PPF Telecom reports ‘sound’ FY20 results despite adverse impact of COVID

3 Mar 2021

PPF Group’s telecommunications division PPF Telecom Group, which contains its operations in the Czech Republic, Slovakia, Hungary, Bulgaria, Serbia and Montenegro, has reported solid business results for the year ended 31 December 2020, with all businesses contributing to earnings despite adverse market conditions. The Group recorded consolidated revenues of EUR3.159 billion (USD3.8 billion), down just 0.4% from EUR3.170 billion in FY19, as earnings before interest, tax, depreciation and amortisation (EBITDA) rose 2.0% y-o-y to EUR1.425 billion from EUR1.397 billion. Group CAPEX for the twelve months under review rose to EUR612 million from EUR392 million, largely related to a 56% rise in spectrum fees – up to EUR186 million from EUR31 million – following successful spectrum acquisitions in a number of PPF’s key markets including the Czech Republic which contributes 50% of group EBITDA and 33% – or 5.968 million – of overall mobile subscribers (18.3 million at end-2020).

Czech Republic, Netherlands, PPF Group