Imark
Forumer storico
Ciao Claudio, faccio ammenda perché mi è venuto in mente che lo avevi già chiesto tempo addietro, e poi ho dimenticato di dare corso alla segnalazione...
Hai fatto bene a rammentarlo...
Obbligazioni societarie Monitor bond Telecom Europa VII (agosto - dicembre 2009) (1 Viewer)
- Creatore Discussione Imark
- Data di Inizio
- Stato
Ciao Claudio, faccio ammenda perché mi è venuto in mente che lo avevi già chiesto tempo addietro, e poi ho dimenticato di dare corso alla segnalazione...
Hai fatto bene a rammentarlo...
Imark
Forumer storico
Dunque recupero un po' di materiale sulle trimestrali delle maggiori telecom a monitor. Il filo conduttore è che in molte hanno visto un andamento abbastanza stabile dei fatturati, per lo più in leggero calo (nell'ambito del low single digit, niente a che vedere con i meno -20% o i -30% di alcuni comparti industriali), e tutte sono riuscite a contenere l'impatto di queste riduzioni nel volume delle vendite e di un calo nell'ARPU per cliente riducendo il capex nel tentativo di tenere fermi margini operativi e capacità di generare free cash flow.
Almeno per ora i risultati sembrerebbero dare loro ragione senza richiedere troppi sforzi, e senza intervenire drasticamente sui dividendi, che in taluni casi sono stati invece incrementati nell'intento di sostenere i corsi azionari.
Telefonica, BT, France Telecom Beat Analyst Estimates (Update1)
By Simon Thiel and Paul Tobi
July 30 (Bloomberg) -- Telefonica SA, BT Group Plc and France Telecom SA, three of Europe’s biggest phone companies, reported earnings that topped analysts’ estimates after slashing costs to safeguard profitability amid the economic crisis.
BT’s net income in the three months ended June 30 was 214 million pounds ($353 million), beating the 118.2 million-pound average estimate.
Telefonica’s profit was 1.93 billion euros ($2.7 billion), compared with the 1.88 billion euros analysts predicted. France Telecom’s first-half earnings before interest, tax and depreciation and amortization were 8.82 billion euros, topping the 8.67 billion-euro estimate.
“The results prove the companies can protect cash and ensure dividend payments by reducing costs and investments,” said Alberto Espelosin, who helps manage the equivalent of about $10 billion at Zaragoza, Spain-based Ibercaja Gestion and holds shares in the three companies. “Taking into account the current situation in the world’s economy, the results are outstanding.”
Telecommunication companies have reined in expenses and investments as demand from corporate clients and consumers wanes amid the economic slowdown. Earnings at the three operators fell from a year earlier. BT Chief Executive Officer Ian Livingston reiterated today he will cut costs and capital expenditure by “well over” 1 billion pounds this year.
Telefonica Chairman Cesar Alierta slashed operating expenses by 6.6 percent in the second quarter and Paris-based France Telecom said today it expects to keep free cash flow at the 2008 level of 8 billion euros by eking out savings of 1.5 billion euros a year by the end of 2011.
Shares Gain
BT soared 13 percent in London trading to 126.9 pence. France Telecom gained 3.3 percent to 17.56 euros in Paris, while Telefonica added 2.1 percent to 17.84 euros in Madrid.
BT, the U.K.’s biggest fixed-line phone company, said in May that a further 15,000 jobs will be eliminated this year, about a third of them at the global services unit, which accounts for about 40 percent of BT’s total revenue.
BT’s global services unit, which sells security, telephone and Internet services to international companies such as Procter & Gamble Co., is suffering from lower demand as clients cut spending. CEO Livingston has made the unit central to BT’s strategy for countering falling wholesale U.K. revenue.
“Today’s figures from BT are a big relief after all the negative news in recent months,” said Nicolas Didio, an analyst at Exane BNP Paribas with an “underperform” rating on the stock. “Profit, costs, sales, cash -- all figures better than expected by the market.”
Telefonica Dividends
Telefonica’s Alierta is cutting costs and increasing dividends to attract investors discouraged by the recession in Spain, the worst in six decades. In the U.K., Telefonica’s second-largest European market, the economy contracted the most since 1958 in the first quarter.
Madrid-based Telefonica, Europe’s second-largest phone company, today repeated its 2009 goals of increasing operating cash flow by 8 percent to 11 percent, boosting sales and generating 1 percent to 3 percent growth in operating income before depreciation and amortization. The objectives were first announced in February.
“Telefonica remains the choice name in the sector in my view,” Saeed Baradar, an analyst at Societe Generale, said in a note to clients today. “The shares have been one of the best large-cap performer this year and should be well supported again today.”
Telefonica’s stock had gained 10 percent this year before today.
Stable Forecasts
“Good set of first-half numbers from France Telecom, with stabilization of full-year forecasts,” Baradar said. “Shares have been strong performers into the results and should be well supported today.”
Before today, France Telecom had gained 9.3 percent since July 10 in Paris trading. Today’s gain trimmed its decline this year to 12 percent, giving the company a market value of 45.9 billion euros.
France Telecom, Europe’s third-largest phone company by revenue behind Deutsche Telekom AG of Germany and Telefonica, said the level of business in the second half is likely to be “slightly lower.”
“The group is resisting well against a backdrop of a declining world economy and a hardening regulatory environment,” Chief Financial Officer Gervais Pellissier said on a conference call with reporters today.
Earlier this week, Vodafone Group Plc, the world’s largest mobile-phone company, reported a 2.1 percent drop in service revenue in the quarter
Almeno per ora i risultati sembrerebbero dare loro ragione senza richiedere troppi sforzi, e senza intervenire drasticamente sui dividendi, che in taluni casi sono stati invece incrementati nell'intento di sostenere i corsi azionari.
Telefonica, BT, France Telecom Beat Analyst Estimates (Update1)
By Simon Thiel and Paul Tobi
July 30 (Bloomberg) -- Telefonica SA, BT Group Plc and France Telecom SA, three of Europe’s biggest phone companies, reported earnings that topped analysts’ estimates after slashing costs to safeguard profitability amid the economic crisis.
