Pursuant to art. 56, clause 1, item 1 of the Law of July 29, 2005 on public offering and the conditions for introducing financial instruments to the organised trading system and on public companies (Journal of Laws of 2005, No. 184, item 1539), the Management Board of Telekomunikacja Polska S.A. (“TP S.A”, “TP”) hereby provides selected financial and operating data related to the activities of TP Group for the first quarter (1Q) ended March 31, 2009.
TP Group reports results for the first quarter 2009
- Revenue eroded (-4.7%) driven by double MTR cuts and continued decline in fixed voice (-6.5%), partially offset by further growth in broadband (+12.4%)
- Broadband total customer base up 11%, strongly supported by TV subscriptions four times above Q1 2008 level
- Mobile post-paid customer base up 11.2% while pre-paid base reduced with final phase of customer base rationalization
- EBITDA margin driven down 6 percentage points by revenue decline and impact of unfavourable foreign exchange evolution
- Substantial rebound of Net Free Cash Flow to 12.2% of revenue, following one off capex payables impact in the first quarter of 2008
- Sound financial position and liquidity maintained, with net debt to EBITDA ratio stable at 0.7 and PLN 4.9 billion available in cash and unused credit facilities
- 2009 Net Free Cash Flow objective of at least PLN 3 bn reconfirmed
- Launch of EUR 1.5 billion European Medium Term Notes program to provide TP Group with additional resources to execute on long-term strategy
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