COLT Telecom Group S.A. announces results for the quarter and year ended 31 December 2008


Overview of the year

• Revenue decreased by 0.3% to €1,675.4m and increased by 2.4% on a constant currency basis
• Data revenue grew by 8.7% to €916.0m and grew by 12.3% on a constant currency basis
• Gross margin before depreciation and exceptional items increased by 0.9 percentage point to 39.4%
• EBITDA(1) increased by €26.5m or 9.6% to €303.9m
• Profit before tax and exceptional items increased by €15.7m from €39.2m to €54.9m
• Free cash inflow(2) increased from €37.3m to €45.7m, including an exceptional inflow of €17m
• Capital expenditure increased from €259.7m to €310.1m

Compared to Q4 2007 (unaudited)

• Revenue increased by 0.7% to €427.5m and increased by 3.6% on a constant currency basis
• Data revenue grew by 7.5% to €237.4m and grew by 11.2% on a constant currency basis
• Gross margin before depreciation decreased by 0.1 percentage point to 39.5%
• EBITDA(1) increased by €6.8m or 9.5% to €78.6m
• Profit before tax decreased by €2.3m from €13.5m to €11.2m
• Free cash inflow(2) increased from €18.4m to €23.5m
• Capital expenditure increased from €73.7m to €78.9m

The Group’s financial position continues to be strong, with cash and cash equivalents of €273.6m and net funds of €11.4m at the end of the quarter.

Commenting on the results, Rakesh Bhasin, Chief Executive Officer, said:

"I am pleased with the results for 2008. We will continue to manage our business tightly through the challenging trading conditions that are forecast for the business environment as a whole in 2009.”

OPEN OFFER

In a separate statement, COLT has today announced its intention to raise £178.3 million before expenses (equivalent to €201.0 million) from the issue of new equity by means of an Open Offer. The offer will be fully underwritten by FMR LLC and FIL Limited, existing shareholders of COLT. A Prospectus for the Open Offer will be sent to eligible shareholders. The Open Offer requires the approval of shareholders at an extraordinary general meeting, which is explained in the Circular which will be sent to all shareholders.

This Press Release is also available via the COLT website at www.colt.net.

Click here for the complete Press Release

Enquiries:

Gill Maclean
Email: gill.maclean@colt.net
Tel: +44 (0) 20 7863 5314

Mark Savage
Email: mark.savage@colt.net
Tel: +44 (0) 20 7390 3098

Group Communications
Beaufort House
15 St Botolph Street
LONDON
EC3A 7QN
www.colt.net

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