Kpnqwest N.V. oznamuje úspěšné výsledky

1. listopadu 2001
U Googlu se chystá další vylepšení
Kpnqwest N.V. oznamuje úspěšné výsledky třetího čtvrtletí roku 2001. KPNQwest odhaduje dobré výsledky ukazatelů EBITDA pro celý rok 2001 při předpokládaných tržbách 800 milionů euro.
Kpnqwest N.V. oznamuje úspěšné výsledky

KPNQwest posiluje svojí pozici na trhu díky akvizici Ebone a GTS Central Europe

 

Oznámené výsledky třetího čtvrtletí 2001 ve srovnání s předchozím rokem:

 

"In a quarter marked by significant market turbulence, KPNQwest’s results continue to demonstrate a focus on delivering on its promises to the market,” said Jack McMaster, CEO and President of KPNQwest. “The third quarter sees us report positive communication services EBITDA - one quarter ahead of schedule – and that we expect to be EBITDA positive for the full year 2001. Based on the results achieved through the end of the third quarter, KPNQwest is raising its revenue guidance from 780 million to 800 million in revenue for 2001. Furthermore, our agreement to acquire Ebone and GTS Central Europe strengthens our position in the European IP data communications market. I believe this transaction will bring the kind of synergies, operating competencies, capital savings and increased EBITDA performance that will further mark KPNQwest as a long-term and profitable player in the sector.

 

REVENUES

The Company reported total revenue for the third quarter of €197.6 million, which represents 48.9% growth over the third quarter of 2000. In addition, for the nine months ended September 30, 2001 the Company reported €590.1 million in total revenue, resulting in an 86.2% increase over the €317.0 million reported for the same period in 2000.

 

Communication Services Revenue

The company reported communication services revenue of €195.6 million for the third quarter, compared to €118.8 million for the third quarter of 2000.  The 64.6% growth in communication services revenue was bolstered by an acceleration in IP-based Value Added Services (“IP-VAS”) revenues, which more than doubled from the three months ended September 30, 2000. 

 

In addition to the strong growth in the wholesale market, KPNQwest continues to demonstrate its ability to capture market share in the IP value added services market.  Among the deals closed and announced during the quarter are contracts with Lycos Europe, F-Secure and AOL.  In addition over 30 IP VPN customer network contracts resulted in a two-fold increase in revenue from the second quarter 2001. ATM, Private Line and IP Access services also grew in the quarter from both new customers and new orders from existing customers such as Nokia, Cap Gemini, TietoEnator and BMC Software.

 

Year-to-date the company reported a 82.7% growth in communication services revenue to €528.5 million from €289.3 million for the nine months ended September 30, 2000.

 

Infrastructure Revenue

For the third quarter of 2001, KPNQwest reported €2.0 million in infrastructure sales, compared to €13.9 million of infrastructure sales for the same period in 2000. For the nine months ended September 30, 2001, KPNQwest reported €61.6 million of infrastructure sales, compared to  €27.7 million for the same period in 2000. The reported infrastructure sales in the third quarter of 2001 represent the amortized portion of previously delivered dark fibre contracts.

 

 

OPERATING COSTS AND MARGINS

With the completion of the network construction phase of the company’s history, KPNQwest has successfully continued to improve communication services gross margin for the seventh consecutive quarter.  For the three months ended September 30, 2001 the Company reported communication services gross margin of 41.1% - a 50 basis point and 700 basis point improvement over the second quarter of 2001 and third quarter of 2000, respectively. 

 

With leased long-haul capacity representing approximately 25% of total communication services cost of sales, the Company continues to forecast improvement in communication services gross margin as traffic is migrated from these leased facilities onto the KPNQwest EuroRings network. 

 

The reported communication services gross margin improved from 30.9% for the nine months ended September 30, 2000 to 40.5% for the same period in 2001.

 

KPNQwest continues to leverage its infrastructure and improve productivity as selling, general and administrative ("SG&A") expenses continue to decline both in absolute terms and as a percentage of revenues. For the third quarter of 2001 the Company reported total SG&A costs of €79.5 million, or 40.6% of communication services revenue, compared to the €84.6 million, or 47.6% of communication services revenue reported for the second quarter of 2001.     

 

“We are pleased with our ability to continue to grow revenue in these tough market conditions,” commented Jeff von Deylen, EVP and Chief Financial Officer of KPNQwest. “Equally important is our ability to drive efficiencies through our network and overhead costs, as demonstrated by the consistent improvement to our EBITDA margins.”

 

EBITDA

KPNQwest reported a breakthrough quarter in terms of EBITDA by achieving positive communication services EBITDA one quarter ahead of expectations.  The Company reported total EBITDA of €2.7 million for the quarter, or 1.4% of total revenue. The company reported communication services EBITDA of  €0.9 million in Q3 2001, compared to  €(12.3) million in Q2 2001 and  €(39.8) million in Q3 2000.

 

Year-to-date the company reported an EBITDA loss of €(3.2) million, or (0.5)% of total revenue, compared to an EBITDA loss of €(89.7) million, or (28.3)% of total revenue for the nine months ended September 30, 2000.

