Orange Belgium S.A. — Earnings Release 2012

Feb 6, 2013

Full year results 2012 Mobistar

Table of contents

Press release	4
Declaration by the persons responsible	19
Financial statements	20

Press release

Embargo until 6 February 2013 7.00 a.m. Regulated information

Mobistar reaches its financial targets for 2012 and presents its "SuperMobile 2013-2015" programme

Brussels, 6 February 2013 – Today, Mobistar (Euronext Brussels: MOBB) publishes its results for the financial year 2012. The Mobistar group achieved a stable consolidated turnover of 1.650.5 million euros. In 2012, sales of mobile telephones rose by 32.1 % compared to 2011, and the share of mobile data in the service revenues amounted to 41.4 % at the end of 2012, compared to 37.1 % the previous year. The consolidated EBITDA amounted to 494.1 million euros and the net result 185.7 million euros. The results of the Mobistar group are in line with the targets set, which took account of the impact of the regulations and the introduction of the new telecom law on 1st October 2012. Mobistar is today presenting its new "SuperMobile 2013-2015" investment programme. This programme provides for an additional investment of 150 million euros in order to accelerate the roll-out of the 4G network. Taking into account this investment programme, the Board of Directors of Mobistar will propose the distribution of a dividend of 1.80 euro per share and submit this for approval to the General Meeting of Shareholders to be held on 2 May 2013.

1. Key facts

In 2012, the Mobistar group´s efforts were focused on four major strategic programmes:

Strengthening its leadership in the mobile activities market:

Thanks to the success of the 'Animals' tariff plans and the MVNOs

• Towards the end of the year, Mobistar was able to quickly adapt to the entry into effect of the new telecom law on 1st October thanks to the success of its ´Animals' tariff plans, which give each customer control over his own consumption, enabling him to choose the subscription that truly corresponds to his needs. Mobistar concluded the year 2012 with 8.340 more active customers with a subscription than at the end of December 2011. At the end of 2012, 43 % of all residential postpaid customers had an 'Animal' tariff plan. The customers who opted for an 'Animal' tariff plan with a 12-month contract were rewarded by Mobistar with a lifelong discount of 20 % on the amount of their monthly subscription. During the course of the fourth quarter of 2012, Mobistar changed the price and the content of certain 'Animal' tariff plans in order to better adapt them to the new market situation. While the beginning of the fourth quarter was characterised by a clear increase in the number of departing postpaid customers, the launch of competitive tariff plans was able to turn this trend around as of the month of November 2012. The increase of Mobistar's customer base is due to the success of its MVNOs. At the end of December 2012, Mobistar had 4.321.600 active mobile telephony customers, 5.3 % more than the previous year.
• The sale of mobile telephones in 2012 rose by 32.1 % compared to 2011. The increase was greatest in the last quarter of 2012, primarily thanks to the success of the iPhone 5 and the combined offer with the Samsung Galaxy S3. In this quarter Mobistar sold 81.1 million euros of mobile telephones compared to 38.6 million euros in the third quarter of 2012, or 110 % more. During the end-of-year period, Mobistar rewarded its loyal customers with a limited-edition subsidised mobile telephone.

Developing services that are available everywhere and at all times:

Thanks to the significant increase of the mobile data usage and the promising results of the 4G

In 2012 the share of mobile data rose significantly, driven by the increasing use of smartphones and tariff

plans that include mobile data. At the end of December 2012, the share of mobile data in the service revenues amounted to 41.4 %, compared to 37.1 % a year earlier. The growth was greatest during the last 3 months of 2012, with an increase of 70 % in the use of mobile internet compared to the previous quarter.

• The tests of the 4G network in Antwerp began in September 2012, while Orange Communications Luxembourg S.A. launched a commercial offer for 4G at the end of October 2012. Taking into account the first inputs received from the residential and business customers, Mobistar decided to revise upward its 4G deployment ambitions by 2015.
• In the fourth quarter Mobistar launched the ´combine & save´ offer for its mobile customers. By combining mobile products with ADSL, digital TV and/or fixed telephone services, mobile customers receive a discount on each additional product. The gross number of mobile customers who concluded an ADSL contract with the ´combine & save´ offer increased by 30 % in the fourth quarter of 2012.

Offering the best customer experience on the market:

Thanks to the 'Happy Customer' programme and the website relooking

• Mobistar continued to invest in the services provided to its customers in order to increase customer satisfaction. Various initiatives of the ´Happy Customer´ programme were implemented in 2012. In November 2012, Mobistar launched the personal tariff check. Every six months Mobistar will contact its customers and make a recommendation to adapt its tariff plan in accordance with their evolving needs. Henceforth customers can receive their invoice by e-mail and, if they have questions, they can directly contact a dedicated internal service. The automatic options menu was simplified so as to be able to help customers more efficiently via the call center. Thanks to the feedback that we received from our customers in the customer test center, Mobistar could tailor its products and services even more closely to customer needs before being put on the market.
• In 2012 Mobistar intensified the use of social media into its customer support, which produced a turnaround in customer satisfaction. In December 2012 Mobistar launched a new residential website. Thanks to the better ergonomics and the new design, customers find more easily targeted information on the products and services, and they have easier access to their own customer zone. For Mobistar, the sharp improvements in the criterion for customer satisfaction form part of the basis for future growth.

Managing the costs of the company as efficiently as possible:

Thanks to the ACE transformation programme

• The preparation phase of the transformation programme ACE (Agility Cost Efficiency) started in the second half 2012 and already generated major cost savings in 2012. The programme includes projects such as the replacement of 'leased lines' by 'microwaves', e-invoicing and online sales.
• The ACE transformation programme is now beginning its operational phase and officially kicks off on 1 January 2013. It is intended to reduce Mobistar's cost structure by 30 million euros per year as of 2014 by systematically improving all of the company's processes. In total Mobistar will achieve 100 million euros in additional savings between 2013 and 2015.

