After three years of strategy implementation, our performance is on-track
Our performance in 2021–2023 demonstrates that our strategic objectives are being implemented, while our operational and financial ambitions are going according to plan. This is despite enormous and unexpected challenges related to the external environment, which include the consequences of the outbreak of war in Ukraine and a huge rise in inflation, especially energy prices. The results achieved prove that our business is built on very strong foundations and that we are able to respond and adapt swiftly to the changing environment.
All our key subscription services have simultaneously expanded the customer base and improved the average revenue that they generate. Orange fibre is already available to more than 50% of Polish households. Fibre customers account now for almost half of all broadband customers, which symbolically marks the turning point in our technological transformation. Thanks to our ‘new opening in wholesale’ strategy we are maximising the monetisation of our assets through the demand for our infrastructure from other operators. Revenue growth from ICT services has outpaced our expectations, as we are uniquely positioned to take advantage of the digitization of Polish enterprises owing to our wide competencies coupled with a strong foothold in connectivity.
Our financial ambitions are going according to plan – or even exceeding it. We have promised to translate revenue growth into low-to-mid single-digit increase of EBITDAaL through our high operating leverage. Next, by keeping stable Capex, we aim to boost cash-flow generation and the return on capital employed (ROCE). As the table below demonstrates, revenue and EBITDAaL growth is at the high end of the guidance, while our eCapex is at the low end of the expectations. We have increased ROCE by five times and preserved a very sound balance sheet.
After three years of .Grow strategy we are in line with the plan
** Long-term prospects for net debt/EBITDAaL