First Quarter 2009 - A Good Start 1Q 2009 Results Presentation - 29 April 2009
Agenda 1Q 2009 Results Back Up ��� �
Commenting 1Q 2009 Results Strong trend with 60k net adds Customer Base Growth Significant improvement vs 4Q 2008 14% YoY revenue increase Revenues Trend Visible growth contribution from all BUs 8% YoY EBITDA growth in line with FY target EBITDA Growth FCF Generation €39 Mln EBITDA-Capex and €6 Mln positive FCF 19% Capex/Sales ratio below 26% in 1Q 2008 Capex/Sales A good start to achieve FY targets ��� �
1Q 2009 FASTWEB Customer Base Evolution Customer Base Growth (‘000) Italian Market BB Connections Growth (‘000) 11,711E 395E 11,316 1,542 60 1,483 +4% QoQ +3% QoQ s e e B B 9 s n s B 0 B a o a Q B B t i Connections t EoP 1Q09 e t Connections e 1 c r k r k e s e EoP08 e r r n m a m d a M n M EoP 1Q09 d o o o A EoP 08 t t n 9 C n s s 0 t a u a u e i B Q C l i C N l a B a 1 t t I w I e N Source: Internal estimates Significant improvement in the net adds trend 60k new subs representing a 15% net adds share vs 10% in 4Q 2008 Customer base increased more than the Italian market (4% vs 3%) ��� �
New Consumer Offer - Price Stability Confirmed (1/2) Fixed line offer (extracts) ����� ���� ������ ���� ������� �� ��������� ���������������� ������������� ���� was €19.90/month was €39.90/month was €19.90/month was €9.90/month in 2008 in 2008 in 2008 for 3P for 6 months in 2008 is €19.90/month is €39.90/month is €5.90/month is €16.08/month in 2009 in 2009 in 2009 (if bundled for 3P for 6 months with voice/Internet) in 2009 New consumer offer launched in April 2009 confirmed price stability vs 2008 for fixed line services Rationale is…more value at the same price Other key players on the Italian market are following the same approach ��� �
New Consumer Offer - Price Stability Confirmed (2/2) Mobile offer (extracts) Price stability confirmed also for �������� ������� ������ ������ mobile services ��������������� ��� �������������� ����������������� Incremental value for customers: was €5.90/month was €19.90/month the ���� ������� option extends in 2008 in 2008 mobile free calls from family members to the entire FASTWEB mobile community 80k mobile active customers (Consumer + SME) EoP 1Q 2009 (+50k in the quarter) ���� ������� ������ ������ ��������������� ��� !""�#�$�� ��������������� ����������������� is €5.90/month is €19.00/month in 2009 in 2009 ��� �
1Q 2009 Revenue Trend and Mix - Total FASTWEB Quarterly Revenue Evolution (€ Mln) BUs Revenue Contribution (€444 Mln = 100%) +14% YoY 467 Executive SME 444 37% 23% 427 425 389 40% Consumer 1Q08 2Q08 3Q08 4Q08 1Q09 Revenue Mix Consumer Business 40% 60% 1Q 2009 revenues increased 14% YoY Excluding last quarter 2008, 1Q 2009 was the best ever in terms of revenues ��� �
