Full Year 2011 Results
· Robust multiple-play growth, digital TV and mobile drove 6% top line growth in FY 2011;
· 64% of customers on multiple-play boosting ARPU per customer relationship by 9%;
· Proposed shareholder pay-out of 4.25 per share plus additional 50m share buy-back.
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 full year ended December 31, 2011.
HIGHLIGHTS
n Revenue of 1,376.3 million, +6% yoy, driven by robust multiple-play growth, Sporting Telenet and mobile;
n ARPU per customer relationship(4)(5) growth accelerated to 10% in Q4 2011 yoy thanks to more multiple-play, digital TV and Sporting Telenet subscribers and selective price increases on basic cable TV and broadband;
n Adjusted EBITDA(1) of 723.4 million, +8% yoy, margin expanded to 52.6% despite investments in mobile and the football-related production and marketing costs, driven by cost efficiencies and customer bundling;
n Net profit fell 81% to 16.8 million, negatively impacted by a higher loss on interest rate derivatives, higher amortization charges related to football and a 28.5 million impairment charge on DTT-related infrastructure;
n Accrued capital expenditures(2) increased to 470.2 million, impacted by the acquisition of certain exclusive sports broadcasting rights and a mobile spectrum license. Excluding these items, accrued capital expenditures amounted to approximately 23% of revenue driven by RGU growth and the Pulsar node splitting project;
n Free Cash Flow(3) of 246.3 million, down 4% yoy, reflecting higher cash interest payments and the cash prepayment of part of the acquired exclusive Belgian football broadcasting rights;
n The board of directors proposes a shareholder return for 2012 of approximately 533.0 million, consisting of a 3.25 per share capital reduction, a 1.00 per share dividend and a 50 million share buy-back program;
n FY 2012 outlook of 5-6% top line and Adjusted EBITDA growth, accrued capital expenditures of 22-23% of revenue and stable Free Cash Flow generation.
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