2. Main figures

2.1 The Mobistar group

• At the end of 2012, the Mobistar group recorded a total consolidated turnover amounting to 1.650.5 million euros, stable compared to the 1.657.6 million euros recorded a year earlier. The increase in sales of terminals and the strong growth in the use of mobile data offset the lower mobile voice revenues.
• The Mobistar group closed the year 2012 with an EBITDA of 494.1 million euros, a decrease of 6.8 % compared to the 530.1 million euros recorded in the same period in 2011. The EBITDA has been penalised by the reduction in the mobile termination rates (MTR - for 12.6 million euros) and roaming rates (for 19.9 million euros) and the introduction of the subsidised mobile phones at the end of November 2012. The new telecom law encouraged operators to accelerate the release of the free advantages included in the existing offerings, which in their turn had a negative impact on the EBITDA. On the other hand, the EBITDA benefited from the reversal already booked in June 2012 of a 17.5 million euro provision relating to the universal service compensation and an additional income of 9.8 million euros related to Irisnet. The EBITDA margin of the Mobistar group reached 34.1 % of the service revenues at the end of 2012, compared to 35.2 % in 2011.
• The consolidated net profit of the Mobistar group declined by 16.0 % and amounted to 185.7 million euros at the end of 2012, compared to 221.0 million euros a year earlier. The decrease in the net profit is primarily explained by the reduction of the EBITDA, the accelerated depreciations of the network following its modernisation, for an additional amount of 14.1 million euros, and the accelerated depreciation on software developments required by the evolution in the IT strategy, for an amount of 15.5 million euros.
• During the year 2012, the Mobistar group invested 188.5 million euros, 13 % of the service revenues, compared to 203.7 million euros a year earlier.
• The organic cash flow amounted to 133.2 million euros at the end of 2012, compared to 242.2 million euros one year earlier. The organic cash flow of the year 2012 was highly influenced by the payment of the tax balances of the accounting years 2010 and 2011 (51.0 and 54.0 million euros, respectively) which took place in February and December 2012, while the tax balance of 2009 (21.1 million euros) had been paid in July 2011.

2.2 Consolidated figures for the Mobistar group

Mobistar group´s consolidated key figures	12 m to 31/12/2012	12 m to 31/12/2011	Variation
Total number of active customers(1) (mobile telephony) Mobistar	4,427,405	4,204,656	+5.3 %
S.A., Orange Communications Luxembourg S.A. and MVNOs
Consolidated turnover (million €)	1,650.5	1,657.6	-0.4 %
Service revenues (million €)	1,450.0	1,505.8	-3.7 %
EBITDA(2) (million €)	494.1	530.1	-6.8 %
EBITDA margin	34.1 %	35.2 %
Consolidated net profit (million €)	185.7	221.0	-16.0 %

^{1) &}quot;Machine-to-machine" cards are not included in the number of active customers.

²⁾ EBITDA: Earnings Before Interest, Taxation, Depreciation and Amortisation.

Net profit per ordinary share(3) (€)	3.09	3.68	-16.0 %
Net investments (million €)	188.5	203.7	-7.5 %
Net investments/service revenues	13.0 %	13.5 %
Organic cash-flow(4) (million €)	133.2	242.2	-45.0 %
Operating cash-flow(5) (million €)	305.6	326.4	-6.4 %

3. Comments on the financial situation

3.1 Income statement

Income

In 2012, the revenues of the Mobistar group were once again negatively influenced by the reduction of the MTR rates in January 2012 and of the roaming rates in July 2011 and 2012. The impact of these reductions on the turnover amounted to 29.6 million euros and 28.9 million euros respectively for the year 2012. Without regulatory impact, the consolidated service revenues would have been stable compared to last year (+0.2 %). The results were also negatively affected by a decrease in the revenues coming from voice traffic and roaming, as a result of price decreases.

Finally, the traffic revenues related to SMS abundance offers continued to increase (+33.3 million euros compared to 2011).

Driven by the success of smartphones, sales of mobile telephones rose from 151.8 million euros at the end of 2011 to 200.5 million euros at the end of 2012, a 32.1 % increase. The increase was primarily noticeable in the fourth quarter when the turnover from the sale of handsets increased by 30 million euros compared to the average of the first 3 quarters of the year.

Other income

At the beginning of November 2012, the temporary association Irisnet stopped its activities. The activities of Irisnet have been taken over by a newly-created company (IRISnet S.C.R.L.). Irisnet will just continue to collect its outstanding receivables balances open as of 31st October 2012 and complete the legal liquidation of the temporary association.

Based on the fact that the temporary association stopped its activities, Mobistar has decided to include in the 2012 closing all necessary accounting entries regarding the legal liquidation of the temporary association. This review has allowed the group to record 9.8 million euros of additional income in the fourth quarter of 2012.

Operating costs

The changes in regulation that have had a negative impact on the revenues have positively influenced the interconnection costs (-26.0 million euros for MTR and roaming). This effect has been compensated by the SMS abundance cost increase (+30.5 million euros).

³⁾ Weighted net profit per ordinary share (IFRS).

⁴⁾ Organic cash-flow = net cash-flow from operations less acquisitions of tangible and intangible assets, plus proceeds from disposals of tangible and intangible assets.

⁵⁾ Operating cash-flow = EBITDA - investments.

The costs for equipment and goods sold were mainly impacted by the costs of sales of the handsets. This increase is in line with the evolution of the revenues. The introduction of some tactical subsidised offers in late November 2012 had a negative impact on the handsets margin for an amount of 3.9 million euros.

Services and miscellaneous goods were impacted by the revision of the provision for universal service for an amount of 17.5 million euros in June 2012. Commission expenses have decreased by 3.2 million euros as a consequence of the revision of the sales force remuneration model and slightly lower prepaid sales volumes. Commercial expenses have been reduced by 5.1 million euros. IT and network maintenance costs, after having recorded a small increase during the first half year 2012, were mastered by year´s end resulting in a small increase over the year of 0.9 million euros.

Employee benefits are influenced by the evolution of the number of employees and a 3.47 % salary increase as from 1st January 2012, following a wage indexation and a sector understanding. The comparison between 2011 and 2012 is also largely influenced by the reinforcement of the sales and customer support teams that started in the second half of 2011 and continued in 2012. Despite these negative impacts, the increase of employee benefits costs has been limited to 4.1 %.

Result of the business activities before depreciations

EBITDA of the mobile activities in Belgium

The negative impact of regulations on the revenues, the repricing due to competition combined with more and more inter-operators traffic (both voice & SMS), explain the decrease in direct margin of the mobile activity from 65.7 % in 2011 to 63.8 % this year. Due to the fact that the temporary association stopped its activities, Mobistar has decided to include in the 2012 closing all necessary accounting entries regarding the legal liquidation of the temporary association. This review allowed the group to record 9.8 million euros of additional income. In 2012, the EBITDA margin of the mobile activity amounts to 39.7 % of the service revenues, or an EBITDA amounting to 492.3 million euros, as a result of the positive impact of the cost savings programme, mainly visible in the indirect customer facing costs and the indirect production costs.

EBITDA of the non-mobile activities in Belgium

The non-mobile segment shows an improvement in EBITDA with a negative balance of 9.7 million euros for 2012. This evolution shows the net impact of a lower commercial activity in 2012, resulting in less direct commercial costs and indirect customer facing costs.

EBITDA of the activities in Luxembourg

As a result of a 15 % revenue growth of the Luxembourg activities, the EBITDA of Orange Communications Luxembourg S.A. rose from 8.5 million euros in 2011 to 11.5 million euros in 2012, representing 17.6 % of the service revenues.

EBITDA of the activities of the Mobistar group

As a consequence of the above variances, the EBITDA of the Mobistar group decreased by 36.0 million euros or 6.8 % compared to the same period of 2011, to reach 494.1 million euros at the end of 2012.

