• Successful conclusion of group transformation with closing of Cablevision
(Optimum2) and media acquisitions in France:
o Enhanced diversification of assets with balanced global scale and
growth opportunities;
§ Altice USA gives group c.41% exposure3 to large, growing US
market; strong underlying revenue growth and further margin
expansion potential.
o Broadened fiber / cable / mobile access and content convergence
platform with additional growth opportunities from advertising.
• Operational momentum increases confidence in expectation for continued
improvement in revenue trends throughout 2016:
o France (SFR Group) – Solid execution in challenging market
environment. Focus on improving network quality, customer
experience, retention processes and content enriched service
bundles, which combined with improving market dynamics is
expected to drive significant improvement in revenue trend;
§ FY 2016 revenue trend still expected to be better than FY 2015
(-3.5% YoY), a significant improvement from Q1 2016 (revenue
ex-media assets4 -6.1% YoY) and Q2 2016 (-4.6%4). Revenu
declined 4.3% YoY in Q2 2016 pro forma for recent
acquisitions of media assets, including double-digit growth
(+12.6% YoY) at NextRadioTV, rebranded SFR RadioTV5;
§ Continued fiber customer net additions (+44k), albeit slower
than recent quarters, and reduced mobile postpaid churn YoY
(B2C net losses of -199k in Q2 2016 vs. -314k in Q2 2015);
seeing early benefits of accelerated network upgrades and
content initiatives, as SFR is the clear fiber leader and number
2 mobile operator now in terms of voice quality6.

1 Financials shown in these bullet points are pro forma defined here as results of the Altice N.V. Group as if all
acquisitions had occurred on 1/1/15, including PT Portugal (MEO), Suddenlink, Cablevision (Optimum),
NextRadioTV and Altice Media Group France (and excluding Newsday Media Group, Cabovisao, ONI, La
Reunion and Mayotte mobile activities as if the disposals occurred on 1/1/15). Segments shown on a
standalone reporting basis, Group figures shown on a consolidated basis.
2 “Optimum” financials shown in this release refer to total company earnings from the business previously
known as Cablevision Systems Corporation (e.g. including Lightpath), not just from the “Cable” segment,
excluding Newsday Media Group (75% stake disposed on 7 July, 2016)
3 Altice USA Operating Free Cash Flow, defined as EBITDA less capex, as a proportion of total Operating FCF in
H1 2016 (Altice USA represented c.35% of Altice N.V. Group revenue in H1 2016).
4 Excluding acquired media assets for comparability (i.e. NextRadioTV and Altice Media Group France).

o Portugal (MEO) – Revenue trend continues to improve despite
headwind from termination fees reduction;
§ Revenue decline of 3.0% YoY in Q2 2016 (vs. -3.5% in Q1 2016
and -7.3% in FY 2015) driven by stabilizing B2C trend and large
corporate customer base stable for last 9 months since Altice
took ownership;
§ Fiber growth accelerating (+16k net additions in Q2) as
expanding network rapidly with continued B2C postpaid
mobile subscriber growth (+14k).
o US (Suddenlink) – Strong underlying growth in revenue of 5.7% YoY
on a constant currency (CC) basis in Q2 2016 excluding PPV7 event in
Q2 2015 (5.2% YoY actual growth on a CC basis);
§ Sustaining growth comfortably above FY 2015 level (+3.7%);
§ Seasonal decline in unique residential customer relationships
(8k net losses in Q2), including broadband (-2k) and video
customers (-23k), which was better than last year (losses of
13k, 3k and 29k in Q2 2015 respectively);
§ Focus for Suddenlink is on customer retention and improving
churn.
o US (Optimum) – 2.0% underlying revenue growth YoY on a CC basis
in Q2 2016 pro forma for Newsday disposal (+0.3% impact) and
excluding PPV event in Q2 2015 (1.1% YoY actual growth on a CC
basis)8;
§ Strongest operational performance9 in Q2 since 2012 with 19k
net unique customer relationship additions;
§ 26k additional broadband RGUs and -2k video RGUs, best
video performance for four years.
o Israel (HOT) – Return to revenue growth in Q2 +1.5% YoY on a CC
basis, +0.8% on a reported basis);
§ Cable customer base remains stable (-2k) with recent
improvements in churn and quality of service sustained;
§ Best practice in improving customer experience here to be
adopted in France and Altice USA.
o Dominican Republic (Altice Hispaniola) – Continued strong growth in
revenue in Q2 (+5.1% on a CC basis, +0.7% on a reported basis);
§ Both postpaid mobile subscriber growth (+1k) and fiber
customer net additions (+3k).
• Robust financial performance despite temporary weakness in France with
continued record results at MEO and Suddenlink and stronger than
expected results from Optimum:

