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Version 2 - February 2010
Invest in growthMobistar 2009 FY results
Sept 2009: Mobistar launches Internet Everywhere Ticket, the first rechargeable SIM card for mobile internet.
Feb 2009: Mobistar and Telenet reconfirm their strategic partnership
May 2009: Mobistar selected as 'International M2M Center' for Machine-To-Machine applications within the France Telecom group
Sept 2009: Mobistar launches HD mobile television on iPhone 3G and 3GS and extends its mobile TV offering
Oct 2009: VOXmobile in Luxembourg becomes Orange
Nov 2009: Mobistar acquires the Belgian B2B and carrier activities from KPN Belgium
Oct 2009: Mobistar and KPN Group Belgiumcollaborate to expand network infrastructure
Expand the mobile Invest in new growth areas
June 2009: Mobistar starts selling the new iPhone 3GS in Belgium and first to launch One Click Voice Mail in Belgium
May 2009: Mobistar first operator to integrate social networks in its youth offer
During 2009, Mobistar reinforced its position on its core marketand expanded into new growth areas
Fix voice (# active connections)
190 Mio EUR revenues in 2009*
* (fix voice/fix data, advanced mobile
voice and wholesale revenues)
>
Today, close to 15 % of our revenues are generated by non-mobile revenues (i.e. excl mobile voice and SMS)
Matma (# cards)
Mobile data (# cards)
ADSL (# subscribers)
38
23
+65%
Dec 09
Dec 08
+85%
handset solutions
PC solutions
Dec-09
159
76
83
Dec-08
86
39
47
130109
+20%
MATMA
Dec-09
Dec-08
150122
+23%
Dec-09
Dec-08
4
In this challenging environment, Mobistar performed in line or in excess on all guided KPI’s
Total Turnover
EBITDA-margin
Net results
Capex/sales 10.1 %
260,3
39.2 %(567 Mio EUR)
+2.3 %
Realized
around 10 *
Between240 – 260Mio EUR
Close to 40 %
(563 – 577 MioEUR)
Flat revenues
Guidance
•* lowered during the year from between 11%-12%
5
2009 Business performance
6
Competition
Active Penetration
Competition
MVNO @ Mobistar
Mobistar retail
41 50
-32
150 105
144
157
41 104
98
-19-29
29 1819
106.9%106.2%105.7%103.8%102.4%100.7%
-150
-100
-50
0
50
100
150
200
250
300
350
-20%
0%
20%
40%
60%
80%
100%
120%
Q4 08
221
35
Q3 08
173
11
Q2 08
193
37
Q1 08
218
27
Q4 09
13
8 5
Q3 09
44
107.2%**
-22
Q2 09
107
22
Q1 09
58
28
Active PenetrationNet Adds (#In K)
(*) excl. MaTMa and Orange Luxembourg customers
(**) Source: Mobistar estimates based on company announcements incl MVNO (restatement for BASE inactivity)
-55-24
-106
139
-150
-100
-50
0
50
100
150
200
250
300
350
2009
8
Net Adds (#In K)
138
2008
249
164
prepaid
MVNO
postpaid
In a mature market and with a continuous focus on value, Mobistar acquired net adds in 3 out of 4 quarters
7
MVNO
Laptop cards
Postpaid % retail cust base
3.152.455
2007
Post RES
Post BUS
Prepaid 51%
2005
57%54%
3.489.859
2.912.806
2006
44%
2009
61%
3.738.604
Postpaid % of retail base**
2008
3.746.515
Customers on Mobistar network*
(*) excl. MaTMa and Orange Luxembourg customers
(**) excluding MVNO cards
Postpaid % continues to rise to 61 % of customer baseMore than 70 % of our customers is under loyalty
8
On ARPU, excluding regulatory effects, usage compensates pricingpressure driven by mobile data
Blended ARPU (incl. visitor roaming, excl mobile broadband)
Price
5,4
31,5
Usage FY 2009
