Altice Group posts flat revenues in 2015

15 Mar 2016

Netherlands-based telco Altice Group has announced its financial results for full-year 2015, with consolidated pro forma revenues remaining flat at EUR17.495 billion (USD19.4 billion) as declines in France and Portugal were partly offset by strong growth in the US. The firm said that revenues in its main market of France dropped 3.5% on a pro forma basis to EUR11.038 billion, while its international operations in Belgium, Luxembourg, Portugal, Israel, the Dominican Republic and the French Overseas Territories (FOT) brought in a further EUR4.324 billion, which was an annualised fall of 0.4%. Altice’s US operation Suddenlink reported 24.2% year-on-year growth in revenues to EUR2.181 billion. Pro forma adjusted EBITDA increased 17.6% to EUR6.671 billion, while the EBITDA margin grew nearly six percentage points to 38.1%. CAPEX for the year jumped 19.8% to EUR3.598 billion, with the group investing heavily in 4G and fibre rollouts in France.

The firm says it paid a EUR2.5 billion dividend on 22 December for Vivendi’s remaining 20% interest in Numericable-SFR. Meanwhile, it completed the acquisition of a 70% stake in Suddenlink on 21 December, and is also forging ahead with a deal to further expand its US operations via the acquisition of Cablevision, pending regulatory review; the deal is expected to close in Q2 2016. Further, in January 2016 Altice completed the sale of Cabovisao and ONI to Apax France.

On an operational basis, the group claimed just over five million unique fibre customers at the end of 2015, including 1.814 million fibre subscribers in France, 1.467 million in the US and 1.027 million in Israel. In the mobile segment, SFR’s French user base declined by 1.1 million over the year to reach 15.137 million by 31 December 2015, while the international operations had 11.598 million cellular subscribers at the same date, including 6.252 million in Portugal, 3.894 million (Dominican Republic), 1.229 million (Israel) and 218,000 (FOT).

Dexter Goei, Altice’s Chief Executive Officer, commented: ‘We end 2015 delivering the best quarterly KPIs since our IPO [initial public offering] with all major operations seeing significant improvements as a result of operational focus, integration and investments. These improvements are in the context of Group adjusted EBITDA up 18% and Operating Free Cash Flow up 33% for 2015 (pro forma including Suddenlink), significantly higher than peers over the past year, with improving revenue trends in each local market.’

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