Altice NV : Full Year 2015 Pro Forma Consolidated Results
March 15 2016 - 2:00AM
ALTICE - FULL YEAR 2015 PRO
FORMA[1]
CONSOLIDATED RESULTS
-
Best Group KPIs in Q4
since Altice IPO with positive operational momentum in each major
market
-
Overall Altice Group
added 270k postpaid mobile customers and 130k fiber broadband
customers
-
France: mobile
subscriber growth (+140k B2C postpaid net additions) and stabilized
fixed base (-6k) with continued fiber customer net additions
(+78k)
-
Portugal: continued
convergent 4P/5P (+19k) and postpaid mobile subscriber growth
(+49k)
-
Suddenlink: strong
customer relationship (+13k) and broadband subscriber growth
(+21k)
-
Dominican Republic
added 7k fiber customers and a record 42k postpaid mobile net
additions while Israel reports lowest cable customer net loss since
Altice IPO (-4k)
-
Operational momentum
setting basis for revenue trend improvement in 2016
-
Strong full year
financial performance in 2015 with Group adjusted EBITDA up 18% and
Operating Free Cash Flow up 33% (16% and 35% ex-Suddenlink,
respectively)
-
Achieved 2015 guidance
for Numericable-SFR and Altice International[2]
-
Group adjusted EBITDA
margin expanded by 5.8 pp YoY to 38.1% in 2015 as efficiency
measures progress; all major businesses with best-in-class margins
compared to their peer group
-
Accelerated
re-investments into fixed and mobile networks, and selective
content:
-
France: leading 4G
mobile site build out in France in Q4 2015 and 2016 YTD giving
leading 2015 coverage progression (from 33% end-2014 to 64%) and
expanded fiber broadband coverage by 1.3m fiber homes passed in
2015 to total 7.7m, retaining #1 fiber coverage in France
(targeting 22m homes passed by the end of 2022)
-
Portugal: build-out of
national fiber network, ramp up in Q4 2015 with plan to cover an
additional 3m households and businesses at a rate of 600k p.a. over
the next five years
-
Suddenlink: Operation
GigaSpeed - well-advanced network upgrade program to deliver
next-generation broadband services across the footprint by
2017
-
Acquisition of
differentiated content and sports rights in both France and
Portugal to complement communications services
-
Successful Altice
Group transformation including completion of Portugal Telecom and
entry into the US market with Suddenlink and CVC (announced) as
well as strategic partnership with NextRadioTV
-
Robust, diversified
and long-term capital structure
March 15, 2016: Altice NV
(Euronext: ATC NA and ATCB NA), today announces financial and
operating results for the year ended December 31, 2015.
Strong pro forma
adjusted EBITDA and Cash Flow growth
-
Group Revenue €17,495m, down 0.1%
YoY[3]
-
€11,038m France Revenue, down
3.5%
-
€4,324m International Revenue, down
0.4%[4]
-
€2,181m US (Suddenlink) Revenue, up
24.2%[5]
-
Sequential revenue trends and lead key
performance indicators pointing to improving Group revenue trend
outlook for 2016
-
Group adjusted EBITDA €6,671m, up 17.6%
YoY[6]:
-
€3,860m France adjusted EBITDA, up
20.2%
-
€1,933m International adjusted EBITDA,
up 7.7%[7]
-
€889m US (Suddenlink) adjusted EBITDA,
up 29.3%[8]
-
Group adjusted EBITDA margin expanded
by 5.8% pts to 38.1%; best-in-class margin improvement with further
upside
-
France margin expanded by 6.9% pts to
35.0%
-
International margin expanded by 3.3%
pts to 44.7% (Portugal Telecom margin expanded by 4.3% pts to 41.2%
- sector-leading margins among European PTOs[9])
-
US Suddenlink margin expanded by 1.5%
pts to 40.7% - US cable sector-leading margin in Q4[10]
-
Group Operating Free Cash
Flow[11] of
€3,550m, up 33.3% YoY[12] with
growth contributions from all reporting segments
Key Strategic
Update
-
€2.5bn dividend paid by Numericable-SFR
on December 22, 2015. Altice subsequently repaid vendor note
(€1,977bn) put in place for the key acquisition of Vivendi's
remaining 20% interest in Numericable-SFR (Altice held 78.14% of
the share capital of Altice at the end of December, 2015)
-
US: Completed acquisition of 70% stake
in Suddenlink on December 21, 2015
-
US: Acquisition of Cablevision
pending regulatory reviews; expected to close in Q2 2016
-
Completed sale of Cabovisao and ONI to
Apax France on January 19, 2016
-
Altice Media: Completed acquisition of
stake in NextRadioTV through strategic partnership with company
founder and major shareholder;
-
On January 20, 2016, Altice announced
the creation of Altice Labs, based in Portugal, leading the
innovation agenda for all Altice Group's operations.
