14.11.2016
Tele Columbus AG DE000TCAG172
DGAP-News: Tele Columbus AG reports strong EBITDA growth in third quarter
DGAP-News: Tele Columbus AG / Key word(s): Quarter Results/9-month figures
Tele Columbus AG reports strong EBITDA growth in third quarter
14.11.2016 / 07:00
The issuer is solely responsible for the content of this announcement.
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PRESS RELEASE
Publication of third quarter and nine months results 2016:
Tele Columbus AG reports strong EBITDA growth in third quarter
- Revenues in the third quarter grew by 59.9% from EUR 73.9 million to
EUR 118.2 million year on year due to the consolidation effect of
primacom and pepcom; on a pro forma basis, revenues were up 3.1% in the
quarter (4.1% for the nine months)
- Normalised EBITDA for the third quarter reached EUR 63.7 million, up
72.6% from EUR 36.9 million in the previous year's period; on a pro
forma basis Normalised EBITDA increased strongly by 6.5% year on year
(5.9% for the nine months)
- Normalised EBITDA margin of 53.9%, up 4.0ppt from the third quarter of
FY2015
- Tele Columbus Group added more than 15k Internet RGUs in the quarter
- FY2016 targets with stable homes connected, mid-single digit percentage
revenue growth versus FY2015 and high single digit percentage
Normalised EBITDA growth year on year confirmed
- Capex for FY2016 expected at the lower end of 35% to 38% of revenues
Berlin, 14 November 2016. Tele Columbus AG ("Tele Columbus", "Company" or
"the Group"), the third largest German cable operator, published its
financials for the third quarter and first nine months of fiscal year 2016.
The Group continued on its successful growth trajectory in the third
quarter recording a strong 59.9% increase and a pro forma increase of 3.1%
in revenues to EUR 118.2 million (Q3 FY2015: EUR 73.9 million). In the nine
months, revenues grew pro forma 4.1% year on year. The company also
increased the Normalised total operating performance which includes own
work capitalized amongst others by 56.2% to EUR 127.9 million (Q3 FY2015:
EUR 81.9 million). Normalised EBITDA for the quarter strongly grew to EUR
63.7 million, resulting in an increase of more than 72% and a pro forma
increase of 6.5% year on year (Q3 FY2015: EUR 36.9 million) and on a nine
month basis 5.9% year on year. This led to a Normalised EBITDA margin of
53.9%, up 4.0ppt from the third quarter of FY2015. The increase reflects
Tele Columbus' successful operating performance as well as the positive
effects arising from the integration of primacom and pepcom. In the
reported period, Tele Columbus Group spent EUR 31.1 million on capital
expenditures and - together with the EUR 47.8 million in the first half
year - a total of 78.9 million in the first nine months (22.3% of
revenues).
In the third quarter, the company showed a positive development of all
relevant Key Performance Indicators (KPIs): As of 30 September 2016, Tele
Columbus Group holds a stable basis of 3.6 million homes connected,
approximately 5k up from June 2016, and is serving 2.42 million customers.
With 1.58 RGUs (Revenue Generating Units) per subscriber (Q2 FY2016: 1.57x)
the total number of RGUs increased by 19k to 3,823k (Q2 FY2016: 3,804k)
which translates into 2.44 million Cable TV RGUs, 422k Premium TV RGUs and
463k Telephony RGUs.
Internet RGUs rose substantially to more than 500k which is an increase of
15k net additions quarter over quarter including the backlog of 3k from the
second quarter. Meanwhile, close to 35% of Internet gross adds take 120
Mbit/s download speeds or more which is slightly up from the around 1/3rd
reported with Q2 results. The total blended average revenues per user
(ARPU) rose to EUR 16.3 per month in the third quarter 2016 (Q3 FY2015: EUR
14.9).
