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Fastweb

In EUR million, except where indicated   2020   2019   Change
             
Net revenue and results
Residential Cus­tomers   1,133   1,104   2.6%
Corporate Business   907   862   5.2%
Wholesale   257   245   4.9%
Revenue from external cus­tomers   2,297   2,211   3.9%
Intersegment revenue   7   7   0.0%
Net revenue   2,304   2,218   3.9%
Segment expenses   (1,520)   (1,468)   3.5%
Segment result before de­pre­ci­a­tion and amor­ti­sa­tion (EBITDA)   784   750   4.5%
Margin as % of net revenue   34.0   33.8    
Lease expense   (52)   (50)   4.0%
De­pre­ci­a­tion and amor­ti­sa­tion   (577)   (560)   3.0%
Segment result   155   140   10.7%
             
Operating free cash flow proxy
Segment result before de­pre­ci­a­tion and amor­ti­sa­tion (EBITDA)   784   750   4.5%
Lease expense   (52)   (50)   4.0%
EBITDA after lease expense (EBITDA AL)   732   700   4.6%
Capital ex­pen­di­ture   (587)   (599)   –2.0%
Operating free cash flow proxy   145   101   43.6%
             
Operational data in thousand and full-time equivalent employees
Broad­band access lines   2,747   2,637   4.2%
Mobile access lines   1,961   1,746   12.3%
Headcount   2,703   2,456   10.1%

Fastweb’s net revenue rose by EUR 86 million or 3.9% year-on-year to EUR 2,304 million. Despite challenging market conditions, Fastweb’s broad­band customer base grew by 110,000 or 4.2% year-on-year to 2.75 million. Fastweb is also growing in the fiercely com­pet­i­tive mobile tele­phony market. The number of mobile access lines increased by 215,000 or 12.3% year-on-year to 1.96 million despite market saturation and strong competition. The company continues to focus on bundled offerings, with around 34% of subscribers using a bundled offering combining fixed network and mobile. Residential customer revenue rose by EUR 29 million or 2.6% to EUR 1,133 million as a result of customer growth. Fastweb maintained its strong position in the business customer market, Revenue from business cus­tomers was up by EUR 45 million or 5.2% to EUR 907 million as a result of higher revenue with both private com­pa­nies and public administrations. Revenue from wholesale business increased by EUR 12 million or 4.9% to EUR 257 million.

The segment result before de­pre­ci­a­tion and amor­ti­sa­tion increased by EUR 34 million or 4.5% to EUR 784 million as a result of the growth in revenue. Capital ex­pen­di­ture decreased by EUR 12 million or 2.0% to EUR 587 million. The volume of capital ex­pen­di­ture remained at a high level overall, driven by the further expansion of the ultra-fast broad­band networks. Fastweb’s headcount increased by 247 FTEs or 10.1% year-on-year to 2,703 FTEs as a result of acquisitions and the hiring of external staff.