BT’s net income in the three months ended June 30 was 214 million pounds ($353 million), beating the 118.2 million-pound average estimate.
Telefonica’s profit was 1.93 billion euros ($2.7 billion), compared with the 1.88 billion euros analysts predicted. France Telecom’s first-half earnings before interest, tax and depreciation and amortization were 8.82 billion euros, topping the 8.67 billion-euro estimate.
“The results prove the companies can protect cash and ensure dividend payments by reducing costs and investments,” said Alberto Espelosin, who helps manage the equivalent of about $10 billion at Zaragoza, Spain-based Ibercaja Gestion and holds shares in the three companies. “Taking into account the current situation in the world’s economy, the results are outstanding.”
Telecommunication companies have reined in expenses and investments as demand from corporate clients and consumers wanes amid the economic slowdown. Earnings at the three operators fell from a year earlier. BT Chief Executive Officer Ian Livingston reiterated today he will cut costs and capital expenditure by “well over” 1 billion pounds this year.
Telefonica Chairman Cesar Alierta slashed operating expenses by 6.6 percent in the second quarter and Paris-based France Telecom said today it expects to keep free cash flow at the 2008 level of 8 billion euros by eking out savings of 1.5 billion euros a year by the end of 2011.
Shares Gain
BT soared 13 percent in London trading to 126.9 pence. France Telecom gained 3.3 percent to 17.56 euros in Paris, while Telefonica added 2.1 percent to 17.84 euros in Madrid.
BT, the U.K.’s biggest fixed-line phone company, said in May that a further 15,000 jobs will be eliminated this year, about a third of them at the global services unit, which accounts for about 40 percent of BT’s total revenue.
BT’s global services unit, which sells security, telephone and Internet services to international companies such as Procter & Gamble Co., is suffering from lower demand as clients cut spending. CEO Livingston has made the unit central to BT’s strategy for countering falling wholesale U.K. revenue.
“Today’s figures from BT are a big relief after all the negative news in recent months,” said Nicolas Didio, an analyst at Exane BNP Paribas with an “underperform” rating on the stock. “Profit, costs, sales, cash -- all figures better than expected by the market.”
Telefonica Dividends
Telefonica’s Alierta is cutting costs and increasing dividends to attract investors discouraged by the recession in Spain, the worst in six decades. In the U.K., Telefonica’s second-largest European market, the economy contracted the most since 1958 in the first quarter.
Madrid-based Telefonica, Europe’s second-largest phone company, today repeated its 2009 goals of increasing operating cash flow by 8 percent to 11 percent, boosting sales and generating 1 percent to 3 percent growth in operating income before depreciation and amortization. The objectives were first announced in February.
“Telefonica remains the choice name in the sector in my view,” Saeed Baradar, an analyst at Societe Generale, said in a note to clients today. “The shares have been one of the best large-cap performer this year and should be well supported again today.”
Telefonica’s stock had gained 10 percent this year before today.
Stable Forecasts
“Good set of first-half numbers from France Telecom, with stabilization of full-year forecasts,” Baradar said. “Shares have been strong performers into the results and should be well supported today.”
Before today, France Telecom had gained 9.3 percent since July 10 in Paris trading. Today’s gain trimmed its decline this year to 12 percent, giving the company a market value of 45.9 billion euros.
France Telecom, Europe’s third-largest phone company by revenue behind Deutsche Telekom AG of Germany and Telefonica, said the level of business in the second half is likely to be “slightly lower.”
“The group is resisting well against a backdrop of a declining world economy and a hardening regulatory environment,” Chief Financial Officer Gervais Pellissier said on a conference call with reporters today.
Earlier this week, Vodafone Group Plc, the world’s largest mobile-phone company, reported a 2.1 percent drop in service revenue in the quarter
Imark
Forumer storico
Trimestrale di OTE pesantemente condizionata dall'andamento dell'economia greca. La telecom registra un minimo utile netto quale effetto di vendite in calo e dei costi di un programma di pensionamento anticipato su base volontaria e annuncia nuovi tagli dei costi nonché il varo di nuovi servizi nel tentatito di conservare i propri margini operativi.
Il calo del fatturato è stato significativo sia sulla linea fissa che sul mobile (e complessivamente si attesta su di un - 6% che mostra uno degli andamenti più negativi nel comparto telecom europeo)
Preannuncia una seconda metà dell'anno difficile.
By Alkman Granitsas
Of DOW JONES NEWSWIRES
ATHENS (Dow Jones)--Greek communications operator Hellenic Telecommunications Organization SA (OTE), or OTE, warned Thursday that it faces a difficult second half after reporting a worse-than-expected 97% drop in second quarter net profit on weak sales and the cost of a retirement program.
The company said it expects to continue cutting costs and adding new services to maintain margins.
"Though we expect continued weakness in the economy in the second half of the year, our objective is to maintain a group profitability level roughly in line with that achieved in full year 2008," said Chairman and Chief Executive Panagis Vourloumis.
Net profit for the three months to June 30 was EUR4.7 million, sharply down from EUR159.3 million last year after it took a EUR152 million charge for a voluntary retirement plan.
Even excluding the cost of that program, OTE, in which Deutsche Telekom (DT) has a 30% stake, struggled with lower revenue as weak mobile sales and continuing declines in fixed-line operations bit into earnings.
For the three months, revenue fell 6.5% to EUR1.49 billion from EUR1.59 billion a year ago, while operating income, before depreciation and amortization, or Oibda, slumped 37% to EUR363 million.
The figures were much lower than analysts' expectations for net profit of EUR44 million, EUR396 million in Oibda and EUR1.51 billion in revenue.
At 0801 GMT, OTE shares were down 2.9% at EUR10.59 in a broadly higher market.
OTE, Greece's one-time monopoly phone company, has seen its domination of the market steadily shrink over the past several years as it loses customers, particularly in its fixed-line operations, to rivals.
For the second quarter, OTE said its total share of voice traffic fell 2.2% to 3.49 billion minutes while revenue for the fixed-line division fell 8.7% to EUR590.8 million, in line with expected trends.
Meanwhile, OTE mobile subsidiary Cosmote Mobile Telecommunications SA (COSMO-AT), the leading mobile operator in the Balkans and a one-time growth driver for the company, has been hit by both the economic crisis and increased competition.
