Financieel rapport
Koninklijke KPN N.V.
Beroepsproduct 2
Verweij, Anouk 648227
Waldram, Sven 652747
30 januari 2020
,Voorwoord
Onze namen zijn Anouk Verweij en Sven Waldram. Wij studeren Accountancy en zit-
ten op dit moment in onze tweede periode van het eerste jaar. Als afsluiting van de
tweede periode (Business Economics) hebben wij dit financiële rapport over Konin-
klijke KPN N.V gemaakt. Wij vonden dit een erg leuk en leerzaam project waarbij we
veel lesmateriaal hebben kunnen toepassen in een praktijkvorm. Dit is een goed
voorbeeld om later te gebruiken bij eenzelfde soort opdracht.
Executive summary
In this report is Koninklijke KPN N.V. integral analyzed. The business is split in three
business segments. The segment Consumer NL, the segments Business NL and
Wholesale NL. Delivering quality products and services is one of the most important
things KPN goals. KPN also wants to be innovative and sustainable to secure the
market leadership.
The last two years where financial difficult for KPN. From the fundamental analysis
there is concluded that the solvency, profitability, liquidity and other key figures have
decreased in the last five years. The turnover has been decreasing since 2009. The
profit since 2009 has been inconstant. According to the Altman’s Z-score the last
years KPN has not been healthy financially.
Consumer NL has been providing 52% of the total turnover in 2017 and 2018. This
means consumers are the biggest market for KPN. According to the industry analysis
Consumer NL is in the saturation phase. The business unit Business NL is also in the
saturation phase. The segment Wholesale NL has the least contribution to the total
turnover and is located in the decline phase.
In the forecast it is predicted that 2019 and 2020 will be worse than 2018. The turno-
ver will decrease with 17,97% in 2020. The external costs will decrease in proportion
to the turnover. The biggest reason for decrease is because KPN is highly innovative,
automates systems and combines work processes.
The dividend per share is lower as profit decreases, what makes it not attractive for
investors to invest. Demand for equities will therefore decrease, so the course of a
share will decrease from € 2.13 in 2019 to € 1.74 in 2020.
The SWOT-analysis showed that the digitization of the customer service and the cus-
tomer base is the greatest opportunity for KPN. Digitization of customer service and
customer base the company can stand out in a user interaction with the customer
compared to the competitors. KPN also saves money here. The biggest threat to
KPN is an economic crisis. The turnover depends on the business cycle.
Based on the results from the confrontation matrix was chosen for the attack strat-
egy. This is to distinguish KPN competitors in sustainability, innovation, quality, ease
of use and customer satisfaction.
1
,Inhoudsopgave
Voorwoord.................................................................................................................... 1
Executive summary...................................................................................................... 1
Inhoudsopgave ............................................................................................................ 2
Inleiding........................................................................................................................ 4
1. Profiel van de onderneming ..................................................................................... 4
1.1 Inleiding .............................................................................................................. 4
1.2 Ashridge mission model ..................................................................................... 5
1.2.1 Doel ............................................................................................................. 5
1.2.2 Strategie ...................................................................................................... 6
1.2.3 Waarden ...................................................................................................... 6
1.2.4 Gedragsnormen ........................................................................................... 6
1.3 Stakeholders analyse ......................................................................................... 7
1.4 Krachtenveld analyse ......................................................................................... 8
2. Bedrijfsanalyse......................................................................................................... 8
2.1 Fundamentele analyse ....................................................................................... 8
2.1.1 Solvabiliteit................................................................................................... 9
2.1.2 Liquiditeit...................................................................................................... 9
2.1.3 Rentabiliteit ................................................................................................ 10
2.1.4 Activiteitkengetallen ................................................................................... 13
2.1.5 Werknemerskengetallen ............................................................................ 16
2.1.6 Omgevingsvariabelen ................................................................................ 18
2.1.7 Dupont-analyse.......................................................................................... 20
2.1.8 Beleggingskengetallen............................................................................... 22
2.2 Omzet- en winstanalyse ................................................................................... 26
2.2.1 Geografische spreiding .............................................................................. 26
2.2.2 Verdeling naar activiteiten ......................................................................... 26
