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ATM S.A.'s performance still rapidly improving

ATM S.A. has published its consolidated financial statements for the first six months of 2013. The results achieved in Q2 of this year were significantly better than those from the same period of 2012, which translated into a dynamic increase in the Companys profit: the margin on sales reached PLN 37.9 million (7% increase), EBITDA PLN 22.1 million (12% increase y/y), operating profit PLN 12.7 million (21% increase y/y), and net income from continuing operations PLN 8.5 million (21% increase y/y).

The Company is still concentrating on the development of services related to data centres (collocation and hosting), which has brought a significant increase in revenue and the margin on sales. Combined with a stable level of fixed expenses, these growths have considerably increased the operating profit and EBITDA.

Revenue generated from data centre services increased by 16% in the first half of 2013, as compared with the corresponding period in 2012, and exceeded PLN 27.5 million. Q2 of this year was particularly successful, as in this period the Companys income from collocation services exceeded PLN 14 million for the first time in the Companys history (PLN 14.3 million, almost a 20% increase y/y). More than 96% of revenue came from subscription fees, most of which under long-term contracts, which is a guarantee of stable income in the periods to come.

Our consistent strategy, which assumes a regular growth of the share of revenue from collocation services by strengthening our position as a leader on the Polish market of data centre services, and by expansion of our foreign customer portfolio, allows us to achieve the expected results. We are particularly pleased that we have managed to retain a slightly more dynamic increase in revenue from collocation services than the rate of growth of the entire market of these services in Poland, as assessed by independent experts, says Maciej Krzyżanowski, President of the Management Board, ATM S.A.

Financial results achieved in the area of activity considered second most important in ATMs structure of revenue namely, data transmission services have also grown considerably. In the first six months of 2013, revenue from this segment reached PLN 24.5 million (more than a 14% increase y/y). As regards revenue from the sales of internet access services, the Company, similarly to other telecommunication operators, has been recording decreased revenue. In Q2 of this year, it amounted to PLN 4.6 million (2% decrease q/q).

Luckily, revenue from the sales of internet access services has a smaller impact on growth in the remaining areas of activity, since the share of margin on sales of those services in the total subscription margin gained by the Company reached only 13% in the first six months of 2013 (vs. 17% in the corresponding period of 2012), adds Tadeusz Czichon, Vice-President of the Management Board, ATM S.A.

For many quarters, the Companys operating profit has been growing consistently. The cumulative EBITDA for the previous four quarters, characteristic of the Companys value, has been growing steadily, and as at the end of the first six months of 2013 amounts to approximately PLN 47 million.

EBITDA for the previous 4 quarters as at the end of a given period (in PLN million)

Q1 2011 34.8
Q2 2011 36.3
Q3 2011 35.8
Q4 2011 37.1.
Q1 2012 38.7
Q2 2012 39,4
Q3 2012 40.2
Q4 2012 44.3
Q1 2013 45.1
Q2 2013 46.9

As of the current reporting period, the ATM S.A. Capital Group shall present the results of mPay S.A. as a ceased activity, due to the decision taken by ATMs Management Board that the shares held by ATM in mPay S.A. should be sold and that the ATM S.A. Capital Group would definitely withdraw from operations in the area of mobile payments.

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