A year-long price war by Greek mobile operators Wind Hellas and Vodafone Group PLC (VOD) Greek subsidiary has been one factor. At the same time, European Union-mandated cuts in mobile fees, that took effect Jan. 1 this year in Greece, and will come into effect July 1 in Bulgaria and Romania, have also hurt the mobile division.
The Greek government has also levied new taxes on mobile telephone users, one of a series of measures to close Greece's budget gap.
For the three months, mobile revenue fell 5.1% to EUR754.0 million while Oibda for the division fell 4.3% to EUR271.1 million.
Earlier Thursday, Deutsche Telekom, reported a 32% increase in second-quarter net profit to EUR521 million, and confirmed its guidance for the full year.
The company said that OTE contributed EUR1.5 billion to Deutsche Telekom's second-quarter sales and EUR500 million to its adjusted Ebitda. But for the OTE consolidation, Deutsche Telekom's sales and adjusted Ebitda would have fallen on year.
Il calo del fatturato è stato significativo sia sulla linea fissa che sul mobile (e complessivamente si attesta su di un - 6% che mostra uno degli andamenti più negativi nel comparto telecom europeo)
Preannuncia una seconda metà dell'anno difficile.
- AUGUST 6, 2009, 4:24 A.M. ET
By Alkman Granitsas
Of DOW JONES NEWSWIRES
ATHENS (Dow Jones)--Greek communications operator Hellenic Telecommunications Organization SA (OTE), or OTE, warned Thursday that it faces a difficult second half after reporting a worse-than-expected 97% drop in second quarter net profit on weak sales and the cost of a retirement program.
The company said it expects to continue cutting costs and adding new services to maintain margins.
"Though we expect continued weakness in the economy in the second half of the year, our objective is to maintain a group profitability level roughly in line with that achieved in full year 2008," said Chairman and Chief Executive Panagis Vourloumis.
Net profit for the three months to June 30 was EUR4.7 million, sharply down from EUR159.3 million last year after it took a EUR152 million charge for a voluntary retirement plan.
Even excluding the cost of that program, OTE, in which Deutsche Telekom (DT) has a 30% stake, struggled with lower revenue as weak mobile sales and continuing declines in fixed-line operations bit into earnings.
For the three months, revenue fell 6.5% to EUR1.49 billion from EUR1.59 billion a year ago, while operating income, before depreciation and amortization, or Oibda, slumped 37% to EUR363 million.
The figures were much lower than analysts' expectations for net profit of EUR44 million, EUR396 million in Oibda and EUR1.51 billion in revenue.
At 0801 GMT, OTE shares were down 2.9% at EUR10.59 in a broadly higher market.
OTE, Greece's one-time monopoly phone company, has seen its domination of the market steadily shrink over the past several years as it loses customers, particularly in its fixed-line operations, to rivals.
For the second quarter, OTE said its total share of voice traffic fell 2.2% to 3.49 billion minutes while revenue for the fixed-line division fell 8.7% to EUR590.8 million, in line with expected trends.
Meanwhile, OTE mobile subsidiary Cosmote Mobile Telecommunications SA (COSMO-AT), the leading mobile operator in the Balkans and a one-time growth driver for the company, has been hit by both the economic crisis and increased competition.
A year-long price war by Greek mobile operators Wind Hellas and Vodafone Group PLC (VOD) Greek subsidiary has been one factor. At the same time, European Union-mandated cuts in mobile fees, that took effect Jan. 1 this year in Greece, and will come into effect July 1 in Bulgaria and Romania, have also hurt the mobile division.
The Greek government has also levied new taxes on mobile telephone users, one of a series of measures to close Greece's budget gap.
For the three months, mobile revenue fell 5.1% to EUR754.0 million while Oibda for the division fell 4.3% to EUR271.1 million.
Earlier Thursday, Deutsche Telekom, reported a 32% increase in second-quarter net profit to EUR521 million, and confirmed its guidance for the full year.
The company said that OTE contributed EUR1.5 billion to Deutsche Telekom's second-quarter sales and EUR500 million to its adjusted Ebitda. But for the OTE consolidation, Deutsche Telekom's sales and adjusted Ebitda would have fallen on year.
Imark
Forumer storico
E trimestrale di Deutsche Telekom. Qui il fatturato e l'EBITDA risultano in crescita, ma come effetto del parziale consolidamento in bilancio di OTE, nella quale DT controlla un pacchetto azionario pari al 30% + 1.
Dopo il profit warning lanciato ad aprile - quando DT svalutò in maniera consistente la propria partecipata T-Mobile UK in considerazione dei risultati generati in quel paese e ne cambiò il management - sono state adottate una serie di misure di riduzione del capex in USA, Polonia e, nuovamente, UK, che secondo il CEO Obermann stanno cominciando a produrre effetti.
A me paiono piuttosto deboli i risultati sul mercato interno, con il valore vendite nel comprato del fisso e della banda larga in calo del 5%
DT reitera un target reso ad aprile di calo dell'EBITDA fra il 2% ed il 4% y-o-y e di generazione di free cash flow per 7 mld euro come risultato per l'anno in corso.
Deutsche Telekom Profit Rises on Reduced Expenses (Update2)
Aug. 6 (Bloomberg) -- Deutsche Telekom AG, Europe’s biggest telephone company, reported a 32 percent increase in second- quarter profit as it trimmed expenses.
Net income rose to 521 million euros ($750 million), including consolidated numbers from Hellenic Telecommunications Organization SA, from 394 million euros a year earlier, the Bonn-based company said in a statement today. Analysts had anticipated a profit of 743 million euros, the average of six estimates compiled by Bloomberg.
Last week, Telefonica SA, BT Group Plc and France Telecom SA reported earnings that topped analysts’ estimates after slashing costs. Deutsche Telekom lowered its forecasts in April, blaming the U.S., Poland and the U.K. The value of the U.K. unit was written down by 1.8 billion euros in the first quarter. Deutsche Telekom said today that measures to improve those units are starting to take effect, and reiterated its forecasts.
