Altice NV: Q1 2017 Pro Forma Results
May 11 2017 - 12:00AM
ALTICE N.V. - Q1 2017 PRO
FORMA[1]
RESULTS
-
Accelerated momentum across
Altice Group continued in Q1 2017 with all markets driving
profitable growth - FY 2017 guidance reiterated:
-
Group revenue growth
accelerated again to +3.2% YoY[2] (vs. +2.7%
in Q4 2016);
-
Stable revenues again in France
(+0.6% YoY[3]);
-
Revenue growth in Altice USA
+3.8% YoY on a constant currency (CC) basis (vs. FY 2016 +3.6% and
FY 2015 +1.7% YoY on a pro forma basis);
-
Stable revenues again in
Portugal (+0.2% YoY[4]);
-
Further acceleration in revenue
growth in Israel to +4.4% YoY on a CC basis;
-
All other subsidiaries
delivering growth.
-
Delivering on global commitment
to rapidly build state-of-the-art fiber networks:
-
Leading fiber[5]
operator in France reaching 9.6 million homes passed at the end of
Q1 (+318k QoQ);
-
5-year "Generation GigaSpeed"
commenced, upgrading Altice USA's network from fiber HFC to FTTH to
ultimately deliver >10Gbps broadband speeds across entire
Optimum footprint and part of Suddenlink footprint;
-
On track to become the leading
fiber operator in Portugal reaching 3.2 million homes passed at the
end of Q1 (+248k QoQ, target c.4m homes end-2017);
-
Altice Group Adjusted EBITDA
grew +9.5% YoY (+7.5% on a CC basis) in Q1 driven by the strong
growth of Altice USA (Optimum Adjusted EBITDA +30.7% YoY,
Suddenlink +19.6% YoY on a CC basis). Altice
USA reached an Adjusted EBITDA margin of 41.4% on a combined basis
in Q1 (+7.5 % pts YoY vs. 33.9% in Q1 2016).
-
Altice Group Operating Free
Cash Flow[6] grew +21.4%
YoY (+18.8% on a CC basis) in Q1 driven by the strong growth of
Altice USA (Optimum and Suddenlink grew +56.2% and +41.0% YoY on a
CC basis, respectively).
-
Robust, diversified and
long-term capital structure: Altice has refinanced over €29.6
billion equivalent of its debt in the last twelve months, extending
the weighted average life of the Group's debt by 20 months (6.5
years end-Q1), while at the same time reducing the average cost of
debt.
Michel Combes,
Chief Executive Officer of Altice, said: "We
begin 2017 with another quarter of successful execution and
accelerated growth. We continue to see the benefits of being a
leading, transatlantic converged communications player with these
results further validating the Altice Model. That is, reinvesting
growing cash flows and attracting the best talent to provide the
best customer experience, the best infrastructure, and the best
content.
In particular, we
are delivering on our major global commitment to fiber with rapid
network deployments progressing very well across the Group. Fiber
is the future and, for Altice, that future is now.
In France, we
have also substantially improved the quality of SFR's mobile
network, including reaching 88% 4G population coverage, and have
significantly expanded our content offers, supporting new customer
growth. As we execute on the next phase of the company's
transformation and focus on dramatically improving customer
service, we are confident we will see a further improvement in
fixed trends in 2017 as well.
Altice USA
continues to grow faster than Suddenlink and Optimum had been
growing prior to our acquisitions of those businesses with improved
margins driving significant cash flow growth for the Group. We
continue to execute on our efficiency and investment targets and we
are very much looking forward to unlocking the next phase of
growth."
May 11, 2017: Altice N.V. (Euronext: ATC NA and ATCB NA),
today announces financial and operating results for the quarter
ended March 31, 2017.
All major markets
driving continued profitable growth in Q1
-
Altice Group Revenue €5,932m, up +3.2%
YoY[7]:
-
€2,705m France (SFR) Revenue, up +0.6%.
-
€2,166m Altice USA Revenue, up +7.4% on a
reported basis; increase of +3.8% on a CC basis to $2,306m in local
currency;
-
€1,545m US Optimum Revenue, up +6.8% on a
reported basis; increase of +3.2% on a CC basis to $1,645m in local
currency;
-
€621m US Suddenlink Revenue, up +9.0% on a
reported basis; increase of +5.3% on a CC basis to $661m in local
currency.
-
€573m Portugal Revenue, up +0.2%.
-
Altice Group Adjusted EBITDA €2,243m, up +9.5%
YoY[8]:
-
€820m France (SFR) Adjusted EBITDA, down
-5.1%.
-
€896m Altice USA Adjusted EBITDA, up +31.2%;
increase of 26.7% on a CC basis to $954m in local currency;
-
€597m US Optimum Adjusted EBITDA, up +35.3% on a
reported basis; increase of 30.7% on a CC basis to $635m in local
currency;
-
€299m US Suddenlink Adjusted EBITDA, up +23.8%
on a reported basis; increase of 19.6% on a CC basis to $319m in
local currency.
-
€263m Portugal Adjusted EBITDA, down
-5.1%.
-
Altice Group Adjusted EBITDA margin expanded by
+2.2% pts YoY to 37.8%:
-
France (SFR) margin decreased by -1.8% pts to
30.3%.
-
Altice USA margin increased +7.5 pts to
41.4%;
-
Portugal margin decreased by -2.6% pts to
45.9%.
-
Altice Group Operating Free Cash Flow of
€1,400m, up +21.4% YoY; up +18.8% on a CC basis.
Contacts
Chief Investor Relations
Officer
Nick Brown: +41 79 720
1503 / nick.brown@altice.net
Chief Communications
Officer
Arthur Dreyfuss: +41 79 946 4931 /
arthur.dreyfuss@altice.net
Conference call details
The company will host a conference
call and webcast today, May 11, 2017, to discuss the results at
3:00pm CEST (2:00pm UK time, 9:00am EDT)
Webcast live:
http://edge.media-server.com/m/p/ugcdnnhs
Dial-in access telephone
numbers:
France: +33 1 76 77 22 57
UK: +44 330 336 9411
USA: +1 719 325 2213
Confirmation
Code: 5570998
[1] Financials
shown in these bullet points are pro forma defined as results of
the Altice N.V. Group as if all acquisitions had occurred on
1/1/16, including Cablevision (Optimum), NextRadioTV and Altice
Media Group France (and excluding Belgium & Luxembourg and
Newsday Media Group as if the disposals occurred on 1/1/16).
Segments shown on a pro forma standalone reporting basis, Group
figures shown on a pro forma consolidated basis. Financials include
the contribution from the insourcing of Parilis and Intelcia in Q1
2017 (not in Q1 2016).
[2] In constant
currency, Altice N.V. Group revenue grew by +1.5% YoY in Q1.
[3] Altice
France revenue grew 0.8% YoY excluding retail roaming EU tariffs
impacts in May 2016.
[4] Altice
Portugal revenue grew 0.9% YoY excluding regulatory impacts.
[5] FTTB and
FTTH homes passed.
[6] Operating
Free Cash Flow growth defined here as growth in EBITDA-capex
[7] Group
Revenue grew +1.5% on a constant currency (CC) basis.
[8] Group
Adjusted EBITDA increased 7.5% on a CC basis.
Altice NV Q1 2017 Pro Forma
Results
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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
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