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Büdelsdorf, 9 August 2011 – The Executive Board of freenet AG has raised its full-year forecast for 2011 based on the results for the first half of 2011, and is now expecting recurring Group EBITDA (earnings before interest, taxes and depreciation/amortisation) – adjusted for one-off items – to reach 350 million euros (previously: 325 million euros) and free cash flow* to exceed 220 million euros (previously: over 200 million euros) for the full year 2011.
In the first half of 2011, despite continuing intense competitive pressure, freenet AG generated recurring Group EBITDA of 173.9 million euros and free cash flow of 124.2 million euros.
Due to a year-on-year reduction in its customer base, Group revenue fell as expected in the first half of 2011, to 1,546.3 million euros (-5.6 percent year-on-year).
freenet AG increased its Group result from continued operations by 0.8 million euros, from 45.9 million euros in the first half of 2010 to 46.7 million euros in the first six months of 2011. The Group result including discontinued operations amounted to 46.9 million euros (first half of 2010: 44.4 million euros).
The number of mobile communications customers stood at 15.20 million at the end of the first half of 2011. As a result of the continued qualitative alignment, the number of postpaid customers decreased by 97,000 in the second quarter of 2011, thus declining at a markedly slower pace than was the case in previous quarters (decline in Q1/2011: 174,000). After another very good month in terms of customer acquisition in July 2011 freenet AG expects to lose less than 450,000 postpaid customers for the full year 2011 (previously: less than 500,000).
Compared with the previous quarter, the monthly average revenue per user (ARPU) in the second quarter of 2011 increased across all business segments. Cumulative postpaid ARPU for the first half year stabilised at 23.5 euros, exactly the same as in the comparable period last year.
freenet AG’s complete interim report on the first half of 2011 will be available for download at http://www.freenet-group.de/investor soon.
* Free cash flow is defined as cash flow from operating activities, minus investments in property, plant and equipment and intangible assets, plus proceeds from the disposal of property, plant and equipment and intangible assets.