“We took resolute action at the right time in a difficult environment,” Chief Executive Officer Rene Obermann said in the statement. “The figures for the second quarter make us confident for the full year.”
Deutsche Telekom rose 0.4 percent to 8.88 euros as of 9:33 a.m. in Frankfurt trading. Before today, the stock had lost 18 percent this year.
Obermann Overhaul
Sales, including the Greek unit, rose to 16.2 billion euros from 15.1 billion euros. Earnings before interest, taxes, depreciation and amortization rose to 5.03 billion euros from 4.6 billion euros. Analysts had estimated 16.3 billion euros in sales and Ebitda of 5.15 billion euros.
Deutsche Telekom is trying to stem customer defections at its main fixed-line unit and fend off competition in broadband Internet access. Obermann’s efforts to trim expenses include freezing salaries in the U.S., putting investments on hold and cutting advertising in Poland. He also replaced management in the U.K. to turn around the unit.
The broadband and fixed-line division’s domestic sales fell 5.1 percent to 4.75 billion euros in the second quarter.
Deutsche Telekom held discussions with European telephone operators, including Vodafone Group Plc, to sell its U.K. unit, people familiar with the matter said June 30. The Financial Times reported July 3 that Deutsche Telekom might swap T-Mobile U.K. against Vodafone’s operation in Turkey.
In May, Deutsche Telekom said the book value of T-Mobile U.K. was 4.5 billion pounds, including 1.2 billion pounds in debt. The U.K. unit lost 206,000 clients in the year to June 30.
T-Mobile USA
T-Mobile USA’s net income fell 6 percent to $425 million in the quarter from a year earlier. The unit added 325,000 net new customers, a slowdown from 415,000 in the first quarter and 668,000 a year earlier.
“We see opportunities for new growth given the anticipated growing demand for innovative mobile Internet and data services in the U.S. market,” Obermann said in a separate statement.
Deutsche Telekom reiterated a group forecast of full-year adjusted Ebitda dropping between 2 percent and 4 percent from last year, excluding Hellenic Telecom. Before April, the company had predicted unchanged earnings. Deutsche Telekom consolidated Hellenic Telecom for the first time in February this year.
The company also reiterated its full-year free cash flow prediction of 7 billion euros, an increase of about 600 million euros from a previous forecast because of the inclusion of Hellenic Telecom.
Dopo il profit warning lanciato ad aprile - quando DT svalutò in maniera consistente la propria partecipata T-Mobile UK in considerazione dei risultati generati in quel paese e ne cambiò il management - sono state adottate una serie di misure di riduzione del capex in USA, Polonia e, nuovamente, UK, che secondo il CEO Obermann stanno cominciando a produrre effetti.
A me paiono piuttosto deboli i risultati sul mercato interno, con il valore vendite nel comprato del fisso e della banda larga in calo del 5%
DT reitera un target reso ad aprile di calo dell'EBITDA fra il 2% ed il 4% y-o-y e di generazione di free cash flow per 7 mld euro come risultato per l'anno in corso.
Deutsche Telekom Profit Rises on Reduced Expenses (Update2)
Aug. 6 (Bloomberg) -- Deutsche Telekom AG, Europe’s biggest telephone company, reported a 32 percent increase in second- quarter profit as it trimmed expenses.
Net income rose to 521 million euros ($750 million), including consolidated numbers from Hellenic Telecommunications Organization SA, from 394 million euros a year earlier, the Bonn-based company said in a statement today. Analysts had anticipated a profit of 743 million euros, the average of six estimates compiled by Bloomberg.
Last week, Telefonica SA, BT Group Plc and France Telecom SA reported earnings that topped analysts’ estimates after slashing costs. Deutsche Telekom lowered its forecasts in April, blaming the U.S., Poland and the U.K. The value of the U.K. unit was written down by 1.8 billion euros in the first quarter. Deutsche Telekom said today that measures to improve those units are starting to take effect, and reiterated its forecasts.
“We took resolute action at the right time in a difficult environment,” Chief Executive Officer Rene Obermann said in the statement. “The figures for the second quarter make us confident for the full year.”
Deutsche Telekom rose 0.4 percent to 8.88 euros as of 9:33 a.m. in Frankfurt trading. Before today, the stock had lost 18 percent this year.
Obermann Overhaul
Sales, including the Greek unit, rose to 16.2 billion euros from 15.1 billion euros. Earnings before interest, taxes, depreciation and amortization rose to 5.03 billion euros from 4.6 billion euros. Analysts had estimated 16.3 billion euros in sales and Ebitda of 5.15 billion euros.
Deutsche Telekom is trying to stem customer defections at its main fixed-line unit and fend off competition in broadband Internet access. Obermann’s efforts to trim expenses include freezing salaries in the U.S., putting investments on hold and cutting advertising in Poland. He also replaced management in the U.K. to turn around the unit.
The broadband and fixed-line division’s domestic sales fell 5.1 percent to 4.75 billion euros in the second quarter.
Deutsche Telekom held discussions with European telephone operators, including Vodafone Group Plc, to sell its U.K. unit, people familiar with the matter said June 30. The Financial Times reported July 3 that Deutsche Telekom might swap T-Mobile U.K. against Vodafone’s operation in Turkey.
In May, Deutsche Telekom said the book value of T-Mobile U.K. was 4.5 billion pounds, including 1.2 billion pounds in debt. The U.K. unit lost 206,000 clients in the year to June 30.
T-Mobile USA
T-Mobile USA’s net income fell 6 percent to $425 million in the quarter from a year earlier. The unit added 325,000 net new customers, a slowdown from 415,000 in the first quarter and 668,000 a year earlier.
“We see opportunities for new growth given the anticipated growing demand for innovative mobile Internet and data services in the U.S. market,” Obermann said in a separate statement.
Deutsche Telekom reiterated a group forecast of full-year adjusted Ebitda dropping between 2 percent and 4 percent from last year, excluding Hellenic Telecom. Before April, the company had predicted unchanged earnings. Deutsche Telekom consolidated Hellenic Telecom for the first time in February this year.
The company also reiterated its full-year free cash flow prediction of 7 billion euros, an increase of about 600 million euros from a previous forecast because of the inclusion of Hellenic Telecom.
