Telenet posts 1% rise in 1H21 revenues

29 Jul 2021

Belgian full-service telecoms operator Telenet has published its financial results for the six months ended 30 June 2021, reporting a 1.1% year-on-year increase in revenues to EUR1.228 billion (USD1.451 billion), attributed to higher cable and mobile telephony subscription revenue as well as improved other revenue. Net profit for the period rose 14% to EUR211.7 million, driven by significantly lower net finance expense and a 3% growth in operating profit, which more than offset higher income tax expense. The telco’s six-month adjusted EBITDA stood at EUR668.7 million, a 1% decrease y-o-y, including changes to the IFRS accounting treatment of certain content-related costs for its premium entertainment packages and Belgian football broadcasting rights as of Q3 2020, although an 8% decline in direct costs and healthy organic top line growth resulted in an almost 3% increase on a rebased basis. Accrued capital expenditure, including football broadcasting rights and the temporary extension of 2G and 3G mobile spectrum licences, amounted to EUR281.8 million in H1 2021, a 5% decline from the year-ago period.

At 30 June 2021 Telenet reported a total of 2.957 million mobile telephone subscribers, an increase of 1% on the same period of 2020, 1.712 million broadband customers (up 2% y-o-y), 1.142 million fixed line telephony subscribers (down 4%) and 1.786 million TV customers (3% lower). The company highlighted continued strong growth in FMC customers to 685,900 at end-June 2021, a 15% increase y-o-y. A higher share of multi-play and higher-tier broadband customers, as well as certain price adjustments, resulted in 2% growth in fixed ARPU per customer relationship to EUR59.3 in the first six months of the year.

Belgium, Telenet (incl. BASE)