Bundles, digital pay TV and B2B continue to drive growth
De tweedekwartaalcijfers van kabelbedrijf Ziggo (ZIGGO.AE) zijn grotendeels in lijn met de verwachtingen, stelt Rabobank-analist Frank Claassen. “Zoals verwacht geeft het concern geen kwantitatieve outlook, maar het bedrijf geeft wel aan groei te voorzien van de omzet en EBITDA, en voorziet investeringen in 2012 ter waarde van EUR280 miljoen. Al met al zijn wij tevreden met deze cijfers”, stelt de analist, die een buy-advies en koersdoel van EUR28,00 hanteert. Omstreeks 09.55 uur noteert het aandeel 1,8% lager op EUR25,98
Operational highlights Q2 2012
• All-in-1 bundle subscribers up 34,000 or 2.6% q-o-q and 187,000 or 16.1% y-o-y; penetration 47.4% of our consumer customer base
• Internet subscribers up 25,000 or 1.4% in Q2 and 134,000 or 8.3% y-o-y, driven by the sale of All-in-1 bundles and business bundles
• B2B continued strong growth with over 3,300 new business bundles
• Marketing campaigns during Q2 predominantly focused on up-sell and cross-sell, targeting premium TV and customer loyalty
• Successful opening of the Ziggo Dome, a state-of-the-art concert hall for amplified music in the Netherlands Financial highlights Q2 2012
• Revenues €386.5 million, up 6.3% y-o-y; up 6.1% excluding decoder sales • Adjusted EBITDA €219.2 million, up 5.9% y-o-y
• Net result increased to €64.4 million from €7.4 million in Q2 2011
• Net debt amounts to €3.03 billion compared to €3.23 billion at year-end 2011
• Leverage ratio down to 3.54x at June 30, 2012 compared to 3.87x at year-end 2011 and 4.20xat June 30, 2011
CEO Bernard Dijkhuizen commented: “Ziggo again reports a solid growth of RGUs and market share in almost all services, driving continued growth of revenue and EBITDA. After our strong first quarter we have delivered another quarter of robust growth, which we consider an outstanding performance in the dynamic competitive environment we operate in. The combination of growth in EBITDA and a high cash conversion further reduces our leverage and brings down our net debt to EBITDA almost to our target level of 3.5.
Furthermore we are working hard on the development of new, exciting products and services. We are strengthening our organization and capabilities to support the development and implementation of these new services for our customers, while maintaining our focus on process and productivity improvements, as well as cost control.
In June the Ziggo Dome had its grand opening. The Ziggo Dome is the prime European concert hall for amplified music, that carries our name. With the Ziggo Dome off to a glowing start, we can further build on our position as our customers‟ first choice for entertainment, information and communication services.”
Outlook for 2012 Based on our strong performance in 2011 and the first half of 2012 as well as the continued investments in our network and customer base, we are on track to continue to increase our market share and grow our revenue and EBITDA in the second half of 2012.
Our expected capital expenditure for 2012 remains in line with our existing guidance of approximately €280 million. As earlier communicated, we intend to distribute a dividend for 2012 of €220 million in total, in two equal semi-annual installments.
Bron: Ziggo