First Half 2015 Results
Telenet Group Holding NV ("Telenet" or the "Company") (Euronext Brussels: TNET) announces its unaudited consolidated results under International Financial Reporting Standards as adopted by the European Union ("EU IFRS") for the six months ended June 30, 2015.
HIGHLIGHTS
- Our continued focus on product quality, innovation and customer experience drove an 8% net increase in triple-play subscribers, while annualized churn across all products strongly improved on a sequential basis;
- Reached 953,700 mobile postpaid subscribers(8) at June 30, 2015 with a solid inflow of 29,200 net mobile subscribers in Q2 2015 driven by attractive "Family Deal" proposition and handset subsidy offers;
- Revenue of 892.1 million in H1 2015 and 448.7 million in Q2 2015, both up 6% yoy, driven by solid multiple-play growth, the benefit from selective price increases in January 2015 and double-digit growth in our mobile and B2B activities;
- Adjusted EBITDA(1) of 481.4 million in H1 2015, up 5% yoy, representing a margin of 54.0%. Adjusted EBITDA of 246.4 million in Q2 2015, +11% yoy, which included a 7.6 million nonrecurring benefit from the resolution of a contingency associated with universal service obligations;
- Accrued capital expenditures(2) of 161.1 million, around 18% of revenue, impacted by the recognition of the Belgian football broadcasting rights for the 2015-2016 season. Excluding this impact, they were around 15% of revenue due to the timing of planned expenditures and lower set-top box expenditures;
- Free Cash Flow(3) of 145.1 million for H1 2015, down 4% yoy, as 3% growth in our net cash from operating activities, despite higher cash taxes, was more than offset by higher cash capital expenditures;
- FY 2015 outlook upgraded: targeting improved top line and Adjusted EBITDA growth of 5-6% and 4-5%, respectively, with accrued capital expenditures around 20% of our revenue leading to Free Cash Flow of 250.0-260.0 million.
