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Fastweb

In EUR million, except where indicated   2021   2020   Change
             
Net revenue and results
Residential Cus­tomers   1,142   1,133   0.8%
Corporate Business   979   907   7.9%
Wholesale   263   257   2.3%
Revenue from external cus­tomers   2,384   2,297   3.8%
Intersegment revenue   8   7   14.3%
Net revenue   2,392   2,304   3.8%
Segment expenses   (1,566)   (1,520)   3.0%
Segment result before de­pre­ci­a­tion and amor­ti­sa­tion (EBITDA)   826   784   5.4%
Margin as % of net revenue   34.5   34.0    
Lease expense   (54)   (52)   3.8%
De­pre­ci­a­tion and amor­ti­sa­tion   (590)   (577)   2.3%
Segment result   182   155   17.4%
             
Operating free cash flow proxy
Segment result before de­pre­ci­a­tion and amor­ti­sa­tion (EBITDA)   826   784   5.4%
Lease expense   (54)   (52)   3.8%
EBITDA after lease expense (EBITDA AL)   772   732   5.5%
Capital ex­pen­di­ture   (601)   (587)   2.4%
Operating free cash flow proxy   171   145   17.9%
             
Operational data in thousand and full-time equivalent employees
Broad­band access lines   2,750   2,747   0.1%
Mobile access lines   2,472   1,961   26.1%
Headcount   2,753   2,703   1.8%

Fastweb’s net revenue rose by 3.8% or EUR 88 million year-on-year to EUR 2,392 million. Competition intensified in the broad­band business. Fastweb’s customer growth weakened in the course of the year. The customer base remained almost unchanged year-on-year, at 2.75 million (+0.1%). The number of mobile access lines increased by 26.1% or 511,000 year-on-year to 2.47 million, despite stiff competition. Bundled offers continue to play an im­por­tant role. 38% of broad­band cus­tomers use a bundled offering combining fixed network and mobile. Residential customer revenue rose by 0.8% or EUR 9 million to EUR 1,142 million as a result of customer growth. Fastweb is also growing in the business customer market. Revenue from business cus­tomers was up by 7.9% or EUR 72 million to EUR 979 million, driven by higher revenue from public au­thor­i­ties. Revenue from wholesale business increased by 2.3% or EUR 6 million to EUR 263 million.

The segment result before de­pre­ci­a­tion and amor­ti­sa­tion was 5.4% or EUR 42 million higher at EUR 826 million on the back of the growth in revenue. Capital ex­pen­di­ture increased by 2.4% or EUR 14 million to EUR 601 million as a result of higher customer-driven in­vest­ments and higher in­vest­ments in the mobile network in­fra­struc­ture. Fastweb’s headcount increased by 1.8% or 50 FTEs to 2,753 FTEs as the company’s growth created a need for more personnel.