The EBITDA margin of the Mobistar group amounted to 34.1 % of the service revenues at the end of 2012, compared to 35.2 % at the end of 2011.

Excluding the two exceptional effects relating to the adjustment of the provision linked to the universal service in the first half 2012 and to Irisnet in the second half 2012, the EBITDA margin amounts to 32.2 % of the service revenues.

Depreciation and other operating expenses

The depreciation charge as at 31 December 2012 totalling 217.2 million euros includes the impact of the review of the useful life of the assets related to important network renewal projects, i.e. an additional 14.1 million euros for the year 2012. These useful lives have been adjusted in order to consider the expected decommissioning dates. In the last quarter of 2012, an accelerated depreciation of 15.5 million euros was recorded in order to reflect the impact in the change in the IT strategy regarding software development.

Financial results

The financial expenses have been influenced by interest rates variance (-0.9 million euros), increased unwinding effect recorded in 2012 (resulting from the change in the site dismantling provision recorded during the year 2011) (+0.7 million euros), a decrease of financial discounts (-0.5 million euros) and some foreign exchange losses (+0.3 million euros).

Taxes

The tax burden for the year amounts to 80.5 million euros. A positive previous year impact on the taxable year 2011 was recorded in December for an amount of 7.0 million euros resulting from the confirmation of the investment deductibility, versus 9.6 million euros recorded in 2011.

Net profit

At the end of 2012, the Mobistar group recorded consolidated net profit of 185.7 million euros, a decrease of 16.0 % in comparison with the 221.0 million euros at the end of 2011.

Net profit per share decreased by 16.0 % from 3.68 euros per share on 31 December 2011 to 3.09 euros per share a year later.

3.2 Balance sheet

The consolidated balance sheet total reached 1.347.0 million euros on 31 December 2012, compared to 1.381.5 at the end of the previous financial year.

Non-current assets, including deferred taxes, amounted to 1.045.8 million euros at the end of 2012, compared to 1.070.3 million euros at the end of 2011.

Current assets decreased from 311.2 million euros at the end of 2011 to 301.2 million euros at the end of 2012, mainly driven by the transfer of VAT receivable at the end of 2011 to VAT payable at the end of 2012 (-5.5 million euros) and the decrease of the deferred expenses and accrued income (-12.7 million euros).

Non-current liabilities increased due to the increase in long-term borrowing drawings (from 293.2 million euros at the end of 2011 to 383.7 million euros at the end of 2012). This increase is largely due to the payment of the tax bill related to the accounting years 2010 and 2011, paid in 2012 for an amount of 51.0 and 54.0 million euros, respectively.

Current liabilities decreased from 603.2 million euros on 31 December 2011 to 524.7 million euros at the end of 2012. This decrease is mainly due to a decrease in tax payable for 71.0 million euros due to the payment in 2012 of the 2010 and 2011 tax bills (51.0 and 54.0 million euros) compensated by a reversal of the previous year´s tax burden estimates (7.0 million euros), changes in the down payment level (8.0 million euros) and a lower tax burden of the year (20.0 million euros).

3.3 Cash-flow

At the end of December 2012, the organic cash flow of the Mobistar group amounted to 133.2 million euros, compared to 242.2 million euros a year earlier, representing a reduction of 45.0 %.

During the year 2012, the Mobistar group invested 188.5 million euros, or 13 % of the service revenues, compared to 203.7 million euros a year earlier. The investments, which are in line with the investment programme foreseen for the financial year 2012, focused on IT projects and on extending the capacity and increasing the speed of the mobile data network. During the year 2012, Mobistar thus strove to replace its 2G equipment, which had arrived at the end of its service life, with more modern and higher-performance 2G/3G equipment, and deployed a first mobile 4G test network in the city of Antwerp. The investments foreseen by Mobistar in the coming months and years will make it possible to handle an annual growth of 50 % in mobile data traffic until the year 2025. By the end of December 2012, the 3G/HSDPA coverage reached 97 % of the population. The Mobistar network had 5.762 sites at the end of December 2012, of which 730 are shared with other operators.

The decrease in organic cash flow compared with 2011 comes from the combination of several factors:

• Decrease in the ´adjusted result of operating activities´ (-26.8 million euros)
• Change in working capital (-24.1 million euros, including a -17.5 million euro reversal of the provision for universal service)
• Payment of the 2010 and 2011 corporate tax (-51.0 and -54.0 million euros), compared to payment of the year 2009 performed in 2011 (-21.0 million euros) and variance in corporate taxes down payments (+8.0 million euros)
• Decrease in acquisition in fixed assets and payments related to these acquisitions (+13.3 million euros)

Excluding the spectrum license payments for a total amount of 35 million euros and a 3.5 million euro subsidiary acquisition, the organic cash-flow amounts to 171.7 million euros which is in line with the company´s planned forecasts of minimum 170 million euros, despite the payment of the remaining 2011 tax amount (54.0 million euros) earlier than foreseen in December 2012.

3.4 Activities of the Mobistar group per segment

In greater detail, the activity of the Mobistar group via its segments breaks down as follows:

3.4.1 Activities in Belgium (Mobistar S.A. and MES S.A.)

Operational key figures Mobistar S.A.	12 m to 31/12/2012	12 m to 31/12/2011	Variation
Total number of active customers(6) Mobistar S.A. (mobile telephony)	3,432,060	3,515,593	-2.4 %
Number of MVNO customers (mobile telephony, incl. full MVNO)	889,540	589,830	+50.8 %

^{6) &}quot;Machine-to-machine" cards are not included in the number of active customers.

Total number of active customers Mobistar S.A. + MVNO (mobile telephony, incl. full MVNO)	4,321,600	4,105,423	+5.3 %
Total number of active M2M SIM cards (incl. IMC)	518,098	416,971	+24.3 %
Total number of mobile Internet customers Mobistar S.A.	154,093	140,296	+9.8 %
Total number of ADSL customers Mobistar S.A.	71,985	79,497	-9.4 %
Total number of digital TV customers Mobistar S.A.	27,846	34,194	-18.6 %
Total number of active fixed telephone lines Mobistar S.A.	233,342	226,160	+3.2 %

In 2012 the market was characterised by intense competition in the mobile activities segment, strict regulation and, since 1st October 2012, the entry into force of the new telecom law, under which customers can, after six months, simply switch over to a different operator without a termination indemnity. Despite the many movements that this prompted between operators, Mobistar is continuing to invest in its mobile activities and the operator is strengthening its leadership in this market.

