Belgacom Revenues Down 3% in 2011
Revenues for the fourth quarter amount to EUR 1,616 million, or 2.6% less than for the same period in 2010. Besides the impact of regulation, this is explained mainly by divestments and lower revenues in the consumer segment. On the other hand this is countered by improved revenues of the business segment and the International Carrier services.
The EBITDA of the Belgacom Group (excluding non-recurring revenue) for the fourth quarter of 2011 amounts to EUR 446 million. Compared to a strong fourth quarter of 2010 this means a 9.9% decline. In addition to a regulation impact, the year-over-year EBITDA comparison was complicated by provisions, currency effects, divestments and targeted commercial investments, which had a cumulated negative impact of EUR -22 million or -4.4%. The 2011 full-year EBITDA amounts to EUR 1,912 million, 3.7% lower than in 2010, in line with the full-year guidance. In the last quarter 2011, Belgacom invested EUR 279 million, including EUR 20 million for the 4G license. Total investments in 2011 amounted to EUR 777 million, or 12.1% of the Group's income.
With a net debt of EUR 1,479 million (or 0.8 times the EBITDA), Belgacom's financial position is very sound, one of the soundest in the Belgian and European telecom sector.
Belgacom SA (Euronext: BELG)