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Financial Results Of Kabel Deutschland

Kabel Deutschland – In the fiscal year 2013/14, Kabel Deutschland met all its financial targets. The Company achieved revenue growth of 3.8% year on year (5.3% on a pro forma basis excluding public broadcasters’ carriage fees, in line with the guidance of 5% to 6%). TV Business revenue decreased by 2.2% to €1,165 million, caused primarily by lost carriage fees from public broadcasters not offset by the increasing Premium TV base. Internet & Phone Business revenue grew strongly by 15.2% to €735 million. Total revenue reached €1,900 million.

EBITDA stood at €910 million compared to €862 million one year earlier (up 5.5%). EBITDA margin expanded to 47.9% versus 47.1% in the prior year. The Company spent €575 million on Capex with €474 million or 24.9% of revenues on regular Capex and €101 million or 5.3% on program Alpha. €319 million or 67% of the regular Capex were success-based.

Kabel Deutschland Financial Results

Kabel Deutschland Financial Results

KDH generated €335 million of operating free cash flow, which translates into an operating free cash flow margin of 17.6%. The Company incurred a net loss of €68 million, representing negative earnings per share of €0.77 (versus €247 million net profit and EPS of €2.79 last fiscal year). This net loss was primarily caused by non-recurring negative effects related to the takeover by Vodafone (transaction costs, refinancing-related and tax losses). The Company will not distribute a dividend for FY 2013/14. Taking into account €334 million cash on hand and unused revolver capacity of €300 million, the Company had total liquidity of €634 million. Total net debt increased to €2,916 million as of March 31, 2014 (previous year: €2,743 million). The net debt to EBITDA leverage ratio remained constant at 3.2 times, well within the Company’s leverage target range of 3.0 to 3.5 times.

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