{
    "title": "Full Year 2019 Results",
    "modified_at": "2020-02-12 07:01:13",
    "published_at": "2020-02-12 07:00:39",
    "url": "https://press.telenet.be/full-year-2019-results",
    "short_url": "http://prez.ly/BLnb",
    "culture": "en",
    "language": "EN",
    "slug": "full-year-2019-results",
    "body": "<p><em>The enclosed information constitutes regulated information as defined in the Royal Decree of 14 November 2007&nbsp; regarding the duties of issuers of financial instruments which have been admitted for trading on a regulated market. Inside information.</em></p><ul class=\"release-content-list release-content-list--bulleted release-content-list--align-inherit\"><li><span><strong>Delivering on our FY outlook and off to a good start to realize our three-year strategic plan, targeting an Operating Free Cash Flow CAGR(a) between 6.5-8.0% over 2018-2021.</strong></span></li><li><span><strong>Adjusted EBITDA back to growth in 2020 against broadly stable revenue on a rebased basis. Expecting robust Adjusted Free Cash Flow between &euro;415.0-435.0 million in 2020.</strong></span></li><li><span><strong>Delivering on our shareholder remuneration timeline: (i) a gross final dividend of &euro;143.2 million (&euro;1.30 per share) and (ii) a &euro;55.0 million share buy-back program in 2020.</strong></span></li></ul><p><strong>Brussels, February 12, 2020</strong> &ndash; Telenet Group Holding NV (&ldquo;Telenet&rdquo; or the &ldquo;Company&rdquo;) (Euronext Brussels: TNET) announces its unaudited consolidated results under International Financial Reporting Standards as adopted by the European Union (&ldquo;EU IFRS&rdquo;) for the year ended December 31, 2019.</p><h4 id=\"highlights\" ><strong>HIGHLIGHTS</strong></h4><ul class=\"release-content-list release-content-list--bulleted release-content-list--align-inherit\"><li><span>Continued strong FMC growth to 547,400 customers at the end of Q4 2019, up 37% yoy, reaching around 26% of total customer relationships. On the fixed side, we noted an improved net subscriber trend for all products relative to Q3, driven by our revamped product portfolio and attractive end-of-year promotions.</span></li><li><span>Another strong quarter in terms of net mobile postpaid subscriber growth in Q4 (+39,000), primarily driven by continued FMC growth.</span></li><li><span>A higher share of multiple-play and higher-tier broadband customers and the benefit of certain price adjustments drove a healthy 3% yoy growth in the fixed ARPU per customer relationship to &euro;57.7 in 2019.</span></li><li><span>FY 2019 revenue of &euro;2,583.9 million, up 2% yoy and reflecting the inorganic impact from both the Nextel and the De Vijver Media acquisitions. On a rebased(1) basis, our top line contracted by just over 1% (1.2%), significantly better compared to our previously tightened top line guidance of around -2%. The better-than-anticipated revenue performance was mainly related to higher handset sales during Q4 2019 and higher production revenues at De Vijver Media. Q4 2019 revenue of &euro;673.3 million, +5% yoy on a reported basis and nearly stable versus last year (-0.7%).</span></li><li><span>Net profit of &euro;234.6 million for FY 2019 (Q4 2019: &euro;91.7 million), being a 6% decrease yoy driven by higher net finance expenses in the period, offsetting a robust 15% yoy increase in our operating profit.</span></li><li><span>Adjusted EBITDA of &euro;1,375.4 million for FY 2019, +4% yoy on a reported basis, including the Nextel and De Vijver Media acquisition impacts and the application of IFRS 16 as of January 1, 2019. On a rebased basis, our Adjusted EBITDA for FY 2019 contracted by nearly 2% yoy (-1.7%). Our rebased Adjusted EBITDA margin remained broadly stable in 2019 versus 2018 at 53.2%, driven by continued tight cost control and our ability to achieve operating leverage across the business. Q4 2019 Adjusted EBITDA of &euro;350.9 million, up 6% yoy a reported basis and -4% yoy on a rebased basis driven by (i) the loss of the MEDIALAAN MVNO contract, (ii) higher sales and marketing expenses and (iii) a tougher comparison base relative to a strong Q4 last year.</span></li><li><span>Accrued capital expenditures(3) of &euro;586.9 million for FY 2019, including the recognition of the UK Premier League broadcasting rights for the upcoming three seasons, a 15% decrease versus the prior year. Excluding this impact, our accrued capital expenditures represented 21% of revenue in the period.</span></li><li><span>Lower accrued capital expenditures and solid Adjusted EBITDA growth drove a robust 23% increase in Operating Free Cash Flow(4) to &euro;821.3 million for FY 2019, up 18% on a rebased basis and excluding the impact of IFRS 16.</span></li><li><span>Net cash from operating activities, net cash used in investing activities and net cash used in financing activities of &euro;1,092.5 million, &euro;432.0 million and &euro;647.3 million, respectively, for FY 2019. Adjusted Free Cash Flow(5) of &euro;391.0 million for FY 2019 (Q4 2019: &euro;120.9 million), -7% compared to last year. Our 2019 Adjusted Free Cash Flow included a &euro;94.2 million lower contribution from our vendor financing program. Excluding this impact, our underlying Adjusted Free Cash Flow was up 19% year-on-year.</span></li><li><span>Confident to deliver on our three-year strategic plan, targeting rebased Adjusted EBITDA and Operating Free Cash Flow growth of around 1% and around 2% for 2020, respectively, against broadly stable revenue. Robust Adjusted Free Cash Flow targeted for 2020 between &euro;415.0-435.0 million, underpinned by an attractive shareholder remuneration profile as announced separately this morning.</span></li></ul><a href='https://cdn.uc.assets.prezly.com/07fa07b3-7436-4bcc-8210-f059efcc3308/-/inline/no/earnings-release-q4-2019-engvfinal.pdf' class='release-content-attachment' id='attachment-07fa07b3-7436-4bcc-8210-f059efcc3308' data-type='attachment' data-track='Story File Download' data-placement='content' data-id='07fa07b3-7436-4bcc-8210-f059efcc3308'>\n    <span class='release-content-attachment__icon'>\n        <svg class=\"icon icon-download\">\n                <use xlink:href=\"#icon-download\"></use>\n            </svg>\n    </span>\n    <span class='release-content-attachment__details'>\n        <strong class='release-content-attachment__title'>Press release</strong>\n        <em class='release-content-attachment__subtitle'>Earnings Release Q4 2019 ENG_vFINAL.pdf - 382 KB</em>\n    </span>\n</a><p>&nbsp;</p>",
    "mainvisual": {
        "thumbnail": "https://cdn.uc.assets.prezly.com/d591e9e6-c0a9-4b21-bd7c-9c99fa1ed3c4/-/scale_crop/250x250/center/-/format/auto/",
        "large": "https://cdn.uc.assets.prezly.com/d591e9e6-c0a9-4b21-bd7c-9c99fa1ed3c4/-/preview/500x500/-/format/auto/",
        "original": "https://cdn.uc.assets.prezly.com/d591e9e6-c0a9-4b21-bd7c-9c99fa1ed3c4/"
    },
    "attachments": [
        {
            "description": "Press release",
            "extension": "pdf",
            "url": "https://cdn.uc.assets.prezly.com/07fa07b3-7436-4bcc-8210-f059efcc3308/-/inline/no/earnings-release-q4-2019-engvfinal.pdf"
        }
    ],
    "author": {
        "first_name": "Koen",
        "last_name": "Hooftman"
    },
    "format_version": 3
}