Mobile activities

At the end of December 2012, the number of active mobile telephony customers for Mobistar S.A. excluding MVNOs amounted to 3.432.060, compared to 3.515.593, or 2.4 % fewer than the previous year. This decrease over the year is primarily attributable to the decrease in the number of prepaid customers, given that the postpaid customer base saw a slight increase in 2012. The reduction in the postpaid customer base in the last quarter 2012 is partly attributable to the opening up of the telecommunications market, under which customers can, after six months, switch over to another operator without a termination indemnity. The movements were expected, however, and were even anticipated already in April 2012 by launching the ´Squirrel, Kangaroo, Dolphin and Panther´ subscriptions, which can be concluded without a contract. Mobistar also reacted to the intense competition and the increasing demand for mobile Internet by lowering the price of the ´Kangaroo -´ and ´Panther unlimited´ subscriptions, and increasing the volume of mobile data included in the ´Dolphin´ subscriptions. The data bundles for the Dolphin 15, Dolphin 25 and Panther 30 subscriptions rose to 500 MB per month. The price of the ´Panther unlimited´ dropped from 90 to 75 euros per month, the price of 'Kangaroo unlimited' fell from 70 to 60 euros per month, and the Panther 60 received 10 hours of calling time instead of 7. The changes made to the subscription formulas and the lower prices were well received by the consumers. At the end of December 2012, 43 % of the residential postpaid customers had an 'Animal' subscription. In 2012 the total number of customers who opted for a subscription rose to 68.1 % of the Mobistar customer base, compared to 66.3 % a year earlier.

The number of Mobistar prepaid customers continued to fall due to the incessant competition amongst more than 40 MVNO players on the prepaid market and the migration from prepaid to subscriptions with a reduced price.

The segmentation approach via MVNOs and partnerships remains for Mobistar the best strategy for conquering market share in specific segments where Mobistar itself is not active. In this way, Mobistar can surf on the success of its partners. The number of MVNO customers rose by 50.8 % in one year, from 589.830 active customers at the end of December 2011 to 889.540 active customers one year later. The growth comes from both full and light MVNO partners. On 31 December 2012, Mobistar had a total (Mobistar S.A. and MVNOs) of 4.312.600 active mobile telephony customers, 5.3 % more than the 4.105.423 active customers a year earlier.

With a 70 % market share, Mobistar remains the leader in the machine-to-machine (M2M) segment on the Belgian market. At the end of 2012, Mobistar - including the IMC (International M2M Competence Center) - had 518.098 active M2M SIM cards compared to 416.971 active M2M SIM cards a year earlier, an increase of 24.3 %. In total, Orange Business Services together with Mobistar signed contracts for a total of 4.5 million M2M SIM cards. The roll-out of these contracts started in the segment of consumer electronics and healthcare.

The demand for mobile Internet, driven by the use of smartphones and tablets, increased sharply in 2012. More and more Belgian consumers want to have access - everywhere and at all times - to the Internet, Facebook and Twitter, as well as to be able to send and receive e-mails. Around 80 % of the ´Animal' subscriptions sold include mobile data, and consumers are also buying more smartphones. In the Mobistar centers, the share of smartphones in the sale of mobile telephones rose to 50 % in 2012. The number of customers with a smartphone on our network increased by 52 % in a single year, from 19 % in January 2012 to 26 % at the end of the year. The great success of the iPhone 5, the combined offer with the Samsung Galaxy S3 and the Samsung ´Gio´ action, a limited-edition subsidised offer in the fourth quarter 2012, confirm this trend. The strongest increase in mobile data traffic was registered in the fourth quarter of 2012: it rose by 70 % compared to the third quarter of 2012. At the end of December 2012, the share of mobile data in the service revenues of Mobistar amounted to 41.4 %, compared to 37.1 % a year earlier.

Fixed and convergent activities

The segment of the fixed and convergent offerings continues to be dominated by the cable operators and the historical telecom operator. It is a matter of waiting for the opening up of cable or access to the multicast in order to bolster the competition in the fixed activities. Although the activation process for fixed services had already been made more efficient, Mobistar did not relaunch its digital TV and ADSL in the fourth quarter of 2012. In October 2012, however, Mobistar did launch the ´combine & save´ programme for its mobile customers, a new offer for Internet, digital TV and fixed telephone services. Very simple and transparent; the more fixed services the mobile customer combines, the greater the financial advantage he receives. Thanks to this offer, mobile customers could benefit from the least expensive ADSL offer in the market; 15 euros per month (50 GB, 16 Mbps). The gross number of new ADSL contracts rose in the fourth quarter 2012 by 30 %.

At the end of December 2012, Mobistar S.A. had 71.985 ADSL customers compared to 79.497 ADSL customers a year earlier, a decrease of 9.4 %. On 31 December 2012 the number of digital TV customers of Mobistar S.A. amounted to 27.846, 18.6 % fewer than the 34.194 customers one year earlier. In 2012 Mobistar S.A. recorded an increase of 3.2 % in the number of active fixed telephone lines, from 226.160 active lines at the end of December 2011 to 233.342 active lines one year later.

Evolution of the average revenue per user (ARPU) and the turnover

Key financial figures of Mobistar S.A.	12 m to 31/12/2012	12 m to 31/12/2011	Variation
ARPU(7) (€/month/active customer)	28.74	29.54	-2.7 %
Total turnover (million €)	1,605.3	1,611.0	-0.4 %
Service revenues (million €)	1,400.3	1,456.4	-3.9 %

The evolution of the average revenue per user was negatively influenced by the regulations (reduction in the MTR and roaming rates) and to a very limited degree by a lower voice traffic in 2012 (-0.2 % in 2012 compared to -2.2 % in 2011). The decline was partially offset by the rise in mobile data traffic and the unlimited SMS bundles which accounted for an increase of 10.2 % in the number of SMS. The ARPU, or average revenue per user, fell by 2.7 % in one year, from 29.54 euros/month/customer for 2011 to 28.74 euros/month/customer for 2012.

⁷⁾ Average Revenue Per User (smoothed average of the previous 12 months), excluding MVNOs and M2M cards.

The service revenues of Mobistar S.A. were also influenced by the reduction in the mobile termination rates on 1st January 2012 and the decrease of the roaming rates for voice, SMS and mobile data traffic on 1st July 2012. The total negative impact of the regulations on the service revenues amounted to 58.5 million euros. The service revenues fell by 3.9 % in 2012, from 1.456.4 million euros at the end of December 2011 to 1400.3 million euros the following year. The decrease in the mobile data tariffs in roaming had a positive impact on consumption. The quantity of data traffic which Mobistar customers used abroad during the summer months of 2012 doubled compared to the same months in 2011.

In 2012 the turnover from the sale of mobile telephones rose by 32.1 %, from 151.8 million euros at the end of 2011 to 200.5 million euros one year later. The increase was strongest in the fourth quarter, in part due to the great success of the iPhone 5. The decrease in the total turnover was therefore limited to 0.4 %, and amounted to 1.605.3 million euros at the end of 2012 compared to 1.611.0 million euros one year earlier.

Corporate social responsibility @ Mobistar

Mobistar wishes to become part of a global change in mentality by reinforcing its own CSR (corporate social responsibility) identity and supporting and promoting CSR activities. In addition to its involvement in the project related to autism of the non-profit association asbl Participate!, Mobistar is active in four areas; the customers, the society, the employees and the environment. A range of initiatives were completed in 2012: the CSR governance within the company, a more extensive dialogue with the stakeholders, an efficient reporting instrument and a regional certification.