5,3
Roaming Off & on net
0,7
MTR Decrease
0,2
FY 2008
32,4
FY 2007
34,5•€ month
-0.9 +0.1
9
• Mobile data revenues up to 29 % of mobile service revenues in 2009 (from 22 % in 2008)
• Non-SMS mobile data represent 6.4 % of total mobile service revenues (vs. 4.9 % in 2008)
• Supported by the successful uptake of
• SMS abundance offers
• Strong take up Internet Everywhere (from 47 k to 83 k cards y-o-y)
• Uptake in usage of Smartphone both in the residential and business market
• Leader in MaTMa applications with more than 130,000 cards 0
50
100
150
200
250
300
350
400
FY 2009FY 2008FY 2007
+25%
SMS Person to Person
SMS Premium
Mobile data handset and PC
MaTMa
Mobile data uptake (in Mio EUR)
Strong commercial focus on mobile data continues to deliver growth
10
• Number of 3G equipped customers doubled from 5 to 10 % of our customer base
• Close to 500 000 users on Orange World Portal
• ARPU iPhone tariff plan users have 2,5 times ARPU blended user
• Leader in Smartphone sales with a share in excess of 25 %*
•* Source: 2009 GFK mobile phone sales in Belgium
This growth has been fueled by a successful positioning in handset sales with the largest portfolio of smartphones
11
• Attractive trade off between price & offer in times of crisis
• Launch of dual play Home&Awayoffer (adsl/mobile data) which really meets customer needs
• Improved customer experience reducing churn by 1/3
• Refocus commercial efforts on controlled channels (own shops and outsourced direct sales force)
Attractive dual, triple play offer contributed to sustained growth of residential fix broadband offer
•Mobistar ADSL retail subscribers (in K users) 38,0
10,7(46%)
4,5(20%)
5,9
23,1
Dec 09
3,6
18,4(48%)
Dec 08
12,0(32%)
MAX 6 + Voice
MAX 6
Business
Old TP
12
New era coming up
• Mobistar strongly believes in continuous growth in the Luxembourgish market by means of a new brand, Orange
• Orange offers an additional dimension to better perform in a local market with an international character
• Orange in Luxembourg will capitalize on the additional benefits of an international brand: customer service, network, trust, inspirational brand, convergence
• Despite the international dimension of Orange, the company will continue to focus on the local market
Total revenues+ 28%
35.6 M EUR in ’07 to 45.6 M EUR in ‘09
Active customers+ 8.4 %
from 74,560 (2007) to 80,103 (2009)
ARPU+ 11 %
from 32,34 (2007) to 36,3 EUR/month (2009)
EBITDAfrom - to +
from -3.6 % (2007) to +11.6 % (2009)
Orange Luxembourg growth evolution since acquisition
In Luxembourg, after 5 years of sustained growth new era with rebranding to Orange
13
Financialperformance
14
Mobistar consolidated P&L
Mio € FY 2008 FY 2009 %
Total Statutory Revenues (*) 1,566.8 1,604.8 2.4%Total Turnover 1,532.7 1,567.2 2.3%Total Service Revenues 1,443.7 1,444.8 0.1%Cash Expenses -975.2 -1,037.8 6.4%EBITDA 591.6 567.0 -4.2%In % of service revenues 41.0% 39.2%Depreciations and amortizations -173.1 -164.3 -5.1%Net finance income -5.5 -4.7 -14.4%Tax expense -132.9 -137.7 3.6%Net profit 280.1 260.3 -7.1%Diluted earnings per share (in €) 4.54 4.34 -4.5%
Mobistar consolidated income statement
15
Besides regulatory effects, SMS abundance and non-mobile revenues offsets voice price pressure
FY 2009Vox
3
Billed Rev.