2.2.3 Verdeling naar distributiekanalen .............................................................. 27
2.2.4 Portfolio-analyse ........................................................................................ 28
2.3 Bedrijfstaklevenscyclus .................................................................................... 29
3 Forecasting ............................................................................................................. 30
3.1 Top down forecasting ....................................................................................... 30
3.1.1 Omzetprognose ......................................................................................... 30
3.1.2 Externe kosten ........................................................................................... 31
3.1.3 Personeelslasten ....................................................................................... 31
2
, 3.1.4 Balanstotaal ............................................................................................... 31
3.1.5 Vaste en vlottende activa........................................................................... 32
3.1.6 Afschrijvingen ............................................................................................ 32
3.1.7 Solvabiliteit................................................................................................. 33
3.1.8 Overige posten resultatenrekening ............................................................ 34
3.1.9 Debetzijde balans ...................................................................................... 35
3.1.10 Creditzijde balans .................................................................................... 36
3.1.11 Resterende voorspellingen ...................................................................... 37
3.2 Fine tuning van de forecast .......................................................................... 37
3.2.1 Vergelijking boekjaar 2019 ........................................................................ 37
3.2.2 Vergelijking boekjaar 2020 ........................................................................ 37
4. SWOT-analyse....................................................................................................... 38
4.1 Huidige strategie .............................................................................................. 38
4.2 Externe issues .................................................................................................. 38
4.2.1 Digitaliseren ............................................................................................... 38
4.2.2 Privacy ....................................................................................................... 38
4.2.3 Economisch crisis ...................................................................................... 38
4.2.4 Concurrentie .............................................................................................. 38
4.3 Sterktes en zwaktes ......................................................................................... 39
4.4 Confrontatiematrix ............................................................................................ 39
4.5 Kansen en bedreigingen .................................................................................. 40
4.6 Strategische opties ........................................................................................... 40
5. Conclusies en aanbevelingen ................................................................................ 41
Literatuurlijst............................................................................................................... 43
3
Koninklijke KPN N.V.
Beroepsproduct 2
Verweij, Anouk 648227
Waldram, Sven 652747
30 januari 2020
,Voorwoord
Onze namen zijn Anouk Verweij en Sven Waldram. Wij studeren Accountancy en zit-
ten op dit moment in onze tweede periode van het eerste jaar. Als afsluiting van de
tweede periode (Business Economics) hebben wij dit financiële rapport over Konin-
klijke KPN N.V gemaakt. Wij vonden dit een erg leuk en leerzaam project waarbij we
veel lesmateriaal hebben kunnen toepassen in een praktijkvorm. Dit is een goed
voorbeeld om later te gebruiken bij eenzelfde soort opdracht.
Executive summary
In this report is Koninklijke KPN N.V. integral analyzed. The business is split in three
business segments. The segment Consumer NL, the segments Business NL and
Wholesale NL. Delivering quality products and services is one of the most important
things KPN goals. KPN also wants to be innovative and sustainable to secure the
market leadership.
The last two years where financial difficult for KPN. From the fundamental analysis
there is concluded that the solvency, profitability, liquidity and other key figures have
decreased in the last five years. The turnover has been decreasing since 2009. The
profit since 2009 has been inconstant. According to the Altman’s Z-score the last
years KPN has not been healthy financially.
Consumer NL has been providing 52% of the total turnover in 2017 and 2018. This
means consumers are the biggest market for KPN. According to the industry analysis
Consumer NL is in the saturation phase. The business unit Business NL is also in the
saturation phase. The segment Wholesale NL has the least contribution to the total
turnover and is located in the decline phase.
In the forecast it is predicted that 2019 and 2020 will be worse than 2018. The turno-
ver will decrease with 17,97% in 2020. The external costs will decrease in proportion
to the turnover. The biggest reason for decrease is because KPN is highly innovative,
automates systems and combines work processes.
The dividend per share is lower as profit decreases, what makes it not attractive for
investors to invest. Demand for equities will therefore decrease, so the course of a
share will decrease from € 2.13 in 2019 to € 1.74 in 2020.
