Sustained commercial performance and solid EBITDAaL growth in 2022
10 Febrero 2023 - 12:00AM
Sustained commercial performance and solid EBITDAaL growth in 2022
Press releaseEmbargo until 10 February 2023
at 7:00 am Regulated information – Inside information
Financial information for the second semester and full year
2022
- Mobile postpaid customer base +2.5% yoy / Cable customer base
+12.4% yoy
- H2 Revenues +0.9% / FY 2022 Revenues +2.0% yoy
- H2 EBITDAaL +7.8% / FY 2022 EBITDAaL +5.9% yoy
|
H2 Operational Highlights |
- A solid commercial performance despite
competitive environment and a limited growth of the market.
- Mobile postpaid increased by 36k net adds,
supported by our convergent strategy, the success
of the “Special Edition” promotion and device deals, reaching 2.8m
subscribers (+2.5% yoy).
- Cable has increased by 12.4%, with 26k net
adds reaching 443k customers, confirming the well
positioned products.
- Our mobile and convergent ARPO’s increased yoy
supported by our segmented and value marketing policy in B2C and
B2B.
|
Orange
Belgium: key operating figures |
|
|
|
|
H2 2021 |
H2 2022 |
change |
Mobile postpaid
customer base (in ‘000) |
2 743 |
2 811 |
2.5% |
Net adds (in
‘000) |
61 |
36 |
-41.1% |
Mobile only
postpaid ARPO (€ per month) |
20.2 |
21.1 |
4.4% |
Cable customer
base (in ‘000) |
394 |
443 |
12.4% |
Net adds (in
‘000) |
29 |
26 |
-7.9% |
B2C convergent
ARPO (€ per month) |
72.9 |
74.4 |
2.2% |
|
|
|
|
H2 Financial Highlights |
- Revenues reached €713.9m, up 0.9% yoy. Retail
service revenues posted strong growth, up 7.2%. Wholesales revenues
decreased by -19.7% due to loss of the mobile virtual network
operator ‘Mobile Vikings’ and lower incoming traffic.
- EBITDAaL grew by 7.8% yoy to
€206.9m, driven by higher retail service revenues and
supported by tough cost control.
- eCapex increased by 7.8%, driven by the RAN
sharing implementation.
- Debt closed at €190.7m at year end, the increase is
mainly due to payment of the spectrum
fee.
|
Orange
Belgium Group: key financial figures |
|
|
|
|
|
|
in €m |
H2 2021 |
H2 2022 |
change |
FY 2021 |
FY 2022 |
change |
Revenues |
707.6 |
713.9 |
0.9% |
1 363.5 |
1 391.2 |
2.0% |
Retail service
revenues |
484.3 |
519.0 |
7.2% |
945.1 |
1 009.5 |
6.8% |
|
|
|
|
|
|
|
EBITDAaL |
191.8 |
206.9 |
7.8% |
353.0 |
373.7 |
5.9% |
margin as % of
revenues |
27.1% |
29.0% |
187 bp |
25.9% |
26.9% |
97 bp |
eCapex1 |
-122.8 |
-134.0 |
9.1% |
-204.1 |
-220.0 |
7.8% |
Operating cash flow2 |
69.0 |
72.9 |
5.6% |
148.9 |
153.7 |
3.2% |
|
|
|
|
|
|
|
Net financial
debt |
69.5 |
190.7 |
|
69.5 |
190.7 |
|
|
|
|
|
|
|
|
- eCapex excluding licence fees. In 2022 Orange Belgium
capitalized €253.6 million
- Operating cash flow defined as EBITDAaL – eCapex excluding
licence fees.
Xavier Pichon, Chief Executive Officer,
commented:
We can be satisfied with our performance, both
commercially and financially. Despite the slowdown of the market,
our customer base continues to grow, especially when it comes to
convergence. Consequently, both our revenues and margins have
increased. We also launched new innovative products, which have
enabled us to strengthen our new market positioning.
From a societal perspective, the Orange Digital
Center and the Orange Belgium Fund have already enabled us to
provide real assistance to partners active in digital
inclusion.
2022 has also been a pivotal year with some
strategic steps that have been passed. The recent agreements we
have signed with Telenet and the upcoming closing of the VOO
transaction, in combination with the investments we are making in
state-of-the-art technology on our mobile network, are the key
enablers to execute our Orange Ahead convergent nationwide
multigigabit strategy.
Antoine Chouc, Chief Financial Officer,
stated:
In 2022 we achieved 2% growth in our total
revenues, in line with our guidance. This was mainly driven by our
retail service revenues which increased by 6.8% over the year
thanks to solid commercial performance and our segmented and value
marketing approach.
Our EBITDAaL increased by 5.9% over the year. In
addition to our service revenues growth, this was made possible by
effective cost management, despite the energy crisis and high
inflation. We therefore slightly exceeded our guidance.
Our eCapex has reached total amount of €220m, in
line with our guidance.
2023 will be a challenging year, given some
headwinds mainly in a difficult macro-economic context. The
inflation seen in 2022 has led to an important indexation on labour
costs and energy prices will reach an all-time high. Thus for our
guidance we foresee single digit revenue growth, EBITDAaL between
€360m and €375m, while eCapex will be within the range of €210m and
€230m.
Orange Belgium (EU:OBEL)
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