Imark
Forumer storico
Un articolo non recentissimo su Telekom austria, della quale avevamo già parlato in comparazione con Telefonica circa un mese fa per valutare il diverso impatto sui fatturati della presenza sui mercati emergenti dell'est europa piuttosto che su quelli dell'america latina.
Telekom Austria feels downturn in Q1, cuts outlook
Reuters, Wednesday May 13 2009
* Q1 EBITDA 455 million eur vs Reuters poll 478 million eur
* Also misses expectations for revenue and net profit
* Cuts 2009 revenue outlook but keeps EBITDA guidance
* Sticks to dividend policy
(Adds more details, analyst comment)
By Boris Groendahl
VIENNA, May 13 (Reuters) - Telekom Austria cut its revenue outlook as price cuts and the economic downturn caused a 6 percent decline in first-quarter core earnings, but reassured investors that its profit guidance for the year was intact.
The state-controlled group said 2009 revenue would be "slightly weaker" than previously forecast, but that it would cut costs to offset the shortfall and still expected to meet its profit guidance and make good on its dividend pledge.
Earnings before interest, tax, depreciation and amortisation (EBITDA) were 455 million euros ($620 million) in the March quarter, driven down by a drop in mobile earnings in Austria and Bulgaria, where price cuts due to regulatory price cuts, competition and more cost-conscious clients, led to falling revenue.
Analysts polled by Reuters had predicted EBITDA of 478 million euros on average. Group revenue declined 5 percent and net profit by more than a third, both also missing market expectations.
"The numbers are weak and the question is how credible the guidance is against this backdrop," said Hannes Wittig, telecoms analyst at J.P. Morgan. "I think they can offset some of the revenue shortfall, so the result is still consistent with the outlook -- but it won't be easy."
Telekom Austria has tapped into the emerging markets on the Balkans and in Belarus to make up for its declining domestic business, but is now suffering as the region entered economic decline and clients cut back on mobile phone calls.
Earnings dropped 18 percent in Bulgaria, its biggest eastern asset, partly because clients switched to cheaper products. In Belarus, earnings still grew 15 percent in euro terms, but at a slower rate than last year due to currency devaluation.
The group last year managed to slow down the erosion of its domestic fixed line business, a trend that continued in the first quarter. Revenue still fell 10 percent due to aggressive price cuts, but EBITDA was stable.
Earnings at its domestic mobile business fell due to lower prices, partly cut by regulators, and higher marketing spending.
Spain's Telefonica, whose emerging market exposure is geared to less crisis-ridden Latin America, also on Wednesday beat market expectations with a 10 percent rise in first quarter net profit
Deutsche Telekom and Telecom Italia both took a hit on first-quarter results from the economic slowdown but reassured investors last week on their outlook for the year.
At 0707 GMT, shares in Telekom Austria were down 1 percent at 10.50 euros a share. The stock has risen 2.4 percent this year, making it one of the best performers in the DJ Stoxx Telecoms index.
The shares closed at 10.60 euros on Tuesday, 10 times projected 2010 earnings, compared with the index average of 8.4 times.
Against the sell-off of emerging market assets earlier this year, Telekom Austria stock has held up well partly because of Telekom Austria's promise to pay at least 0.75 euros dividend in the coming years, which the group reiterated on Wednesday. ($1=.7336 Euro) (Reporting by Boris Groendahl; editing by Simon Jessop)
Telekom Austria feels downturn in Q1, cuts outlook
Reuters, Wednesday May 13 2009
* Q1 EBITDA 455 million eur vs Reuters poll 478 million eur
* Also misses expectations for revenue and net profit
* Cuts 2009 revenue outlook but keeps EBITDA guidance
* Sticks to dividend policy
(Adds more details, analyst comment)
By Boris Groendahl
VIENNA, May 13 (Reuters) - Telekom Austria cut its revenue outlook as price cuts and the economic downturn caused a 6 percent decline in first-quarter core earnings, but reassured investors that its profit guidance for the year was intact.
The state-controlled group said 2009 revenue would be "slightly weaker" than previously forecast, but that it would cut costs to offset the shortfall and still expected to meet its profit guidance and make good on its dividend pledge.
Earnings before interest, tax, depreciation and amortisation (EBITDA) were 455 million euros ($620 million) in the March quarter, driven down by a drop in mobile earnings in Austria and Bulgaria, where price cuts due to regulatory price cuts, competition and more cost-conscious clients, led to falling revenue.
Analysts polled by Reuters had predicted EBITDA of 478 million euros on average. Group revenue declined 5 percent and net profit by more than a third, both also missing market expectations.
"The numbers are weak and the question is how credible the guidance is against this backdrop," said Hannes Wittig, telecoms analyst at J.P. Morgan. "I think they can offset some of the revenue shortfall, so the result is still consistent with the outlook -- but it won't be easy."
Telekom Austria has tapped into the emerging markets on the Balkans and in Belarus to make up for its declining domestic business, but is now suffering as the region entered economic decline and clients cut back on mobile phone calls.
Earnings dropped 18 percent in Bulgaria, its biggest eastern asset, partly because clients switched to cheaper products. In Belarus, earnings still grew 15 percent in euro terms, but at a slower rate than last year due to currency devaluation.
The group last year managed to slow down the erosion of its domestic fixed line business, a trend that continued in the first quarter. Revenue still fell 10 percent due to aggressive price cuts, but EBITDA was stable.
Earnings at its domestic mobile business fell due to lower prices, partly cut by regulators, and higher marketing spending.
Spain's Telefonica, whose emerging market exposure is geared to less crisis-ridden Latin America, also on Wednesday beat market expectations with a 10 percent rise in first quarter net profit
Deutsche Telekom and Telecom Italia both took a hit on first-quarter results from the economic slowdown but reassured investors last week on their outlook for the year.
At 0707 GMT, shares in Telekom Austria were down 1 percent at 10.50 euros a share. The stock has risen 2.4 percent this year, making it one of the best performers in the DJ Stoxx Telecoms index.
The shares closed at 10.60 euros on Tuesday, 10 times projected 2010 earnings, compared with the index average of 8.4 times.
Against the sell-off of emerging market assets earlier this year, Telekom Austria stock has held up well partly because of Telekom Austria's promise to pay at least 0.75 euros dividend in the coming years, which the group reiterated on Wednesday. ($1=.7336 Euro) (Reporting by Boris Groendahl; editing by Simon Jessop)
