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KDG posts bumper year-end results

11 Jun 2010

German cable operator Kabel Deutschland (KDG) has announced its financial results for the year ended 31 March 2010, reporting revenues of EUR1.501 billion (USD1.81 billion), an increase of 9.6% compared to the EUR1.370 billion posted a year earlier. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) grew 15% year-on-year to EUR659.1 million, up from EUR570.6 million, while EBITDA margin improved from 41.6% to 43.9% over the period. The company narrowed its net loss from EUR144.3 million in the fiscal year 2008/09 to EUR45.3 million and operating free cash flow improved to EUR331.9 million in the year ended 31 March 2010 from EUR197.6 million. Capital expenditures decreased from EUR373 million to EUR327.2 million. ‘We are very pleased with our operational achievements and our record financial results in the last fiscal year. In a difficult macro-economic environment, we have been able to achieve double digit revenue and EBITDA growth,’ noted KDG’s CEO, Adrian von Hammerstein, adding: ‘With our competitively positioned products and our relentless focus on customer satisfaction we are confident that we will continue our growth trajectory.’ KDG expects revenues for the fiscal year ending 31 March 2011 to grow by approximately 6.5%-7.0% year-on-year, while adjusted EBITDA is likely to come in between EUR715 million and EUR725 million.

At 31 March 2010 KDG recorded 12.05 million Revenue Generating Units (RGUs), up 3.6%, or approximately 421,300, from the previous year. Internet and telephony RGUs grew by 555,700 to reach 1.974 million, a 39.2% increase year-on-year, while subscribers to the two services grew by 291,100 to reach 1.097 million at 31 March 2010. ‘New Services RGUs’ (comprising premium TV, internet and phone) increased to 25.3% of total RGUs compared to 20.5% in the previous year.

Germany, Kabel Deutschland

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