Sustained financial and commercial performance
July 20 2023 - 1:00AM
Sustained financial and commercial performance
Press releaseEmbargo until
20 July 2023 at 7:00 am Regulated information – Inside
information
Financial information for the first semester 2023
Sustained financial and commercial
performance
- Mobile postpaid customer base (excl. VOO) +2.7%
yoy
- Cable customer base (excl. VOO) +11.4%
yoy
- H1 Revenues (incl. the month of June for VOO) +2.9%
comparable1 change yoy
- H1 EBITDAaL (incl. the month of June for VOO) +0.9%
comparable1 change yoy
H1 Operational Highlights(excl.
VOO) |
- The commercial performance remained positive especially
in postpaid, despite a competitive environment
nationwide.
- Mobile postpaid customer increased by 39k,
thanks to the success of the Go portfolio as well as the hey!
portfolio, bringing total subscribers to 2.85m (+2.7% yoy).
- Cable customer base increased by 21k, with an
ending base of 464k customers (+11.4% yoy).
|
Orange Belgium: key operating figures (excl.
VOO) |
|
|
|
|
Reported |
|
|
|
H1 2022 |
H1 2023 |
change |
Mobile
postpaid customer base (in ‘000) |
2 775 |
2 850 |
2.7% |
Net adds (in
‘000) |
33 |
39 |
19.7% |
Cable customer
base (in ‘000) |
417 |
464 |
11.4% |
Net adds (in ‘000) |
22 |
21 |
-5.3% |
|
|
|
|
|
H1 Financial Highlights(incl.
VOO) |
- Total revenues reached €740.5m, including VOO for the
month of June, increasing by +2.9% on a comparable1
basis, thanks to a solid retail service revenue
growth.
- EBITDAaL increased by +0.9% on a comparable1
basis, as the higher retail service revenues are offset by
the labour cost indexation and other impacts of inflation.
- eCapex grew by +15.5% on a comparable1
basis to €109.2m, mainly explained by network upgrade and
seasonality in the delivery of customer equipment.
|
Orange Belgium Group: key
financial figures (incl. the month of June for
VOO) |
reported |
Comparable1 |
|
reported |
Comparable1 |
in €m |
H1 2022 |
H1 2022 |
H1 2023 |
change |
change |
Revenues |
677.3 |
719.4 |
740.5 |
9.3% |
2.9% |
|
|
|
|
|
|
EBITDAaL |
166.8 |
177.2 |
178.8 |
7.1% |
0.9% |
margin as % of revenues |
24.6% |
24.6% |
24.1% |
-49 bp |
-50 bp |
eCapex2 |
-86.0 |
-94.6 |
-109.2 |
27.0% |
15.5% |
Adjusted Operating cash
flow3 |
80.8 |
82.6 |
69.6 |
-14.0% |
-15.8% |
Net profit (loss) for the
period |
26.7 |
23.4 |
-
15.4 |
-157.8% |
-165.7% |
|
|
|
|
|
|
- Comparable base includes 1 month of VOO Revenues, eCapex and
EBITDAaL and Adjusted Operating cash flow with interco
elimination
- eCapex excluding licence fees.
- Adjusted Operating cash flow defined as EBITDAaL – eCapex
excluding licence fees
Xavier Pichon, Chief Executive Officer,
commented:
Orange Belgium has achieved a strong commercial
performance over the semester. Furthermore, the closing of the
acquisition of VOO has taken place in the beginning of June,
marking a significant milestone for our organization.
While we still operate as separate legal
entities, the integration efforts have started, and we are already
functioning as a unified company in terms of our commercial
approach, go-to-market strategies, and organizational structure.
This achievement highlights our commitment to seamlessly merging
our operations and capitalizing on the synergies this acquisition
offers.
Looking ahead, our focus remains on executing
the planned synergies to maximize our potential of value creation
and secure the 3 pillars of “Lead the future” we recently
announced:
- Our Future is defined by an outstanding multi-gigabit networks’
leadership.
- Our Future is defined by a Customer Experience Excellence,
managing a multisegmented ecosystem and bringing our customers’
servicing assets back to Belgium.
- We care for people: a resilient, modern and responsible company
with strong human and ESG values.
Antoine Chouc, Chief Financial Officer,
stated:
I am pleased to announce the publication of our
financial results for the first half of 2023, which include for the
first time the figures of VOO for the month of June. We managed to
limit the impact of the inflation on our margin thanks to a solid
commercial performance, pricing adaptations and a tight cost
control.
Following the acquisition, we have a strong
focus on the execution of the synergies: the MVNO migration has
already started, the first purchasing synergies are being unlocked
and the common go-to-markets will create significant
efficiencies.
We are convinced that the integration of VOO
will unlock significant value and contribute to our overall growth
strategy.
The figures presented in this report, remain
limited due to the short inclusion period and it is important to
note that the purchase price allocation, including the assessment
of goodwill, has not yet been finalized.
Considering the inclusion of VOO figures for a
period of seven months, with Orange Belgium accounting standards,
we have restated our guidance for 2023. EBITDAaL will be between
€430m and €450m, while the total eCapex is expected to be between
€290m and €310m.
Orange Belgium (EU:OBEL)
Historical Stock Chart
From Apr 2024 to May 2024
Orange Belgium (EU:OBEL)
Historical Stock Chart
From May 2023 to May 2024