First Quarter 2015 Results
- Improved revenue growth of 6% yoy to 443.4 million, driven by higher cable subscription revenue and double-digit top line growth in mobile telephony and B2B;
- Adjusted EBITDA of 235.0 million, yoy growth impacted by 12.5 million one-off benefit in Q1 2014;
- Acquisition of BASE Company for 1.325 billion will provide stable long-term mobile access and secures our future as a leading integrated telecommunications provider.
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 three months ended March 31, 2015.
HIGHLIGHTS
- Continued focus on product quality, innovation and providing an amazing customer experience drove a 9% net increase in triple-play subscribers, representing around 48% of our customer base;
- Surpassed 900,000 mobile postpaid subscribers(8), driven by a sequential improvement in net mobile postpaid subscriber acquisitions in Q1 2015 to 30,200 as a result of our attractive handset subsidy offers;
- Revenue of 443.4 million, up 6% yoy, driven by solid multiple-play growth, the benefit from selective price increase on certain fixed services in January 2015 and double-digit growth in our mobile and B2B activities;
- Adjusted EBITDA(1) of 235.0 million in Q1 2015, down 1% yoy, as Q1 2014 included a nonrecurring 12.5 million benefit from the settlement of certain operational contingencies. Excluding this nonrecurring impact, we achieved a solid underlying growth in our Adjusted EBITDA despite higher handset subsidy costs;
- Accrued capital expenditures(2) of 89.6 million, around 20% of revenue, impacted by the recognition of the Belgian football broadcasting rights for the 2015-2016 season. Excluding this impact, accrued capital expenditures were around 14% of revenue as a result of phasing and lower set-top box expenditures;
- Free Cash Flow(3) of 24.6 million for Q1 2015, down 3.0 million, or 11% yoy, as a result of substantially higher cash taxes, partly offset by working capital improvements and lower cash interest expenses;
- Full year outlook reaffirmed: revenue and Adjusted EBITDA growth of 4-5% and around 4% respectively, accrued capital expenditures of around 21% of revenue and Free Cash Flow of 240.0-250.0 million.
Press Release
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