Full Year 2014 Results
FY 2014 outlook achieved despite tough competitive environment;
- Continued investments in the quality of our products and services, innovation, customer experience and network have strengthened our future competitive positioning, leaving us well positioned to deliver healthy financial growth in 2015;
- Board of directors has authorized a 50.0 million share buy-back program, effective today.
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 year ended December 31, 2014.
HIGHLIGHTS
- Continued focus on product quality, innovation and providing an amazing customer experience drove a 10% net increase in triple-play subscribers, representing around 51% of our customer base;
- Nearly 900,000 mobile postpaid subscribers reached end-2014 (+19% yoy) despite an intensified competitive market in Q4 2014 impacting our rate of net additions;
- Revenue of 1,707.1 million for 2014, up 4% yoy, impacted by lower revenue from the sale of standalone handsets and lower analog carriage fees. Our revenue growth rate in Q4 2014 slightly contracted versus Q3 to 4% (436.0 million) due to lower revenue from set-top box sales and lower net subscriber additions;
- Adjusted EBITDA(1) of 900.0 million in 2014, up 7% yoy, including a nonrecurring 12.5 million benefit. Anticipated margin contraction in Q4 resulted in 212.6 million of Adjusted EBITDA for Q4 2014;
- Accrued capital expenditures(2) of 387.2 million, equal to around 23% of revenue. Excluding the renewal of the Belgian football broadcasting rights, they represented around 21% of revenue, in line with our outlook;
- Free Cash Flow(3) up 11% in 2014 to 235.3 million driven by improved operational performance and slightly lower cash interest expenses compared to 2013, partially offset by higher cash tax expenses and cash payments related to the settlement of certain operational contingencies;
- Targeting revenue and Adjusted EBITDA growth of 4-5% and around 4% respectively for the full year 2015, around 21% share of accrued capital expenditures to revenue and Free Cash Flow of 240.0-250.0 million.
Press release
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