The domestic mobile operator T-Mobile CR, Cra's 39%-owned subsidiary, released its H1 2003 results according to German GAAP yesterday. The figures indicated a y-o-y improvement at all levels and exceeded our expectations.
GAAP,CZK mil. HI 2003 HI 2002 %change
Sales 11,652 10,100 15.4%
EBITDA 5,486 4,700 16.7%
Net profit 1,949 1,588 22.7%
Cust. mil. eop. 3.607 3.150 14.5%
Total sales were positively influenced by significant changes in the company’s customer structure: the number of post-paid customers increased by nearly 50% y-o-y (the total customer base increased by 15 % y-o-y to 3.607 mil.). ARPU increased by 2% over the previous year’s level of CZK 470 to CZK 479. Higher sales together with better cost control led to an increase of the EBITDA margin to 47.1%, which was significantly above expectations and slightly higher than in H1 2002.