Financial information for the second semester and full year 2022
Sustained commercial performance and solid EBITDAaL growth in 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
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.
2022 dividend
Considering the balance sheet impact of the acquisition of VOO, the Board of Directors will not propose any dividend for the financial year 2022 at the Annual General Meeting.
2023 outlook
Orange Belgium expects low single-digit revenue growth in 2023. The Company targets an EBITDAaL between €360m and €375m. Total eCapex in 2023 is expected to be between €210m and €230m.