The Management Board of Tele Columbus reiterates its guidance for fiscal
year 2016 expecting
- stable homes connected of approximately 3.6m, a
- mid-single digit percentage revenue growth versus pro forma revenues of
FY2015, a
- high single digit percentage Normalised EBITDA growth year on year
versus pro forma FY2015
and specifies its guidance for
- Capex to the lower end of the originally communicated 35% to 38% of
revenues range.
"Even though we are heavily working on the integration of primacom and
pepcom, we are well on track growing our business nicely by following our
four key strategic initiatives", says Ronny Verhelst, CEO of Tele Columbus
Group. "We will continue on that path consequently in order to take full
advantage of the market chances arising." As key drivers for its mid-term
development the company is pursuing the targets to generate organic growth,
to make use of the smaller M&A opportunities in the German cable market, to
exploit the synergies from the integration of the acquired companies and to
expand the business customer activities. "This strategy is beginning to pay
off - and given the strengths and opportunities of the company we are very
much looking forward to further develop Tele Columbus on the basis of our
prolonged management contracts" explains Frank Posnanski, the company's
CFO.
On 14 July 2016, the Tele Columbus AG was honoured with the Corporate
Finance Award by the Boersen-Zeitung, one of the most renowned national
business media for capital markets in Germany. The prize was awarded in 5
categories for the strategically and financially most outstanding
transactions in 2015. Tele Columbus was elected in the category small/mid
caps due to its consequent and successful acquisition strategy and the
professional financing of the transactions.
On 1 August 2016, Tele Columbus has achieved another important milestone in
the integration of its acquired companies and launched a new Internet &
Telephony product portfolio for pepcom Group. The new Internet & Telephony
products, marketed under the brandname cablesurf, offer speeds between 20
Mbit/s and 400 Mbit/s and give access to Tele Columbus' free Community Wifi
service. Together with the new Internet & Telephony product portfolio, Tele
Columbus introduced attractive Triple Play-packages which include the
necessary hardware.
On 19 August 2016, Tele Columbus launched its Community Wifi service in the
Berlin Mercedes-Benz Arena offering its customers complimentary access to
the Internet.
On 1 September 2016, Tele Columbus launched a new product portfolio for
business customers offering Tele Columbus, primacom and pepcom customers
harmonised commercial rates with bandwidths of 120, 200 and - depending on
regional availability - 400 Mbit/s download speeds.
In September 2016, the group launched a new housing industry brand under
the brand name "Tele Columbus Gruppe" serving as a strong umbrella for all
housing industry activities in the transition phase until the introduction
of a new company brand expected in 2017.
Recent developments
In October 2016, the group further intensified its close relations to the
housing industry by reactivating its housing industry board in a new
composition. The board is now chaired by Lutz Freitag, former president of
the biggest German housing industry roof association GdW, and comprises 6
further renowned housing industry representatives.
Effective 1 October 2016, Roland Schleicher, formerly McKinsey Associate
Partner and head of the McKinsey integration support team in 2015, joined
as Chief Business Transformation Officer (CBTO).
On 11 October 2016, the Group announced that the contracts of CEO Ronny
Verhelst and CFO Frank Posnanski were extended by three years to September
2019 and four years to September 2020 respectively.
On 13 October 2016, HL komm was re-certified for KV-Savenet 3.2 which
allows the exchange of data via VPN between medical institutions.
On 14 October 2016, Tele Columbus AG has successfully concluded the
repricing, consolidation and tenor extension of its EUR1.255 billion term
loan facilities and amended certain other provisions in its EUR1.38 billion
Facilities Agreement. The transaction became effective 31 October and
results in interest cost savings of EUR6.3 million p.a. from
November 2016.
On 28 October 2016, Tele Columbus Group announced that the Group has
reached long-term agreements continuing the existing partnerships with some
of the biggest German housing associations. Based on the new contracts
signed in September 2016, Tele Columbus Group will provide services to
170,000 existing and new homes connected.
On 28 October 2016, HL komm in cooperation with City of Leipzig
successfully launched a City-Wifi consisting of 47 access points.