1Q 2009 Revenue Trend - BUs BUs Quarterly Revenue Evolution (€ Mln) Consumer +8% 176 171 167 164 14% YoY FASTWEB revenue growth 155 supported by visible contribution from all BUs 1,235k customers EoP 1Q09 Consumer posted the best revenue figure ever, with 8% YoY and 3% * * * * 1Q08 2Q08 3Q08 4Q08 1Q09 sequential growth SME +9% 102 99 95 94 92 SME started to benefit from the 244k customers increased market focus and the EoP 1Q09 communication campaign launched in 1Q resulting in 9% YoY and 3% * * * * 1Q08 2Q08 3Q08 4Q08 1Q09 sequential growth Executive +26% 197 179 Executive still the growth driver 166 163 with 26% YoY increase 132 • * Pro forma figures reflecting the extension of the SME perimeter to include Micro Business (managed by the Consumer BU until EoP 1Q08 2Q08 3Q08 4Q08 1Q09 2008) - See slide 16 for further details ��� �
1Q 2009 EBITDA Trend FASTWEB Quarterly EBITDA Evolution (€ Mln) +8% YoY 146 132 127 122 113 1Q08 2Q08 3Q08 4Q08 1Q09 1Q 2009 EBITDA increased 8% YoY in line with FY target, despite negative impact of ULL rate increase effective as of 1 January 2009 ��� �
1Q 2009 Capex Trend and Mix Capex Mix (€83 Mln = 100%) Capex and Capex/Sales Evolution 135 IT 101 96 17% 39% 83 26% 10% 33% Others 65% 19% Customer driven 8% N&S 1Q06 1Q07 1Q08 1Q09 CAPEX CAPEX TO SALE 19% Capex/Sales ratio well below 23% Increasing component of success- targeted for the FY thanks to Capex driven capex: 65% vs 62% in FY 2008 phasing and effective control ��� ��
1Q 2009 FCF Trend EBITDA-Capex Evolution (€ Mln) Free Cash Flow Evolution (€ Mln) 41 39 11 4 6 1Q06 1Q07 1Q08 1Q09 1Q06 1Q07 1Q08 1Q09 -34 -37 Included positive one off cash effects of €40 Mln -119 FCF proxi driven by positive capex €6 Mln positive FCF in 1Q 2009 trend and EBITDA progression ��� ��
1Q Contribution to FY Results/Guidance Revenues EBITDA 1Q % weight on FY 1Q % weight on FY 1Q06 1Q07 1Q08 1Q09 1Q06 1Q07 1Q08 1Q09 23% 24% 23% 25% 20% 24% 22% 22% FY Target FY Actual ~1,800E 1,708 FY Actual 1,433 FY Actual FY Target 1,251 FY Actual ~560E 518 FY Actual 410 FY Actual 317 1Q Actual 1Q Actual 1Q Actual 1Q Actual 1Q Actual 1Q Actual 1Q Actual 444 1Q Actual 389 347 289 122 113 98 62 1Q06 1Q07 1Q08 1Q09 1Q06 1Q07 1Q08 1Q09 1Q 2009 revenues and EBITDA contributed to FY guidance in line with expectations and with the seasonality trend recorded in prior years ��� ��
Q&A
Agenda 1Q 2009 Results Back Up ��� ��
1Q 2009 Income Statement 1Q 2009 (€ Mln) YoY Change 1Q 2008 (€ Mln) Revenues 444 +14% 389 CoS + Opex + Provis. (322) (276) EBITDA 122 +8% 113 (94) (101) Dep’n + Write Downs EBIT 28 +134% 12 Net Financials Charges (19) (18) 9 NA (6) EBT (7) (5) Tax Net Result 2 NA (11) ��� ��
2008 Business Units Quarterly Revenues (€ Mln) Reported 1Q 2008 2Q 2008 3Q 2008 4Q 2008 FY 2008 200 204 193 212 808 Consumer Revenues of which Microbusiness 36 37 37 40 150 SME Revenues 57 58 55 58 229 132 163 179 197 671 Executive Revenues Total FASTWEB 389 425 427 467 1,708 2008 Consumer and SME reported revenues have been re-stated to reflect the extension of the SME perimeter (effective as of 1 January 2009) to include Microbusiness (managed by the Consumer Business Unit until 31 December 2008) Re-stated 1Q 2008 2Q 2008 3Q 2008 4Q 2008 FY 2008 164 167 155 171 658 Consumer Revenues SME 93 95 92 99 379 of which Microbusiness 36 37 37 40 150 132 163 179 197 671 Executive Revenues Total FASTWEB 389 425 427 467 1,708 ��� ��
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