This outlook is subject to no material deterioration of the pandemic, which would affect the economies in our footprint.
Results in the first nine months of 2020 were heavily impacted by reduced roaming revenues following the travel restrictions. International travelling is expected to stay restrained for the rest of the year following increasing Covid-19 case numbers and accompanied policy measures in all our markets. Therefore, we estimate a negative impact out of reduced roaming on full-year 2020 total revenues of about 2%.
Although bad debts have shown limited operational impact from bill collections so far, the general allowances were increased as a precautious step already in Q1 2020.
In Belarus, the results were materially affected by the devaluation of the Belarusian Ruble in the first nine months of the year 2020. The Management of A1 Telekom Austria Group expects the currency to depreciate by more than 15% (period average) against the Euro in 2020, although it should be noted that the predictability of the Belarusian Ruble is generally limited.
Despite the challenges related to Covid-19, we saw overall a solid resilience in large parts of our business, which together with additional support from operational efficiency translated into operative EBITDA growth. The free cash flow benefited also from lower capital expenditures following restrained investment policies. A1 Telekom Austria Group will continue to have a strong focus on efficiency improvements to mitigate the expected negative impacts during the rest of the year.
As the situation presents itself at the moment, the Management of A1 Telekom Austria Group expects for the full year 2020 a moderate decrease in total revenues of approximately -2%. Capital expenditures before spectrum investments and acquisitions are intended to be cut by approximately 25% from the initial outlook of EUR 770 mn to ensure full flexibility and strengthen the free cash flow profile. As stated above, this outlook is subject to no material deterioration of the pandemic situation.
In the last years, A1 Telekom Austria Group focused on deleveraging which led to a resilient balance sheet structure with net debt (excl. leases) / EBITDA after leases at 1.6x as of September 30, 2020. A1 Telekom Austria Group can rely on undrawn committed credit lines of EUR 1.1 bn, resulting in a strong liquidity position, which was also underpinned by S&P Global's affirmation of the BBB+ credit rating in April 2020 (outlook: stable).
This document contains forward-looking statements. These forward-looking statements are usually accompanied by words such as “believe”, “intend”, “anticipate”, “plan”, “expect” and similar expressions. Actual events may differ materially from those anticipated in these forward-looking statements as a result of a number of factors. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statement. Neither Telekom Austria nor any other person accepts any liability for any such forward-looking statements. Telekom Austria will not update these forward-looking statements, whether due to changed factual circumstances, changes in assumptions or expectations. This report does not constitute a recommendation or invitation to purchase or sell securities of Telekom Austria.