Fastweb, 189 million capital gain from exiting Fibercop
Swisscom and its Italian subsidiary's second-quarter accounts released. Fastweb CEO Walter Renna will head the telco to be created from the acquisition of Vodafone Italia
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Key points
2' min read
A profit of 189 million. The Fibercop affaire brings a capital gain to Fastweb, which entered the company of Tim's (then) secondary network as a result of the Flash Fiber black-area joint venture, also with Tim. Fibercop became part of Kkr on 1 July, following the sale of the former monopolist's network to the US fund. More or less a month earlier Fastweb decided to sell its 4.5 per cent share, for a 'cash consideration - as reported in Fastweb's own communication of 5 June - of EUR 438.7 million, a value in line with the pro rata price paid by Kkr to Tim for its share'.
Well, as reported in the note with which the parent company Swisscom's second-quarter accounts were released, the sale to 'Optics Bidco, a subsidiary of the US investment company Kkr' ultimately 'produced a profit of EUR 189 million in Q2 2024, recorded directly in equity'.
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Swisscom, profits down
In detail, Swisscom's accounts show a declining net profit for the Swiss telecoms group, affected by growing competition and price pressure that continued to weigh on its core telecoms services business. The first half ended with revenue stable at CHF5,454m (EUR5.7bn), EBITDA at CHF2,279m (-1%, EUR2.4bn) and profit at CHF836m (-1.4%, EUR875m).
Confirmed 2024 outlook
Guidance for 2024 with revenue of around CHF 11 billion, Ebitda of CHF 4.5-4.6 billion and capital expenditure of around CHF 2.3 billion is confirmed, a note recalls. If the targets are achieved, Swisscom intends to propose an unchanged dividend of CHF 22 per share at the Annual General Meeting in 2025.
Fastweb, revenues up +7%
In Italy, meanwhile, subsidiary Fastweb ended the half-year with revenue of EUR 1,340 million, up 7% compared to H1 2023. Overall ebitda increased to EUR 417 million in the same period (+5% compared to H1 2023), while ebitda including rental costs amounted to EUR 392 million, up 6% compared to the same period last year. The number of residential customers who have activated an ultra-wideband connectivity service stood at 2.3 million, while on the mobile side, the 3.7 million active Sims were up 11% compared to the same period of 2023.
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