Thursday, 26 March 2009

Freenet posts strong 2008 results – Germany

Freenet, a German ISP, has announced its 2008 full year results, registering revenues of EUR 2.87 billion (USD 3.87 billion) as compared to EUR 1.69 billion (USD 2.28 billion) in 2007, an increase of 70%. The company attributed the significant increase in revenues to the acquisition of debitel, a leading European MVNO, in July 2008. Freenet recorded EUR 1.09 billion (USD 1.47 billion) in Q4 2008 as against EUR 417.5 million (USD 563.58 million) in Q4 2007.

However, Freenet’s EBITDA for the year declined to EUR 207.1 million (USD 279.56 million) from EUR 231.7 million (USD 312.77 million) in 2007 on account of EUR 73.5 million (USD 99.22 million) one-off costs in Q4 due to the restructuring of its mobile communications segment.

Freenet’s mobile subscriber base registered a significant increase from 5.7 million at the end of 2007 to 19.12 million at the end of 2008, contributed primarily by the takeover of debitel.