On 8 November 2016, the management signed a balance of interest and social
plan with the Group's workers' council and the different workers' councils
of pepcom Group companies preparing the ground for full organizational
integration of the pepcom group in 2017 and leading to significant expected
personnel cost synergies from Q2 FY2017 onwards.
In the recent weeks, Tele Columbus Group successfully increased the number
of connected homes ready for 400 Mbit/s to 880k and the number of Internet
access points for the Community Wifi offering in the own networks from 50k
to approximately 100k.
Additional information
Release of preliminary Q4/full year results FY2016: 28 March 2017
Release of Q1 results FY2017: 22 May 2017
Annual General Meeting: 9 June 2017
Summary table for Q3 FY2015 / Q3 FY2016 and selected preliminary pro formas
Q3 FY2015 / Q3 FY2016 respectively:
EURm Q3 Q3 yoy % Pro forma Q3 yoy % FY2015[1] FY2016 Q3 FY2016 FY2015[2] Revenues 73.9 118.2 59.9 114.7 118.2 3.1 Normalised 36.9 63.7 72.6 59.8 63.7 6.5 EBITDA Norm. 49.9 53.9 4.0ppt 52.1 53.9 1.8ppt EBITDA margin, % Capex 21.0 31.1 48.1 Capex / 28.4 26.3 (2.1ppt) Revenues, % EUR per month Total 14.9 16.3 9.4 blended ARPU RGU as per end of period ('000) CATV 1,889 2,437 29.0 Internet 363 500 37.7 Telephony 352 463 31.5 Premium TV 397 422 6.3About Tele Columbus The SDAX listed Tele Columbus Group is Germany's third largest cable network operator. Via its origins - individual regional cable network operators that were merged into Tele Columbus - the company dates back to 1972. Today, about 3.6 million connected households in Germany are served by Tele Columbus, primacom, pepcom, Deutsche Telekabel, Martens und KMS with 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. Via its company HL komm, Tele Columbus also delivers powerful connections and network services to business customers. Disclaimer This release may contain forward-looking statements. These statements reflect the Company's current knowledge and expectations and projections about future events. By their nature, forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Such risks, uncertainties and assumptions may cause our actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this 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, which speak only as of the date of this document. This release contains references to certain non-GAAP financial measures, such as Normalized EBITDA and Capex, and operating measures, such as RGUs, ARPU, and Unique Subscribers calculations. These non-GAAP financial and operating measures should not be viewed in isolation as alternatives to measures of the Company's financial condition, results of operations or cash flows as presented in accordance with IFRS. The non-GAAP financial and operating measures used by the Company may differ from, and not be comparable to, similarly titled measures used by other companies. In addition, this release contains pro forma financials. Our pro forma financials have been prepared for illustrative purposes only. They are based on the assumption that the acquisitions of primacom and pepcom had occurred on 1 January 2015. Because of their nature, our pro forma financials address a hypothetical situation and, therefore, do not represent our actual results of operations. It is not necessarily indicative of the results that should be expected in the future and investors should not put undue reliance on these pro forma financials. All information contained in this release has been carefully prepared. However, no reliance may be placed for any purposes whatsoever on the information contained in this document or on its completeness. No representation or warranty, express or implied, is given by or on behalf of the Company or any of its directors, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in this document and no liability whatsoever is accepted by the Company or any of its directors, officers or employees nor any other person for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith. The Company does not undertake any obligation to update or revise any information contained in this release, including forward-looking statements, whether as a result of new information, future events or otherwise. [1] Q3 FY2015: 3M TC and 2M primacom [2] based on the assumption that the acquistions of primacom and pepcom had occurred on 1 January 2015 (pro forma) Contact: Hannes Lindhuber Phone +49 (30) 3388 4170 Fax +49 (30) 3388 9 1999 [email protected] www.telecolumbus.com --------------------------------------------------------------------------- 14.11.2016 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. Archive at 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 --------------------------------------------------------------------------- 520211 14.11.2016
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