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TEF O2 CR results ahead of konsensus

TEF O2 CR results ahead of konsensus

27.7.2007 10:05
Autor: KBC/Patria

TEF 02 net profit came in at CZK 2.6bn, 6% above the consensus estimate, and 16% higher than year ago. Revenues: TEF 02 2Q07 sales came in at CZK15.9bn, up 4 % y/y. Revenue came-in ahead of expectations on much stronger than expected revenues from ICT business, as well as Internet and broadband services, which we find encouraging. Fixed line revenues came in at CZK 7.7bn, up 0.5% y/y. we are impressed with the management’s ability to prevent fixed line deterioration on the back of Internet & broadband growth of 18% y/y and ICT business contribution of 375 % y/y. Mobile services revenues jumped to CZK 8.1bn, 6.3% higher compared with year ago. Voice services sales were higher by 5.3% and came in at CZK 6.1bn. Mobile phone growth was underpinned by higher usage, growing number of contract customers and successful introduction of new tariffs.

Operating costs were up 9% y/y and reached CZK 8.9bn, coming 5% above our estimate, driven mainly by a 24% rise of sales and marketing costs to CZK 0.9bn. Costs of IT&Network maintenance and expenses related to ICT business and activities in Slovakia rose as well. Additionally, the company recognized large portion of cost related to new convergence product and an ‘02 duo’ ‘02 Trio’ offer as well as promotions of ADSL, IPTV launched in the Czech market. OIBDA fell 2.3% y/y to CZK 7.1bn, coming in line with our estimates, on the back of higher costs related to ITC business and Slovakia roll-out. EBIT came in to CZK 3.5bn, 16% higher compared with year ago, 5% above consensus and our estimates. Operating profit went up driven mainly by D&A costs coming 15% lower at CZK 3.6bn, due to slower investments activities. Guidance maintained. Management has maintained its full year guidance of revenue growth between 1% to 3% and OIBDA to decline between 1% to 0%, compared with a year ago. CAPEX is expected to be around CZK 9bn, and approximately 20% of it would be spent in Slovakia. 

2Q06

2Q07

%

KBC

vs KBC

Fixed

7,665

7,701

0.5%

7,545

2.1%

Mobile

7,616

8,093

6.3%

7,972

1.5%

Total Revenues

15,277

15,889

4.0%

15,517

2.4%

Operating costs

- 8,179

- 8,913

9.0%

- 8,449

5.5%

EBITDA

7,098

6,976

-1.7%

7,168

-2.7%

OIBDA

7,311

7,141

-2.3%

7,168

-0.4%

OIBDA Margin

48%

45%

46%

Depreciation & Amortization

- 4,270

- 3,617

-15.3%

- 3,818

-5.3%

Operating income

3,041

3,524

15.9%

3,350

5.2%

Income before taxes

2,965

3,514

18.5%

3,342

5.1%

Net income

2,229

2,582

15.8%

2,415

6.9%

Source: TEF O2 CR, KBC, BBG


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