-
In France, acquired a 5MHz block of
paired spectrum in the 700MHz band for €477m (including fees) on
November 17, 2015.
Dexter Goei,
Chief Executive Officer of Altice, said: "We end 2015
delivering the best quarterly KPIs since our IPO with all major
operations seeing significant improvements as a result of
operational focus, integration and investments. These improvements
are in the context of Group adjusted EBITDA up 18% and Operating
Free Cash Flow up 33% for 2015 (pro forma including Suddenlink),
significantly higher than peers over the past year, with improving
revenue trends in each local market.
We have strengthened our
management team and during 2016 we will continue to be very focused
on further improving operational and financial performance,
integrating the businesses we have acquired and pursuing the
efficiency targets we have set out. Altice Group companies have
best-in-class margins with further upside as we continue our
successful strategy based on fixed/mobile and media convergence and
the implementation of best practices and efficiencies across all of
our operations.
We remain confident that accelerating investments
in both fiber and 4G+ infrastructure, as well as higher value
generation through focus on triple- and quadruple play bundles
enhanced with differentiated content offerings, will continue to
deliver superior results."
Guidance
2016
For 2016 we expect an improving
trend in Altice Group revenue on a consolidated basis (under the
current Group perimeter at constant currency). We expect mid-single
digit growth in Group Adjusted EBITDA and Operating Free Cash Flow
growth flat to slightly down reflecting accelerated
investments.
Contacts
Head of Investor
Relations
Nick Brown: +41 79 720 1503 /
nick.brown@altice.net
Head of
Communications
Arthur Dreyfuss: +41 79 946 4931 /
arthur.dreyfuss@altice.net
Conference call details
The company will host a conference
call and webcast to discuss the results at 2.30pm CEST, 9.30am EST
today.
Webcast live:
http://edge.media-server.com/m/p/wcqk5kpa
Conference call dial in:
France: +33 1 76 77 22 28
UK: +44 20 3427 1903
USA: +1 646 254 3360
[1] Financials
shown in these bullet points are pro forma defined here as results
of the Altice NV Group as if all acquisitions had occurred on
1/1/14, including Portugal Telecom and Suddenlink (and excluding
Cabovisao, ONI, La Reunion and Mayotte mobile activities as if the
disposals occurred on 1/1/14). Segments shown on a standalone
reporting basis, Group figures shown on a consolidated basis
[2]
Numericable-SFR FY 2015 guidance: adjusted EBITDA >€3.85 bn and
EBITDA-Capex >€2.0 bn; Altice International FY 2015 guidance:
adjusted EBITDA >€1.925 bn and capex / sales in the high teens
(Altice International guidance updated as part of Q3 2015 results
following completion of Portugal Telecom acquisition)
[3] Group
Revenue declined 3.2% on a constant currency (CC) basis
[4]
International Revenue declined 4.2% on CC basis
[5] US
(Suddenlink) Revenue increased 3.7% on CC basis to $2,420m in local
currency
[6] Group
adjusted EBITDA increased 13.8% on CC basis
[7]
International adjusted EBITDA increased 3.2% on CC basis
[8] US
(Suddenlink) adjusted EBITDA increased 8.0% on CC basis
[9] Comparing
average domestic margins of European PTOs (Public
Telecommunications Operators) including BT, Deutsche Telekom,
Elisa, KPN, Orange, Proximus, Swisscom, TDC, Telefonica, Telekom
Austria, Telenor and TeliaSonera
[10] Comparing
average of Comcast (Cable Communications business only), Charter,
TWC, Cablevision, Mediacom margins.
[11] Defined as
EBITDA less Capital Expenditure, excluding spectrum capex of €477m
in France
[12] Group
Operating Free Cash Flow increased 29.4% on CC basis
FY 2015 Results
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Altice NV via Globenewswire
HUG#1994270
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