Imark
Forumer storico
Notizia importante per chi segue TeliaSonera: pare si sia ad una svolta che potrebbe guadagnare a TS il pieno controllo di Turkcell, il principale operatore di telefonia mobile turca, oppure in alternativa un cospicuo indennizzo, quantificato in 1,8 mld $.
La sentenza arbitrale intervenuta su di un contenzioso fra TS e la turca Cukurova ha infatti previsto che la prima paghi alla seconda un corrispettivo di 3,1 mld $ a fronte della consegna da parte della Cukurova del proprio pacchetto azionario per un 37% del capitale sociale di Turkcell.
Cukurova tuttavia aveva disposto di parte del proprio pacchetto azionario a favore dei russi di Alfa Group, non si sa se a condizioni che le consentano di rientrarne in possesso, come cmq non sono note le intenzioni del gruppo turco. Chiarita la vicenda in punto di diritto (ed in maniera favorevole a TS) i tempi di esecuzione in Turchia della decisione arbitrale potrebbero non essere brevi.
By Dominic Chopping
Of Dow Jones Newswires
STOCKHOLM (Dow Jones)--TeliaSonera AB (TLSN.SK) said Friday that an arbitration tribunal has ordered Cukurova to deliver Turkcell Holding (TKC) shares to TeliaSonera.
The Stockholm-based telecommunications provider said the tribunal of the International Chamber of Commerce has told Cukurova it must deliver all remaining shares in Turkcell to TeliaSonera for a cash consideration of $3.1 billion.
The tribunal also determined that if the shares are not delivered, TeliaSonera can claim damages of $1.8 billion.
"TeliaSonera does not yet know if Cukurova is willing to, or able to, proceed with a transfer of the shares to TeliaSonera, but a quick resolution of the ownership dispute is not to be expected", the company said in a statement.
Cukurova had agreed in March 2005 to sell its stake in Turkcell to TeliaSonera for $3.1 billion.
This transaction would have increased TeliaSonera's stake in Turkcell to 64.3% from 37.3%.
The company said that Cukurova withdrew from the deal though, and arbitration proceedings were therefore initiated in May 2005 to force the deal through.
La sentenza arbitrale intervenuta su di un contenzioso fra TS e la turca Cukurova ha infatti previsto che la prima paghi alla seconda un corrispettivo di 3,1 mld $ a fronte della consegna da parte della Cukurova del proprio pacchetto azionario per un 37% del capitale sociale di Turkcell.
Cukurova tuttavia aveva disposto di parte del proprio pacchetto azionario a favore dei russi di Alfa Group, non si sa se a condizioni che le consentano di rientrarne in possesso, come cmq non sono note le intenzioni del gruppo turco. Chiarita la vicenda in punto di diritto (ed in maniera favorevole a TS) i tempi di esecuzione in Turchia della decisione arbitrale potrebbero non essere brevi.
- AUGUST 7, 2009, 2:01 A.M. ET
By Dominic Chopping
Of Dow Jones Newswires
STOCKHOLM (Dow Jones)--TeliaSonera AB (TLSN.SK) said Friday that an arbitration tribunal has ordered Cukurova to deliver Turkcell Holding (TKC) shares to TeliaSonera.
The Stockholm-based telecommunications provider said the tribunal of the International Chamber of Commerce has told Cukurova it must deliver all remaining shares in Turkcell to TeliaSonera for a cash consideration of $3.1 billion.
The tribunal also determined that if the shares are not delivered, TeliaSonera can claim damages of $1.8 billion.
"TeliaSonera does not yet know if Cukurova is willing to, or able to, proceed with a transfer of the shares to TeliaSonera, but a quick resolution of the ownership dispute is not to be expected", the company said in a statement.
Cukurova had agreed in March 2005 to sell its stake in Turkcell to TeliaSonera for $3.1 billion.
This transaction would have increased TeliaSonera's stake in Turkcell to 64.3% from 37.3%.
The company said that Cukurova withdrew from the deal though, and arbitration proceedings were therefore initiated in May 2005 to force the deal through.
Imark
Forumer storico
Portugal Telecom tira avanti senza troppi problemi: c'è un calo del valore delle vendite del 2,5% su base annua ed una crescita dell'EBITDA dell'1,6%, con un calo dei costi operativi del 5% su base annua ed un forte incremento del capex nel trimestre a causa degli investimenti nel cablaggio della rete e nella promozione delle offerte triple play, che hanno consentito di stabilizzare il fatturato generato sul fisso.
La divisione mobile in Portogallo ha invece registrato un calo del 5% nel valore delle vendite a causa di una riduzionie dei proventi da interconnessione.
Continua ad essere forte l'apporto all'EBITDA originato da Vivo, la jv con Telefonica attiva nel mobile in Brasile.
UPDATE 1-Portugal Telecom Q2 profit falls 20 pct, in line
Thu Aug 6, 2009 3:12am EDT
* Net profit falls to 89.7 mln euros, as expected
* Strength in Brazil offsets lower local termination rates
* Revenues dip 2.5 percent
* Shares open flat
(Updates with shares, costs, divisions at home and abroad)
LISBON, Aug 6 (Reuters) - Portugal Telecom (PT) (PTC.LS) said net profit fell in line with forecasts on Thursday as strength in its Brazilian operations offset the impact of lower mobile termination fees in its domestic business. The country's leading telecom company said in a statement net profit fell 20 percent to 89.7 million euros ($129.1 million), hit by a 41 percent fall in call termination charges and higher taxes.
For the first six months of the year it edged up 1.7 percent to 256 million euros, helped by Vivo (VIVO4.SA), PT's Brazilian joint venture with Spain's Telefonica (TEF.MC).
At 0807 GMT, Portugal Telecom shares were unchanged at 7.26 euros.
Operating revenues dipped 2.5 percent in the quarter from a year earlier to around 1.63 billion euros, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 1.6 percent to 594.9 million euros.
Analysts in a Reuters poll had expected, on average, a net profit of 90 million euros, revenues of around 1.64 billion euros and EBITDA of 558 million euros.
PT said its operating costs decreased almost 5 percent from a year ago to 1.03 billion euros, while capital expenditure jumped 31 percent to 282 million euros in the quarter on investment in fiber network and triple-play Internet, voice and TV equipment.
