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Irish operator reports revenue of €1.96B was up around 10% on the year to 31 March 2006
May 29, 2007
4 Min Read
DUBLIN -- eircom today announced its fourth quarter and year to date results for the financial period ending 31 March 2007.
Commenting, Rex Comb, CEO eircom,said,
"The group has delivered solid revenue growth, strong subscriber numbers and consistent EBITDA figures both in the mobile and fixed line segments for the quarter and the past financial period through 31 March 2007. Group operating profit now stands at €240 million.
Mobile subscribers have increased 33% in the past 12 months to 832,000 as of 31 March 2007. In the past quarter, 29,000 new subscribers joined Meteor, and as of 16 May 2007 there are 849,000 mobile subscribers.
In the fixed line segment, broadband take-up in Ireland continues to grow strongly and eircom has significantly contributed to its growth. An additional 57,000 DSL broadband customers joined this quarter bringing the total number of subscribers to 417,000 as of 31 March 2007, an 81% increase on the previous year. As of 10 May 2007, there are 440,000 broadband customers on eircom’s network.
Following the commitments outlined in the third quarter of the financial year, the company detailed some of its commitments to network investment during the past quarter. Specifically, eircom has committed to further broadband rollout to improve broadband availability and develop a NGN core network that will provide the backbone of telecommunications for Ireland in the coming years.
The broadband debate in Ireland has significantly progressed due to a number of important regulatory agreements by eircom regarding access to the company’s network. As of last week,customers can now move freely and seamlessly between various broadband providers including moving from eircom’s network. In addition, eircom has agreed to implement intra-operator migrations by September of 2007.
The Group has successfully repriced its debt, which will result in savings of approximately €16m in loan interest annually, effective from the middle of June 2007.
Finally, I am delighted to announce the appointment of Peter Cross as Group CFO. He joins from BT where he is currently Director of Strategic Planning, and previously CFO for BT Openreach
HIGHLIGHTS FOR THE QUARTER
Revenue of €490 million is up circa 5% on the corresponding quarter in the prior year.
Fixed line revenue of €409 million, down 1% on the corresponding quarter to 31 March 2006, due to Fair Value adjustments.
eircom Group Fixed Line EBITDA before restructuring programme costs, non-cash pension (credit)/charge and profit on disposal of property and investments, of €145 million, down 8% on the corresponding quarter in the prior year, due in part to winter storm damage to the network. Fair Value adjustments result in EBITDA at BCMIF level of €141 million, a reduction of €4 million.
Significant DSL customer net adds of 57,000 for the quarter ended 31 March 2007, in line with previous quarters, and resulting in total subscribers of 417,000, a 16% increase from 31 December 2006.
Meteor subscriber net adds of 29,000 for the quarter ended 31 March 2007, resulting in total subscribers of 832,000, a 4% increase from 31 December 2006.
Meteor EBITDA of €16 million for the quarter ended 31 March 2007, up from €4 million for the corresponding prior year period.
HIGHLIGHTS FOR THE TWELVE MONTHS ENDING 31 MARCH 2007
Revenue of €1,957 million is up circa 10% on the year to 31 March 2006, assuming eircom owned Meteor for the corresponding twelve-month period.
Fixed line revenue of €1,652 million, up 2% on the year to 31 March 2006.
EBITDA before restructuring programme costs, transaction costs, non-cash pension (credit)/charge and profit on disposal of property and investments of €641 million, up 7% on the twelve months to 31 March 2006.
eircom Group Fixed line EBITDA before restructuring programme costs, transaction costs, non-cash pension (credit)/charge and profit on disposal of property and investments, of €594 million to 31 March 2007, compared to €597 million for the corresponding year ended 31 March 2006, due in part to winter storm damage to the network. Fair Value adjustments result in EBITDA at BCMIF level of €587 million, a reduction of €7 million.
Meteor EBITDA of €54 million for the twelve-month period ended 31 March 2007.
Group operating profit of €240 million, an increase of c. 3% on the prior year.
€294 million of capex cash outflow in the twelve-month period , with a focus on increasing capacity, demand led growth, DSL roll-out and capex relating to Meteor. In addition, cash outflow from intangible assets of €71 million includes €44 million paid for 3G licence.
DSL customers increased to 417,000 at 31 March 2007, up from 230,000 at 31 March 2006. This number had increased to c. 440,000 (including c. 5,000 pendings) as of 10 May 2007.
Total mobile subscribers of 832,000 as of 31 March 2007, up from 625,000 at 31 March 2006, a 33% increase during the period. This number had increased to 849,000 as of 16 May 2007.
Excluding DSL, total PSTN and ISDN channels increased by 4% over prior year.
eir
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