Exhibit 99.(a)(26)
CERTIFICATE OF ACCURACY
I, the undersigned, Arend Bakker, declare that I am fluent in the English and Dutch languages; that I have translated, transcribed, reviewed and/or edited the following Dutch source file.
Van Dijck Tab 23.pdf
I certify that to the best of my knowledge, ability and belief the same is a true and complete translation/transcription of the documents presented to me.
/s/ Arend Bakker | |
(Translator) | |
JX 051a
www.ubiqus.com
Ubiqus – West Coast | Meeting Services | Ubiqus – East Coast |
2222 Martin Street, Suite 212 | Transcription | 22 Cortlandt Street, Suite 802 |
Irvine, CA 92612 | Translation / Interpretation | New York, NY 10007 |
ph. (949) 477 4972 | Audience Response Systems | ph. (212) 227 7440 |
From: Dijk, van, J.A. (Johannes) (W&O Financial BC Portfolio Management)
Sent: Friday, October 24, 2008 9:53 AM
To: Blok, E. (Eelco) (Board of Directors KPN); Costermans, H.J. (Huib) (W&O Financial Manager); Dijk, V. (Vincent) (W&O PFM Manager); Farwerck, J.F.E. (Joost) (W&O Director)
Cc: Koetsier, J.M. (Jeroen) (W&O Financial BC Portfolio Management); Krijger, P. (Paul) (W&O Financial BC Portfolio Management); Nijs, de, H.W. (Henk) (W&O Financial BC Portfolio Management); Essing, P.J.M. (Pieter) (W&O PFM WS Interconnection Services); Erp, van, P.C. (Peter) (W&O PFM WS Interconnection Services)
Subject: ibasis bp 2009 and acquisition update v02.ppt
Follow Up Flag: Follow up
Flag Status: Yellow
Attachements: ibasis bp 2009 and acquisition update v02.ppt
Gentlemen,
Hereby a status update business plan iBasis 2009.
Greetings Johannes
From: Dijk, van, J.A. (Johannes) (W&O Financin BC Portfolio Management)
Sent: Friday, October 24, 2008 9:53 AM
To: Blok, E. (Eelco) (Raad van Bestuur KPN); Costermans, H.J. (Huib) (W&O Financiën Manager); Dijk, V. (Vincent) (W&O PFM Manager); Farwerck, J.F.E. (Joost) (W&O Directeur)
Cc: Koetsier, J.M. (Jeroen) (W&O Financiën BC Portfolio Management); Krijger, P. (Paul) (W&O Financiën BC Portfolio Management); Nijs, de, H.W. (Henk) (W&O Financiën BC Portfolio Management); Essing, P.J.M. (Pieter) (W&O PFM WS Interconnection Services); Erp, van, P.C. (Peter) (W&O PFM WS Interconnection Services)
Subject: ibasis bp 2009 and aquisition update v02.ppt
Follow Up Flag: Opvolgen
Flag Status: Yellow
Attachments: ibasis bp 2009 and aquisition update v02.ppt
Heren,
Hierbij een status update businessplan iBasis 2009.
Gr. Johannes
[kpn logo]
0 Zakelijke Markt, KPN B.V. Boekwinst iBasis 15 november 2007
Confidential KPN00034402
| iBasis Acquisition & Business Plan 2009 Status Update October 2008 1 Zakelijke Markt, KPN B.V. Boekwinst iBasis 15 november 2007 Confidential KPN00034403 |
| Contents 1. What we thought in 2007 – Original KPN KGCS/iBasis case 2. What we see happening in 2008 – Observations Summary – Observations Financial Performance – Observations Trading Traffic 3. How will 2009 look like – Business plan – Market value iBasis 4. Concluding – Summary analysis & findings – Next steps 2 Zakelijke Markt, KPN B.V. Boekwinst iBasis 15 november 2007 Confidential KPN00034404 |
| iBasis Original KPN KGCS/iBasis case — annual revenue growth decrease, steady EBITDA growth — Revenu ($ mln) 2007* 2008 2009 2010 iBasis 620 713 784 823 KGCS intern 213 229 231 231 KGCS extern 565 538 522 510 Totaal 1.398 1.480 1.537 1.564 EBITDA ($ mln) 2007* 2008 2009 2010 iBasis 24 33 41 47 KGCS 50 49 52 55 Totaal 74 82 93 102 Revenu (€ mln) 2007* 2008 2009 2010 iBasis 419 482 530 556 KGCS intern 144 155 156 156 KGCS extern 382 363 353 345 Totaal 945 1.000 1.039 1.057 EBITDA (€ mln) 2007* 2008 2009 2010 iBasis 16 22 28 32 KGCS 34 33 35 37 Totaal 50 55 63 69 Exchange rate € 1,48/$ (as of 27 Nov 2007) 2007 guideline [Illegible] IP Knowledge Graphical synergies Connecting North/Mid/South Americas with Europe/Africa and Asia [Illegible] in International voice market Financial [Illegible] Growth approx 4% DA Growth approx 12% 3 Zakelijke Markt, KPN B.V. Boekwinst iBasis 15 november 2007 Confidential KPN00034405 |
