Fitch欧洲电信业研究报告20112.pdf

Corporates  Telecommunications  Kabel Deutschland GmbH  Germany  Update  Ratings  Rating Rationale  Kabel Deutschland Vertrieb und Utility‐Like Revenue Streams: Kabel Deutschland GmbH’s (KDG) business model is Service Co AG based on utility‐like revenue streams from its large basic TV subscriber base, Foreign Currency bolstered by increasing average revenue per user (ARPU) from solid customer take‐ Long‐Term IDR BB− up of higher ARPU premium services (broadband, telephony and premium TV). Senior secured BB+ Revenue growth of 6.8% in the first half of the financial year ending in March 2011 Kabel Deutschland GmbH (H1FY11) (the company’s guidance for FY11 is for an increase of 6.5%‐7.0%) led to a Senior subordinated BB−  higher adjusted EBITDA margin of 45.3% in H1FY11. As a result, unadjusted net debt to last 12‐month (LTM) EBITDA, including the payment‐in‐kind (PIK) loan has gone Outlook  down from 5.3x in March 2009 to 4.2x in September 2010. Kabel Deutschland Vertrieb und Service Co AG Strong Operational Momentum: Fitch Ratings expects KDG’s Q3FY11 results, to be Foreign‐Currency Long‐Term IDR Positive  announced on 22 February 2011, to show continued broadband market share gains and premium TV take‐up, and that the company is on track to meet full‐year Financial Data