25
1
Visitor Roaming
811
Customer Roaming
21
50
National Incoming
8
FY 2008
1.444 1.445
Orange Lux
Billed revenue Mobistar
Volume
Price
Total Serv. Rev. Consolidated
• Voice revenue decline (-10%) compensated by strong SMS growth (+20%) as well adv data (+41%) and fix revenues (+6%)
• essentially driven by SMS abundance and increase in customer base
Mobistar service revenue evolution breakdown (in Mio EUR)
16
In Belgium, Mobistar continued to invest in fix activities whilepreserving the value creation in mobile
Mio € FY 2008 FY 2009 %Total Statutory Revenues 1,445.0 1,477.1 2.2%Total Turnover 1,413.8 1,442.9 2.1%Total Service Revenues 1,328.6 1,323.6 -0.4%Cash Expenses -840.8 -898.4 6.9%EBITDA 604.2 578.7 -4.2%In % of service revenues 45.5% 43.7%Depreciations and amortizations -162.4 -147.9 -8.9%EBIT 441.8 430.8 -2.5%
Mobistar Mobile Income Statement
Mio € FY 2008 FY 2009 %Total Statutory Revenues 86.1 89.7 4.2%Total Turnover 83.4 86.4 3.6%Total Service Revenues 83.1 86.3 3.9%Cash Expenses -100.9 -105.8 4.9%EBITDA -14.8 -16.1 9.2%In % of service revenues -17.7% -18.7%Depreciations and amortizations -2.8 -4.7 70.9%EBIT -17.5 -20.8 18.9%
Mobistar FIX Income Statement
17
Orange Luxembourg income statement
Orange Luxembourg continued to deliver the growth according to plan
Mio € FY 2008 FY 2009 %Total Turnover 39.6 45.6 15.2%Total Service Revenues 33.3 37.8 13.5%Cash Expenses -37.5 -41.2 9.9%EBITDA 2.1 4.4 109.5%In % of service revenues 6.3% 11.6%Depreciations and amortizations -7.9 -11.7 48.1%EBIT -5.8 -7.3 25.9%
main KPI FY 2008 FY 2009 %Customer base ('000) 79.7 80.8 1.3%ARPU (€/month) 32.3 36.3 12.3%
18
Total cash expenses
33,4
1.037,8
975,2 33,6
Orange Lux
Handset/RT Costs
458,2429,3Interconnect
& OtherSales Costs
98,1
126,6
287,8
941,8
FY 2008
130,5
127,9
287,6
1.004,2
FY 2009
HeadcountCost
Non-Headcount
Cost
Non-headcount cost• Higher Selling Fees (dealer rem) : airtime, postpay consumer volumes &
contract extensions • Increase in Bad Debts provision• Favorable sourcing impacts in domain of logistics, Billing and IT/Network
Maintenance• Optimization of costs following Mobistar’s transformation program launched in
2009
Orange Luxembourg• More costs to support the customer base increase (YoY postpaid customer base +
14.7%) and additional expenses related to the rebranding from VOXmobile to Orange Luxembourg occurred in Q4’09
Headcount costs• Total Mobistar headcount reduction of –3.5% due to further outsourcing and
efficiency gains throughout the company, partially compensated by increase in FTE in own shops & in the investment started in new line of businesses
• Salary indexation of 4.5% as of Jan 1, 2009
Interconnect and other costs of sales• More interconnect cost (YOY +9% versus more incoming revenue YOY growth
+16%), mainly driven by SMS abundance retail offers, partially offset by customer roaming regulation and less voice traffic.
• Higher site volumetry
• Growth in data applications (OW, BB) compensated by efficiency gains
Handsets & RT costs• In line with strong increase in handset sales, mainly driven by our Smartphone
range
Mobistar cash expenses increase driven by interconnection, network roll-out and handset sales
•* 2008 Handset/RT restated
19
• Launched in September 2008, Transformation programs are key to offset regulation impacts
• Gross savings* in 2009 amounted to 30 Mio EUR
• Main achievements• Business program :
• optimization of device P&L
• Technical program:• Microwave deployment
• Supporting programs• Optimization dealer footprint
and associated SAC/SRC• Contingency plan• Customer care: push self care,
e-invoice
Odyssey transformation programs already delivered close to 30 Mio EUR in gross saving*
(e.g. Mobile Data, Fix Program, revenue engineering)
(e.g. IT Renewal)
(e.g. Customer care, distribution and organization)
•* Transformation includes capex and opex, savings includes recurring cost reductions as well as cost avoidance
2009
30 Mio EUR
20
Capex driven by microwave deployment and further 3G roll-out (close to 350 sites) leading to a 87% 3G coverage
17
39
160147
165
0
50
100
150
200
250
9
82
2009
146
10%
2008
11%
2007
10%
2006
11%
CAPEX/service rev.
