Iliad reports an 8.4% increase in revenues in 9M19; announces EUR1.4bn share buyback offer

12 Nov 2019

Paris-based telecoms company Iliad Group has published its financial results for the nine months ended 30 September 2019, reporting an 8.4% increase in its consolidated revenues, to EUR3.944 billion (USD4.35 billion) from EUR3.640 billion in 9M18, with its operations in France generating EUR3.660 billion (up by 2.1% year-on-year), while its Italian unit, which launched on 29 May 2018, reported revenues of EUR286 million for the period under review. The company’s domestic unit generated mobile revenues of EUR1.521 billion in 9M19 (up 4.6% y-o-y), while its landline revenues decreased by 0.7% y-o-y to EUR1.973 billion (EUR1.986 billion in 9M18).

In operational terms, the group’s mobile customer base in its domestic market stood at 13.296 million subscribers at 30 September 2019, down from 13.314 million in June 2019. In Italy, Iliad reported a total of 4.541 million mobile users at end-September, up from 3.841 million at mid-2019. The number of broadband subscribers in France, meanwhile, reached 6.428 million, with fibre users standing at 1.515 million (1.305 in mid-2019). Iliad also noted that it had 8.075 million subscribers on its unlimited 4G plan at the end of the reporting period. The number of connectable fibre-to-the-home (FTTH) nodes, meanwhile, reached twelve million (11.5 million at June 2019), with a target to cover 20 million by 2022.

In related news, the group has announced a proposed EUR1.4 billion share buyback offer (Offre Publique de Rachat d’Actions, or OPRA) covering 11.667 million shares at a price of EUR120 per share, open to all shareholders of the group. Thomas Reynaud, Chief Executive Officer of Iliad said: ‘This project is beneficial to all of our shareholders who will be able to choose to: i) benefit from a liquidity with a significant premium through the OPRA, ii) remain a shareholder without any dilution or iii) strengthen their participation by subscribing to the capital increase under the same conditions as the reference shareholder. For Iliad, this transaction has no impact on its debt and allows it to maintain its investment capacity. Lastly, this transaction demonstrates Xavier Niel’s confidence in the Iliad Group’s strategy and management.’

France, Italy, Free Mobile (Iliad), Iliad (Free), Iliad (Italy)