3.4.2 Activities in Luxembourg (Orange Communications Luxembourg S.A.)

Key figures Orange Communications Luxembourg S.A.	12 m to 31/12/2012	12 m to 31/12/2011	Variation
Total number of active customers (mobile telephony)(8)	105,805	99,233	+6.6 %
ARPU(9) (€/month/active customer)	51.88	50.76(10)
Total turnover (million €)	75.5	65.7	+14.9 %
Service revenues (million €)	65.5	60.6	+ 8.1 %

At the end of December 2012, Orange Communications Luxembourg S.A. had 105.805 active mobile telephony customers, 6.6 % more than the year before. In the last quarter of 2012, the Luxembourg subsidiary of Mobistar was able to attract 2.626 new customers. Orange Communications Luxembourg S.A. closed its financial year 2012 with service revenues of 65.5 million euros, compared to 60.6 million euros at the end of December 2011, an increase of 8.1 %. The total turnover for the financial year 2012 amounted to 75.5 million euros, an increase of 14.9 % compared to 65.7 million euros one year earlier, thanks to the successful sale of mobile telephones. The turnover of mobile telephones doubled in the fourth quarter of 2012 compared to the same period a year earlier, from 5.0 million euros in 2011 to 9.9 million euros in 2012.

The average revenue per user for the full year 2012 amounted to 51.88 euros/month/active customer, compared to 50.76 euros/month/active customer for the year 2011.

^{8) &}quot;Machine-to-machine" cards are not included in the number of active customers.

⁹⁾ Average Revenue Per User (smoothed average of the previous 12 months), excluding MVNOs and M2M cards.

¹⁰⁾ The ARPU as at 31/12/2011 has been revised and does not include the 'machine-to-machine' cards.

3.5 Financial instruments, financial risks management objectives and policy

No changes have occurred relative to the information included in the 2011 annual report (p. 77).

3.6 Disputes

The information relating to disputes contained in the 2011 annual report and the 2012 quarterly reports has been modified as follows:

Masts: The Court of Cassation confirmed in its judgments of 30 March 2012 the Constitutional Court´s interpretation of article 98 of the Act of 21 March 1991. The total receivable amount of taxes charged, plus default interest calculated at the legal rate, amounts to 57.3 million euros and is subject to a bad debt provision for the total amount, of which 7.6 million euros correspond to the financial year 2012.

Abuse of dominant position by the Belgacom Group: The experts dismissed by Belgacom filed an appeal at the end of May 2012, and a decision on this appeal is expected in 2013. Mobistar initiated a Cassation proceeding in December 2012 against the decision concerning the dismissal of the experts. In the meantime, the new experts appointed since 1 October 2012 have declined their mission. New experts must be appointed.

Spectrum: 2G licence renewal - Oral arguments were held before the European Court of Justice on 11 June 2012 within the framework of the reference for a preliminary ruling. A decision of the European Court is expected in the first half of 2013. The Belgian Constitutional Court would then decide on the merits during the course of 2013.

Opening up of the cable: On 4 September 2012, the Court of Appeal dismissed Telenet´s request for suspension. The suspension request by the other cable operators (Tecteo, Numéricable and AIESH) was dismissed on 6 November 2012. A decision on the merits is not expected before the end of 2013 or the beginning of 2014.

KPN: Mobistar paid a cash consideration of 65 million euros at the acquisition date. However, as mentioned in the 2010 and 2011 annual reports, the share purchase agreement foresees an adjustment of the purchase consideration based on the net debt and the working capital as at 28 February 2010. The final purchase price is still under review between Mobistar and the seller, and the case was submitted to an expert for evaluation. The conclusion reached in the expert´s report, i.e. that KPN should pay Mobistar an amount between 0.3 and 2.2 million euros, is being challenged by KPN, which argues that the proposed changes fall outside the scope of the expert´s mission. KPN consequently launched an arbitration proceeding regarding the expert´s mission. On 5 July 2012, the Belgian Constitutional Court issued a ruling in which the scope of the expert´s mission was confirmed, but which also finds that the report of the independent expert contains manifest errors. Because the Court is not competent to engage in further examination of the disputed points, it proposes that the two parties choose a new independent expert to review the disputed points. Mobistar initiated a proceeding with a view to having this decision annulled.

Agency agreement: A former commercial agent started a proceeding before the Brussels Commercial Court to obtain compensation for the termination of his agency contract. The agent is claiming damages in an amount of around 17 million euros (the amount claimed in the most recent pleadings). Mobistar is convinced that the claim is - at the very least - largely unfounded. Mobistar has filed a counterclaim for a value of around 14.5 million euros (the amount claimed in the most recent pleadings). The proceeding began in July 2011. The hearing is scheduled for the beginning of 2013.

3.7 Statutory auditor´s procedures

The statutory auditor has confirmed that the audit activities on the consolidated financial statements have been substantially completed and that no significant corrections have been identified that would have to be made to the financial information contained in the press release.

4. Trends and the 'SuperMobile 2013-2015' programme

In order to anticipate the opportunities that will be presenting themselves on the Belgian market as of 2015, in particular the maturity in the 4G market and the regulation of the cable infrastructure, Mobistar decided to accelerate its investments in its four strategic programmes:

Strengthening its leadership in the mobile activities market:

In order to preserve its commercial leadership in the mobile activities market, Mobistar today announces its ´SuperMobile 2013-2015´ investment programme. Along with the planned investments in the 3G/4G network, Mobistar will in the coming 3 years invest 150 million euros so as to terminate the accelerated roll-out of its super-fast mobile data network. In 2013 Mobistar will more rapidly convert its 2G/3G network in order to meet the current needs of its customers. Driven by the increasing demand for mobile Internet, Mobistar wishes to join the leading group of operators, which will more quickly roll out a 4G network in 1800 MHz or some other spectrum that is available in the future. Mobistar's objective is to provide 80 % of the population with 4G by 2015, even in Brussels if theemission standard is made less restrictive, and to offer its customers the best 4G network in the country.

Developing services that are available everywhere and at all times:

• In 2013 Mobistar will continue to offer fixed-line products in combination with mobile products and services. In the coming 12 to 24 months Mobistar will prepare itself in order to market offers via the regulated cable offer and to exploit all the new possibilities deriving from an accelerated roll-out of the 4G network.
• Mobistar will also invest in the development of services that permit the residential customers to be connected everywhere and at all times, whether it be to watch TV via the PC, tablets or smartphones, or to get access to 'cloud' services, for example. In the business market, Mobistar will make use of its growth in the 'machineto-machine' sector and the company fleets, as well as its strategic partners in order to offer 'connectivity 3.0' services to companies that offer their employees the possibility of using their own mobile telephones at work and of having access to professional cloud services.