Sales and Other
IT
Network
Vox
CAPEX/year
21
Organic cash flow amounts to 298 Mio EUR
Mio € FY 2008 FY 2009 %EBITDA 591.6 567.0 -4.2%Change in working capital -10.9 19.9Financial result -5.5 -4.7Corporate Taxes -132.9 -137.7
Net cash from operating activities 442.3 444.5 0.5%
Purchase of intangible and tangible assets -159.9 -146.1 -8.6%Proceeds from sale of equipment 14.7 0.0
Net cash used in investing activities (145.2) (146.1) 0.6%
Organic Cash Flow 297.1 298.4 0.4%
Partner financing activities -6.9 -2.9Acquisition of subsidiary, net cash acquired -6.7 0.0Proceeds/Repayment long-term interest - bearing loans and borrowings
75.0 -75.0
Current portion of amounts payable after more than one year falling due within one yearμ
50.0
Proceeds/Repayment from new short term interest-bearing loans and borrowings
237.2 4.7
Free cash flow before dividend payments and capital movements
595.7 275.2 -53.8%
Capital increase (decrease) -248.0 0.0Capital and share premium -0.8 -0.2Dividend payments (173.6) (273.1)Share buy-back (175.0) 0.0Share-based payment expenses 1.3 1.3Available Cash Flow (0.4) 3.2
22
Sound balance sheet resulting in a net debt of 279,4 M EUR
Mio € Dec-08 Dec-09Non-current assets 898.0 882.5Current Assets 295.5 260.6Cash and Cash equivalents 6.8 10.0TOTAL ASSETS 1,200.3 1,153.1Net Equity 452.5 440.8Long-term provisions and trade payables 90.1 14.6Short Term Debt 243.3 298.0Current Liabilities 414.4 399.7TOTAL EQUITY AND LIABILITIES 1,200.3 1,153.1Net Debt / (Net Cash) -304.9 -279.4
Balance Sheet
23
Solid financial performance allows Mobistar to maintain a high level of shareholder return for a total amount of 273 M EUR
Summary of proposed pay-out *Ordinary dividend: € 2,90 / share
Extra ordinary dividend: € 1,65/ share
Total distribution: around € 273M or 11% of market capitalization
JAN FEB MARCH APRIL MAY JUNE JULY AUGUST SEPT OCT NOV DEC
Ordinary DIVIDEND 2,90 EUR per share
Extra ordinary DIVIDEND 1.65 EUR per share
•(* to be approved by the General Assembly 05/05/2010)
24
As a conclusion, 2009 results fully in line with initial guidance
Total Turnover
EBITDA-margin
Net results
Capex/sales 10.1 %
260,3
39.2 %(567 Mio EUR)
+2.3 %
Realized
around 10 *
Between240 – 260Mio EUR
Close to 40 %
(563 – 577 MioEUR)
Flat revenues
Guidance
•* lowered during the year from between 11%-12%
Version 2 - February 2010
Invest in growth in 2010 and beyond
26
Regulatoryupdate
27
Impact analysis of current MTR proposal on revenue and EBITDA
0
2
4
6
8
10
12
4,10
1,07
1 Jan 2012
1 Jan 2013
2,42
4,86
1 Jul 2010*
9,02
2009 1 Jan 2011
Base
Mobistar
Proximus
•* Mobistar assumption
• BIPT adopted an LRIC+ model which goes far beyond Mobistar internal cost model
• Asymmetry still justified in the long run given dominant position of the incumbent
• Consultation runs till 12 March 2010
• 2010 regulatory impact at iso-volumes expected to amount to 40 Mio EUR revenues and 20 Mio EUR EBITDA
2012
~170
20132009 2010 2011
MTR Ebitda
MTR Revenues
In Mio EUR
New BIPT MTR glide path is amongst the lowest in Europe and is highly questionable
Draft proposal
Proposal MTR evolution (EURcent/min)
28
Revenue impact of announced regulation
(in Mio EUR) • The next steps of roaming regulation have already been defined by the EU (as from 1/07/10)
• Retail voice OUT from 43 to 39€cents. Retail voice IN from 19 to 15€cents.
• Wholesale voice OUT from 26 to 22€cents. Voice in from 8 to 7€cents.
• Wholesale data tariff from 1 to 0.8€/MB.