5 SFR owns 49% voting stake of NextRadioTV / SFR RadioTV.
6 Arcep 2016 mobile service quality audit data.
7 Pay Per View Mayweather Jr. vs. Pacquiao boxing event in Q2 2015.
8 0.8% growth YoY on a reported CC basis including Newsday contribution to figures in both years (i.e. assuming no disposal and no pro forma adjustment) and including Pay Per View (PPV) Mayweather Jr. vs. Pacquiao boxing event revenue in Q2 2015. 1.1% growth on a reported CC basis excluding Newsday pro forma and including PPV event revenue. Decline of 1.0% YoY on a pro forma reported basis in Euro terms due to the move in FX rate (USD / EUR FX rate 1.130 vs. 1.106 in Q2 2016 and 2015 respectively).
9 Optimum KPIs include both residential and commercial segments.

o Altice N.V. Group EBITDA grew 3.7% YoY on a CC basis driven by the
growth in Portugal and Altice USA, partly offset by France:
§ Altice N.V. Group Adjusted EBITDA margin expanded by 2.0%
pts YoY to 38.9% in Q2 as efficiency measures continue;
§ Strong growth in Portugal (Adjusted EBITDA +22.5% YoY),
Suddenlink (+18.5% on a CC basis), Optimum (+11.1% on a CC
basis) and Dominican Republic (+4.5% on a CC basis) offsetting
weakness in France including media assets (-6.8%)10.
o Altice N.V. Operating Free Cash Flow declined 6.6% on a CC basis in
Q2 reflecting accelerated investments (excluding one-off payment
related to the network sharing JV in Israel of €61m in Q2 2016,
Operating Free Cash Flow declined 1.8% YoY);
§ Very strong growth in Q2 in MEO, Suddenlink and Optimum
Operating Free Cash flow, +50.7%, +60.7% and +41.8% YoY
respectively.
• Robust, diversified and long-term capital structure (including Cablevision):
o Group weighted average debt maturity 6.7 years;
o Group weighted average cost of 6.3%;
o No major maturities at SFR or Altice International until 2022, and
none at Suddenlink until 2020, following €10bn refinancing in April
2016;
o Available liquidity of €5.1bn11.
Accelerated re-investments into fiber/mobile networks and selective
media and content:
o France (SFR) – Accelerated fiber broadband coverage expansion
(+419k homes passed in Q2 to total 8.5 million as of the end of June
2016, on track for 22 million homes passed by 2022);
§ #1 fiber coverage in France;
§ Leading 4G / 4G+ mobile site build out in France again in Q2
2016 (+1,256 sites, significantly more than peers);
§ Media and content acquisitions advancing “access plus
content” strategy.

10 France EBITDA declined 7.6% YoY on a standalone basis excluding acquired content and media assets (i.e.
NextRadioTV and Altice Media Group France).
11 Total group cash of €1,511m (including €188m of cash at ANV/ACF) and total undrawn RCF of €3,665m (total
RCF of €4,488m net of €134m LOCs and €688m RCF drawn), net of €61m of restricted cash at CVC.

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tijd 09.15
De AEX 450.29 +1,22 +0,27% Altice EUR 14,,50 +1,40 vol. 642.000 een bedrijf dat zwaar gefinancierd is. Pas op de rente moet naar wat gaan stijgen en U bent als belegger 't haasje.