Telenet NV (BE) – Full Year 2009 Results
Full Year 2009 Results
Mechelen, February 24, 2010 – 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 GAAP”) for the full year ended December 31, 2009.
n FY 2009 net additions exceeded 2008 levels: broadband internet (131,000, up 28% yoy), Telenet Digital TV (329,000, up 51% yoy) and fixed telephony (112,000, up 38% yoy);
n New mobile offers and targeted campaigns resulted in sharp rise in new subscribers (+24,000 in Q4 2009);
n Revenue of €1,197.4 million, up 18% compared to prior year, yielding organic growth of 9%;
n Adjusted EBITDA(1) up 20% year-on-year to €607.7 million including a nonrecurring post-employment benefit expense of €6.6 million, implying an Adjusted EBITDA margin of 50.7%;
n Accrued capital expenditures(2) of €317.6 million, including €103.9 million related to set-top box rental;
n Free Cash Flow(3) growth of 38% to €166.9 million, equivalent to 14% of revenue;
n Strong improvement in net profit compared to prior year, positively impacted by nonrecurring tax credit;
n Outlook FY 2010 foresees around 8% top line growth, Adjusted EBITDA margin of close to 50% and accrued capital expenditures of around 23% of revenue, resulting in strong free cash flow growth;
n Proposed extraordinary shareholder disbursement of €2.23 per share.
HUGIN /Source: Telenet NV /BXS: TNET /ISIN: BE0003826436