Press Release Telenet : First Quarter 2014 Results
- Solid net triple-play growth, up 32% yoy, resulting in 47% of customers subscribing to triple-play;
- Adjusted EBITDA up 18% yoy to 237.8 million on substantially lower network operating and service costs, including lower handset subsidies and a 12.5 million nonrecurring benefit;
- FY outlook reiterated, expecting revenue growth trend to improve relative to the Q1 2014 run-rate.
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, 2014
HIGHLIGHTS :
- Revenue of 416.8 million, up 3% yoy, impacted by substantially lower revenue from the sale of standalone handsets, temporary price promotions and only a partial benefit from the February 1, 2014 price increase;
- Continued momentum for our leading triple-play bundles with 24,100 net triple-play subscribers added in Q1 2014, which was our best Q1 performance since 2009, despite the intensely competitive environment;
- 779,800 mobile postpaid subscribers at March 31, 2014 as a result of 29,300 net subscribers additions in Q1 2014 - improved mobile offerings in March, including free 4G access, should drive future growth;
- Adjusted EBITDA(1) of 237.8 million, up 18% yoy, yielding a margin of 57.1%. Adjusted EBITDA growth was primarily driven by substantially lower costs associated with handset subsidies and included a nonrecurring 12.5 million benefit related to the settlement of certain operational contingencies. Excluding this impact, our Adjusted EBITDA growth reached 12% yoy in Q1 2014;
- Accrued capital expenditures(2) of 70.0 million, representing around 17% of revenue, impacted by phasing of set-top box related capital expenditures and 10% lower capital expenditures for customer installations yoy;
- Free Cash Flow(3) showed strong growth from a negative 10.0 million in Q1 2013 to 27.6 million in Q1 2014, driven by robust Adjusted EBITDA growth and an improvement in our working capital;
- Successful refinancing of our Term Loans Q, R and T and 100.0 million Senior Secured Notes due 2016 extends average debt maturity profile at attractive market conditions with upsized Revolving Facility.
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