Eircom revenues up 4% to EUR 500 mln in Q4

bealtine

Eircom revenues up 4% to EUR 500 mln in Q4
Published: Tuesday 28 August 2007 | 09:32 AMCET


Eircom reported revenues for the fiscal fourth quarter to June up 4 percent from a year earlier to EUR 500 million. Fixed-line revenues dropped by EUR 5 million to a total EUR 410 million amid a fall in voice and dial-up internet traffic, while mobile operator Meteor posted sales up 36 percent to EUR 108 million. Adjusted EBITDA edged up to EUR 168 million from EUR 164 million, while the operating result moved to a loss of EUR 88 million from a profit of EUR 81 million due to a restructuring charge of EUR 157 million for a three-year reorganisation plan. The Irish operator said it had nearly completed 400 voluntary redundancies for the first year of the programme. Eircom added 38,000 DSL customers in the period for a total 455,000, with the figure rising since then to 479,000 as of 16 August. Mobile subscribers grew by 43,000 in the quarter to 875,000, of which 100,000 were on postpaid contracts. The number of fixed access lines increased to 2.483 million from 2.242 million in June 2006.

Sponge Bob

report

http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00752986

share movement of parent



Page 65 of the report states that credit facilities (borrowings) are AU$7bn which is €4.2bn . €4bn is drawn down and they have another €0.2bn they can still tap

The bulk of their borrowings were at about 4.5% in June ( its variable)

On page 73 we see this lovely comment

eircom Group Limited Executives
Eircom executives are not considered key management personnel of the Company. The highest five paid eircom executives are included as executives of
the Babcock & Brown Capital Limited Group. These disclosures have been presented in the Remuneration Report, included as part of the Director’s Report

add in a BEWILDERING series of subsidiairies, wholly owned or owned along with the ESOT to froth the cappucino

The condensed consolidated financial statements incorporate the assets, liabilities and results of the following significant subsidiaries in accordance with
note 1(C):
OWNERSHIP INTEREST
COMPANY COUNTRY OF
INCORPORATION 30 June 2007 30 June 2006
BCL Communications Pty Limited Australia 100% 100%
Babcock & Brown Capital Europe Pty Limited
(Incorporated 14 November 2006)
Australia 100% -
B&B Capital Investments Pty Ltd Australia 100% 100%
B&B Capital Investments 2 Pty Ltd Australia 100% 100%
Eamon Holdings Pty Ltd Australia 100% 100%
B&B Ireland Group Ltd Cayman Islands 87.8% 100%
BCM Ireland Equity SPC Cayman Islands 57.1% 100%
BCM Ireland Preferred Equity Ltd
(Incorporated 27 October 2006)
Cayman Islands 57.1% -
BCM Ireland Finance Ltd Cayman Islands 57.1% 100%
BCM Ireland Holdings Ltd Cayman Islands 57.1% 100%
BCM ESOT Services Ltd Cayman Islands 57.1% 100%
BCM Luxembourg Holdings Ltd
(Incorporated 21 July 2006)
Luxembourg 57.1% -
BCM Enterprises Ltd
(Incorporated 15 August 2006)
Cayman Islands 57.1% -
Valentia Telecommunications Ireland 57.1% -
eircom Limited Ireland 57.1% -
Meteor Mobile Communications Limited Ireland 57.1% -
Irish Telecommunications Investments Limited Ireland 57.1% -
Osprey Property Limited Ireland 57.1% -
eircom Phonewatch Limited Ireland 57.1% -
eircom UK Limited United Kingdom 57.1% -
Lan Communications Limited Ireland 57.1% -
eircom Investments BV The Netherlands 57.1% -
Eircable Limited Ireland 57.1% -
eircom Holdings Limited Ireland 57.1% -
eircom (Infonet Ireland) Limited Ireland 57.1% -
GoFree Limited Ireland 57.1% -
Mastco Ireland 57.1% -
B&B Capital (Germany) Management GmbH Germany - 100%
B&B Capital (Germany) GmbH & Co KG

and finally page 113

• BCM has $444m invested in eircom today
• Illustratively, assuming a :
– Stable fixed line business;
– Mobile business achieving historical European 3rd player metrics;
– Increased capex program: maintaining the fixed and wireless networks and undertaking
new initiatives, e.g. 3G, NGN investments, and
– Post tax sweep of residual cash to pay down debt,
then a:
– Notional time period of 5 years; and
– Notional exit at the end of this period at current telco trading multiples,
then BCM’s investment in eircom may achieve an implied equity outcome of $1.31bn¹

So its bye bye in 4 years time to BCM , eh!