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KPN Slips To Loss In Q4, Sees FY19 Adj. EBITDA In Line With Prior Year

(RTTNews) - Dutch telecommunication firm Royal KPN NV (KPN, KKPNY.PK) reported Wednesday that its fourth-quarter net loss was 45 million euros, compared to net profit of 56 million euros last year.

Higher operating profit was further supported by lower finance expenses, but this was offset by higher tax expenses, related to a one-off 107 million euros revaluation of KPN's deferred tax asset driven by the lower corporate tax rate in The Netherlands.

Excluding this one-off tax impact, net profit for the quarter would have been 62 million euros, up 10 percent from 56 million euros last year.

EBITDA for the quarter edged down 0.2 percent to 530 million euros, while adjusted EBITDA rose 1.0 percent to 572 million euros. Lower revenues were offset by ongoing savings from simplification and digitalization of services.

Revenues for the quarter dropped 1.1 percent to 1.44 billion euros from prior year's 1.45 billion euros. Adjusted revenues were also down 1.1 percent.

The company noted that growth in bundled services in Consumer and Professional Services in Business was offset by a decline in legacy services and continued pressure in mobile.

KPN intends to pay a regular dividend per share of 12 euro cents in respect of 2018. The final regular dividend of 8 euro cents per share is subject to shareholder approval at the Annual General Meeting of Shareholders on 10 April 2019. The provisional ex-dividend date is 12 April 2019 and the provisional payment date is 18 April 2019.

Looking ahead to fiscal 2019, the company expects adjusted EBITDA to be in line with fiscal 2018.

"We are determined to deliver organic and sustainable growth of Adjusted EBITDA and free cash flow. Oneoff elevated restructuring costs in 2019 will deliver financial benefits from 2020 and onwards. I am confident that our strategy will maximize value for all our stakeholders," Maximo Ibarra, CEO of KPN said.
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