Model portefeuille
Rendement portefeulle
+12.035 %

Rendement AEX
+33.325 %

Startdatum
01-01-2009

Startwaarde portefeuille € 74082.37

Startwaarde AEX
€ 245.94


Laatste update:
29-01-2010

Altice N.V. – Q3 2017 Pro Forma1 Results

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Algemeen advies 03/11/2017 07:19
? Altice continued to focus on executing on its strategy to create the best customer experience, the best
infrastructure and the best content during the third quarter of 2017.
? Revenue growth and margin expansion driven by strong Altice USA performance with substantial
headroom for further improvement across all operations:
o Altice N.V. Group revenue growth of +0.3% growth YoY on a constant currency (CC) basis in Q3
2017;
o Altice USA revenue growth of +3.2% YoY on a CC basis, and growth in Israel of +3.1% YoY on a CC
basis, offset by slight revenue decline in France of -1.3% YoY and revenue decline in Portugal of -
3.1% YoY due to mismanagement of rate events.
? Altice Group Adjusted EBITDA2 grew +4.2% on a CC basis driven by the strong growth of Altice USA
+18.9% YoY on a CC basis under IFRS:
o Altice Group Adjusted EBITDA margin increased by +1.5 percentage points YoY to 41.0%;
o Altice USA reached an Adjusted EBITDA margin of 44.9% in Q3 (+6.1% pts YoY vs. 38.8% in Q3
2016), France margin decreased by -0.7% pts to 36.6% and Portugal margin increased +0.9% pts to
46.8%.
? Altice Group Operating Free Cash Flow3 grew +6.2% on a CC basis in Q3 driven by the strong growth of
Altice USA +13.8% on a CC basis under IFRS.
? Progressing with fastest deployment of state-of-the-art fiber (FTTH) technology planned across Europe /
U.S., targeting a global run-rate of c.4+ million FTTH homes passed p.a. by 2018:
o Leading fiber4 operator in France reaching over 10 million homes passed at the end of Q3 (+433k
QoQ including FTTH acceleration), targeting nationwide coverage by 2025;
o Altice USA’s fiber-to-the-home (FTTH) deployment is on track to reach one million homes constructed
by year end 2018 (one million homes to be designed by year end 2017);
o Leading fiber (FTTH) operator in Portugal reaching 4 million homes passed at the end of Q3 (+177k
QoQ), targeting nationwide coverage by 2020.
? Significant progress expanding into the media and advertising space; integrating NextRadioTV into Altice
Media Group, combining Teads and Audience Partners with Altice’s telecoms businesses (building the
future of cross-screen advertising) and pending Media Capital acquisition5.

Altice One launch – new home entertainment hub to support significantly improved video, broadband and
phone experience for Altice USA customers.
1 Financials shown in these bullet points are pro forma defined as results of the Altice N.V. Group as if the acquisition of Cablevision
(Optimum) had occurred on 1/1/16 (excluding Belgium & Luxembourg and Newsday Media Group as if the disposals occurred on 1/1/16). The
acquisitions of NextRadioTV and Altice Media Group France included from 1/1/16, pro forma for the sale of press titles within the AMG France
business in April and October 2017. Segments shown on a pro forma standalone reporting basis, Group figures shown on a pro forma
consolidated basis. Financials include the contribution from the insourcing of Parilis and Intelcia, as well as the contribution from Teads, in Q3-
17 (not in Q3-16).
2 See reconciliation of non-GAAP performance measures to operating profit for the three and nine months period ended on page 23 of this
release.
3 Operating Free Cash Flow defined here as Adjusted EBITDA-capex.
4 FTTB and FTTH homes passed.
5 Media Capital acquisition under regulatory process.

? Further strengthening and simplification of diversified capital structure, including taking SFR private and
significant refinancing across Altice’s SFR and Altice International credit silos. Agreement for SFR Group
to acquire French Overseas Territory telecom business from Altice International.
Michel Combes, Chief Executive Officer of Altice N.V., said: “Our priority is execution on our clear longterm
strategy: to be the number one operator for the quality of our wholly-owned telecoms infrastructure and
the number one convergence player, providing the best customer experience with best-in-class financial
performance.
Revenue growth and margin expansion for Altice Group are currently being driven by the strong performance
of Altice USA. The launch of Altice One is just the beginning of a new, better and simple experience for our
customers as we look to become the connected home provider of choice. And as we invest more in our fiber
project and digitalisation we will continue to improve service metrics, further reduce churn and see additional
efficiency savings.
In Europe, we are intensifying the operational focus to improve customer experience and return France and
Portugal to growth. To support the turnaround here we are expanding our fiber FTTH coverage at an
accelerated pace as well as continuing to invest in improving our mobile network quality and providing
differentiated content bundles.
Lastly, we are also quickly expanding into the media and advertising space which are our fastest growing
businesses in the Group today."
November 2, 2017: Altice N.V. (Euronext: ATC NA and ATCB NA), today announces financial and
operating results for the quarter ended September 30, 2017.
Key financial figures in Q3
? Altice Group Revenue €5,755m, increase of +0.3% YoY on a constant currency (CC) basis; down -1.8%
YoY on a reported basis:
o €2,757m France (SFR) Revenue, down -1.3%;
o €1,970m Altice USA Revenue, increase of +3.2% on a CC basis to $2,327m in local currency; down -
2.5% on a reported basis;
o €566m Portugal Revenue, down -3.1%.
? Altice Group Adjusted EBITDA €2,358m, increase of +4.2% on a CC basis; up +1.8% YoY on a reported
basis:
o €1,009m France (SFR) Adjusted EBITDA, down -3.2%.
o €885m Altice USA Adjusted EBITDA, increase of +18.9% on a CC basis to $1,042m in local currency;
up +12.8% on a reported basis;
o €265m Portugal Adjusted EBITDA, down -1.3%.
? Altice Group Adjusted EBITDA margin expanded by +1.5% pts YoY to 41.0%:
o France (SFR) margin decreased by -0.7% pts to 36.6%.
o Altice USA margin increased +6.1% pts to 44.9% under IFRS (44.1% under GAAP6 reporting
standard);