• Expected decrease on 01/07/10 will have a gross impact of -27MEUR on revenue
Roaming regulation will continue to create some elasticity on the Mobistar customers calling abroad
21
2009 customer roaming
112
volume effect
11
price effect
2008 customer roaming
122
29
2 x 12 Mhz
2 x 20,8 Mz
2 x 15 Mhz (FDD)2x5Mhz
(TDD)
> A total of 96 Mhz secured till March 2021
March 2021
March 2021Nov 2015Nov 2010
March 2001
150 MioEUR/20 YR
14.8 Mio EUR/YR* 14,8 MioEUR/YR
Current proposal for 2G license (900-1800 Mhz) renewal
Current 3G license (2,1 Ghz) runs till March 2021
* Mobistar continues to disagree given tacit renewal
Max 2 x 20 Mhz
Current proposal for 2,6 Ghz band
2010 (TBC) 2025
1.33 MioEUR/YR
900 Mhz
1800 Mhz
2100 Mhz
2600 Mhz
In order to guarantee future mobile data growth, Mobistar is close to securing about 100 Mhz spectrum till March 2021
30
In view of a new commercial law, Mobistar will continue to apply its strategy to turn handset subsidy into a value creation
ACQUISITION LOYALTY & RETENTION CHANNEL
1. Redesign tariff portfolio
2. Contain SAC
1. SRC in order to avoid churn & washing machine effect
2. Develop sophisticatedcustomer value base mgmt capabilities
3. Drive customers to controlled channels for contract renewal
1. Balance commercial acts from acquisition to acquisition & contract extension
2. Reinforce controlled channels in overall mix
3. Develop web share in commercial acts
4. Contain open channels
VALUE OPTIMIZATION with Handset Subsidy
31
Areas of growth in theBelgium telecom market
32
Belgian Market in 2009 amounted to 8,45 bn EUR revenues Growth areas 2008-2009
Source: Mobistar estimates, Company Reports, ,IDATE, Jupiter
* KPN Belgium Business acquired by Mobistar in Nov 2009
Main growth areas 2008-2009 were in mobile data, digital TV and SMS abundance
27%
Mobile RES
2.609
39%
16%
Fixed RES
1.879
27%
55%
33%
Fixed BUS
1.885
60%
TV
809
53%
30%2%11%
4%3%
Mobile BUS
34%
1.269
63%
34%
3%
6%*
Belgacom Group
Telenet
Mobistar
KPN Group
Others
FV
FD
Growing2008
8.369MD - SMS
MD - Adv.
TV
2009
8.450
Declining
MV
In bn EUR In bn EUR
180
211
32317
2012
9.133
Declining
211
Growing
895
105
262
2009
8.450
Growth areas 2009-2012
MV
TV MD - SMS
MD - Adv.
FV
FD
33
Expanding in theresidential market
34
mobility
communitiesrelevant
innovation
Mobistar will enable mobility experiencesfor individuals, communities and companies
through relevant innovation
What’s the experience behind mobility?
Trends in the market confirm our mission
35
Personal Growth &Accomplishment
Free Spirit &Open Minded
Freedom withoutRestrictions &
No Limits
Exploration, Discovery &Opportunities
36
Market is ready to adopt new mobility experiences
• Trends in the market proof that mobility increases:
• Uptake of Smartphone, initiated by the iPhone
• Success of social networks on fix and mobile device
• Penetration of fix and mobile internet usage
• Explosion of mobile data traffic during last 3 years supported by relevant network investments
37
Consumers show an appetite for new mobility experiences
• Anything, anyplace, anywhere, anyhow (on any device)
• Multisource content • Channels / internet / video on demand (VOD)• Success of user generated content
• Nomadic content • Multi-screen from PC to Mobile to TV screen
• Interactivity • User in charge, on the rhythm of his life (love, work, play)• Search & share & communicate
38
•Electronic program guide (EPG)
• Classic broadcast
Digital TV 2.0.• Interactive services e.g. catch up TV and VOD
• Personal Video Recorder (PVR)
• Electronic program guide (EPG)
• Classic broadcast
Profiling and access to multisource content
• Remotely record, play and access to EPG and PVR
• Access to your content anytime, anywhere
Multi screen capabilities
Mobistar’s opportunity consists of introducing Mobility Experience 2.0 creating two new USPs: multisource content and mobile interactivity
39
mobile consumer is ready for relevant innovation
Mobility experience 2.0
40
Strategic rationale of acquisition of KPN B2B activities
41
Strategic rationale for the acquisition of KPN B2B activities for an amount of 65 M EUR
Mobistar has a strategic positioning of convergent player on the B2B market. The acquisition of KPN Belgian B2B activities will help implementing and accelerate this convergence strategy.