 

EARNINGS

For the third quarter of 2001 the company’s reported net loss was €(60.5) million, or €(0.13) loss per share, compared to the reported net loss of €(23.9) million, or loss per share of €(0.05) per share, for the third quarter of 2000. Year-to-date 2001 KPNQwest reported a net loss of €(132.8) million, or a €(0.29) loss per share, compared to a net loss of €(81.9) million, or a €(0.18) loss per share, for the nine months ended September 30, 2000. The increase in the net loss between 2000 and 2001 was principally driven by three factors:

§         increased depreciation expense resulting from the completion of the company’s network

§         increased interest expense resulting from less capitalised interest in the third quarter following the completion of the construction phase of KPNQwest’s network and CyberCentre facilities

§         an increased debt level from the high yield bond offering in January 2001 compared to the same period in 2000

 

ACQUISITION OF GTS’S EBONE AND CENTRAL EUROPEAN BUSINESSES

On October 18, 2001, KPNQwest announced that it will acquire the Ebone and Central European businesses of GTS. KPNQwest will issue approximately €210 million of new convertible bonds and assume an estimated €435 million of net bank debt and capital lease obligations upon closing, which is anticipated to be in March 2002, subject to customary closing conditions.

The acquisition strengthens KPNQwest’s position as a leading IP data communications provider in Europe. The capital and operating synergies of over €600 million, uniquely derived from the combination of these two companies, are anticipated to exceed the purchase price in approximately four years. These synergies will significantly improve KPNQwest’s EBITDA performance; and enable the achievement of KPNQwest’s cash flow positive projection for the fourth quarter of 2003.

In summary, the acquisition of Ebone and the Central European businesses will afford KPNQwest the following:

§         Complete KPNQwest’s network and hosting construction programme

§         Add ten additional cities and three additional countries to bring KPNQwest’s EuroRings network to a total of sixty cities in eighteen countries and 25,000 route kilometres

§         Add over 48,000 European accounts to KPNQwest’s existing customer base

§         Double the number of hosting centres on the KPNQwest EuroRings network footprint, bringing the total hosting capacity to 55,000 m2 in twenty-four cities

§         Deepen KPNQwest’s network penetration by adding fourteen metro area networks

§         Significantly strengthen KPNQwest’s operations in the fast growing Eastern & Central European Markets

§         Add mature back office infrastructure competencies in the areas of network management, provisioning, customer care and billing.

In addition, to facilitate this transaction, KPNQwest has secured a new bank credit facility of EUR 500 million with a consortium of five tier-one financial institutions to ensure that the newly combined entity is fully funded for all of its capital and operating cash needs.

KPN AND QWEST TRANSACTION

On October 18, 2001, KPN and Qwest simultaneously announced a transaction between themselves, whereby Qwest and Anschutz Company will purchase 10% of KPN’s stake in KPNQwest, representing 20 million shares in aggregate, subject to closing conditions. In addition, Qwest has reserved an option to purchase the remaining KPN shares in March 2002. Furthermore, as a result of this transaction both KPN and Qwest will surrender their supervoting rights so that all KPNQwest shareholders will have equal voting rights going forward. The composition of KPNQwest’s Supervisory board will retain three Qwest appointed directors, two independently elected directors, and one KPN appointed director. KPNQwest and KPN will amend and retain their service distribution agreement and no negative impact on KPNQwest’s revenue in the Benelux territory is foreseen.

UPDATED FINANCIAL GUIDANCE

Based on the results achieved through the nine months ended September 30, 2001, KPNQwest is adjusting its guidance on total revenue for the year ended December 31, 2001 from €780 million up to €800 million.  As mentioned previously, the company achieved communications services EBITDA breakeven one quarter ahead of the previous guidance of fourth quarter 2001 by reporting EBITDA of €2.7 million for the third quarter of 2001 and expects full year 2001 EBITDA to be positive. 

 

Capital expenditures are anticipated to total approximately €650 million for the year ended December 31, 2001.

 

Looking forward to 2002, the company anticipates that KPNQwest, on a standalone basis, will achieve total revenue of approximately €1,000 million to €1,075 million, and EBITDA in the range of €135 million to €155 million.  Capital expenditures for 2002 are forecasted to be in the range of €325 million to €375 million.

 

Assuming combined operations for KPNQwest and the acquired operations of GTS’s Ebone and the Central European businesses for the full year of 2002, the company forecasts pro forma total revenue in the range of €1,300 million to €1,400 million.  In addition, for the full year of 2002 pro forma EBITDA is forecasted to be in the range of €175 million to €200 million.  Capital expenditures for the pro forma combined entity are anticipated to be €330 million to €360 million.

 

About KPNQwest

KPNQwest (NASDAQ & ASE: KQIP), the leading pan-European data communications and hosting company, delivers a full range of carrier and corporate networking solutions, hosting and Internet services across a 15 country European footprint with seamless connectivity to a 180,000km global network.  The company owns and operates the EuroRings™, the fastest, most advanced fibre-optic backbone in Europe, which connects 50 cities and a network of ultra-secure hosting facilities, the KPNQwest CyberCentres™. For more information please visit the KPNQwest website at www.kpnqwest.com

 

For further information, please contact:

 

Jerry Yohananov

Investor Relations – KPNQwest

Tel: +31 23 568 7602

Email: jerry.yohananov@kpnqwest.com

Piers Schreiber

Corporate Communications – KPNQwest

Tel: +31 23 568 7612

Email: piers.schreiber@kpnqwest.com

 

This release may contain forward-looking statements that involve risks and uncertainties.  These statements may differ materially from actual future events or results.  Readers are referred to the documents filed by KPNQwest with the U.S. Securities and Exchange Commission, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including failure to complete our network as planned and on time, failure of European internet use to increase as expected, significant competition, rapid technological change and adverse changes in the regulatory environment. 

 

This release may include analyst estimates and other information prepared by third parties, for which KPNQwest assumes no responsibility.  KPNQwest undertakes no obligation to review or confirm analyst expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Váš názor Další článek: U Googlu se chystá další vylepšení

Témata článku: Internet, Will, Black, Central, Network, Family, Andy, Total, From, Black List, September, Company, Roman, Ebitda, Forum


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