6 U.S. generally accepted accounting principles (“GAAP”) reporting standard.

? US Optimum margin increased by +7.9% pts to 43.7% under IFRS (42.9% under GAAP);
? US Suddenlink margin increased by +1.4% pts to 47.8% under IFRS (47.1% under GAAP).
o Portugal margin increased by +0.9% pts to 46.8%.
? Altice Group Operating Free Cash Flow of €1,411m, increase of +6.2% on a CC basis7; up +2.9% YoY on
a reported basis.
2017 Guidance8
For 2017, Altice Group revenue is expected to grow on a pro forma organic basis. Group Adjusted EBITDA is
expected to grow at the low end of the guidance range for high-single digit growth (consistent with year-to-date
EBITDA growth of c.6% YoY on a CC basis). Group capex is expected to be c.€4bn.
Other Significant Events
? On November 2, 2017, Altice Caribbean entered into a term sheet agreement with SFR Group to acquire
100% of the share capital of Altice Blue Two (holding company of the telecom business in the French
Overseas Territory). The implementation of this transaction is subject to technical conditions precedent,
including the approval of the relevant corporate bodies at the level of Altice Caribbean and SFR Group.
The closing of this transaction is expected to occur before the end of Q1 2018 with the transfer of the
French Overseas Territory assets from the Altice International restricted group to the SFR restricted group.
? On October 9, 2017, Altice N.V. announced the successful refinancing of a portion of the existing debt of
its SFR and Altice International credit pools. SFR and Altice International priced €4bn of new Term Loans,
and Altice International also priced €675m of Senior Unsecured Notes with a coupon of 4.75%, now the
lowest coupon in the Altice Group.
? On August 28, 2017, Altice N.V. announced the start of a programme to repurchase shares with an
aggregate market value equivalent of up to €1bn, and that would end no later than August 31, 2018. As
part of this programme, Altice intends to purchase up to €1bn of Altice common shares A and Altice
common shares B on Euronext Amsterdam, which it intends to cancel upon repurchase and/or hold in
treasury. On October 16, 2017, Altice N.V. announced that this share repurchase programme had been
suspended and that a new programme to repurchase shares also in closed periods commenced and
would continue until today, November 2, 2017 (inclusive). This share repurchase programme has been
conducted within the parameters prescribed by the Market Abuse Regulation 596/2014 and the safe
harbour parameters prescribed by the Commission Delegated Regulation 2016/1052 for buyback
programmes. On November 3, 2017, Altice will resume its discretionary share repurchase activity. During
the third quarter, Altice purchased approximately 7.7m shares of Altice common shares A and 0.5m of
common shares B for a total of €147.0m. Up until the end of October 2017, Altice purchased a cumulative
amount of approximately 16.4m shares of Altice common shares A and 1.1m of common shares B for a
total of €307m. These share repurchase programmes form part of Altice's strategy to create superior, longterm
value for all of its shareholders.
? On August 10, 2017, Altice N.V. announced the crossing of the 95% ownership threshold in SFR Group,
increasing its stake to 95.9% having entered into several agreements relating to the acquisition of SFR
Group shares through exchanges against Altice N.V. common shares A. Altice also announced on this
7 Excluding €407.7m of capex related to the acquisition of multi-year major sports rights (English Premier League Football, French Basketball
League and English Premiership Rugby) in France and other territories in Q3 2016.
8 2017 guidance applies to current Group perimeter in this earnings release at constant currency. Refers to pro forma revenue and EBITDA
growth including Optimum (Cablevision) and Media assets in France (i.e. NextRadioTV and Altice Media Group France, pro forma for the sale
of press titles within the AMG France business in April and October 2017), and excluding Belgium and Luxembourg, for 12 months in 2016.
Capex guidance excludes net impact of handset securitisation / supplier financing (€98m year to date as of the end of Q3 2017).

read more on
http://altice.net/sites/default/files/pdf/ATC_Q317_ResultsPressRelease.pdf

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