Netia reports rise in revenues by 17% in H1′08 (Poland)Polish Operator Netia posted first-half revenues of PLN 481 million, up 17 percent compared to last year. Apart from its sold IVT activities, revenues were up 25 percent to PLN 472 million. EBITDA improved by 5 percent to PLN 69.2 million, while the margin dipped to 14.4 percent from 28.5 percent a year ago due to higher costs for winning new customers. Netia’s growth plans are fully funded following the sale of the stake in P4. At the end of June, Netia had net cash of PLN 324 million and PLN 275 million in undrawn senior debt. In addition, a further PLN 100 million of debt financing has been arranged to finance the acquisition of Tele2 Polska.
Netia lifts its revenue guidance for the full year from PLN 950 million to PLN 960-975 million, while the EBITDA guidance is maintained at PLN 125 million. The operator anticipated to finish the year with over 400,000 broadband customers, versus 292,470 at the end of June, while the voice subcriber base should grow to over 580,000 from 396,463 at mid-year. Netia cut its planned investment spending this year to PLN 240 million form PLN 280 million, excluding acquisitions, while spending on acquisitions was hoist to PLN 60 million from PLN 40 million due to growing potential pipline for deals. Tele2 Polska is not included in the outlook.
