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Royal KPN N.V.
Royal KPN N.V. Press Release: Publication of KPN's restated figures 2018
29-March-2019 / 17:45 CET/CEST
Today, KPN published its restated figures 2018, reflecting newly implemented
accounting standard IFRS 16 and changes in the organizational structure,
both effective as of 1 January 2019.
*Newly implemented accounting standard (IFRS 16)*
IFRS 16 introduces on balance sheet accounting for almost all leases. For
lessees, the distinction between financial leases ('on balance') and
operating leases ('off balance') is removed. For lessors, the accounting
requirements remain substantially unchanged and the two types of leases
remain in place. From an accounting perspective, IFRS 16 will have a
significant impact on KPN as a lessee. IFRS 16 does not affect KPN's
operational performance.
Per transition date, KPN applies IFRS 16 only to leases which were
previously identified as leases under IAS 17 and IFRIC 4 in accordance with
the practical expedient allowed under IFRS 16. KPN applies the standard
using the full retrospective approach. For further information regarding
IFRS 16, reference is made to KPN's Integrated Annual Report 2018.
*Organizational changes*
As a result of several organizational changes, some revenues are allocated
to Business from Consumer and to Wholesale from Network, Operations & IT. In
addition, several intercompany revenues have been removed. KPN has also made
a few changes in the Business revenue breakdown to better reflect its core
IT Services portfolio.
The factsheet with restated figures for 2018 and an accompanying
presentation are now available on the KPN website (ir.kpn.com [1]). The
figures in these documents are unaudited and are subject to change until the
publication of the Integrated Annual Report 2019.
*For more information:*
KPN Royal Dutch Telecom
Investor Relations
Wilhelminakade 123
3072 AP Rotterdam
Tel: +31 (0)70 4466865
E-mail: ir@kpn.com
Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
End of Announcement - EQS News Service
793865 29-March-2019
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=d47c52c2f3afbc1283bf3ba4277192ff&application_id=793865&site_id=vwd&application_name=news
(END) Dow Jones Newswires
March 29, 2019 12:45 ET (16:45 GMT)
