Altice Europe exceeds FY 2019 guidance

25 Mar 2020

Netherlands-based multinational telecoms group Altice Europe has reported consolidated revenues of EUR14.807 billion (USD15.995 billion) for the twelve months ended 31 December 2019, up 5.5% year-on-year from EUR14.036 billion in 2018. The company’s main operation in France accounted for the bulk of it, reporting revenues of EUR10.782 billion (up 5.9% y-o-y) in 2019, while Portugal saw a 1.7% annual revenue increase to EUR2.110 billion in the period under review; Altice also reported significant revenue growth at its Altice TV (99.5%) and Teads (31.7%) units. Adjusted EBITDA, meanwhile, grew from EUR5.111 billion to EUR5.591 billion in the period under review, representing a 9.4% annual improvement. Accrued CAPEX marginally increased to EUR3.120 billion in 2019 (EUR3.039 billion in the year-ago period).

Altice Europe highlighted that in 2020, the group expects to accelerate residential revenue growth in its key geographies, grow Altice Europe revenue and EBITDA and further develop the Telecom perimeter, targeting leverage of 4.0x to 4.5x net debt to EBITDA.

In operational terms, Altice Europe ended 31 December with a total of 26.350 million mobile B2C subscribers across France (including the French Overseas Territories [FOT]), Portugal, Israel and the Dominican Republic, alongside 9.294 million unique fixed line B2C customers. France remains Altice’s leading market in terms of subscribers, with 15.852 million mobile B2C users and 6.356 million fixed B2C accounts. In Portugal, the company had 6.411 million mobile B2C and 1.594 million fixed B2C subscribers, while the Israel unit ended the quarter with 1.350 million (mobile B2C) and 1.015 million (fixed B2C) subscribers. The Dominican Republic, meanwhile, had 2.737 million mobile B2C subscriptions on its books and 329,000 fixed B2C customers at the end of 2019.

Patrick Drahi, founder of Altice Europe, commented: ‘In 2019 we achieved an acceleration in revenue growth in all of our geographies. In Altice France, our strong Q4 results were supported by growth across all segments, including residential revenue growth year over year for the third successive quarter which is now significantly accelerating in the first months of 2020. The strong financial performance in Q4 and FY 2019 has been underpinned by the successful operational turnaround achieved by the new management teams, put in place two years ago. We exceeded our FY 2019 guidance and will continue to focus on deleveraging Altice Europe through growing revenue and EBITDA in FY 2020.’

Dominican Republic, France, Israel, Netherlands, Portugal, Altice Dominicana (formerly Orange), Altice Europe (formerly Altice Group), Altice France (SFR), HOT Mobile, PT Portugal (MEO)