- Multiple-play strategy and focus on great customer experience drove further churn improvement;
- Confident to achieve 5-6% Adjusted EBITDA growth for the full year despite softer revenue outlook, reflecting substantially lower revenue from standalone handset sales and lower analog carriage fees;
- Board of directors will decide on shareholder remuneration towards the end of Q3 2014.
Mechelen, July 31, 2014 - 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 six months ended June 30, 2014.
- 17,900 net triple-play subscriber additions in Q2 2014, representing best Q2 achievement since 2009, resulting in nearly 1 million triple-play subscribers (+12% yoy), or around 48% of our customer base;
- Improved mobile line-up, including launch of "King Supersize" and free 4G access, drove sequential acceleration in net mobile postpaid additions in Q2 2014 to 820,800 subscribers (+41,000 qoq);
- Continued investment into enriched product features for existing customers, resulting in sustained improvement in annualized churn across all our fixed products, reaching lowest level in four years' time;
- Revenue of EUR838.8 million in H1 2014, up 3% yoy, impacted by substantially lower standalone handset sales and lower analog carriage fees. Slight sequential revenue pick-up in Q2 2014 to EUR422.0 million, up 3% yoy;
- Adjusted EBITDA(1) of EUR460.1 million in H1 2014, up 10% yoy, driven by substantially lower handset subsidies and including a nonrecurring EUR12.5 million benefit. Adjusted EBITDA of EUR222.3 million in Q2 2014, up 3% yoy, reflecting higher costs associated with handset subsidies, interconnection and copyrights, partially offset by lower spend on marketing campaigns;
- Accrued capital expenditures(2) of EUR187.7 million in H1 2014, representing around 22% of revenue, impacted by renewal of Belgian football broadcasting rights. Excluding the latter, accrued capital expenditures represented around 18% of revenue, reflecting phasing of set-top boxes and certain network investments;
- Robust Free Cash Flow(3) of EUR150.6 million in H1 2014, up 50% yoy, driven by robust Adjusted EBITDA growth and an improvement in our working capital;
Confident to deliver 5-6% Adjusted EBITDA growth for the full year despite softer revenue outlook (4-5%). Relative outlook for accrued capital expenditures as a percentage of revenue was maintained (20-21%) with Free Cash Flow expected to remain within the EUR230-240 million range
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