In Q1 2013, the revenue of the Midas Group increased by approximately 51 per cent compared to Q4 2012, amounting to nearly PLN 43 million. That growth was mainly caused by the increasing popularity of LTE-based internet access, which translated to higher usage of data transmission services by the Group’s customers, and by growth in the reach of the telecommunications network as a result of it being expanded systematically. Monthly data usage by customers of the Group - Polkomtel and Cyfrowy Polsat - exceeded GB 2.1 million in March.
At the end of March, the number of base stations was about 2,600. Further expansion plans anticipate that by mid-2014 (i.e. at the end of the second phase of network expansion), the Midas Group will have a total of over 4,000 base stations. For the next stage, the Company is considering carrying out phase 3 of its network expansion. Implementing this plan will ensure that 66 per cent of the Polish population is covered by the LTE network and almost 100 per cent by the HSPA+ network.
The Company has already secured funds for expanding its telecommunications network. In April, it issued bonds with a value of approximately PLN 200 million, and in Q1 2013 signed a credit agreement with Alior Bank with a value of PLN 150 million. Midas also signed a term sheet agreement with BZ WBK/Banco Santander which established conditions for obtaining up to PLN 364 million.