First Quarter 2012 Results
- Continued strong triple-play net additions and handset sales drove 10% top line growth;
- Adjusted EBITDA up 11% yoy to 192.6 million, underlying margin of 52.9%;
- Success-based capital expenditures lay foundation for sustainable growth.
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 GAAP") for the first three months ended March 31, 2012.
HIGHLIGHTS
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Revenue of 364.0 million, up 10% yoy, driven by a higher share of multiple-play, mobile and Sporting Telenet subscribers, higher stand-alone handset sales and selective price increases on basic cable TV and broadband. Excluding low-margin revenue generated from hardware sales, our revenue was up 8% yoy.
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ARPU per customer relationship(4)(5) up 10% yoy to 44.8, the absolute yoy increase of 4.2 was our best achievement since Q4 2009;
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Robust net additions of 22,700 triple-play subscribers, our best result since Q4 2009, to 805,800 at Q1 2012 quarter-end, representing now 37% of our overall customer base;
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Adjusted EBITDA(1) of 192.6 million, up 11% yoy, resulting in an underlying margin of 52.9%. Excluding non-recurring elements, our Adjusted EBITDA grew 9% yoy;
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Net profit fell 71% to 12.2 million as a result of a 17.6 million non-cash loss on our interest rate derivatives, higher interest expenses and amortization charges linked to the Belgian football broadcasting rights;
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Accrued capital expenditures(2) amounted to 78.6 million, or 22% of revenue, driven by phasing of set-box capital expenditures, higher Fibernet migrations and the Pulsar node splitting project;
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Free Cash Flow(3) fell 36% to 55.0 million driven by negative working capital movements, higher cash interest expenses and a final cash payment for the Belgian football broadcasting rights for the current season;
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AGM/EGM of April 25, 2012 approved the proposed shareholder disbursement of 4.25 per share, including a gross dividend payout of 1.00 per share on May 10, 2012 and a net capital reduction payout of 3.25 per share on August 31, 2012.
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