Com Hem reports second quarter results – Revenue up 8 percent
ET | Source:Com Hem Holding AB
Second quarter summary
· Revenue totaled SEK 1,198m (1,108), an increase by 8.1% versus second
· Underlying EBITDA was SEK 566m (547), an increase of 3.5% versus second
quarter of 2013.
· Operating free cash flow was SEK 327m (344).
· Net result for the period was SEK -718m (-279) affected by one-off costs of
SEK 680m associated with the IPO and refinancing of debt.
· Earnings per share were SEK -6.53 (-2.79). Pro forma earnings per share(1)
were SEK -0.90 (-1.34)
· The second quarter saw Com Hem delivering on the strategic plan outlined to
- The unique consumer subscriber base grew by 8,000 to a total of 846,000
- Broadband growth continued, reaching 577,000 RGUs - a new all-time high
- Digital-television returned to RGU growth for the first time since the first
quarter of 2013
- With 103,000 TiVo customers (17.1% penetration) Com Hem reached an important
- Increased focus in B2B with Phonera consolidated as of March 31, (contributing
of SEK 65m of revenue for the quarter or 5.8% of revenue growth versus second
quarter of 2013)
· Com Hem was listed on NASDAQ OMX Stockholm, Large Cap on June 17, 2014,
issuing new shares of SEK 5,670m. After the end of the period, on July 4, 2014,
the over-allotment option was exercised by issuing of new shares of SEK 567m.
· First phase of refinancing completed and the blended interest margin has
been reduced. Net debt/underlying EBITDA was at 4.0x end of June (6.4x prior to
listing) and 3.9x after exercise of the over-allotment option.
Comment from Anders Nilsson, CEO, Com Hem
“Delivering on the plan”
Our business reported strong growth in the second quarter supported by the
inclusion of Phonera’s B2B operations from March 31. Total revenue was up more
than 8% compared to corresponding quarter last year, with consumer revenue
increasing by more than 2%. Our strong momentum within broadband continues with
an all-time high number of broadband RGUs. We have also sucessfully returned our
digital-television business to RGU growth, reaching an important milestone with
more than 100,000 TiVo customers and further strengthening the product with 38
new channels added to TiVoToGo™. Our TiVo customers now have over 100 channels
available on several devices.
1) Net result for the period excluding one-off costs associated with the IPO
and refinancing of debt, adjusted for income tax, divided by the number of
shares after the issuance of new shares and exercise of the over- allotment
option. For further information see Q2 interim report.
Notes to the editors:
You find the complete report with tables in the attached PDF or at:
Management will host a webcasted telephone conference call at 10.00 am CET.
The presentation will be held in English and the live webcast and presentation
material will be accessed on www.comhemgroup.com. An on-demand version is also
available after the presentation.
Link to webcast:
Conference call dial-in numbers:
Sweden: +46 8 505 564 74
UK: +44 203 364 5374
US: +1 855 753 2230
For queries, please contact:
Daniel Johansson, Head of Financial Control
Tel: +46(0)734 39 08 41
Fredrik Hallstan, Head of PR
Tel: +46(0)761 15 38 30
Com Hem Holding AB discloses the information provided herein pursuant to the
Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading
Act. The information was submitted for publication at 07:30 CET on July 15,
Com Hem is one of Sweden’s leading suppliers of television, high-speed broadband
and fixed-telephony. Approximately 39%, 1.83 million, of Sweden’s households are
connected to Com Hem’s network, with access to the market’s broadest range of
television services. Com Hem offers attractively priced, high-quality services
for television, high-speed broadband, fixed-telephony and has a competitive B2B
-offer of broadband and telephony services. Com Hem was established in 1983, has
approximately 1,000 employees and its head office in Stockholm. Operations are
run through three subsidiaries; Com Hem AB, Phonera Företag AB and ITUX
Communication AB. Com Hem is listed on NASDAQ OMX Stockholm. For more
information, visit: www.comhemgroup.com
GlobeNewswire, a Nasdaq company, is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.