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Eircom Reports Revenues Dip for Fiscal Year

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Light Reading
8/29/2014
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DUBLIN -- eircom Group today announced results for the fourth quarter and full financial year through 30 June 2014.

Commenting on today’s announcements, Herb Hribar, CEO eircom Group, said “The past twelve months underline real and sustained progress in the transformation of eircom both in our financial performance and our product offerings to our customers. We have now had eight consecutive quarters of EBITDA stability, slowing decline in our revenues and an improved cost base.

“Network investment continues at pace both in our fixed and mobile platforms. We were the first to market with a quadruple play bundle of services including our new eVision TV offering and the first to market with 4G mobile services.

“Our rollout of Ireland’s largest fibre network, which already reaches more than 900,000 homes and businesses, remains on schedule and on budget - demonstrating that eircom has the expertise to build a fit for purpose, scalable and future proofed network throughout Ireland. Today we are accelerating our rollout and now expect to reach 1.4m premises by December 2015.

“I am also delighted to announce that our ambition for the delivery of high speed broadband services across Ireland will take us further with an additional investment commitment over the coming two years. This includes the deployment of fibre to the home technology, supporting symmetrical speeds of up to 1Gb to locations in Ireland where we see demand emerging. In addition, we are expanding the overall fibre footprint to 1.6m premises, ensuring more customers across Ireland will be able to avail of fibre broadband. Our rollout should be completed by December 2016.”

EBITDA for the full year through 30 June 2014 remained stable, down 1% or €3 million on the prior year to €479 million, before storm costs. Revenue declined to €1,283 million, down €85 million or 6% on the previous year. Operating costs were €814 million for the year, a €87 million or 10% improvement on the year to 30 June 2013.

The retail customer base, comprising fixed and mobile customers, stood at 1,899,000 at 30 June 2014 and includes 1,055,000 mobile customers. The total customer base including wholesale customers is 2,369,000 at 30 June 2014. Revenue Generating Units per customer, an important industry metric, improved from 1.59 to 1.77 during the past 12 months.

In the fixed line segment, revenues fell 8% for the year to €980 million which was reflected in a corresponding €21 million or 4.5% decline in fixed line EBITDA to €443 million to 30 June 2014.

In the broadband market, eircom had 718,000 broadband connections for the period through 30 June 2014, a 7.5% increase for the year. This includes 133,000 connections on Ireland’s largest fibre network. Our retail division had 456,000 broadband customers, a 1% increase on its retail broadband customer base since 30 June 2013. Broadband lines in our wholesale business grew 44,000 or 20% during the year to a total of 262,000 lines to 30 June 2014.

In the mobile segment, EBITDA more than doubled to €36 million through 30 June 2014 compared to the previous year, representing a margin of 10.3%; revenue declined by 2% to €347 million. The Group’s mobile customer numbers remain stable at 1,055,000 through the end of June 2014. This includes 70,000 net additions in the higher value post-pay segment during the year. The post-pay segment now accounts for 40% of the Group’s mobile customer base, up from 33% for the previous financial year. There are now over 65,000 customers using our 4G network since September 2013 and 70% of our new postpay sales have been on 4G price plans in recent months.

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