The Midas Group announces the results of Q3 and M9 for 2014:
On 14 November, the Midas Group announced the consolidated results for the period Q3 and M9 for 2014, not subject to auditing.
Key information from the consolidated financial statements were announced by the Company on this day:
- Revenue for Q3 2014 was PLN 114.0 million, representing growth of 102 per cent in comparison with Q3 2013.
- The EBITDA result for Q3 2014 reached a value of PLN 1.9 million, in comparison with an EBITDA loss of PLN 28.1 million in Q3 2013.
- The net loss for Q3 2014 was PLN 61.0 million, in comparison with a loss of PLN 61.4 million in Q3 2013.
- The Management Board of the Company announced the approval of assumptions for updating strategy, involving the need to invest in the LTE 800 network.
Commentary on the consolidated financial results for Q3 and M9 2014:
Group revenue for Q3 2014 was PLN 114.0 million, 102 per cent more than in Q3 2013. The rapid growth in Group revenue for Q3 2014 was caused by further growth in data consumption by Group customers, which was at 22.7 million GB in Q3 2014. In effect, the revenue seen in the first nine months of 2014 was PLN 253.3 million, or 70 per cent more than in the equivalent period of 2013.
Growth in revenue from sales and stable operating costs allowed the Group to achieve an EBITDA result for Q3 2014 of PLN 1.9 million, in comparison with an EBITDA loss of PLN 28.1 million in Q3 2013. In effect, the EBITDA loss for the first nine months of 2014 was PLN 88.2 million (compared with a loss of PLN 69.8 seen in the equivalent period of 2013).
The Group’s net loss for Q3 2014 was PLN 61.0 million, in comparison with a net loss of PLN 61.4 million noted in Q3 2013. The net result for Q3 2014 is encumbered by a one-off, non-cash financial cost of PLN 29.8 million recorded in connection with an increase in the cost of bonds issued by the Company (due to the abolition of part of the security on the bonds). The net loss of the Group for the first nine months of 2014 was PLN 221.1 million, compared with a loss of PLN 141.3 seen in the equivalent period of 2013.