Tax payments jumped 76 percent to 62 million euros. Net debt rose 6 percent to 6.16 billion euros.
PT's TMN mobile phone division in Portugal had a 5 percent drop in operating revenues to 367 million due to the reduction in mobile call termination rates.
In the domestic wireline division, revenues were little changed, but PT gained more clients via bundled Internet, phone and TV packages, with 57,000 net total additions in the quarter and 128,000 in the first half.
International assets, mainly Vivo - Brazil's largest mobile phone operator -- made up over 41 percent of PT's EBITDA in the first half of the year, up from less than 35 percent a year ago, PT said.
However, revenues in Brazil fell almost 3 percent due to the depreciation of the real currency.
(Reporting by Andrei Khalip; editing by John Stonestreet)
La divisione mobile in Portogallo ha invece registrato un calo del 5% nel valore delle vendite a causa di una riduzionie dei proventi da interconnessione.
Continua ad essere forte l'apporto all'EBITDA originato da Vivo, la jv con Telefonica attiva nel mobile in Brasile.
UPDATE 1-Portugal Telecom Q2 profit falls 20 pct, in line
Thu Aug 6, 2009 3:12am EDT
* Net profit falls to 89.7 mln euros, as expected
* Strength in Brazil offsets lower local termination rates
* Revenues dip 2.5 percent
* Shares open flat
(Updates with shares, costs, divisions at home and abroad)
LISBON, Aug 6 (Reuters) - Portugal Telecom (PT) (PTC.LS) said net profit fell in line with forecasts on Thursday as strength in its Brazilian operations offset the impact of lower mobile termination fees in its domestic business. The country's leading telecom company said in a statement net profit fell 20 percent to 89.7 million euros ($129.1 million), hit by a 41 percent fall in call termination charges and higher taxes.
For the first six months of the year it edged up 1.7 percent to 256 million euros, helped by Vivo (VIVO4.SA), PT's Brazilian joint venture with Spain's Telefonica (TEF.MC).
At 0807 GMT, Portugal Telecom shares were unchanged at 7.26 euros.
Operating revenues dipped 2.5 percent in the quarter from a year earlier to around 1.63 billion euros, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 1.6 percent to 594.9 million euros.
Analysts in a Reuters poll had expected, on average, a net profit of 90 million euros, revenues of around 1.64 billion euros and EBITDA of 558 million euros.
PT said its operating costs decreased almost 5 percent from a year ago to 1.03 billion euros, while capital expenditure jumped 31 percent to 282 million euros in the quarter on investment in fiber network and triple-play Internet, voice and TV equipment.
Tax payments jumped 76 percent to 62 million euros. Net debt rose 6 percent to 6.16 billion euros.
PT's TMN mobile phone division in Portugal had a 5 percent drop in operating revenues to 367 million due to the reduction in mobile call termination rates.
In the domestic wireline division, revenues were little changed, but PT gained more clients via bundled Internet, phone and TV packages, with 57,000 net total additions in the quarter and 128,000 in the first half.
International assets, mainly Vivo - Brazil's largest mobile phone operator -- made up over 41 percent of PT's EBITDA in the first half of the year, up from less than 35 percent a year ago, PT said.
However, revenues in Brazil fell almost 3 percent due to the depreciation of the real currency.
(Reporting by Andrei Khalip; editing by John Stonestreet)
Imark
Forumer storico
Conti del primo semestre 2009 di TDC. Situazione sostanzialmente sotto controllo, ed in linea con il forecast dato ad inizio anno e reiterato oggi.
Il valore delle vendite risulta in calo dello 0,4% sul H1/2008 (il calo reale, tenunto conto di acquisizioni e dismissioni, è tuttavia pari al 2%) l'EBITDA risulta in salita dell'8,4% quale risultato di cali dei costi e del positivo andamento dei cambi.
Quella variazione contabile riguardante il qualificare come investimenti, capitalizzare e ammortizzare in più esercizi in concomitanza della durata del contratto i costi di acquisizione clienti sul mobile effettuate con contratti a pacchetto comprendenti la vendita del cellulare sottocosto (che qui avevamo segnalato in quanto nel Q1/2009 aveva determinato artificosamente una salita dell'EBITDA y-o-y) è stata revocata da TDC venendo incontro alle osservazioni di non meglio precisate "terze parti" (probabilmente le banche titolari dei loans, in quanto la pratica si presta ad interferire in modo favorevole al debitore rispetto alla valutazione dei covenant sul debito).
Anche i conti riguardanti il Q1/2009 (incorporati in quelli del report semestrale) sono stati rivisitati alla luce del ritorno al precedente criterio, che classa quei costi come costi operativi nel trimestre in cui essi risultano effettivamente sostenuti e come revenues il corrispettivo ricevuto per i cellulari venduti sottocosto nelle offerte a pacchetto.
Le operazioni di riacquisto anticipato del debito sono cessate per il momento (il debito quota tutto sopra la pari o poco sotto, non c'è dunque convenienza al riacquisto), mentre TDC preannuncia ufficialmente che Invitel (l'ex HTCC, seconda telecom ungherese) è in via di dismissione quale asset non core, terminata la sua riorganizzazione societaria ed il rifinanziamento del suo debito.
Altre indicazioni nella press release qui sotto e nei conti semestrali in allegato.