| 1. What we thought in 2007 – Original KPN KGCS/iBasis case 2. What we see happening in 2008 – Observations Summary – Observations Financial Performance – Observations Trading Traffic 3. How will 2009 look like – Business plan – Market value iBasis 4. Concluding – Summary analysis & findings – Next steps 4 Zakelijke Markt, KPN B.V. Boekwinst iBasis 15 november 2007 Confidential KPN00034406 |
| Observations 2008 summary — Traffic management need significant attention — Revenue Gross margin Operating expenses EBITDA Total traffic X 1.000.000 mln Plan 2008 1000 Not available 945 55 27.456 Plan YTD 753 86 708 45 20.626 Actuals YTD Q3 680 65 660 20 17.832 Remark 73 mln behind plan, caused by loss of trading traffic volumes Lower average revenues and higher average procurement costs 48 mln below plan Total traffic is 2.8bln minutes behind plan. This difference has occurred in Jun/Jul/Aug/Sept 2008 for trading traffic. Negative growth in trend All amounts in € 1000 5 Zakelijke Markt, KPN B.V. Boekwinst iBasis 15 november 2007 Confidential KPN00034407 |
| Observations financial performance: EBITDA in detail — EBITDA far behind plan due to lower revenues and traffic — On average compared to the previous month in 2008 the EBITDA September is € 1.9 mln above average (incidentals 0,7 mln) Outlook 2008 an EBITDA of €27 mln seems achievable 6 Zakelijke Markt, KPN B.V. Boekwinst iBasis 15 november 2007 Confidential KPN00034408 |
| Observations trading traffic — Growth synergies not happening, negative traffic growth since April 2008 — Total traffic minutes YTD 2008 are 17.8 billion minutes. The lack of trading traffic minutes causes the decline in the total traffic. Also this traffic shows a negative development related to 2007 KPN GCS and iBasis expected the greatest benefits from this traffic stream 7 Zakelijke Markt, KPN B.V. Boekwinst iBasis 15 november 2007 Confidential KPN00034409 |
| 1. What we thought in 2007 — Original KPN KGCS/iBasis case 2. What we see happening in 2008 — Observations Summary — Observations Financial Performance — Observations Trading Traffic 3. How will 2009 look like — Business plan — Market value iBasis 4. Concluding — Summary analysis & findings — Next steps 8 Zakelijke Markt, KPN B.V. Boekwinst iBasis 15 november 2007 Confidential KPN00034410 |
| 2009 key plan figures, as delivered on October 6th 2008 — very aggressive targets based on 2008 YEE — All amounts in € 1000 Revenue EBITDA Operating expenses Trading traffic X 1.000.000 mln 2008 Plan 753 45 708 27.456 2008 YEE 940 27 913 Not available 2009 Plan 1003 (10% growth on YEE) 43 (60% growth on YEE) 960 (5% growth on YEE) Not available 2010 Plan * 1021 44 977 Not available 2011 Plan * 1040 45 995 Not available * prognoses by KPN team analysis €1 = $1.44 9 Zakelijke Markt, KPN B.V. Boekwinst iBasis 15 november 2007 Confidential KPN00034411 |
| Observations financial performance: development overtime — Lowering future results based on 2008 learnings and market environment — •The estimated growth of the revenues in the BP 2009 equals the growth in the old 2009 BP, Ebitda% decreases from 6% to 4%. •Estimated for 2010/2011 is a 2% revenues growth and stable EBITDA% of 4,3%, this leads to a stable EBITDA of approx. 45 mln. 10 Zakelijke Markt, KPN B.V. Boekwinst iBasis 15 november 2007 Confidential KPN00034412 |
| Intercompanies — Intercompanies showing growth on revenues from KPN Parties — 2008 ESTIMATED n/12 2009 Revenues Expenses Revenues Expenses SNT Deutschland (AG) 883 0 900 ZM INS 1.347 7.949 74 4.600 W&O Centraal 0 0 W&O Voice Services 102.808 103.475 94.200 84.800 RES 663 300 Network Operator 0 1.500 BASE NV 22.052 6.023 31.726 4.076 E-PLUS Germany 53.521 4.821 49.999 4.418 E-Plus Spain 112 0 497 T2 Belgium 563 831 560 540 IT NL 0 1.473 350 181.285 125.235 177.956 100.584 11 Zakelijke Markt, KPN B.V. Boekwinst iBasis 15 november 2007 Confidential KPN00034413 |
