Ceske radiokomunikace is to release its consolidated 2001 IAS results this morning (the exact timing has not been specified). This is the most relevant set of Ceske radiokomunikace figures, since it reflects the results of its subsidiaries: Contactel (50% owned by Ceske radiokomunikace) and RadioMobil (39% owned by CR). Contactel will boost consolidated sales but will negatively affect consolidated EBITDA and earnings, and the inclusion of the 39% share of RadioMobil’s net income will improve the consolidated bottom line (see the expected jump between consolidated pretax and net income). A market consensus is not available, though our forecasts are below. Please note that CR’s 2000 bottom-line was boosted by a major one-off compensation for the dilution of the parent company’s RadioMobil stake.
Ceske radiokomunikace, Consolidated IAS
CZK mil. 2001 E 2000 A
Revenues 2,825 2,564
EBITDA 868 760
EBIT -459 -287
Pretax income -354 20,758
Net income incl. associates 569 14,758
As for Contactel alone, we expect a loss of CZK 950 mil. on revenues of CZK 585 mil.
RadioMobil has already released its own IAS 2001 results (CZK 2.54 bil. net income on CZK 21.1 bil. revenues).
(Ondrej Datka)