Offering the best customer experience on the market:

Customer satisfaction remains a top priority in 2013 as well. In order to maintain this commitment to the customer, in 2013 Mobistar is accelerating the investments in its online distribution and its stores, loyalty programmes and its customer test center. Mobistar continues to strive for the best customer experience on the market and wants to become the preferred telecommunications brand in Belgium.

Managing the costs of the company as efficiently as possible:

Finally, Mobistar wishes to be a pioneer in terms of cost control of the company via its ACE programme (Agility – Cost – Efficiency). The preparations for the ACE programme began in the second half of 2012 and will achieve additional gross savings of at least 100 million euros between 2013 and 2015. The first part of the ACE programme, aimed at tactical efficiency improvements, already generated major cost savings in 2012. The more strategic improvements that begin in January 2013 will deliver results in 2014-2015.

5. Regulation and prospects for 2013

The impact of the roaming regulation is the result of the retail price reduction for voice, data and SMS traffic on 1st July 2012 and the future reduction on 1st July 2013. As of 2014 the national regulator will be focusing more on the fixed network operators, and Mobistar expects no further reduction in the MTR rates beside the decrease of 1st January 2013.

Based on the business strategy for 2013-2015, the Mobistar group foresees for the full financial year 2013:

• − a reduction of the total turnover between -4 % and -6 %;
• − an EBITDA between 380 and 420 million euros;
• − an operating cash-flow between 175 and 215 million euros.

The forecasts of the Mobistar group for 2013 take account of the negative impact of the regulatory measures for around 57 million euros on the turnover and 32 million euros on the EBITDA for the financial year 2013.

The hypotheses are based on the current figures on the evolution of the Belgian economic situation. They could be modified as a function of the impact of the price adjustments on the customer base resulting from the competitive pressure and the economic situation in Belgium.

6. Shareholders' remuneration

Concomitant with the accelerated investments in the 4G network and the provision of customer services, the Board of Directors wishes to adapt its dividend policy in order to preserve a sound balance sheet.

The Board of Directors of the Mobistar group will therefore propose the distribution of an ordinary dividend of 1.80 euro per share on 24 May 2013 and will submit this proposal for approval to the General Meeting of Shareholders of 2 May 2013.

Mobistar (EURONEXT BRUSSELS: MOBB), one of the main players on the Belgian and Luxembourg telecommunications market, is active in mobile voice and data traffic, as well as landline telephony, ADSL, TV and other markets with high growth potential. The company develops innovative products and services for the residential and professional markets. Mobistar is quoted on the Brussels Stock Exchange and is part of the France Télécom group.

For further information, please contact:

Press service: e-mail: press@mail.mobistar.be - http://corporate.mobistar.be/press Patti Verdoodt: +32 (0)495 55 96 26 Mathieu Van Overstraeten: +32 (0) 496 21 52 45 Investor relations: e-mail: ir@mail.mobistar.be Follow us on Twitter: PressMobistar

Declaration by the persons responsible

We, the undersigned, Jean-Marc Harion, CEO, and Werner De Laet, CFO, declare that to our knowledge:

a) the set of condensed financial statements drawn up in accordance with the prevailing accounting standards, gives a faithful image of the assets, financial situation and results of the issuer and the companies included within its consolidation;

b) the interim report contains a faithful presentation of the important events and major transactions between contracting parties which occurred during the first six months of the financial year, and their impact on the set of condensed financial statements, and a description of the main risks and uncertainties for the remaining months of the financial year.

Jean-Marc Harion Werner De Laet CEO CFO

Condensed consolidated financial statements in accordance with IFRS

Condensed consolidated statement of comprehensive income (Mio €)

	31.12.2012	31.12.2011	Variation (%)
Revenue
Service revenue	1 450.0	1 505.8	-3.7%
Handsets sales	200.5	151.8	32.1%
Total turnover	1 650.5	1 657.6	-0.4%
Other operating revenue	52.0	42.0	23.8%
Total revenue	1 702.5	1 699.6	0.2%
Operating expenses
Interconnection costs	-390.5	-393.3	-0.7%
Costs of equipment and goods sold	-352.9	-300.1	17.6%
Services and other goods	-281.8	-297.5	-5.3%
Employee benefits expenses	-156.1	-150.0	4.1%
Depreciation, amortisation and impairment	-217.2	-190.3	14.1%
Amounts written down stocks, contracts in progress and trade debtors	-20.4	-7.7	164.9%
Provisions for risks and charges	2.6	-4.9	-153.1%
Other operating charges	-9.2	-16.0	-42.5%
Total operating expenses	-1 425.6	-1 359.9	4.8%
EBITDA (result of operating activities before depreciation and amortisation)	494.1	530.1	-6.8%
EBITDA margin in % of service revenue	34.1%	35.2%
Result of operating activities (EBIT)	276.9	339.7	-18.5%
Finance income	0.5	0.9	-44.4%
Finance costs	-11.2	-11.8	-5.1%
Result of operating activities after net finance costs	266.2	328.9	-19.1%
Tax expense	-80.5	-107.9	-25.4%
Net profit of the period (*)	185.7	221.0	-16.0%
Profit attributable to equity holders of the parent	185.7	221.0	-16.0%
Consolidated statement of comprehensive income
Net profit for the period	185.7	221.0	-16.0%
Other comprehensive income	0	0
Total comprehensive income for the period	185.7	221.0	-16.0%
Part of the total comprehensive income attributable to equity holders of the parent	185.7	221.0	-16.0%
Basic earnings per share (in €)	3.09	3.68	-16.0%
Weighted average number of ordinary shares	60 014 414	60 014 414
Diluted earnings per share (in €)	3.09	3.68	-16.0%
Diluted weighted average number of ordinary shares	60 014 414	60 014 414

(*) Since there are no discontinued operations, the profit of the period corresponds to the result of continued operations.

Condensed consolidated balance sheet (Mio €)

	31.12.2012	31.12.2011
ASSETS
Non-current assets
Goodwill	80.1	80.1
Intangible assets	286.5	312.0
Tangible assets	665.0	666.0
Interests in associates	3.4	0.0
Other non-current assets	4.0	5.8
Deferred taxes	6.7	6.4
Total non-current assets	1 045.8	1 070.3
Current assets
Inventories	20.6	16.5
Trade receivables	230.2	225.3
Other current assets	38.2	62.3
Cash and cash equivalents	12.3	7.1
Total current assets	301.2	311.2
Total assets	1 347.0	1 381.5
EQUITY and LIABILITIES
Equity
Share capital	131.7	131.7
Legal reserve	13.2	13.2
Retained earnings	212.9	249.1
Total equity	357.8	394.0
Non-current liabilities
Long-term interests-bearing borrowings	383.7	293.2
Long-term trade payables	13.4	28.3
Long-term provisions	67.4	61.6
Deferred taxes	0.0	1.2
Total non-current liabilities	464.5	384.3
Current liabilities
Short-term interests-bearing borrowings	22.6	18.4
Trade payables	344.6	347.6
Employee benefits related liabilities	34.4	32.9
Current taxes payables	42.7	113.7
Deferred income	77.5	87.8
Other payables	3.0	2.7
Total current liabilities	524.7	603.2
Total liabilities	989.2	987.5
Total equity and liabilities	1 347.0	1 381.5

