12.11.2015
Tele Columbus AG DE000TCAG172
DGAP-News: Tele Columbus grows significantly with primacom acquisition
DGAP-News: Tele Columbus AG / Key word(s): 9-month figures/Quarter
Results
Tele Columbus grows significantly with primacom acquisition
12.11.2015 / 06:55
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PRESS RELEASE
Publication of the third quarter results 2015
Tele Columbus grows significantly with primacom acquisition
- Third quarter 2015 shows first consolidated results of the combined
Tele Columbus and primacom Group
- Consolidation effective from 1 August 2015 - with a two months primacom
impact on the total results for Q3 2015
- EUR 73.9 million of revenues, Normalised EBITDA of EUR 36.9 million
resulting in a Normalised EBITDA margin of 49.9%
- In the first 9 months 2015, Tele Columbus reached EUR 181.9 million of
revenues, Normalised EBITDA of EUR 89.0 million (EBITDA margin of
48.9%)
- Capital expenditures of EUR 21.0 million in the third quarter
- 2.83 million homes connected with 57% of households connected to
two-way upgraded networks and own signal at the end of Q3
- 1.60 RGUs per subscriber and total blended ARPU of EUR 14.90
Berlin, 12 November 2015. Following the acquisition of PrimaCom Holding
GmbH ("primacom"), Tele Columbus AG ("Tele Columbus" or "Company"), the
third largest German cable network operator, has published for the first
time consolidated results of the combined Tele Columbus and primacom Group.
In the third quarter 2015, effected by the primacom results for August and
September, Tele Columbus reached revenues of EUR 73.9 million. In the same
period, Normalised EBITDA amounted to EUR 36.9 million, resulting in a
Normalised EBITDA margin of 49.9%. In total, Tele Columbus Group spent EUR
21.0 million capital expenditures in the third quarter - mainly for network
upgrades and customer projects. On 30 September 2015, the Company served
2.83 million homes connected of which 57% were fully two-way upgraded and
available for the own TV, Internet and telephony product portfolio.
The combination of Tele Columbus and primacom represents a strong number
three player in the German cable market and an important player in the
telecommunications and multimedia industry: As of 30 September, the Company
served 1.87 million customers with 1.89 million Cable TV RGUs (Revenue
Generating Units) and 397k Premium TV RGUs. In addition, the Internet RGUs
amounted to 363k and telephony RGUs reached 352k.
"With the first consolidated financials for the combined Tele Columbus and
primacom business, we opened a new chapter in the history of the company
and laid the basis for the combined future", says Ronny Verhelst, CEO of
Tele Columbus. "In the past months, we have driven the integration of the
combined organisation as fast as possible to be able to proceed on our
growth path at increased speed as well as bringing together the financial
reporting of both companies. With the core management team and main
organisational structure in place, we are now ready for the planned
integration of pepcom GmbH ("pepcom"), to take the company's development to
the next level."
On 13 September 2015, Tele Columbus signed an agreement to purchase pepcom,
the fourth largest German cable operator at the time. After receiving
shareholder's approval of a capital increase of up to 100% of the share
capital at an extraordinary general meeting on 14 September 2015 and a
successful rights issue with gross proceeds of EUR 382.7 million (through
issuance of new share capital equal to 125% of the share capital prior to
the rights issue, out of Tele Columbus' existing Authorised Capital 2015/I
and the approved EGM share capital) in November, the closing of the
transaction is now expected for end of November and consolidation of the
pepcom business is planned from 1 December 2015.
On 3 September 2015, Tele Columbus rolled out its 400 Mbit/s internet
offering to the city of Jena, bringing the fastest download speed available
in the German consumer market to approximately 20,000 incremental homes
connected and following the first launch of approximately 40,000 homes in
Potsdam in April 2015.
On 1 September 2015, Tele Columbus launched a new mobile offering including
a voice flatrate to all German networks and a data connection with LTE
highspeed of up to 50 Megabits per seconds and 2 Gigabyte data volume per
month. With the new mobile service, Tele Columbus has turned into a
quadruple play operator offering an all-inclusive package and single-source
service for communications and entertainment.
Recent developments
In October and November 2015, Tele Columbus continued its growth strategy
through the acquisition of regional network operators adding another
approximately 30,000 fully upgraded homes connected to the customer base in
Tele Columbus core regions. As the strong number three player in the German
cable market, Tele Columbus will continue to actively pursue further
smaller acquisitions to strengthen its portfolio.
On 1 October 2015, Tele Columbus launched a new HDTV push campaign offering
a free three months trial of the encrypted private HD programmes to its
customers. Due to its success, the campaign has been extended until the end
of December 2015.
On 14 October 2015, Tele Columbus announced the new core management
consisting of nine members in total reflecting the bigger size of the
combined group. Ronny Verhelst and Frank Posnanski will continue in their
roles as CEO and CFO, respectively, and management board members
("Vorstandsmitglieder") for the combined group.
On 15 October 2015, Tele Columbus announced that it had entered into a
cooperation agreement with ProSiebenSat.1 Group for Video on Demand (VoD)
services. Starting from mid-2016, maxdome subscription VoD will become an
important layer of Tele Columbus' planned Advanced TV platform. With its
planned Advanced TV platform, Tele Columbus will enhance the customer
experience by further innovative features such as interactive, time-shift
and multi-screen TV usage. Through the integration of maxdome to its
platform, Tele Columbus customers will have access to movies, series and
documentaries out of Germany's largest online video library.