The SWOT-analysis showed that the digitization of the customer service and the cus-
tomer base is the greatest opportunity for KPN. Digitization of customer service and
customer base the company can stand out in a user interaction with the customer
compared to the competitors. KPN also saves money here. The biggest threat to
KPN is an economic crisis. The turnover depends on the business cycle.
Based on the results from the confrontation matrix was chosen for the attack strat-
egy. This is to distinguish KPN competitors in sustainability, innovation, quality, ease
of use and customer satisfaction.
1
,Inhoudsopgave
Voorwoord.................................................................................................................... 1
Executive summary...................................................................................................... 1
Inhoudsopgave ............................................................................................................ 2
Inleiding........................................................................................................................ 4
1. Profiel van de onderneming ..................................................................................... 4
1.1 Inleiding .............................................................................................................. 4
1.2 Ashridge mission model ..................................................................................... 5
1.2.1 Doel ............................................................................................................. 5
1.2.2 Strategie ...................................................................................................... 6
1.2.3 Waarden ...................................................................................................... 6
1.2.4 Gedragsnormen ........................................................................................... 6
1.3 Stakeholders analyse ......................................................................................... 7
1.4 Krachtenveld analyse ......................................................................................... 8
2. Bedrijfsanalyse......................................................................................................... 8
2.1 Fundamentele analyse ....................................................................................... 8
2.1.1 Solvabiliteit................................................................................................... 9
2.1.2 Liquiditeit...................................................................................................... 9
2.1.3 Rentabiliteit ................................................................................................ 10
2.1.4 Activiteitkengetallen ................................................................................... 13
2.1.5 Werknemerskengetallen ............................................................................ 16
2.1.6 Omgevingsvariabelen ................................................................................ 18
2.1.7 Dupont-analyse.......................................................................................... 20
2.1.8 Beleggingskengetallen............................................................................... 22
2.2 Omzet- en winstanalyse ................................................................................... 26
2.2.1 Geografische spreiding .............................................................................. 26
2.2.2 Verdeling naar activiteiten ......................................................................... 26
2.2.3 Verdeling naar distributiekanalen .............................................................. 27
2.2.4 Portfolio-analyse ........................................................................................ 28
2.3 Bedrijfstaklevenscyclus .................................................................................... 29
3 Forecasting ............................................................................................................. 30
3.1 Top down forecasting ....................................................................................... 30
3.1.1 Omzetprognose ......................................................................................... 30
3.1.2 Externe kosten ........................................................................................... 31
3.1.3 Personeelslasten ....................................................................................... 31
2
, 3.1.4 Balanstotaal ............................................................................................... 31
3.1.5 Vaste en vlottende activa........................................................................... 32
3.1.6 Afschrijvingen ............................................................................................ 32
3.1.7 Solvabiliteit................................................................................................. 33
3.1.8 Overige posten resultatenrekening ............................................................ 34
3.1.9 Debetzijde balans ...................................................................................... 35
3.1.10 Creditzijde balans .................................................................................... 36
3.1.11 Resterende voorspellingen ...................................................................... 37
3.2 Fine tuning van de forecast .......................................................................... 37
3.2.1 Vergelijking boekjaar 2019 ........................................................................ 37
3.2.2 Vergelijking boekjaar 2020 ........................................................................ 37
4. SWOT-analyse....................................................................................................... 38
4.1 Huidige strategie .............................................................................................. 38
4.2 Externe issues .................................................................................................. 38
4.2.1 Digitaliseren ............................................................................................... 38
4.2.2 Privacy ....................................................................................................... 38
4.2.3 Economisch crisis ...................................................................................... 38
4.2.4 Concurrentie .............................................................................................. 38
4.3 Sterktes en zwaktes ......................................................................................... 39
4.4 Confrontatiematrix ............................................................................................ 39
4.5 Kansen en bedreigingen .................................................................................. 40
4.6 Strategische opties ........................................................................................... 40
5. Conclusies en aanbevelingen ................................................................................ 41
Literatuurlijst............................................................................................................... 43
3