Condensed consolidated statement of changes in equity (Mio €)

	Share capital	Legal reserve	Retained earnings	Total equity
Balance as at 1 January 2012	131.7	13.2	249.1	394.0
Net profit for the period			185.7	185.7
Total comprehensive income for the period			185.7	185.7
Declared dividends			-222.1	-222.1
Equity transaction costs			0.2	0.2
Balance as at 31 December 2012	131.7	13.2	212.9	357.8

	Share capital	Legal reserve	Retained earnings	Total equity
Balance as at 1 January 2011	131.7	13.2	286.3	431.2
Net profit for the period			221.0	221.0
Total comprehensive income for the period			221.0	221.0
Declared dividends			-258.1	-258.1
Equity transaction costs			-0.1	-0.1
Balance as at 31 December 2011	131.7	13.2	249.1	394.0

Condensed consolidated cash flow statement (Mio €)

	31.12.2012	31.12.2011
Cash flows from operating activities
Profit before taxes	266.2	328.9
Non-cash adjustments for:
Depreciation, amortisation and impairment of fixed assets	217.2	190.3
Changes in long-term provisions	0.6	5.3
Changes in provision for bad debt	13.3	-1.3
Other non-cash expenses	1.0	0.0
Interest income	-0.2	-0.9
Interest charges	7.3	9.9
Adjusted result of operating activities before net finance costs	505.4	532.2
Inventories (increase -, decrease +)	-4.1	-6.2
Trade and other receivables	5.0	-25.7
Trade and other payables	-33.7	23.9
Net changes in working capital	-32.8	-8.0
Tax paid	-154.9	-79.4
Interests paid	-6.7	-9.8
Interests received	0.5	1.0
Net cash from operating activities	311.5	436.0
Cash flows from investing activities
Purchase of intangible and tangible assets	-188.5	-203.7
Debt associated to purchase of assets (increase +, decrease -)	8.0	9.9
Acquisition of subsidiary	-3.4
Proceeds from sale of equipment	2.2	0.0
Reimbursement long-term loans granted	2.0	1.0
Net cash used in investing activities	-179.7	-192.8
Organic cash flow(1)	133.2	242.2
Cash flows from financing activities
Short-term borrowings - net	4.1	-14.5
Long-term borrowings - proceeds	135.5	180.0
Long-term borrowings - repayments	-45.0	-155.2
Transactions costs paid for long-term credit facility	0.2	0.5
Others	0.9	-1.6
Equity transactions costs	0.1	-0.2
Dividends paid	-222.5	-258.1
Net cash used in financing activities	-126.7	-249.1
Net increase (+), decrease (-) in cash and cash equivalents	5.1	-5.9
Cash and cash equivalents at beginning of period	7.1	13.0
Cash and cash equivalents at end of period	12.2	7.1

(1) Net cash flow from operations less acquisitions of tangible and intangible assets, plus proceeds from disposals of tangible and intangible assets.

Segment information (Mio €)

2012	31.12.2012 Belgium		31.12.2012 Luxembourg	Interco elimination	Mobistar Group
	Mobile	Non-Mobile	Total	Total	Total	Total
Operating revenues
Network & other operating revenues (service revenues)	1 240.0	160.3	1 400.3	65.5	-15.8	1 450.0
Handsets sales	205.0	0.0	205.0	10.0	-14.5	200.5
Total turnover	1 445.0	160.3	1 605.3	75.5	-30.3	1 650.5
Other	0.0	0.0	0.0	0.0	0.0	0.0
Total operating revenues	1 445.0	160.3	1 605.3	75.5	-30.3	1 650.5
Operating charges
Direct costs excl. direct commercial costs	-534.0	-84.2	-618.2	-39.0	23.7	-633.5
Direct commercial costs	-120.5	-3.1	-123.6	-1.2	0.0	-124.8
Direct costs	-654.5	-87.3	-741.8	-40.2	23.7	-758.3
Direct margin	790.5	73.0	863.5	35.3	-6.6	892.2
% Operating revenues	63.8%	45.5%	61.7%	53.9%	41.8%	61.5%
Indirect production costs	-109.0	-37.3	-146.3	-8.8	6.6	-148.5
Information technology	-41.7	-3.7	-45.4	-0.6	0.0	-46.0
Communication, Marketing & Product development	-29.0	-13.0	-42.0	-3.2	0.0	-45.2
Indirect customer facing costs	-87.7	-24.3	-112.0	-7.9	0.0	-119.9
General and administration costs	-30.8	-4.4	-35.2	-3.3	0.0	-38.5
Indirect costs	-298.2	-82.7	-380.9	-23.8	6.6	-398.1
EBITDA	492.3	-9.7	482.6	11.5	0.0	494.1
% EBITDA on operating revenues			34.5%	17.6%	-0.2%	34.1%
Depreciations	-193.8	-15.5	-209.3	-7.9		-217.2
EBIT	298.5	-25.2	273.3	3.6	0.0	276.9
Financial income			0.5	0.0	0.0	0.5
Financial costs			-10.9	-0.3	0.0	-11.3
Profit before taxes			262.9	3.3	0.0	266.2
Tax expense			-80.4	-0.1	0.0	-80.5
Net profit of the period(1)			182.5	3.2	0.0	185.7
Profit attributable to equity holders of the parent			182.5	3.2	0.0	185.7

(1) Since there are no discontinued operations, the profit of the period corresponds to the result of continued operations.

