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Full Year 2015 Results

6% top line growth outpaced Adjusted EBITDA growth of 5% as a result of higher investments in customer experience and higher integration costs related to the BASE Company NV acquisition;
- Free Cash Flow of €279.0 million, up 17% yoy, despite significantly higher cash taxes paid driven by solid Adjusted EBITDA growth, lower cash interest expenses and working capital improvements;
- European Commission approved BASE Company NV acquisition last week; transaction expected to close mid-February 2016, allowing us to more effectively compete for mobile subscriber 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 IFRS") for the year ended December 31, 2015.


  • Triple-play subscribers up 6% yoy to 1,094,300 at December 31, 2015, representing around 50% of our customer base, and driven by continued traction for our leading "Whop" and "Whoppa" bundles and attractive promotions;
  • We exceeded 1 million mobile postpaid subscribers at the end of 2015, up 12% yoy, and representing a solid net inflow of 24,000 subscribers in Q4 2015 despite the intensely competitive environment;
  • Revenue(1) of €1,808.4 million, +6% yoy, driven by higher revenue from our advanced fixed services and a growing contribution from our mobile and B2B businesses. Q4 2015 revenue of €458.7 million, +5% yoy;
  • Adjusted EBITDA(2) of €943.7 million, +5% yoy, reflecting nonrecurring benefits of €12.5 million and €7.6 million in Q1 2014 and in Q2 2015, respectively. Q4 2015 Adjusted EBITDA of €219.5 million, +3% yoy, with higher costs related to the planned integration of BASE Company more than offset by continued focus on operational excellence and lower handset subsidies due to our handset financing and "Choose Your Device" programs;
  • Accrued capital expenditures(3) of €383.6 million, or around 21% of our revenue. Excluding the recognition of the Belgian football broadcasting rights, they represented around 20% of our revenue, with lower spending on set-top boxes and customer installations partly offset by higher network-related investments;
  • Free Cash Flow(4) of €279.0 million, +17% yoy, despite significantly higher cash taxes paid. Increase in Free Cash Flow was driven by solid Adjusted EBITDA growth, lower cash interest expenses and an improved trend in our working capital. Q4 2015 Free Cash Flow more than doubled yoy to €53.8 million;
  • Closing of 1,325.0 million BASE Company acquisition expected mid-February 2016, anticipating expenditures of around €240.0 million over the next few years, including targeted investments in BASE Company's mobile network and integration costs, offset by expected combined annual run-rate synergies of at least €150.0 million, driven in large part by the migration of our mobile telephony subscriber base to the BASE Company network. Guidance on the combined group's expected financial performance in 2016 to be provided in April in conjunction with the release of our Q1 2016 results;
  • Board of directors has authorized a €50.0 million share buy-back program, effective as of February 15, 2016.

About Telenet Group NV/SA

As a provider of entertainment and telecommunication services in Belgium, Telenet Group is always looking for the perfect experience in the digital world for its customers. Under the brand name Telenet, the company focuses on offering digital television, high-speed Internet and fixed and mobile telephony services to residential customers in Flanders and Brussels.

Under the brand name BASE, it supplies mobile telephony in Belgium. The Telenet Business department serves the business market in Belgium and Luxembourg with connectivity, hosting and security solutions. More than 3,000 employees have one aim in mind: making living and working easier and more pleasant.

Telenet Group is part of Telenet Group Holding NV and is quoted on Euronext Brussel under ticker symbol TNET. For more information, visit Liberty Global - the world's largest international TV and broadband company, investing, innovating and empowering people in more than 10 countries across Europe to make the most of the digital revolution – owns a direct stake of 57.3% in Telenet Group Holding SA/NV (excluding any treasury shares held by the latter from time to time).

The BASE newsroom can be found at

Telenet Group NV/SA
Neerveldstraat 107
1200 Brussels