T-Mobile CR, the No.2 domestic mobile operator, 39% owned by Ceske radiokomunikace, yesterday reported German GAAP 9M 2003 results, with y-o-y improvement at all levels. While sales slightly exceeded our expectations, mostly due to an expanded customer base in Q3, EBITDA (i.e., operating margins) and net profit were worse than expected.
Total sales in a y-o-y comparison were also positively influenced by changes in the overall customer structure: the number of post-paid customers increased by 40% y-o-y (the customer base grew by 12.4% y-o-y to 3.691m). ARPU increased by 0.4%, and EBITDA margin fell to 46.5% from 48.2% last year.
Overall, we see the 9M results as neutral.
German GAAP, CZKm 9M 2003 9M 2002 %change
Sales 17,906 15,717 13.9%
EBITDA 8,328 7,573 10.0%
Net profit 2,938 2,405 22.2%
Cust.mil.eop. 3.69 3.28 12.4%