ALTICE – FIRST QUARTER 2015 RESULTS

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Overig advies 12/05/2015 08:05
Strong financial performance, EBITDA up 20% yoy. Strong start in
France with faster realization of synergies and new strategy
implemented.
May 12, 2015: Altice SA (Euronext: ATC NA), today announces financial and operating results
for the quarter ended March 31, 2015.
Strong pro forma1 EBITDA and Cash Flow growth
 €3,263m Revenue, down 3.3% (down 4.5% on CC2 basis)
o €527m International Revenue, up 4.9%
o €2,737m France Revenue, down 4.7%
 EBITDA of €1,177m, up 20% (up 18% on CC basis)
o €254m International EBITDA, up 16%
o €930m France EBITDA, up 21%
 EBITDA margin expanded by 6.9% pts to 36.1%
o International margin expanded by 4.4% pts to 48.1%
o France margin expanded by 7.2% pts to 34.0%
 Operating Free Cash Flow3 of €645m, up 12% (up 10% on CC basis)
Major strategic progress
 France: Closed the transaction to acquire 20% stake in Numericable-SFR
from Vivendi on May 6th
.
o 10% stake acquired by Numericable-SFR
o 10% stake acquired by Altice France through vendor note due in
April 2016
 International: Received approval by the European Commission to acquire
Portugal Telecom on April 20 th. Transaction is expected to close at the end of May 2015.

Key operational progress
 France:
o Clear market leader in Fiber with ambitious investment plan to
accelerate both Fiber and 4G deployments
o Marketing focused on high end customers and quadruple play
convergence
o Growing Fixed ARPU and stabilization in Mobile postpaid ARPU
o Synergies realization faster and larger than initially planned driving
21% EBITDA growth and 7.2% pts increase in EBITDA margin to
34.0%
o New EBITDA medium term target 45%
o Significant 20% deleveraging from EBITDA growth and working
capital improvements
 Dominican Republic:
o Efficiencies driving 11.9% pts increase in EBITDA margin to 52.5%
o Continued good prepaid to postpaid conversion momentum with
11% growth of mobile postpaid subscribers
o 11% cable customer growth with cable ARPU up 3.5% in local
currency
 Israel:
o Good growth in triple play and high speed broadband
o UMTS mobile service revenue up 6% with now more than 1 million
mobile subscribers
o Improvement of quality of service with churn back to H1 2014
levels
 French Overseas Territories:
o Combination of cable and mobile businesses driving 20% EBITDA
growth and a 9.6% pts increase in EBITDA margin to 48.1%
o Strong shift from prepaid to postpaid mobile with 6% postpaid
mobile customer growth
o Strong triple play growth with 3P penetration up 22pts to 65%
o Cable ARPU up 11% to €57 in Q1 15


Notes: 1 Financials shown in these bullet points are pro forma defined here as pro forma results of the Altice S.A. group as if all acquisitions
occurred on 1/1/14. These results are not pro forma for the proposed Portugal Telecom transaction. 2 Constant currency. 3 Defined as
EBITDA less Capital Expenditure.
Dexter Goei, Chief Executive Officer of Altice, said: “Q1 2015 was a strong
quarter for the Altice Group, with 20% growth in our adjusted EBITDA and 12%
growth in our operating free cash flow.
We are particularly pleased with the strong start to the synergies realization
plan in France and are confident that our strategy based on higher value
generation through focus on quadruple play and use of our clear fiber
advantage will continue to deliver results.
We began the year strongly, both operationally and financially, and will
continue to drive margin expansion and cash flow growth across all of our
operations in 2015.”
tijd 09.02
De AEX in het rood op 490,77 -1,98 -0,40% Altice EUR 102,70 +6,48 vol. 33.000



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