• Critical mass with Economies of scale
• Time-to-Market
• Feasibility/Capacity
• New focus/new dynamics
• Expertise and high qualified staff in fix
• Products for the high-end of the market
• Fiber network with a national coverage (integration of both networks should result in costs optimization as Mobistar rents amajor part of its network) as well as 2 data centers
• The acquired customer base (9,000 B2B customers and 70 carrier customers) creates opportunities to cross-sell Mobistar mobile products.
• Leveraging commercial agreements with commercial channelsskilled in fix
•Note: Deal closing is expected to be finalized by end of March 2010
42
The B2B and Wholesale business amounted to 45M€ revenues in 2008 and creating a up sell potential
B2B
64%
Wholesale36%
•2008 revenues (45 M€)Key Financials
16M€29M€
•Revenues split 2008 per customer segment •~70% of revenues come from the high-end
•Customer base split (# contracts)Corporate
21%Medium
8%
Small
53%
SOHO
18%
Small
23%
3%
SOHO
29%45%Corporate
Medium
Revenue synergies
• Cross-selling of Mobistar mobile on the KPN Business Belgium customer could lead to a 2% incremental market share on the mid & high-end of the B2B market
• Up-selling of KPN Business Belgium data products (Carrier) and residential VoIP (Reselling)
• Carrier activity: Up selling of Ethernet products on existing customer base
• Resellers’ activity: Up selling of VoIP on existing customer base
• Offering sound convergent offers will allow Mobistar to increase consolidated market share in the fixed market
• Mobistar will provide wholesale ADSL services to KPN Belgium est. up to 50 M EUR
43
KPN B2B creates synergy potential with the acquisition of a modern fiber network with a virtually unlimited capacity
Cost synergies
• Network and IT synergies:
• Network synergies
• Migration of Mobistar transmission backbone to KPN Business Belgium’s fiber network removes rental costs for 700 Km fiber
• Migration of Mobistar backhauling traffic to KPN Business Belgium’s fiber network
• Network rationalization (DSLAM migration; re-in sourcing of some critical services; Service platform optimization; Network Operations Center)
• Supplier synergies : Limited and mainly on legacy equipment approaching end-of-life
44
Efficiency atMobistar
45
Transformation programs are on track to deliver above 100 Mio EUR in cumulated savings over the next 3 years
Main programs launched
• Business program :• Further improve device P&L
• Technical program:• Microwave deployment• Active site sharing• IT Renewal
• Supporting programs
• Optimization dealer footprint and associated SAC/SRC
• E-Sales (target > 15% online)• E-Care and E-Invoice (> 40% in B2C)• Further implement synergies with
Orange Lux and ex-KPN B2B Belgium
(e.g. Mobile Data, Fix Program, revenue engineering)
(e.g. IT Renewal)
(e.g. Customer care, distribution and organization) 2009
More than 100 Mio EUR
•* Transformation includes capex and opex, savings includes recurring cost reductions as well as cost avoidance
46
Guidance
47
• We performed well in 2009 and exceeded our expectations on turnover and organic cash flow
• 2010 is a year of major challenges on our core business but ongoing transformation programs are on track to mitigate impacts
Major challenges 2010
Revenue and EBITDA negatively impacted by regulation
Draft MTR proposal impacts revenue around 40 M EUR and EBITDA around 20 M EUR
Roaming will have an additional revenue impact around 27 M EUR
Revenue and EBITDA positively driven by
Integration of 9 months KPN B2B activities
Mobile data and fix revenues growth
Revenue and EBITDA somehow impacted by investment in growth initiatives
Continued investment in the value development of the mobile customer base
Launch of innovative interactive Quadruple-play offerings with an associated investment of 15 M EUR
Concluding remarks
48
Total Turnover
Ebitda
Organic cash flow*
Net profit
Capex/sales
Growing organic cash flow
between 260 - 280 M EUR
297 M EUR
between 10% -11%
between 210 – 230 M EUR
between 500 – 520 M EUR
in line with 2009
2010 guidance
Growing total turnover
Beyond 2010
10.1 %
260 M EUR
567 M EUR
1 567 M EUR
2009realized
* Organic cash flow defined as net cash flow from operations less acquisitions of tangible and intangible assets (net of changes in accounts payable and spectrum license fee)
Mobistar guidance in 2010 and beyond
49
Q&A