2011		31.12.2011 Belgium		31.12.2011 Luxembourg	Interco elimination	Mobistar Group
	Mobile	Non-Mobile	Total	Total	Total	Total
Operating revenues
Network & other operating revenues (service revenues)	1 288.1	168.3	1 456.4	60.7	-11.2	1 505.8
Handsets sales	154.6	0.0	154.6	5.1	-8.0	151.8
Total turnover	1 442.7	168.3	1 611.0	65.7	-19.2	1 657.6
Other	0.0	0.0	0.0	0.0	0.0	0.0
Total operating revenues	1 442.7	168.3	1 611.0	65.7	-19.2	1 657.6
Operating charges
Direct costs excl. direct commercial costs	-480.7	-90.1	-570.8	-39.3	19.2	-590.9
Direct commercial costs	-115.3	-10.0	-125.3	0.0	0.0	-125.3
Direct costs	-596.0	-100.1	-696.1	-39.3	19.2	-716.2
Direct margin	846.7	68.2	915.0	26.4	0.0	941.4
% Operating revenues	65.7%	40.5%	62.8%	43.6%	-0.1%	62.5%
Indirect production costs	-106.3	-41.9	-148.2	-6.5	0.0	-154.7
Information technology	-35.4	-3.8	-39.2	-2.2	0.0	-41.3
Communication, Marketing & Product development	-28.4	-13.2	-41.6	-1.7	0.0	-43.3
Indirect customer facing costs	-88.3	-27.3	-115.6	-5.4	0.0	-121.0
General and administration costs	-42.4	-6.4	-48.8	-2.1	0.0	-50.9
Indirect costs	-300.8	-92.6	-393.4	-18.0	0.0	-411.4
EBITDA	545.9	-24.4	521.6	8.5	0.0	530.1
% EBITDA on operating revenues			35.8%	14.0%	-0.4%	35.2%
Depreciations	-168.7(1)	-11.1(1)	-179.9	-10.4		-190.3
EBIT	377.2	-35.5	341.7	-1.9	0.0	339.7
Financial income			1.1	0.0	0.0	1.1
Financial costs			-11.6	-0.4	0.0	-12.0
Profit before taxes			331.2	-2.3	0.0	328.9
Tax expense			-109.6	1.7	0.0	-107.9
Net profit of the period(2)			221.6	-0.6	0.0	221.0
Profit attributable to equity holders of the parent			221.6	-0.6	0.0	221.0

(1) Allocation of fixed assets between Mobile and Non-Mobile operations has been reviewed and refined in 2012. Consequently, depreciation values 2011 have been adapted to this new allocation. Further details will be provided in the annual report.

(2) Since there are no discontinued operations, the profit of the period corresponds to the result of continued operations.

Quarterly results

	Quarterly figures 2011					FY 2011
		Q1	Q2	Q3	Q4
Subscriber base evolution Mobistar S.A. Mobile customers
(excl. MVNO, MATMA)	in thousand	3 512.0	3 521.9	3 524.4	3 515.6
of which Postpaid	in thousand	2 245.1	2 264.7	2 292.4	2 330.2
of which Prepaid	in thousand	1 266.9	1 257.1	1 232.0	1 185.4
MVNO customers	in thousand	474.8	487.0	528.3	589.8
Orange Communications Luxembourg S.A. customers	in thousand	91.6	94.4	98.0	99.2
Total Mobistar Group	in thousand	4 078.4	4 103.2	4 150.7	4 204.6
ARPU evolution
Blended ARPU (rolling average of the preceding
12 months incl. visitor roaming)	in EUR/month	30.54	29.94	29.70	29.54
Postpaid ARPU (excl. visitor roaming and IEW)	in EUR/month	35.05	35.53	35.36	35.36
Prepaid ARPU (excl. visitor roaming and IEW)	in EUR/month	16.60	16.95	16.93	17.06
P&L
Service Revenues Mobistar Mobile	in Mio EUR	315.6	325.7	324.3	322.2	1 287.8
Service Revenues Mobistar/MES Fix/Data	in Mio EUR	41.1	42.1	41.2	44.2	168.6
Service Revenues Orange Communications Luxembourg S.A.	in Mio EUR	14.2	15.0	15.1	16.4	60.7
Total Mobistar consolidated service
revenues(1)	in Mio EUR	369.7	380.3	377.7	378.1	1 505.8
Total Mobistar consolidated handsets sales	in Mio EUR	31.2	38.7	27.5	54.4	151.8
Total Mobistar consolidated turnover	in Mio EUR	400.9	419.0	405.2	432.5	1 657.6
Total Mobistar consolidated EBITDA	in Mio EUR	125.2	145.5	130.2	129.2	530.1
	as a % of service revenues	33.9%	38.3%	34.5%	34.2%	35.2%
Total Mobistar consolidated net result	in Mio EUR	53.1	63.1	52.3	52.5	221.0
EPS calculated on the basis of the
outstanding shares at the end of the quarter	in EUR/share	0.89	1.05	0.87	0.87	3.68
Diluted weighted average earnings
per share	in EUR/share	0.89	1.05	0.87	0.87	3.68
Total Mobistar consolidated CAPEX	in Mio EUR	31.9	35.2	37.0	99.6	203.7
	as a % of service revenues	9%	9%	10%	26%	14%
Organic cash flow	in Mio EUR	95.7	56.0	55.4	35.1	242.2

				Quarterly figures 2012	FY 2012
		Q1	Q2	Q3	Q4
Subscriber base evolution
Mobistar S.A. Mobile customers
(excl. MVNO, MATMA)	in thousand	3 517.1	3 524.9	3 512.6	3 432.1
of which Postpaid	in thousand	2 349.9	2 375.3	2 388.6	2 338.5
of which Prepaid	in thousand	1 167.2	1 149.6	1 124.0	1 093.6
MVNO customers	in thousand	572.4	619.4	700.6	889.5
Orange Communications Luxembourg S.A. customers	in thousand	96.7	100.2	102.9	105.8
Total Mobistar Group	in thousand	4 186.2	4 244.5	4 316.1	4 427.4
ARPU evolution
Blended ARPU (rolling average of the preceding
12 months incl. visitor roaming)	in EUR/month	29.32	28.85	28.82	28.74
Postpaid ARPU (excl. visitor roaming and IEW)	in EUR/month	34.95	34.41	33.95	33.42
Prepaid ARPU (excl. visitor roaming and IEW)	in EUR/month	17.08	16.72	17.12	17.53
P&L
Service Revenues Mobistar Mobile	in Mio EUR	304.3	311.6	308.0	316.1	1 240.0
Service Revenues Mobistar/MES Fix/Data	in Mio EUR	41.5	38.8	38.5	41.5	160.3
Service Revenues Orange Communications Luxembourg S.A.	in Mio EUR	15.7	16.6	16.4	16.8	65.5
Total Mobistar consolidated service revenues(1)	in Mio EUR	358.4	363.3	359.0	369.3	1 450.0
Total Mobistar consolidated handsets sales	in Mio EUR	41.1	39.7	38.6	81.1	200.5
Total Mobistar consolidated turnover	in Mio EUR	399.5	403.0	397.6	450.4	1 650.5
Total Mobistar consolidated EBITDA	in Mio EUR	113.1	136.6	119.7	124.7	494.1
	as a % of service revenues	31.5%	37.6%	33.3%	33.8%	34.1%
Total Mobistar consolidated net result	in Mio EUR	38.2	54.7	44.7	48.1	185.7
EPS calculated on the basis of the outstanding shares at the end of the
quarter Diluted weighted average earnings	in EUR/share	0.64	0.91	0.74	0.80	3.09
per share	in EUR/share	0.64	0.91	0.74	0.80	3.09
Total Mobistar consolidated CAPEX	in Mio EUR	24.8	37.8	38.4	87.5	188.5
Organic cash flow	as a % of service revenues in Mio EUR	7% 28.9	10% 52.6	11% 66.3	24% -14.6	13%
						133.2