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| Versatel Telecom International N.V. |
| 1105 BV, Amsterdam, Netherlands |
| Business Description | VersaTel is a rapidly growing, competitive network operator focused primarily on the Benelux, which consists of The Netherlands, Belgium and Luxembourg. |
| Offering Information Company has | |||
| Trading As | VRSA (NASNTL) | Industry | Telecommunications (SIC 4813) |
| Type of Stock Offered | American Depositary Receipts | Filing Date | 06/22/1999 |
| Domestic Shares Offered | 21,250,000 | Offer Date | 07/23/1999 |
| Foreign Shares Offered | 0 | Filing Range | $8.36 - $10.45 |
| Company Shares | 18,992,508 | Offer Price | $10.51 |
| Selling Shrhldrs Shares | 2,257,492 | Gross Spread | - - |
| Gross Proceeds | $223,337,505 | Selling | - - |
| Expenses | $1,884,993 | Reallowance | - - |
| Post-IPO Shares | 59,059,810 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| ING Baring Furman Selz | Lead Manager | (212) 309-8200 |
| Bear, Stearns & Co. Inc. | Co-manager | (212) 272-4850 |
| E*Trade Securities | Co-manager | (650) 842-8600 |
| Hambrecht & Quist Incorporated | Co-manager | (415) 439-3626 |
| Paribas Capital Markets | Co-manager | (212) 841-3050 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1998 | 03/31/1999 | |||||
| Revenues | - | - | - | - | 47.178 | - | 15.235 |
| Income from Oper. | - | - | - | - | -35.281 | - | -12.280 |
| Net Income | - | - | - | - | -66.402 | - | -46.650 |
| E.P.S | - | - | - | - | -2.040 | - | -1.200 |
| Revenue Growth (%) | - | - | - | - | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | - | - | - | ||||
| Cash Flow - Inv. | - | - | - | ||||
| Cash Flow - Fin. | - | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 03/31/1999 | Financial Ratios | ||||
| Total Assets | 560.24 | Current Assets | - | Current Ratio | - |
| Total Liab. | 615.36 | Current Liab. | - | Debt Ratio | 109.84% |
| Total Equity | -55.13 | Working Cap. | - | Debt to Equity Ratio | - |
| Cash | 276.81 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to fund capital expenditures for the expansion of our network, and for acquisitions, working capital and other general corporate purposes including operating deficits. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Shearman & Sterling |
| Bank's Law Firm | Simpson, Thacher & Bartlett |
| Registrar/Transfer Agent | Bank of New York |
| Auditor | Arthur Andersen |
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| Industry Competition |
Until recently, the telecommunications market in each EU Member State has been dominated by its respective PTT. Since the implementation of a series of European Commission directives beginning in 1990, the EU Member States have started to liberalize their respective telecommunications markets, permitting alternative telecommunications providers to enter the market. Competition in the European long distance telecommunications industry is driven by numerous factors, including price, customer service, type and quality of services and customer relationships. In The Netherlands, Belgium and Luxembourg, the company competes or will compete primarily with the national PTTs. As the former monopoly providers of telecommunications services in these countries, the PTTs have an established market presence, fully built networks and financial and other resources that are substantially greater than the company's. In addition, the national PTTs own and operate virtually all of the infrastructure which the company must currently access to provide its services. The company estimates that in each of these countries the national PTT still controls the vast majority of the telecommunications market. |
| Business Plan |
VersaTel's objective is to become the leading local access, facilities-based operator for broadband voice, data and Internet services in the Benelux. The principal elements of the company's strategy are: (i) Deploy its Broadband Network, (ii) Focus On Targeted Customer Segments with Specialized Teams, (iii) Provide Innovative Products and Services, (iv) Expand Carrier Services, (v) Focus on Superior Customer Service and (vi) Pursue Selective Acquisitions and Strategic Relationships. |