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Ice Group records 10% increase in service revenues in FY21

15 Feb 2022

Norway’s Ice Group has published its financial results for the fourth quarter and twelve months ended 31 December 2021, with CEO Eivind Helgaker saying the company had ‘continued its growth journey in 2021’, while noting it was ‘rewarding to experience that [Ice Group’s] key operational parameters are strengthened throughout the year’. The company reported total service revenues of NOK543 million (USD61 million) for the last quarter of 2021, up from NOK500 million in the corresponding period a year earlier, while full year service revenues stood at NOK2.11 billion, up more than 10% from the NOK1.91 billion reported for FY20. Smartphone service revenues continue to account for the lion’s share of the total, standing at NOK466 million in 4Q21 (4Q20: NOK421 million), and NOK1.79 billion in FY21 (FY20: NOK1.59 billion).

In terms of other key financial metrics, adjusted EBITDA reached NOK108 million for 4Q21, a significant uptick from the NOK30 million reported a year earlier, while full year adjusted EBITDA stood at NOK380 million, compared to NOK41 million in FY20. However, Ice Group posted a net loss of NOK249 million for the fourth quarter of 2021, against a net loss of NOK151 million in the closing three months of 2020, while full year losses totalled NOK961 million – a marginal improvement on the loss of NOK974 million it posted in FY20. Capital expenditure (excluding contracts with customers) amounted to NOK505 million in 2021, down from NOK666 million a year earlier, while fourth-quarter CAPEX was NOK135 million (4Q20: NOK196 million).

With regards to operational indicators, Ice Group reported a total of 694,000 smartphone subscriptions as of 31 December 2021, up from 639,000 a year earlier, while mobile broadband subscriptions fell from 78,000 to 67,000 over the same period. Meanwhile, the number of base stations in service was reported to have increased to 3,205 by the end of 2021, up from 2,887 at end-2020. Smartphone ARPU was reported at NOK233 per month in 4Q21, up from NOK231 per month in 4Q20.

Norway, ice, Ice Group (formerly AINMT)

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