On 29 October 2015, the Tele Columbus AG received a new rating from rating
agency Standard & Poor's ('S&P') following the financing of the pepcom
acquisition announced in September 2015. Based on the final capital
structure, S&P has as expected reduced the Corporate Family Rating of Tele
Columbus Group from the current 'B+' rating with negative outlook to a new
'B' rating with stable outlook following the pepcom acquisition.
On 4 November 2015, Tele Columbus internally announced that the Hanover
administrative functions will be moved to Berlin and Leipzig within two
years.
On 6 November 2015, Tele Columbus successfully completed its rights
offering with gross proceeds of approximately EUR 382.7 million resulting
in net proceeds of circa EUR 363.3 million. Respectively, Tele Columbus'
registered number of shares increased by 70,864,584 from 56,691,667 to
127,556,251. On the same day, Tele Columbus successfully accomplished its
syndication of a January 2021 EUR 320 million First Lien Term Loan B and a
July 2022 EUR 117 million Second Lien Term Loan.
Next steps
- The integration of pepcom, upon closing, will be aligned with the
primacom integration process
- The Company intends to hedge the Euribor interest risk for a large
portion of First Lien TLB and 2nd Lien loans
- Tele Columbus plans to hold a first Capital Markets Day in March/April
2016
On the back of investment requirements over the next years for both
companies and in view of increased leverage, there will be no dividend for
FY2015 as previously communicated.
The management team is fully committed to successfully executing on the
growth and integration story of the Tele Columbus Group and to delivering
on the medium term leverage targets of 3.0-4.0x.
Additional information:
Release of preliminary Q4/full year results 2015: 21 March 2016
First Capital Markets Day: March/April 2016
Summary table for Q3 FY2014 / Q3 FY2015 and 9M FY2014 / 9M FY2015
respectively (including primacom for two months):
EURm Q3 2014 Q3 2015 yoy % 9M 2014 9M 2015 yoy % Revenues 53.8 73.9 37.4 159.3 181.9 14.1 Normalised EBITDA 25.7 36.9 43.3 72.9 89.0 22.0 Norm. EBITDA margin, % 47.9 49.9 2.1ppt 45.8 48.9 3.2ppt Capex 21.5 21.0 -2.3 40.0 59.0 47.5 Capex / Revenues, % 39.9 28.4 -11.5ppt 25.1 32.5 7.3ppt EUR per month Total blended ARPU 14.0 14.9 6.6 RGU as per end of period ('000) Internet 197 363 84.6 Telephony 166 352 111.4 Premium TV 163 397 143.8About Tele Columbus The SDAX listed Tele Columbus Group is one of Germany's largest cable network operators. Via its origins - individual regional cable network operators that were merged into Tele Columbus - the company dates back to 1972. About 2.8 million connected households in Germany use Tele Columbus' TV signals and, increasingly, digital broadcast packages, Internet and voice connections provided via high-performance broadband cable. As a national provider with a regional focus and a partner of the housing industry, the Group is present throughout its core markets Berlin, Brandenburg, Saxony, Saxony-Anhalt and Thuringia as well as in numerous key regions in western Germany. In tune with current demand trends, the company is upgrading its networks in a hybrid fibre-optic infrastructure for superfast Internet connections of up to several hundred megabits per second with the state-of-the-art Internet transmission standard DOCSIS 3.0. The broadband cable caters to the entire range of innovative media applications from analogous, digital and high-definition TV to high-speed Internet and voice connections to telemetry services, tenant portals and interactive services. Beyond merely transmitting signals, Tele Columbus uses its own product platform in order to actively increase the programme offering and to develop additional services. Disclaimer This Press release may contain forward-looking statements. These statements are based on management's current expectations or beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Although we believe that such forward-looking statements are reasonable, we cannot assure you that any forward-looking statements will prove to be correct. Such forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks and uncertainties, the forward- looking events and circumstances discussed in this Press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. Accordingly, investors are cautioned not to place undue reliance on the forward-looking statements. This Press release may contain references to certain non-GAAP financial measures, such as Normalised EBITDA and Capex, and operating measures, such as RGUs, ARPU, and Unique subscribers calculation. These supplemental financial and operating measures should not be viewed in isolation as alternatives to measures of Tele Columbus's financial condition, results of operations or cash flows as presented in accordance with IFRS in its Consolidated Financial Statements. The non-GAAP financial and operating measures used by Tele Columbus may differ from, and not be comparable to, similarly titled measures used by other companies. For further information please see in particular the Footnotes in this Press release and the financial statements. We disclaim any obligation to publicly update or revise any forward-looking statements or other information contained in this Press release. It is pointed out that the present Press release may be incomplete or condensed, and it may not contain all material information concerning Tele Columbus AG or the Tele Columbus Group. Press Contact Hannes Lindhuber Phone +49 (30) 3388 4170 Fax +49 (30) 3388 9 1999 [email protected] www.telecolumbus.de --------------------------------------------------------------------- 12.11.2015 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Tele Columbus AG Goslarer Ufer 39 10589 Berlin Germany Phone: +49 (0)30 3388 4177 Fax: +49 (0)30 3388 9 1999 E-mail: [email protected] Internet: www.telecolumbus.de ISIN: DE000TCAG172 WKN: TCAG17 Indices: SDAX Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange End of News DGAP News Service --------------------------------------------------------------------- 412087 12.11.2015
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