Tous Actualités
Suivre
Abonner PrimaCom AG

PrimaCom AG

euro adhoc: PrimaCom AG
Annual Reports
Primacom reports 2001 results and debt financing (E)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
MAINZ, GERMANY, March 27, 2002 - PrimaCom AG (Neuer Markt Frankfurt,
"PRC"/ID No. 625910; Nasdaq: PCAG) today reported its results of
PrimaCom and Subsidiaries for the year ended December 31, 2001. For
the 2001 twelve-month period, revenues increased 33.1 % to EUR 165,5
million versus EUR 124,3 million in the same period of 2000,
primarily reflecting a full year's contribution of Multikabel in the
Netherlands in 2001 compared to one quarter in 2000 and the
acquisition of Quicknet in the Netherlands on July 1, 2001. Other
contributors to revenue growth include rate increases for basic
analog cable television services and the continued take up of
high-speed internet access, data communication,  and digital
television services in Germany and the Netherlands.
Adjusted EBITDA for the twelve months of 2001 amounted to EUR 72.6
million an increase of 39.9 % over 2000. Fourth Quarter adjusted
EBITDA was approximately Euro 18.9 million or Euro 75.6 million on an
annualized basis. The adjusted EBITDA margin for the year increased
from 41.7 % to 43.9 % which the company believes is the best margin
in the industry in Europe.
For the 2001 full-year period, the company reported a net loss of EUR
104.1 million, or EUR 5.26 per basic and diluted share, compared with
a net loss of EUR 64.3 million, or EUR 3.26 per basic and diluted
share, a year ago. The increase in the loss can primarily be
attributed to a Euro 42.8 million increase in non cash depreciation
and amortization expenses. Going forward we expect the depreciation
and amortization expense to decline due to changes in accounting for
goodwill.
The company fully integrated Multikabel and Quicknet and continued to
bring efficiencies in its German operations as reflected in a 39,9 %
increase in its adjusted EBIDTA. The company's adjusted EBITDA margin
of 43,9 % reflects the high level of efficiency at which the company
is operating. The company believes its adjusted EBITDA margin
continues to be the strongest in the industry in Europe. Growth in
internet access services has been particularly strong. The company
ended fourth quarter 2001 at a run rate on adjusted EBITDA of almost
Euro 76,5 million, which places the company in a good position to
meet or exceed 2002 guidance of Euro 82 million of adjusted EBITDA.
From a balance sheet perspective, the company today announced the
refinancing of its senior and working capital facilities. The company
believes it has added flexibility to financial covenant compliance
and remains fully funded. The financing has a conversion feature
beginning in December 31, 2004. The company believes the conversion
is fair and equitable and should offer a substantial premium to
existing shareholders if the company meets its projections and if the
lenders choose to convert. There is also a maximum conversion allowed
of 65 % of the economic interest. The conversion price is based on a
multiple of the twelve times trailing four quarters adjusted EBITDA
less debt. Any time between today and December 31, 2004 the company
has the option to repay its second secured working capital facility
of Euro 375 million in whole or in part. The new financing must
receive approval from 75 % of the shareholders present at the next
annual meeting.
In conjunction with this release, PrimaCom will host a conference
call, which will be simultaneously broadcast live over the Internet.
Management will host the call, which is scheduled for today, March
27, at:5:00 PM (Germany); 4:00 PM (London); 11:00 AM EST; 8:00 AM PST
Contact: Alexander Hoffmann, EVP Investor Relations
Tel.: 49 6131 / 9310-150, Fax: 49 6131 / 9310-149, 
investor@primacom.de
This press release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. Because these statements
apply to future events, they are subject to risks and uncertainties
that could cause actual results to differ materially, including
PrimaCom's transformation to a broadband communications company, its
possible future need for additional financing, competitive factors
and restrictions imposed by existing and possible future debt
instruments.
end of announcement        euro adhoc 27.03.2002

Further inquiry note:

Alexander Hoffmann, EVP Investor Relations
Tel.: 49 6131 / 9310-150, Fax: 49 6131 / 9310-149,
investor@primacom.de

Branche: Telecommunications Equipment
ISIN: DE0006259104
WKN: 625910
Börsen: Baden-Württembergische Wertpapierbörse, Bayerische
Börse, Börse Düsseldorf, Bremer Wertpapierbörse (BWB), Hamburger
Wertpapierbörse, Handelsüberwachung der Berliner Wertpapierbörse,
Niedersächsische Börse zu Hannover, Frankfurter Wertpapierbörse