Belgacom SA reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the period, the company reported total income of EUR 1,586 million compared to EUR 1,588 million a year ago. EBITDA was EUR 441 million compared to EUR 470 million a year ago. Operating income was EUR 250 million compared to EUR 289 million a year ago. Income before taxes was EUR 229 million compared to EUR 267 million a year ago. Net income (Group share) was EUR 171 million compared to EUR 199 million a year ago. Capital expenditure was EUR 193 million compared to EUR 186 million a year ago. Cash flows from operating activities were EUR 271 million compared to EUR 386 million a year ago. Basic earnings per share before non-recurring items were EUR 0.54 compared to EUR 0.63 a year ago. Earnings per share were EUR 0.54 compared to EUR 0.62 a year ago. Return on equity was 5.6% compared to 6.9% a year ago. The company reiterates its 2013 full-year earnings guidance. Group revenue is expected to be 1% to 2% lower than for 2012 and Group EBITDA to decline by 4% to 6% compared to the 2012 restated EBITDA of EUR 1,801 million. Capex is expected 13% and 14% more than in 2012.

The government of Belgium will have to divest more assets in 2013 in order to keep its debt below 100% of gross domestic product, as the European Commission demands, Finance Minister, Koen Geens told daily De Standaard. The government repurchased a right-to-buy option in BNP Paribas SA (ENXTPA:BNP), indicating that it may divest some or its entire 10.3% stake in BNP Paribas. The government said it has no immediate plans to divest the stake. On April 27, 2013, the government stated that it would receive about €1 billion from stake sale in the bad bank left over from the 2008 break-up of Fortis. The stake in BNP Paribas is valued about €5 billion. Sale of 53.5% stake in Belgacom SA (ENXTBR:BELG) would also be considered. The stake is valued about €3 billion.

Belgacom SA, Q1 2013 Earnings Call, May 03, 2013