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Telio says it is on track to achieve full-year financial guidance on back of H2 2014 results

22 Aug 2014

Norway’s Telio Holding has said it is ‘well positioned to achieve its key financial targets for the year’, having reported an 8% year-on-year increase in revenues for the first half of 2014. In the six months ended 30 June 2014 Telio generated a total turnover of NOK641.3 million (USD106 million), up from NOK593.5 million in the same period a year earlier. Earnings before interest, tax, depreciation and amortisation (EBITDA) adjusted for non-recurring items stood at NOK153.4 million in 1H 2014, up from NOK128.9 million in 1H 2013, while operating profit adjusted for non-recurring items was NOK74.4 million (NOK48.5 million). Profit after tax, however, actually fell against the first half of 2013, declining by 22% to NOK 20.9 million, with Telio attributing the drop to ‘the early redemption of the bond in connection with the financial restructuring in Q1 2014’. On the back of the results, while guidance for full-year revenues and EBITDA was unchanged at NOK1.30 billion and NOK300 million, respectively, Telio has revised its forecast for capital expenditures. Having previously said it expected to spend NOK105 million in 2014, this has now been increased to NOK120 million, with the overrun due to a number of factors including the acquisition of Bofiber customers and increased replacement of customer equipment due to extreme weather.

In operational terms, at the end of June 2014 there were a total of 74,000 customers signed up for Telio’s own-brand voice-over-internet protocol (VoIP) services, down from 85,400 a year earlier, while ADSL accesses totalled 4,700, compared to 5,100. Mobile customer numbers increased, however, rising to 41,000 on a net increase of 14,500 subscribers y-o-y, including 9,900 mobile wholesale subscriptions from subsidiary NextGenTel. The latter unit, meanwhile, saw fixed broadband users fall to 140,000 at end-June 2014, from 146,000 a year earlier, with telephony subscribers also declining by 9% to 20,000.

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