TDC A/S - Quarterly report Interim Financial Statements January - June 2009
Strong earnings and cash-flow performance despite continued deterioration in the macroeconomic environment
•Group revenue of DKK 17,839m was level with 1H 2008:
•Nordic Business's revenue declined DKK 677m due to a negative impact from the macroeconomic environment, lower domestic landline voice revenue, divestment and outsourcing of business activi-ties (DKK (141)m) as well as a negative
currency impact of (DKK (192)m), partly offset by the net ef-fect of the acquisitions of Fullrate and A+ (DKK 56m). Excluding the impacts from divestments, acqui-sitions, outsourcing and currency, revenue in the Nordic Business declined by approximately 2.0%
•Sunrise's revenue showed strong growth of DKK 591m due to favorable currency impact (DKK 289m) and acquisition of Tele2 in November 2008 (DKK 337m), which was counteracted by the divestment of SBC in July 2008 (DKK (191)m). Adjusted for these impacts, Sunrise's revenue increased by ap-proximately 3.5%
•Despite the challenging macroeconomic environment, Income before depreciation, amortization and spe-cial items (EBITDA) rose by 8.4% to DKK 6,337m:
•5.8% growth in Nordic Business's EBITDA resulted from necessary cost reductions
•20.4% growth in Sunrise's EBITDA is related to the acquisition of Tele2, a favorable currency impact and growth in the residential mobile business
•Net income from continuing operations, excluding special items, increased by DKK 123m or 5.6% to DKK 2,336m, reflecting higher EBITDA and lower net financial expenses, counteracted by lower income from joint ventures and
associates
•Net income increased by DKK 85m to DKK 1,576m, reflecting higher EBITDA and lower net financial ex-penses, counteracted by lower income from joint ventures and associates
•Strong cash flow from operating activities, up by 55.1% or DKK 1,784m
•Outlook for 2009 remains unchanged: Revenue and net income from continuing operations excluding special items are expected to be level with 2008
•Customer base growth of 7.1%
•The acquisitions of the broadband service providers Fullrate A/S and A+ were consolidated in 2Q 2009
•TDC has returned to an accounting policy of expensing subscriber acquisition costs as incurred
•TDC's 64.6% shareholding in Invitel is regarded as non-core business. TDC intends to divest its share-holding in Invitel. Accordingly, Invitel's operations are reclassified as ‘Discontinued operations' in TDC's consolidated financial statements
•Net interest-bearing debt was DKK 30.4bn compared with DKK 42.0bn at 1H 2008. Adjusted for the re-classification of Invitel as ‘Discontinued operations', net interest-bearing debt was reduced by DKK 6.3bn to DKK 35.7bn.
Il valore delle vendite risulta in calo dello 0,4% sul H1/2008 (il calo reale, tenunto conto di acquisizioni e dismissioni, è tuttavia pari al 2%) l'EBITDA risulta in salita dell'8,4% quale risultato di cali dei costi e del positivo andamento dei cambi.
Quella variazione contabile riguardante il qualificare come investimenti, capitalizzare e ammortizzare in più esercizi in concomitanza della durata del contratto i costi di acquisizione clienti sul mobile effettuate con contratti a pacchetto comprendenti la vendita del cellulare sottocosto (che qui avevamo segnalato in quanto nel Q1/2009 aveva determinato artificosamente una salita dell'EBITDA y-o-y) è stata revocata da TDC venendo incontro alle osservazioni di non meglio precisate "terze parti" (probabilmente le banche titolari dei loans, in quanto la pratica si presta ad interferire in modo favorevole al debitore rispetto alla valutazione dei covenant sul debito).
Anche i conti riguardanti il Q1/2009 (incorporati in quelli del report semestrale) sono stati rivisitati alla luce del ritorno al precedente criterio, che classa quei costi come costi operativi nel trimestre in cui essi risultano effettivamente sostenuti e come revenues il corrispettivo ricevuto per i cellulari venduti sottocosto nelle offerte a pacchetto.
Le operazioni di riacquisto anticipato del debito sono cessate per il momento (il debito quota tutto sopra la pari o poco sotto, non c'è dunque convenienza al riacquisto), mentre TDC preannuncia ufficialmente che Invitel (l'ex HTCC, seconda telecom ungherese) è in via di dismissione quale asset non core, terminata la sua riorganizzazione societaria ed il rifinanziamento del suo debito.
Altre indicazioni nella press release qui sotto e nei conti semestrali in allegato.
TDC A/S - Quarterly report Interim Financial Statements January - June 2009
Strong earnings and cash-flow performance despite continued deterioration in the macroeconomic environment
•Group revenue of DKK 17,839m was level with 1H 2008:
•Nordic Business's revenue declined DKK 677m due to a negative impact from the macroeconomic environment, lower domestic landline voice revenue, divestment and outsourcing of business activi-ties (DKK (141)m) as well as a negative
currency impact of (DKK (192)m), partly offset by the net ef-fect of the acquisitions of Fullrate and A+ (DKK 56m). Excluding the impacts from divestments, acqui-sitions, outsourcing and currency, revenue in the Nordic Business declined by approximately 2.0%
•Sunrise's revenue showed strong growth of DKK 591m due to favorable currency impact (DKK 289m) and acquisition of Tele2 in November 2008 (DKK 337m), which was counteracted by the divestment of SBC in July 2008 (DKK (191)m). Adjusted for these impacts, Sunrise's revenue increased by ap-proximately 3.5%
•Despite the challenging macroeconomic environment, Income before depreciation, amortization and spe-cial items (EBITDA) rose by 8.4% to DKK 6,337m:
•5.8% growth in Nordic Business's EBITDA resulted from necessary cost reductions
•20.4% growth in Sunrise's EBITDA is related to the acquisition of Tele2, a favorable currency impact and growth in the residential mobile business
•Net income from continuing operations, excluding special items, increased by DKK 123m or 5.6% to DKK 2,336m, reflecting higher EBITDA and lower net financial expenses, counteracted by lower income from joint ventures and
associates
•Net income increased by DKK 85m to DKK 1,576m, reflecting higher EBITDA and lower net financial ex-penses, counteracted by lower income from joint ventures and associates
•Strong cash flow from operating activities, up by 55.1% or DKK 1,784m
•Outlook for 2009 remains unchanged: Revenue and net income from continuing operations excluding special items are expected to be level with 2008
•Customer base growth of 7.1%
•The acquisitions of the broadband service providers Fullrate A/S and A+ were consolidated in 2Q 2009
•TDC has returned to an accounting policy of expensing subscriber acquisition costs as incurred
•TDC's 64.6% shareholding in Invitel is regarded as non-core business. TDC intends to divest its share-holding in Invitel. Accordingly, Invitel's operations are reclassified as ‘Discontinued operations' in TDC's consolidated financial statements
•Net interest-bearing debt was DKK 30.4bn compared with DKK 42.0bn at 1H 2008. Adjusted for the re-classification of Invitel as ‘Discontinued operations', net interest-bearing debt was reduced by DKK 6.3bn to DKK 35.7bn.
