Spanish telecommunications provider Masmovil, the country’s fourth largest network operator, reported net revenues of EUR 1.68 billion for 2019, up 16 percent year on year, and service revenues of EUR 1.46 billion, up 24 percent, after adding some 1.4 million mobile and fibre customers over the period. Adjusted EBITDA was up 42 percent year on year to EUR 468 million, with the company's EBITDA margin rising 5 percentage points to 28 percent. Full-year profit climbed 32 percent on a reported basis to EUR 93 million, impacted by EUR 108 million non-cash financial expenses related to a convertible bond acquisition in Q2 and a EUR 144 million capital gain derived from the sale of 1 million residential fibre units to Macquarie in Q4.
Masmovil ended the quarter with a total of 8.9 million customers, up around 1.4 million compared to December 2018, having increased its mobile base by 845,000 lines thanks to its use of a wide-ranging portfolio of brands (Masmovil, Yoigo, Pepephone, Llamaya and Lebara, among others) to target different market segments. Around 5.6 million of the total are postpay mobile clients, up from 4.8 million a year earlier, and 1.8 million prepay, down from 2.0 million.
The group also added over 500,000 fixed broadband lines in 2019, including 122,000 in Q4 alone, to reach a total of 1.5 million at the end of 2019, up 51 percent year on year. Masmovil said its FTTH footprint grew to 23.4 million at the end of Q4, up from 15.2 million a year earlier, thanks in part to co-investment agreements signed with Orange and Vodafone (13.4 million homes passed) and bitstream agreements with third parties (10.0 million).
Masmovil said it exceed all its objectives throughout the 12-month period and reiterated its guidance of adjusted EBITDA at EUR 570-600 million, with a margin of 30-32 percent, in 2020, rising to EUR 600-700 million, with a margin of 32-34 percent in 2021.
