Hello and welcome. My name is Ellie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Altice France Third Quarter 2024 Results Conference call. All lines have been placed on mute to prevent any background noise. I would now like to turn the conference over to Malo Corbin. Malo, you may now begin your conference. Good afternoon and welcome to the Altice France Holding S.A. Group Third Quarter 2024 Earnings Call for debt investors and analysts. As the presentation may contain forward-looking statements, please read the legal disclaimer on slide two. Starting on slide three, you can see the revenue trends by segments for the third quarter. All figures exclude Altice Media and UltraEdge. Total revenue declined by 4.7% year-over-year. In the detail, residential service revenue declined by 1.6% year-over-year, mostly driven by negative volumes on mobile over the recent quarters. Fixed service revenue grew by 2.5% year-over-year in the third quarter, driven by growing recurring ARPU revenue. This core, recurring ARPU revenue growth is a function of improved front book and back book pricing. In terms of the fixed network, we continued to expand our addressable fiber footprint in France, with more than 39 million fiber homes passed at the end of the third quarter, including only a small portion of homes with FTTB technology. Moving on to mobile, the mobile service revenue year-over-year declined by 4.4%, driven by volume declines. In terms of subscriber trends, for the first nine months of this year, almost half of the subscriber net losses were related to prepaid. As noted last quarter, we continue to see competitive intensity within the mobile market, especially from digital and online offers at the low end of the market. We adjusted some of our digital and online offers in order to remain competitive vis-à-vis the price points offered by our competitors. In terms of our mobile network, we continue to expand our 5G coverage with more than 80% population coverage at the end of September 2024. Business services revenue declined by 10.3% in the third quarter. This decrease was mainly driven by construction revenues and, more specifically, by the reduction in the number of homes passed compared to last year, as outlined in previous quarters. In Q3 2024, 81,000 FTTH homes were built for XP Fibre, compared to 129,000 homes in Q3 2023. Business services excluding construction declined year-over-year also, notably due to lower B2B revenue. Over the page on slide four, you can see the summary financials for the third quarter. As explained earlier, financials for all periods as shown on this slide exclude Altice Media and UltraEdge. Total revenue declined by 4.7% year-over-year, and EBITDA declined by 9.9% year-over-year in the third quarter. There were three main items to note explaining the EBITDA trend. Firstly, the direct drop-through of the mobile residential revenue declined to EBITDA. Secondly, the construction drag was a headwind on EBITDA. As previously outlined, we are reaching the end of the construction activity for XP Fibre. While this will remain a material drag until the end of 2024, the size of this year-over-year drag will mechanically decrease in 2025. Thirdly, as explained in previous quarters, we are seeing an increase in FTTH lease costs. Total Capex was EUR 490 million in the third quarter, and consequently, total operating free cash flow was EUR 389 million. And now I will hand over to Gerrit Jan to take you through the rest of the presentation. Thank you, Malo. So moving on to slide number five, where we show you the free cash flow waterfall for the third quarter. Interest costs amounted to EUR 318 million, and for the full year of 2024, we expect annual interest costs of approximately EUR 1.5 billion. Cash taxes amounted to EUR 21 million in the third quarter, while change in working capital and other was a EUR 37 million inflow. Below free cash flow, in order to bridge to the change in net debt quarter- over- quarter, we show in the appendix of this presentation, we note three main items. Firstly, we had some litigation, other non-recurring cash out, and M&A cash out of approximately EUR 50 million. Secondly, we had a EUR 125 million inflow driven by a new securitization program, which has replaced our vendor financing program. Finally, financing flows mainly factoring and securitization interest and factoring principal repayment, interest rate swap unwinds, and then FX impact on gross debt represented approximately EUR 72 million outflow. Turning to page number six, here we show you the SFR capital structure and debt maturity profile. On November 15th, 2024, SFR closed the sale with 49% stake in La Poste Telecom to Bouygues Telecom, and the cash position and therefore net debt and liquidity are shown pro forma for the net proceeds associated with this transaction. Pro forma net debt amounted to EUR 23.7 billion at the end of the third quarter, with a blended weighted average life of 3.4 years and a blended weighted average cost of debt of 5.9%. Pro forma net leverage was 6.8 times net debt to EBITDA on an LTM basis and 6.7 times on an L2QA basis at the end of the third quarter. SFR had EUR 1.4 billion of liquidity, which includes around EUR 300 million of undrawn revolver. Finally, as you may have already seen in the recent cleansing statement, Altice France expects for full year 2024 an EBITDA of approximately EUR 3.35 billion and Capex of approximately EUR 2 billion. These figures are pro forma for the disposals of Media and UltraEdge, and they are also pro forma for the sale of La Poste Telecom, i.e., removing the profits made on the wholesale contract from January 1st, 2024 onwards. Given the amount of inbound inquiries and in the interest of providing consistent messaging to its various stakeholders, the company will communicate any information, updates, or new information when appropriate or as required in broadly disseminated releases. This concludes our prepared remarks, and we will be not hosting a Q&A session today. Thank you and goodbye. Thank you ladies.
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