Ziggo : Results Q3 2012
(Thomson Reuters ONE) -
Balanced growth of revenue and EBITDA
Strong EBITDA growth in period of planned low summer marketing
Utrecht, October 19, 2012
Operational highlights Q3 2012
· All-in-1 bundle subscribers up 20,000 or 1.5% q-o-q and 148,000 or 12.1%
y-o-y; penetration 48.6% of our consumer customer base
· Internet subscribers up 16,000 in Q3 and 107,000 or 6.5% y-o-y, driven by
the sale of All-in-1 bundles and business bundles
· Limited y-o-y growth in telephony usage due to FTA rates reduction, lower
call minutes per subscriber and growing relevance of free on-net calling and
flat-fee subscriptions
· Continued growth in digital pay TV driven by an increase in the number of
premium packages per subscriber and a strong y-o-y growth in VOD transactions by
over 140%
· Continued double-digit revenue growth in B2B with almost 3,000 new
business bundles
· Marketing activities at a planned lower summer level; new All-in-1 bundle
campaigns started in September with a focus on the fourth quarter
Financial highlights Q3 2012
· Revenues ?380.1 million, up 1.2% y-o-y; up 4.4% excluding other revenue
· Adjusted EBITDA ?227.0 million, up 8.1% y-o-y
· Net result increased to ?72.4 million from a net loss of ?1.3 million in
Q3 2011
· Net debt amounts to ?2.98 billion compared to ?3.23 billion at year-end
2011
· Leverage ratio down to 3.41x compared to 3.87x at year-end 2011 and
3.98x at September 30, 2011
CEO Bernard Dijkhuizen commented:
"In the third quarter Ziggo reported balanced growth in revenue and EBITDA. As
marketing activities during the summer period tend to be less effective, we
reduced our efforts during the third quarter and started an All-in-1 bundle
campaign in September with an emphasis on the fourth quarter. At the same time,
we saw an increase in competition which, in combination with lower marketing
efforts, has resulted in a more moderate growth of our All-in-1 bundle
subscriptions. Additionally, we have seen a continuation of the downward trend
in ARPU from telephony usage, enhanced by a reduction of Dutch FTA rates. Growth
in revenues in combination with lower marketing costs and a lower spend on
promotional offers for set-top boxes have resulted in a strong increase in our
EBITDA margin.
We continue to focus on the development of new services. In September for
instance, we supported our 'TV Everywhere' strategy with the launch of our TV
app for Android tablets followed by an increase in the number of live streaming
digital TV channels from 14 to 28 through our TV app. Furthermore, we launched
Ziggo Music, our streaming music service that currently includes around 14
million titles.
An important step this quarter was the pilot of our WiFi HomeZone in an area in
Groningen. Although final conclusions of this pilot are due later this year,
customer feedback and preliminary results are positive and give us valuable new
insights into consumer behavior and technical feasibility that will benefit our
convergence strategy for the coming years.
Finally, I would like to mention the inclusion of our stock in the AMX Dutch
midcap index of the Amsterdam Stock Exchange of NYSE Euronext. This will help
enhance the visibility of our shares and improve liquidity. The second sell down
by our shareholders Cinven and Warburg Pincus of approximately
16% in early August also positively affected the liquidity in our shares. Today
our free float is around 41%."
Outlook
Based on our performance in the first nine months of 2012 as well as the
continued investments in our network and customer base, we are on track to
continue to increase our market share and grow our revenue. Excluding telephony
usage, where we expect a continuation of the downward trend, we expect revenue
from our core business to develop in line with our plans for the full year
2012. In view of the market environment that has become more competitive over
the summer period, subscriber acquisition costs are expected to increase. Based
on the above expectations we are confident to meet the current EBITDA consensus
for the full year 2012.
Capital expenditure for 2012 is expected to be in the range of ?270 to ?280
million, slightly below our previous guidance of approximately ?280 million.
Important dates
Next year, Ziggo expects to publish its quarterly results on the following
dates:
FY and Q4 2012 January 24, 2013
Q1 2013 April 17, 2013
Q2 2013 July 18, 2013
Q3 2013 October 18, 2013
The Annual General Meeting of Shareholders will be held on April 18, 2013.
As communicated earlier, we intend to distribute a total dividend of ?220
million for 2012, distributed in two equal semi-annual installments. With the
interim dividend of ?110 million distributed on September 11, 2012, we intend to
distribute the final dividend of ?110 million in April 2013, subject to our
2012 results and shareholder approval. Relevant dates for distribution of the
final dividend are as follows:
April 18, 2013 AGM and final declaration of dividend
April 22, 2013 Ex-dividend (at opening)
April 24, 2013 Record date (after close)
April 29, 2013 Payment date
Ziggo NV Q3 2012 Earnings:
http://hugin.info/153077/R/1650578/532305.pdf
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Source: Ziggo via Thomson Reuters ONE
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