Eurotel´s 2003 net profit rose by 16% y-o-y to CZK 7.25bn

Eurotel (100% owned by CT) reported its 2003 US GAAP figures yesterday: sales and EBITDA were below our expectations, EBITDA margin rose from 47.6% in 2002 to 48.8% in 2003. Net profit of CZK 7.25bn (+16% y-o-y) was slightly higher than we had expected and was largely influenced by a tax credit on dividends paid out in 2003 (CZK 420m) and by a deferred tax liability revaluation (CZK 373m). Total usage minutes rose by 3.2% y-o-y (and the number of customers by 8.3%). Cesky Telecom reports its consolidated IFRS figures on February 26.

USGAAP, CZK m	2003	2002	% chng
Sales	29,078	28,800	0.97%
EBITDA	14,199	13,712	3.55%
EBIT	na	9,116	na
Pre-tax profit	9,294	9,059	2.59%
Net profit	7,254	6,271	15.68%
Cust.m.e.o.p.	4.22	3.89	8.33%

Jitka Oppitzová, Patria Finance