- Job cuts at Getronics.
- Revenues down in NL, up at Mobile International, EBITDA down.
- Weak in NL, solid abroad.
- But maybe not so bad as to warrant a profit warning.
Next: guidance:
- 2011: EBITDA > EUR 5.3bn, Capex < EUR 2bn, FCF: up (2010: EUR 2428m), DPS: > EUR 0.85
- 2012: FCF EUR 2.4bn, DPS EUR 0.90
- 2013: DPS EUR 0.95
Market consensus:
- Revenue: EUR 3303m (last year: 3378)
- EBITDA: EUR 1320m (last year: 1408)
- EBIT: EUR 760m (last year: 847)
- Net result: EUR 431m (last year: 406)
- EPS: EUR 0.28 (last year: 0.27)
General:
- Will guidance be maintained? How is the new strategy (Strengthen, Simplify, Grow) progressing?
- Economic crisis (mostly felt at Getronics and KPN Business)? Getronics benefitted from the certificate problems at DigiNotar.
- Job cuts planned: 4-5k of which 2.0-2.5k at Getronics (now: KPN Corporate Market).
- How will the mobile international activities (Simyo) in France and Spain be ended? Will Ortel (now in 6 countries) be involved?
- Pension fund coverage was OK in Q2 (108%), but if below 105% needs extra cash.
- Will a share buy-back be planned (probably at the Q4 results)?
- Where is the planned takeover of Caiway (still at NMa)?
- Any sign yet of the new company structure as of Jan 1 2012 (i.e. new heads for Consumer Wireless NL and Consumer Wireline NL)?
- Expectations for the spectrum auction of 12Q2 and a possible Reggefiber buy-out?
- More deals such as the Spotify deal coming?
Mobile NL:
- What is the impact on voice & SMS of apps such as WhatsApp?
- What is the impact of new pricing at KPN and Hi (Telfort to follow 12Q1)?
- How many iPads were sold?
BB NL:
- How do the net adds hold up against Ziggo (+38k) and Tele2 (-16k)?
- How does the RGUs/customer ratio develop (1.9 in Q2)?
- How is FTTH doing (HP, net adds, XS4ALL, Telfort)? When/where will the 500 Mb/s service be offered?
- Where is VDSL (roll-out of outer rings), both VDSL@CO and FTTC?
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