share went down by 2.9pp since end 2005. • Customer mix significantly improved: during 2006 Proximus acquired 207,000 new active postpaid customers. Customer Base and Market Share* (%) * 3-month active subscribers (*) BMB estimates

  29. Initiatives launched in 2006 H1 Q3 • Smile 5 • Pay&Go Generation: free SMS after 4PM • Vodafone World Preferred • Acquisition of Euremis • Segmented new offers: more simplicity & value for money: Prepaid Pay&Go Classic, SME Package Easy & Extended, Vodafone World Exclusive, Data bundles like Data Easy, Mobile Internet Evening&Weekend, Unlimited Roaming Data bundle • Proximus M-Pay and PlazZza • 3G coverage and HSDPA launch • Coverage match by EOY’06 • Increase of 3G services (Mobile TV & Music Download offer, Compatible device (VMCC),…) Q4 • Family Call • Partnering (Plug Mobile) • Instant Messaging via Windows Live Messenger • M-payment and M-ticketing

  30. Despite high credits & discounts, MCS keeps leadership in blended Net ARPU • Decrease in blended gross ARPU driven by success of bundled tariff offers Blended ARPU (EUR/month) * 38.0 36.4 38.7 37.7 Credits & Discounts Net ARPU Gross ARPU 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 & insourcing to become ICS worldleader • Post Merger Integration Swisscom operations going as planned – last cornerstone in Q1 2007: migration of Swiss traffic to new NGN platform • Insourcing project with MTN Group signed 02/06 – implementation underway – MTN outsources international connectivity to BICS • Memorandum of Understanding signed with Omantel – BICS reinforces presence in fast growing Middle East region Be “All-IP” ready with infrastructure & services • Upgrade switching infrastructure with NGN based capacity extension - deployment of new soft switching platform • Successful launch of connectivity product for voice over broadband providers – Hosted VoIP services to be launched in 2007 Move up the mobile value chain • Belgacom ICS world leading GRX1 provider - supports mobile operators in HSDPA deployment • New SMS platform implemented in Q3 2007 • Numbering and roaming solutions under development 1 GRX = backbone network for mobile data roaming

  33. Group Financials

  34. Consolidated income statement

  35. Revenue adjustments Belgacom Group (1) Disposed companies are Digital Age Design SA and Expercom SA (2) Excluding non-recurring revenue

  36. Opex adjustments Belgacom Group • Disposed companies are Digital Age Design SA and Expercom SA • Excluding non-recurring items

  37. Ebitda adjustments Belgacom Group • Disposed companies are Digital Age Design SA and Expercom SA • Excluding non-recurring items

  38. Result Segments Revenues (EUR Mio) EBITDA (EUR Mio) +7.1% 6,100* 2,149 2,098 5,696* +2.4% Fixed Line Mobile International Carrier Non recurring items * Total revenues as reported post inter-segment eliminations

  39. Investments Capex (EUR Mio) 1 1 Excluding the Irrevocable Right of Use of the Belgacom network

  40. Agenda

  41. Questions & Answers

  42. Written questions

  43. Oral questions

  44. Proposed resolutions

  45. Vote on the proposed resolutions

  46. Proposed resolution Approval of the annual accounts with regard to the financial year closed on 31 December 2006, including the following allocation of the results: (*) : for 2006, the gross dividend amounts to € 1.89 per share, entitling shareholders to a dividend net of withholding tax of € 1.4175 per share, from which on 6 December 2006 an interim dividend of € 0.29 (€ 0.2175 per share net of withholding tax) was paid; so that on 17 April 2007 a gross dividend of € 1.60 per share (€ 1.20 per share net of withholding tax) will be paid. • FOR2. AGAINST3. ABSTAIN

  47. 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 2006. • FOR2. AGAINST3. ABSTAIN

  48. Proposed resolution Granting of a discharge to Mr. Didier Bellens for the exercise of his mandate during the financial year closed on 31 December 2006. • FOR2. AGAINST3. ABSTAIN

  49. 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 2006. • FOR2. AGAINST3. ABSTAIN

  50. Proposed resolution Granting of a discharge to Mr. Theo Dilissen for the exercise of his mandate during the financial year closed on 31 December 2006. • FOR2. AGAINST3. ABSTAIN

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