Telenet reports 4% growth in revenues in 1Q20

30 Apr 2020

Belgian full-service telecoms provider Telenet has published its financial results for the three months ended 31 March 2020, reporting ‘solid operational performance’ despite the exceptional circumstances arising from the COVID-19 pandemic. In the period under review, the company generated total revenue of EUR653 million (USD709 million), a 4% year-on-year increase from EUR626 million, reflecting a full quarter contribution from De Vijver Media which was acquired in June 2019. Operating profit increased 2% to EUR153.2 million, while net profit rose to EUR153.2 million from EUR14 million in the year-ago period, driven by significantly higher net finance income in the period and lower income tax expense, partly offset by the accelerated amortisation of sports-related broadcasting rights due to COVID-19. Adjusted EBITDA was up 8% y-o-y to EUR345.6 million on a reported basis, or 4% on a rebased basis, and CAPEX rose 31% to EUR172.7 million. Telenet said it expects organic revenues to fall by around 2% over the full year due to the coronavirus crisis.

At 31 March 2020 Telenet reported a total of 2.815 million mobile telephone subscribers, an increase of 4% on the same period of the previous year, which included a 7% rise in post-paid customers to 2.388 million. The group also served 1.672 million broadband customers (up 1% from 1.658 million in 1Q19), 1.206 million fixed line telephony subscribers (down 3% from 1.243 million) and 1.852 million TV customers (down 3%, 1.916, million).

John Porter, Telenet CEO, said: ‘Against the backdrop of these exceptional circumstances, I’m pleased with the solid underlying operational performance in Q1, continuing the improved momentum we’ve seen since the second half of last year.’

Belgium, Telenet (incl. BASE)