Tele Columbus - comment

Revenue was in line with our model, and whilst reported EBITDA was ahead, driven by the absence of one-offs. The take-up of new, faster Internet services has not yet compensated for the loss of contracted TV revenue. The impact of lower penetration than hoped is lessened by lower Capex on customer premises equipment and lower build-out costs, but this is at the expense of increased risk of not being able to grow into its capital structure. We will review our model after today’s call.