Altice Europe Q1 results still down slightly as customer growth improves

Thursday 17 May 2018 | 09:20 CET | News

Altice has reported the first results for its new Altice Europe, to be created once the spin-off of Altice USA is completed next month. The figures show revenue flat year-on-year and EBITDA down slightly, while Altice said subscriber numbers were the best it's ever reported. The company also announced that the CEOs of its French business will also lead the new Altice Europe. 

Revenues for the first quarter totaled EUR 3.528 billion, down 1.2 percent from a year earlier on a pro forma basis and flat at constant currencies. Adjusted EBITDA fell 2.3 percent to EUR 1.260 billion and was down 0.5 percent at constant exchange rates. The margin dropped to 35.7 percent from 36.1 percent a year ago.

Capital expenditure rose to EUR 761 million from EUR 687 million a year earlier. Altice said it made significant investments in networks, customer premise equipment and innovative new services. Operating free cash flow (adjusted EBITDA - capex) fell to EUR 499 million from EUR 602 million. 

Altice updated its full-year outlook for the new IFRS 15 accounting rules, which it expects will reduce annual adjusted EBITDA at Altice Europe by EUR 50-100 million. As a result, the forecast for operating free cash flow was reduced to EUR 2.3-2.5 billion in 2018. 

The company said it was also making progress with planned divestments of towers in Portugal and France and the operations in Dominician Republic. These should be completed in the second half of 2018. A sale agreement for the international wholesale voice business has already been signed, and the deal should close by year-end. In May the company also completed the buy-out of its technical services division in Europe and the creation of the Altice TV unit. The transfer of the French overseas territories business from Altice International to Altice France is expected to complete in Q3.

To reflect the increased importance of the French operations in the business, Altice France CEO Alain Weill has been named CEO of Altice Europe as well, and SFR CEO Armando Pereira will become COO of Altice Europe. Dennis Okhuijsen will remain CFO of Altice Europe, and the entire group will remain led by Patrick Drahi, who is "heavily involved to enhance focus and execution", the company said. 

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Categories: General
Companies: Altice / SFR
Countries: Europe
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