KPN's reporting is complex and very elaborate. The top line is not only subject to underlying performance, competition and the state of the economy, but also to regulation, M&A and currency movements. In this Research Brief, we show that KPN's organic growth is still negative. We also dissect the external revenues into no fewer than 29 separate line items, which we subsequently cluster in a way that we believe fits KPN's business and strategy. This reveals that revenue sources that contain communication only, contribute just 14 per cent to the group revenues, whereas growth areas, such as mobile data and TV, are already at 31 per cent. Finally, we look at KPN's revenue outlook for 2010 and what it implies.
