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  • 75

    FINANCIAL STATEMENTS

  • 76

    KPN | Annual Report 2011

  • Financial Statements

    Consolidated Financial Statements 78

    Consolidated Statement of Income 78

    Consolidated Statement of Comprehensive Income 79

    Consolidated Statement of Financial Position 80

    Consolidated Statement of Cash Flows 82

    Consolidated Statement of Changes in Group Equity 83

    General notes to the Consolidated Financial Statements 84

    Notes to the Consolidated Statement of Income 92

    Notes to the Consolidated Statement of Financial Position 103

    Notes to the Consolidated Statement of Cash Flows 123

    Other Notes to the Consolidated Financial Statements 123

    Corporate Financial Statements 137

    Corporate Income Statement 137

    Corporate Balance Sheet 138

    General notes to the Corporate Financial Statements 139

    Notes to the Corporate Balance Sheet 140

    Other Information

    Independent Auditors Report 143

    Proposed appropriation of result 144

    Subsequent events 144

    Legal structure 145

    Glossary of terms 146

    77Contents

    KPN | Annual Report 2011

    CONTENTS

    Financial Statements

  • CONSOLIDATED STATEMENT OF INCOME

    Amounts in millions of EUR, unless otherwise stated 2011 2010Revenues [1] 13,022 13,324 Other income [2] 141 74 Total 13,163 13,398

    Own work capitalized 116 101 Cost of materials 1,005 911 Work contracted out and other expenses 4,503 4,560 Employee benefits [3] 1,874 1,932 Depreciation, amortization and impairments [4] 2,589 2,226 Other operating expenses [5] 759 620Total operating expenses 10,614 10,148

    Operating profit 2,549 3,250

    Finance income 32 19Finance costs 690 860Other financial results 96 75Financial income and expenses [6] 754 916

    Share of the loss of associates and joint ventures [12] 24 31

    Profit before income tax 1,771 2,303

    Income taxes [7] 222 508 Profit for the year 1,549 1,795

    Profit attributable to non-controlling Interests [20] 2Profit attributable to equity holders [19] 1,549 1,793

    Earnings per share after taxes attributable to equity holders for the year in EUR [8] Basic 1.06 1.15 Fully-diluted 1.06 1.15

    [..] Bracketed numbers refer to the related notes to the Consolidated Financial Statements, which form an integral part of these Consolidated Financial Statements.

    78Consolidated Financial Statements

    KPN | Annual Report 2011

    Consolidated Statement of Income

  • CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

    Amounts in millions of EUR, unless otherwise stated 2011 2010Profit for the year 1,549 1,795

    Other comprehensive income:

    Cash flow hedges:Gains or (losses) arising during the period [19] 109 30Income tax [19] 28 8

    81 22

    Currency translation adjustments:Gains or (losses) arising during the period [19] 14 4Income tax [19]

    14 4

    Fair value adjustment available for sale financial assets: Unrealized gains or (losses) arising during the period [19] 5 8Impairment charge through profit and loss 13

    8 8

    Other comprehensive income for the year, net of income tax 75 18

    Total comprehensive income for the year, net of income tax 1,624 1,813

    Total comprehensive income attributable to:Equity holders 1,624 1,811Non-controlling interests 2

    79Consolidated Financial Statements

    KPN | Annual Report 2011

    Consolidated Statement of Comprehensive Income

  • CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAssets

    Amounts in millions of EUR December 31, 2011 December 31, 2010

    NON-CURRENT ASSETSGoodwill 5,575 5,733 Licenses 2,495 2,818 Software 852 819 Other intangibles 290 385 Total intangible assets [10] 9,212 9,755

    Land and buildings 705 875 Plant and equipment 5,704 5,619 Other tangible non-current assets 116 130 Assets under construction 1,008 890 Total property, plant and equipment [11] 7,533 7,514

    Investments in associates and joint ventures [12] 261 284 Loans to associates and joint ventures [12] 127 33Available-for-sale financial assets [16] 48 53 Derivative financial instruments [26] 169 17 Deferred income tax assets [7] 1,831 1,918 Trade and other receivables [13] 261 236 Total non-current assets 19,442 19,810

    CURRENT ASSETSInventories [14] 123 153 Trade and other receivables [15] 1,607 1,867 Income tax receivables [7] 1 27 Cash and cash equivalents [17] 990 823 Total current assets 2,721 2,870

    Non-current assets and disposal groups held for sale [18] 224 57

    TOTAL ASSETS 22,387 22,737

    [..] Bracketed numbers refer to the related notes to the Consolidated Financial Statements which form an integral part of these Consolidated Financial Statements.

