Vivacom reports net losses of BGN19.6m in 2016

22 Mar 2017

Bulgarian telecoms company Vivacom (registered as Bulgarian Telecommunications Company, BTC) has released its financial results for the twelve months ended 31 December 2016, reporting a 3.2% year-on-year increase in revenues, to BGN875.3 million (USD480.7 million). The operator noted that mobile services contributed BGN508.0 million to the total in the period under review, up 5.2% y-o-y, while revenues generated by fixed services slumped by 1.4% to BGN336.4 million from BGN341.1 million in 2015. The company reported a net loss of BGN19.6 million for 2016, down from a net profit of BGN16.5 million in 2015, while adjusted EBITDA dropped to BGN310.6 million (compared to BGN331.7 million in the previous year).

In operational terms, Vivacom’s mobile subscriber base reached 3.0133 million users at end-December 2016, a 3.6% improvement on the figure reported in 2015, with 87% of the users signed up to post-paid contracts. The company said that the annual growth in its customer base was mainly due to its ‘superior networks’, which boasted population coverage of 99.99% (2G), 99.98% (3G) and 86.75% (LTE) at 31 December 2016. Further, Vivacom reported a 12.0% increase in the number of broadband subscriber accounts, to 437,000, while the number of fibre-optic users increased to 222,870. Vivacom currently passes 1.087 million households with fibre, providing users with download speeds of up to 100Mbps. Fixed telephony subscriptions, meanwhile, stood at 926,000, down from 1.051 million at end-December 2015 (down 11.9% y-o-y).

Bulgaria, Vivacom (BTC)