GloBul revenue down by 7% to BGN165.4m

13 Feb 2014

Bulgarian cellco Cosmo Bulgaria (GloBul), which was acquired by Norwegian telecoms group Telenor in July 2013, has published its financial results for the three months ended 31 December 2013, reporting a 7.0% decrease in revenues to BGN165.4 million (USD115.1 million) year-on-year from BGN177.8 million in 4Q12 (restated in accordance with Telenor’s accounting principles). The decline was mainly attributed to the adoption of lower mobile termination rates (MTRs) in July 2012, with additional reductions taking effect from 1 January and 1 July 2013. Excluding the impact of MTR regulations, revenues for 4Q13 declined by 3.3%. Further, the negative trend was also reflected in an 11.8% y-o-y fall in EBITDA to BGN49.4 million, down from BGN56.0 million one year earlier.

In operational terms, GloBul had a total of 3.995 million active subscribers on its books, a 5.5% improvement year-on-year, with 68.1% of those being post-paid users. According to Telenor’s definitions, the active subscriber base excludes pre-paid customers inactive for more than 90 days and machine-to-machine (M2M) SIM cards. GloBul’s mobile broadband user base increased 56% in 4Q13, while subscribers to fixed line services reached a total of 250,000.

Bulgaria, Telenor Bulgaria