SFR in France grew revenue by 0.6 percent to EUR 2.892 billion, the first increase in six years, and PT Portugal increased sales 0.5 percent to EUR 580 million. Revenues at Altice USA were up 5.1 percent in at constant currency rates, and Optimum and Suddenlink grew sales 5.8 percent and 8.1 percent on a reported basis.
Group adjusted EBITDA increased 15.7 percent to EUR 2.286 billion, led by cost savings in France and the US. Altice USA reached an adjusted EBITDA margin of 40.7 percent on a combined basis, up from 32.4 percent year earlier. Altice grew operating free cash flow 20.4 percent year-on-year to EUR 968 million, led by improved cash flow in the US and offset by increased investment in fibre in France and elsewhere.
For 2017, Altice said it expects growth in group revenues, including stabilisation of revenue in France on a pro forma organic basis, as well as high-single digit growth in adjusted EBITDA. Group capex is estimated at around EUR 4 billion this year.
The company ended the year with EUR 50.365 billion in net debt, equal to 8.899x EBITDA when excluding the Belgian activities planned for sale. Altice said it refinanced over EUR 21 billion of its debt last year, extending the weighted average life by 18 months (6.6 years end-2016) while keeping the average cost of debt constant.