| Market value iBasis (Oct 20th 2008) — After one year in business the market value has dropped by 80% — Date Stock Rate Dollar Xrate ## Stock %% Waarde in Euro Value on 20-10-2008 2.06 0,7511 73.375.000 100% 113.528.992 KPN Share 40.121.074 55% 62.077.071 Value to the deal Waarde in Euro’s KPN Contribution 31-10-2007 Additional Cash for KPN GCS 20.000.000 Cash Payment from KPN to iBasis 40.000.000 Net Profit KPN GCS 22.000.000 Multiplyer 4.0 Estimated Value of KPN GCS 88.000.000 Subtotal Contribution 148.000.000 Book Profit -72.000.000 Total Value Contributed by KPN -76.000.000 20-10-2008 Current surplus Value -13.922.929 [Illegible] [Illegible] [Illegible] [Illegible] [Illegible] KPN 40,121,074 [Illegible] [Illegible] (30-09-07) 10,750 USD 431,301,546 USD [Illegible] (20-10-08) 2,060 USD 82,649,412 USD [Illegible] 30-9-2007 1,414 EUR 20-10-2008 1,331 EUR Outstanding Stock 73.375.000 100% KPN Share 40.121.074 55% Institutional 18.917.287 26% Board Members 4.070.934 6% Others 10.265.705 14% INSTITUTIONALS GMT CAPITAL COR 3.009.707 4% MILLENNIUM MANA 2.996.195 4% LAMPE, CONWAY & 2.389.438 3% GREYWOLF CAPITA 2.037.440 3% BARCLAYS GLOBAL 1.401.276 2% Other Institutional 7.083.231 10% 12 Zakelijke Markt, KPN B.V. Boekwinst iBasis 15 november 2007 Confidential KPN00034414 |
| Contents 1. What we thought in 2007 – Original KPN KGCS/iBasis case 2. What we see happening in 2008 – Observations Summary – Observations Financial Performance – Observations Trading Traffic 3. How will 2009 look like – Business plan – Market value iBasis 4. Concluding – Summary analysis & findings – Next steps 13 Zakelijke Markt, KPN B.V. Boekwinst iBasis 15 november 2007 Confidential KPN00034415 |
| Summary of analysis & findings — Time for action — KPN GCS and iBasis expected the greatest benefits from this traffic stream Total trading traffic minutes far behind plan The lack of trading traffic minutes causes the decline in the total traffic. This traffic too shows a negative development related to 2007 Expect lower margins due to fierce competition in EU and potentially other regions The estimated growth of the revenues in the BP 2009 equals the growth in the old 2009 BP, EBITDA% decreases from 6% to 4% Estimated for 2010/2011 is a 2% revenues growth and stable EBITDA% of 4,3%, this leads to a stable EBITDA of approx. 45 mln 14 Zakelijke Markt, KPN B.V. Boekwinst iBasis 15 november 2007 Confidential KPN00034416 |
| Next steps •Discussion topics Nov 6th meeting – Business Plan – “Back to Growth” – Independent iBasis operations •Dec 15th iBasis BP 2009 finalized •Updated & signed framework & schedules Jan 15th 15 Zakelijke Markt, KPN B.V. Boekwinst iBasis 15 november 2007 Confidential KPN00034417 |
| Confidential KPN00034418 |
A B
1
2 Aquisitiecase – toezeggingen versus Actuals
3
4
5 iBasis Group
6
7 Amounts Euro x 1000
8
9 Revenues
10
11
12
13
14
15
16 EBITDA
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20
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48 Analyse iBasis
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Confidential KPN00034419
A B
62
63
64
Confidential KPN00034420
| YEE EBITDA is – 56% beneden Plan 2008. Gevolg van achterblijvende omzet van – 10% en lagere kosten van – 7%. Dit ten gevolge van achterblijvende volumes van – 13% YEE EBITDA is – 56% beneden Plan 2008. Gevolg van achterblijvende omzet van – 10% en lagere kosten van – 7%. Dit ten gevolge van achterblijvende volumes van – 13% YEE EBITDA is – 56% beneden plan 2008 Gevolg van achterblijvende omzet en lagere kosten ten gevolge van achterblijvende volumes In relatie tot de hoogte van de omzet liggen de kosten 3% boven plan Kwantiteiten zorgen voor absolute daling van omzet en kosten Prijs per minuut stijgt, waarbij de inkoop harder toeneemt dan de gemiddelde verkoopprijs per minuut Ontwikkeling aandelenkoers – Aandelen KPN – Aankoopkoers (30-09-07) Confidential KPN00034421 - |
