BFM Patrimoine

First Nine Months 2012 Results

BFM Patrimoine

Record 65,500 net new mobile subscribers in Q3 driven by "King" and "Kong" rate plans;Robust performance in fixed: Q3 triple-play net additions of 22,800 highest since Q4 2009;Solid 8% top line growth and 9% Adjusted EBITDA growth

Record 65,500 net new mobile subscribers in Q3 driven by "King" and "Kong" rate plans;

Robust performance in fixed: Q3 triple-play net additions of 22,800 highest since Q4 2009;

Solid 8% top line growth and 9% Adjusted EBITDA growth achieved over first nine months.

· Revenue of EUR1,094.3 million, up 8% yoy, driven by continued RGU growth, a growing contribution from our mobile business, higher handset sales and selective price increases. Revenue of EUR367.3 million achieved in Q3 2012, up 6% yoy, in line with the anticipated lower growth rate for the second half of 2012;

· Record 65,500 net new mobile postpaid subscribers achieved in Q3 2012 thanks to successful launch of "King" and "Kong" rate plans, resulting in 340,900 active mobile subscribers at Q3 2012 quarter-end;

· Continued traction for our premium fixed products and bundles in Q3 2012 with 24,000 net new subscribers for broadband internet (+31% yoy), 28,600 for fixed telephony (+71% yoy) and 64,100 for digital TV (+48% yoy). The addition of 22,800 net new triple-play subscribers in Q3 2012 was our best result since Q4 2009;

· Adjusted EBITDA(1) up 9% yoy to EUR589.2 million, underlying margin of 53.8%. In Q3 2012, we generated EUR202.2 million of Adjusted EBITDA, yielding a margin of 55.1%, which is the highest margin achieved to date;

· Net profit sharply up yoy to EUR31.1 million despite higher loss on derivatives and amortization charges linked to Belgian football broadcasting rights as last year's result was impacted by EUR28.5 million impairment on DTT;

· Accrued capital expenditures(2) of EUR249.8 million, up 22% from EUR204.0 million a year ago (excluding acquisition of Belgian football broadcasting rights and 3G mobile spectrum license), driven by higher success-based capital expenditures in line with the accelerated uptake of digital TV and higher customer installations;

· Free Cash Flow(3) decreased 18% yoy to EUR137.1 million reflecting higher cash interest expenses, the first full annual cash payment for the Belgian football broadcasting rights and a temporary unfavorable trend in our working capital which we anticipate to reverse in Q4 2012;

· We are confident in our ability to deliver on our upgraded outlook, targeting 7-8% top line and Adjusted EBITDA growth, accrued capital expenditures between 24-25% of revenue and stable Free Cash Flow.

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Earnings release Q3 2012 vFINAL (ENG).pdf

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