Release of 02.02.2022
Key financial and operating highlights
- Group total revenues increased by 4.7% year-on-year, driven by service revenue growth in all markets except Slovenia.
- Equipment revenues were higher, as increases in all international markets, especially Belarus, more than outweighed volume-driven decline in Austria.
- Mobile service revenues increased by 8.4% on a Group level, due to the solid performance of mobile core business, mobile WiFi routers, as well as a partial recovery of roaming results.
- Fixed-line service revenues rose by 1.6% on a Group level, as solid growth in Bulgaria and Belarus more than compensated for the decline in Austria. Continued traction of solution and connectivity business added to this.
- The Internet@home subscriber base grew by 5.0%, driven by mobile WiFi routers in all markets.
- The number of mobile subscribers rose by 4.1%, driven by the higher number of M2M subscribers as well as the higher number of mobile WiFi routers in all markets.
- Fixed-line RGUs increased slightly (+ 0.5%), as a growth in high-bandwidth broadband RGUs outweighed a decline of low-bandwidth broadband and fixed voice RGUs.
- Roaming revenues grew in Q4 year-on-year (positive impact yoy: ~1 % of revenues; ~ 2 % of EBITDA versus approx. 2 % in EBITDA in Q3 2021) due to more travelling across the footprint, while still being below pre-COVID 19 levels.
- Group EBITDA before restructuring charges grew by 8.8% (reported: 9.7%) as higher service revenues and improved equipment margin more than compensated for higher core OPEX. Excluding one-off and FX effects as well as restructuring charges, Group EBITDA increased by 9.4%.
- In Austria, EBITDA before restructuring charges increased by 7.3% (reported: 8.7%) driven by higher service revenues, improved core OPEX and a better equipment margin.
- Excluding FX and one-offs, EBITDA in international operations increased by 10.1% (reported +8.8%). Contribution was strong from Belarus and Bulgaria in particular.
- Net result declined by 6.8% year-on-year in the fourth quarter of 2021, as solid operational performance could not fully compensate for higher income tax expenses.
- Free cash flow declined in the quarter under review despite improved operational performance, due to capital expenditures recovery after the low 2020 comparable and higher income taxes paid.
- Outlook 2022: close to 3% Group total revenue growth; approx. 15% y-o-y increase in CAPEX excluding spectrum investments and acquisitions.