Digicel filing shows profits of $708m on $2.8bn revenues
Digicel made an operating profit of $707.8m (€646.3m) on revenue of $2.8bn in the 12 months to the end of March, according to an updated filing made to the US Securities Exchange Commission (SEC).
In the year ended March 31, 2015, Digicel generated total revenues of $2.8bn, an operating profit of $707.8m, a net loss of $157.6m and adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $1.2bn, according to a pre-initial public offering (pre-IPO) filing that was updated over the weekend.
Businessman Denis O'Brien's telecoms business is expected to be valued in the region of $13bn in a planned flotation on the New York Stock Exchange.
The company has debts, largely raised in the bond market, of $6.5bn, according to the papers. Digicel provides mobile communications services to 13.6 million subscribers in 31 markets in the Caribbean and South Pacific, according to the document.
The updated filing includes a detailed breakdown of differences between the legal and corporate governance structures in Bermuda, where Digicel has its global headquarters, and in the United States where the shares will be listed and traded.
The relatively small number of changes in the updated filing include a greater emphasis on the potential of Digicel's entertainment offering as a driver of future growth, in particular in markets where mobile phone penetration is now high.
The updated filing does not say how much Digicel plans to raise on the markets, or how much of the currently privately held business will be sold.
By retaining enhanced voting rights for his shares, Digicel founder Denis O'Brien will continue to control the group regardless of the size of the rights issue.
Digicel, which sponsors runner Usain Bolt and the West Indies cricket team, intends to list in New York under the symbol "DCEL".
Meanwhile, former Vodafone executive Fergal Kelly is understood to be joining Digicel as chief technology officer (CTO).