    80Consolidated Financial Statements

    KPN | Annual Report 2011

    Consolidated Statement of Financial Position

  • Group Equity and Liabilities

    Amounts in millions of EUR December 31, 2011 December 31, 2010

    GROUP EQUITYShare capital 344 377 Share premium 6,717 8,184 Other reserves 127 709 Retained earnings 4,004 4,352 Equity attributable to equity holders [19] 2,930 3,500Non-controlling interests [20] Total Group equity 2,930 3,500

    NON-CURRENT LIABILITIESBorrowings [21] 11,641 11,359 Derivative financial instruments [26] 229 250 Deferred income tax liabilities [7] 793 956 Provisions for retirement benefit obligations [22] 441 608 Provisions for other liabilities and charges [23] 397 404 Other payables and deferred income [24] 155 225 Total non-current liabilities 13,656 13,802

    CURRENT LIABILITIESTrade and other payables [25] 3,804 3,982 Borrowings [21] 1,458 1,178 Derivative financial instruments [26] 1 Income tax payables [7] 218 152 Provisions for other liabilities and charges [23] 129 106 Total current liabilities 5,609 5,419

    Liabilities directly associated with non-current assets and disposal groups classified as held for sale [18] 192 16

    TOTAL EQUITY AND LIABILITIES 22,387 22,737

    [..] Bracketed numbers refer to the related notes to the Consolidated Financial Statements which form an integral part of these Consolidated Financial Statements.

    81Consolidated Financial Statements

    KPN | Annual Report 2011

    Consolidated Statement of Financial Position

  • CONSOLIDATED STATEMENT OF CASH FLOWS

    Amounts in millions of EUR 2011 2010Profit before income tax 1,771 2,303

    Adjustments for: Net finance cost [6] 754 916 Share-based compensation [3] 15 17 Share of the profit of associates and joint ventures [12] 24 31 Depreciation, amortization and impairments [4] 2,589 2,226 Other income 137 66 Changes in provisions (excluding deferred taxes) 209 336

    Changes in working capital relating to: Inventories 14 52 Trade receivables 24 27 Prepayments and accrued income 64 19 Other current assets 12 41 Trade payables 150 246 Accruals and deferred income 151 88 Current liabilities (excluding short-term financing) 20 36

    Dividends received [12] 1 1 Income taxes paid 231 589 Interest paid 637 736 Net Cash flow provided by operating activities 4,003 3,808

    Acquisition of subsidiaries, associates and joint ventures (net of acquired cash) 23 106 Disposal of subsidiaries, associates and joint ventures 2 63 Investments in intangible assets (excluding software) 27 337 Investments in software 463 411Investments in property, plant and equipment 1,584 1,398 Disposals of intangible assets (excluding software) 9 Disposals of software 1 1Disposals of property, plant and equipment 176 103 Loans to associates and joint ventures 75 65Other changes and disposals 2 1 Net Cash flow used in investing activities [27] 1,986 2,149

    Share repurchases 1,000 1,000 Dividends paid 1,200 1,152 Proceeds from exercised options 5 13 Proceeds from borrowings [21] 2,159 991 Repayments of borrowings and settlement of derivatives [21] 1,702 2,484 Other changes 10 2 Net Cash flow used in financing activities [28] 1,748 3,634

    Changes in cash and cash equivalents 269 1,975

    Net Cash and cash equivalents at the beginning of the year [17] 682 2,652 Exchange rate differences 1 5Changes in cash and cash equivalents 269 1,975 Net Cash and cash equivalents at the end of the year [17] 950 682 Cash classified as held for sale [18] 36 17Bank overdrafts 76 158 Cash and cash equivalents [17] 990 823

    [..] Bracketed numbers refer to the related notes to the Consolidated Financial Statements which form an integral part of these Consolidated Financial Statements.

    82Consolidated Financial Statements

    KPN | Annual Report 2011

    Consolidated Statement of Cash Flows

  • CONSOLIDATED STATEMENT OF CHANGES IN GROUP EQUITY

    Amounts in millions of EUR, except number of shares

    Number of subscribed shares

    Share capital

    Share premium

    Other reserves

    Retained earnings

    Equity attributable

    to owners of the parents

    Non-controlling

    interestsTotal Group

    equityBalance as of January 1, 2010 1,628,855,322 391 8,799 370 4,982 3,838 3 3,841

    Share based compensation [3] 3 3 3Exercise of options [3, 19] 14 14 14Shares repurchased 1,000 1,000 1,000Dividends paid 1,152 1,152 1,152Shares cancelled [19] 56,245,438 14 615 629 Purchased from non-controlling interests [20] 14 14 5 19Comprehensive income for the period 18 1,793 1,811 2 1,813

    Balance as of December 31, 2010 1,572,609,884 377 8,184 709 4,352 3,500 3,500

    Share based compensation [3] 1 1 1Exercise of options [3, 19] 7 7 7Shares repurchased 1,000 1,000 1,000Dividends paid 1,202 1,202 1,202Shares cancelled [19] 141,087,402 33 1,467 1,500 Comprehensive income for the period 75 1,549 1,624 1,624

    Balance as of December 31, 2011 1,431,522,482 344 6,717 12

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