The leading telecommunications operator in Austria with about 38% mobile and 57% fixed-line broadband (subscriber) market share. More than 90% domestic coverage with 4G mobile and significant spectrum holdings. No. 1 or No. 2 positions in five of six Central and Eastern European (CEE) mobile markets, complemented by an expanding fixed-line offering. Continued fierce competition for mobile business domestically and internationally. Partly inflexible cost structure in Austria, and high restructuring-related cash outflows of €90 million-€110 million annually in 2016–2018. Exposure to very high country risks in Belarus. S&P Global Ratings-adjusted debt to EBITDA of 2.3x-2.6x and funds from operations (FFO) to debt of 34%-38% forecast for 2017-2018. Declared appetite for mergers and acquisitions (M&A) and lack of explicit leverage targets.