C
62 – Huidige koers (20-10-08)
63 – Wisselkoers
64
Confidential KPN00034422
| 1 Q4 2007 Q3 2008 YEE 2008 AP 2008 BP 2009 BP 2010 BP2011 916 29 945 Plan 753 940 1,000 1,038 1,057 708 94% -6% 2% -48 -7% Actual 245 680 940 660 97% -10% BP 2009-2011 1,003 1,021 1,040 Plan 45 24 55 63 69 -56% 6% Actual 5 20 27 -56% BP 2009-2011 43 44 45 0.043070788 2 -10% -10% -7% 7% -13% -13% Dollarwaarde 40,121,074 stuks 10.750 USD 431,301,546 USD Confidential KPN00034423 |
D E F G H I J K L M N O P Q R S
62 2.060 USD 82,649,412 USD
63 9/30/2007 1.414 EUR
64 10/20/2008 1.331 EUR
Confidential KPN00034424
| Revenues 2007 2008 2009 2010 2011 GROEI 2008 2009 2010 2011 BP 2008-2010 945 1,000 1,039 1,057 5.82% 3.90% 1.73% BP 2009-2011 945 940 1,003 1,021 1,040 -0.53% 6.70% 1.83% 1.83% Costs 2007 2008 2009 2010 2011 GROEI 2008 2009 2010 2011 BP 2008-2010 895 945 976 988 5.59% 3.28% 1.23% BP 2009-2011 895 913 960 977 955 2.01% 5.13% 1.83% 1.83% EBITDA 2007 2008 2009 2010 2011 GROEI 2008 2009 2010 2011 BP 2008-2010 50 55 63 69 10.00% 14.55% 9.52% BP 2009-2011 50 27 43 44 45 -46.00% 60.00% 1.83% 1.83% Confidential KPN00034425 |
| Confidential KPN00034426 |
A B
1
2 Aquisitiecase – toezeggingen versus Actuals
3
4
5 iBasis Group
6
7 Amounts Euro x 1000
8
9 Revenues
10
11
12
13
14
15
16 EBITDA
17
18
19
20
21
22
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31
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33
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35
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48 Analyse iBasis
49
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Confidential KPN00034427
A B
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Confidential KPN00034428
| YEE EBITDA is – 56% beneden Plan 2008. Gevolg van achterblijvende omzet van – 10% en lagere kosten van – 7%. Dit ten gevolge van achterblijvende volumes van – 13% YEE EBITDA is – 56% beneden Plan 2008. Gevolg van achterblijvende omzet van – 10% en lagere kosten van – 7%. Dit ten gevolge van achterblijvende volumes van – 13% YEE EBITDA is – 56% beneden plan 2008 Gevolg van achterblijvende omzet en lagere kosten ten gevolge van achterblijvende volumes In relatie tot de hoogte van de omzet liggen de kosten 3% boven plan Kwantiteiten zorgen voor absolute daling van omzet en kosten Prijs per minuut stijgt, waarbij de inkoop harder toeneemt dan de gemiddelde verkopprijs per minuut Ontwikkeling aandelenkoers – Aandelen KPN – Aankoopkoers (30-09-07) Confidential KPN00034429 - |
C
62 – Huidige koers (20-10-08)
63 – Wisselkoers
64
Confidential KPN00034430
| 1 Q4 2007 Q3 2008 YEE 2008 AP 2008 BP 2009 BP 2010 BP2011 916 29 945 Plan 753 940 1,000 1,038 1,057 708 94% -6% 2% -48 -7% Actual 245 680 940 660 97% -10% BP 2009-2011 1,003 1,021 1,040 Plan 45 24 55 63 69 -56% 6% Actual 5 20 27 -56% BP 2009-2011 43 44 45 0.043070788 2 -10% -10% -7% 7% -13% -13% Dollarwaarde 40,121,074 stuks 10.750 USD 431,301,546 USD Confidential KPN00034431 |
D E F G H I J K L M N O P Q R S
62 2.060 USD 82,649,412 USD
63 9/30/2007 1.414 EUR
64 10/20/2008 1.331 EUR
Confidential KPN00034432
| Revenues 2007 2008 2009 2010 2011 GROEI 2008 2009 2010 2011 BP 2008-2010 945 1,000 1,039 1,057 5.85% 3.90% 1.73% BP 2009-2011 945 940 1,003 1,021 1,040 -0.53% 6.70% 1.83% 1.83% Costs 2007 2008 2009 2010 2011 GROEI 2008 2009 2010 2011 BP 2008-2010 895 945 976 988 5.59% 3.28% 1.23% BP 2009-2011 895 913 960 977 955 2.01% 5.13% 1.83% 1.83% EBITDA 2007 2008 2009 2010 2011 GROEI 2008 2009 2010 2011 BP 2008-2010 50 55 63 69 10.00% 14.55% 9.52% BP 2009-2011 50 27 43 44 45 -46.00% 60.00% 1.83% 1.83% Confidential KPN00034433 |
