Telenet NV : First Quarter 2013 Results
Mechelen, April 25, 2013 - 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, 2013.
oRevenue of €405.6 million, up 11% yoy driven by a growing contribution
from our mobile operations and continued RGU growth in fixed services;
oContinued traction for our "King" and "Kong" mobile rate plans with
103,400 net mobile postpaid subscribers added in Q1 2013. Our mobile
subscriber base more than doubled yoy to 625,000 at the end of March 2013;
oSolid uptake for our premium fixed products and bundles in Q1 2013 with
21,500 net new subscribers for broadband internet, 19,000 for fixed
telephony and 26,000 for digital TV with stable conversion rate yoy;
oStable net loss of basic cable TV subscribers compared to Q4 2012 at
11,400, despite increased competition;
oAdjusted EBITDA^(1) of €201.5 million, up 5% yoy, impacted by seasonally
higher costs associated with handset sales and subsidies. Margin of 49.7%
was up 190 basis points sequentially, driven by lower marketing expenses,
overall control of our overhead expenses and favorable impact from certain
oAccrued capital expenditures^(2) of €95.8 million, or 24% of revenue,
impacted by extension of Premier League football broadcasting rights.
Excluding capitalized football rights, accrued capital expenditures
remained stable yoy on lower digital TV migrations and increased
efficiencies in our customer installation processes;
oNegative Free Cash Flow^(3) of €10.0 million, impacted by first
semi-annual cash interest payment on the €700.0 million of Senior Secured
Fixed Rate Notes issued in August 2012 and a negative trend in our working
capital, which we anticipate to reverse throughout the rest of the year;
oOn April 24, 2013, shareholders approved the proposed extraordinary
(gross) dividend of €7.90 per share. Payment scheduled for May 8, 2013
with stock trading ex-dividend as of May 3, 2013.
This announcement is distributed by Thomson Reuters on behalf of Thomson
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information contained therein.
Source: Telenet NV via Thomson Reuters ONE
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