Kabel Deutschland doing steady through three quarters
February 22, 2011
UNTERFOEHRING, Germany -- Kabel Deutschland Holding AG (KDH), Germany's leading cable operator, has sustained its dynamic growth over the first nine months of its fiscal year 2010/2011 (April 1 through December 31, 2010). "We are implementing our strategy on schedule and achieving our objectives. The trend towards Premium TV services is gaining momentum, and demand for high performance Internet and Phone products remains strong. Our attractive offerings enable us to reap the benefits of these developments," notes Adrian v. Hammerstein, CEO of Kabel Deutschland Holding AG, commenting on the financial figures presented today.
Considerable increase in revenues, earnings, and cash flow The MDAX listed company again posted a meaningful increase in revenues and earnings in the first nine months of its fiscal year 2010/2011. Revenues were up 6.9% to 191 million euros (previous year 114 million euros), and adjusted EBITDA rose 11.1% to 540.4 million euros (previous year 486.3 million euros). The EBITDA margin improved to 45.4% compared to 43.6% in the previous year's same period. The pre tax result for the first nine months of the fiscal year 2010/2011 amounted to a loss of 46.7 million euros (previous year minus 5.2 million euros). This figure included 47 million euros in non-recurring expenses in connection with the Company's refinancing of its corporate bonds. The net loss for the period under review increased accordingly to 43.9 million euros (previous year minus 22.3 million euros). Adjusted for these non-recurring refinancing costs, the net result would have been positive for the first nine months of the fiscal year 2010/2011, marking a significant improvement over the previous year's result.
Kabel Deutschland invested 226 million euros in the first nine months of its fiscal year 2010/2011 (previous year 233.2 million euros). Operating free cash flow (defined as EBITDA minus capex) increased significantly to 314.4 million euros (previous year 253.1 million euros). The operating free cash flow margin was 26.4% (previous year 22.7%).
Outlook and financial calendar The Management Board has confirmed its forecast of 6.5 to 7 percent revenue growth for the current fiscal year 2010/2011, and has specified that it now expects adjusted EBITDA to come to 720 to 725 million euros. Therefore the operating result should to reach the upper end of originally targeted 715 to 725 million range. Capex for the overall year is expected to amount to 340 to 350 million euros.
Kabel Deutschland will publish its audited and certified financial statements for fiscal 2010/2011 on June 8, 2011. The figures for the first quarter of fiscal 2011/2012 will be presented on August 18, 2011.
Kabel Deutschland GmbH
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