Ceske radiokomunikace's 2002 IAS net profit, reported yesterday, was CZK 277 mil. below our forecast; the difference was caused by the worse-than-expected IAS figures of the parent company (broadcasting, signal-transmission business) and the 50% owned Contactel subsidiary, an alternative telcom operator (note that it was consolidated on a proportionate basis in 2001, but on an equity basis in 2002; therefore, only the net profit from both years is directly comparable).
|
Ceske radio, consol. IAS |
2002 |
2001 |
change |
2002e |
|
CZK mil. |
|
|
|
|
|
Revenues |
2 370 |
2 656 |
-10,8 % |
2 624 |
|
EBITDA |
789 |
851 |
-7,2 % |
668 |
|
EBIT |
-464 |
-531 |
-12,7 % |
-709 |
|
Pretax Income |
-831 |
-209 |
296,6 % |
-728 |
|
Net Income befor associates |
-771 |
-186 |
313,2 % |
-624 |
|
Equity in earnings of associate |
818 |
995 |
-17,8 % |
948 |
|
Net income |
47 |
808 |
-94,2 % |
324 |
T-Mobile CZ, Ceske radiokomunikace’s 39%-owned subsidiary and its most valuable asset, already reported its 2002 IAS results (a net profit of CZK 2.9 bil., +14.3% y-o-y).
Jiří Soustružník