Telenet reports fall in revenue and profit in Q1

29 Apr 2021

Belgian full-service telecoms provider Telenet has reported total revenue of EUR645.9 million (USD780.8 million) for the first quarter of 2021, a 1% decline on both a reported and rebased basis from EUR653 million in the year-ago period. This reflected a 9% decrease in the company’s other revenue caused by significantly lower interconnect revenue during the COVID-19 pandemic. Excluding other revenue, the company noted, rebased revenue grew by just over 1% year-on-year, thanks to solid 2% growth in cable subscription revenue, partly offset by lower usage-related mobile telephony revenue. Net profit in the period dropped 27% y-o-y to EUR112.5 million, driven by significantly higher income tax expense compared to the same period of 2020. Adjusted EBITDA declined by 3% to EUR334.2 million, including changes to the IFRS accounting treatment of certain content-related costs for its premium entertainment and Belgian football broadcasting rights, although significantly lower direct costs resulted in an almost 4% increase on a rebased basis. Accrued capital expenditure (including football broadcasting rights and mobile spectrum licences), meanwhile, stood at EUR143.1 million in Q1 2021, down 17% on the same period of 2020.

At 31 March 2021 Telenet reported a total of 2.798 million mobile subscribers, a 1% decline on the same period of the previous year, including a 17% drop in pre-paid customers to 356,600. The group also served 1.706 million broadband customers (up 2% from 1.672 million in 1Q20), 1.161 million fixed line telephony subscribers (down 4% from 1.206 million) and 1.799 million TV customers (down 3%, 1.852 million). Fixed monthly ARPU per customer relationship reached EUR59.8 in Q1 2021, up 3% y-o-y, driven by a higher share of both higher-tier broadband and multi-play customers in its overall customer mix and the benefit of certain price adjustments.

Belgium, Telenet (incl. BASE)