Imark
Forumer storico
Invitel, della quale abbiamo raccontato che TDC è intenzionata a cedere il proprio pacchetto azionario di controllo e considera estranea al core business l'attività condotta dalla telecom ungherese, continua a restare in situazione critica per quanto riguarda liquidità disponibile, capacità di soddisfare i covenant sul debito, capacità di restare profittevole con un debito espresso in valuta forte ed una generazione di fatturato in HUF - che espone la società ad un andamento sfavorevole dei cambi del fiorino, specie contro euro - in un contesto macroeconomico difficile quale quello ungherese.
Nell'autunno 2008, avevo segnalato quale fattore di criticità in chiave prospettica per TDC proprio il rifinanziamento del debito di Invitel/Magyar Telecom, che poi invece aveva avuto luogo con successo, e ciò sebbene TDC avesse formalmente strutturato quale ring fenced il debito di Invitel e di ciò avesse dato comunicazione ai mercati.
Le considerazioni di Moody's paiono lasciare intendere come le operazioni condotte a partire dal 2008 per un'autonoma incorporazione di Invitel/Magyar Telecom e la sua attuale piena scorporazione rispetto alle attività core del gruppo TDC (con distinzione anche sul piano del debito di quello facente capo a TDC da quello facente capo ad Invitel/Magyar Telecom) potrebbero essere finalizzate ad annullare del tutto l'impatto di una ristrutturazione del debito di Invitel/Magyar Telecom sui rating di TDC.
Moody's downgrades Magyar Telecom to B3; ratings placed under review
Approximately EUR342 million of rated debt affected
London, 12 August 2009 -- Moody's Investors Service has today downgraded the corporate family rating (CFR) of Magyar Telecom B.V. ("Magyar Telecom") to B3 from B1. Concurrently, Moody's downgraded the ratings of the company's EUR142 million 10.75% notes due in 2012 and the EUR200 million floating-rate notes due 2013 to Caa1 from B2. The company's ratings were also placed under review for further possible downgrade.
Magyar Telecom is a wholly-owned subsidiary of Invitel Holdings A/S.
"Today's downgrade of the company's CFR mainly reflects Moody's concerns over Magyar Telecom's liquidity profile in light of limited cash flow generation after interest payments, rising debt amortisation requirements and tight covenant structure," says Stefano del Zompo, lead analyst for Magyar Telecom at Moody's.
The rating downgrade further reflects: i) tight headroom at the end of Q2 2009 under the existing covenants despite an improvement in the HUF/EUR (Hungarian Forint to Euro) exchange rate; ii) short term liquidity concerns given the company's limited cash flow generation in the first six months of 2009; iii) the expectation of continued pressure on the company's financial performance in a context of difficult economic conditions in Hungary; iv) the expected impact of the economic downturn on the company's business mix and profitability, with a reduced likelihood that growth in mass market internet and wholesale business will be able to offset the decrease in activity related to the traditional voice, so as to meet Moody's growth expectations for 2009.
Moody's believes that the company will continue to be challenged to meet its covenants and debt amortisation going forward due to its limited cash flow generation, slower-than-expected growth of certain segments of the company's business and covenant step-downs through 2010.
The company's ratings remain under review for possible downgrade. The review will focus on the company's short term liquidity profile and any plans regarding its capital structure. As part of the review, Moody's will also assess: i) the prospects of an improvement in the performance of the company's voice and internet businesses over the next quarters; ii) Magyar Telecom's expected cash flow generation available to meet the scheduled debt amortisation in the next 18 months; iii) the company's ability to meet its financial covenants going forward.
"Failure to address liquidity concerns or the expectation that liquidity could be addressed through a route that involves a material loss for the company's bondholders might result in further downgrades" Mr. del Zompo adds.
The last rating action was implemented on 9 March 2009, when the outlook on the company's ratings was changed to negative from stable as a result of the weak economic environment in Hungary and tight covenant headroom.
....
Headquartered in Budaors, Hungary, Magyar Telecom is the second-largest fixed-line telecommunications provider in Hungary.
Nell'autunno 2008, avevo segnalato quale fattore di criticità in chiave prospettica per TDC proprio il rifinanziamento del debito di Invitel/Magyar Telecom, che poi invece aveva avuto luogo con successo, e ciò sebbene TDC avesse formalmente strutturato quale ring fenced il debito di Invitel e di ciò avesse dato comunicazione ai mercati.
Le considerazioni di Moody's paiono lasciare intendere come le operazioni condotte a partire dal 2008 per un'autonoma incorporazione di Invitel/Magyar Telecom e la sua attuale piena scorporazione rispetto alle attività core del gruppo TDC (con distinzione anche sul piano del debito di quello facente capo a TDC da quello facente capo ad Invitel/Magyar Telecom) potrebbero essere finalizzate ad annullare del tutto l'impatto di una ristrutturazione del debito di Invitel/Magyar Telecom sui rating di TDC.
Moody's downgrades Magyar Telecom to B3; ratings placed under review
Approximately EUR342 million of rated debt affected
London, 12 August 2009 -- Moody's Investors Service has today downgraded the corporate family rating (CFR) of Magyar Telecom B.V. ("Magyar Telecom") to B3 from B1. Concurrently, Moody's downgraded the ratings of the company's EUR142 million 10.75% notes due in 2012 and the EUR200 million floating-rate notes due 2013 to Caa1 from B2. The company's ratings were also placed under review for further possible downgrade.
Magyar Telecom is a wholly-owned subsidiary of Invitel Holdings A/S.
"Today's downgrade of the company's CFR mainly reflects Moody's concerns over Magyar Telecom's liquidity profile in light of limited cash flow generation after interest payments, rising debt amortisation requirements and tight covenant structure," says Stefano del Zompo, lead analyst for Magyar Telecom at Moody's.
The rating downgrade further reflects: i) tight headroom at the end of Q2 2009 under the existing covenants despite an improvement in the HUF/EUR (Hungarian Forint to Euro) exchange rate; ii) short term liquidity concerns given the company's limited cash flow generation in the first six months of 2009; iii) the expectation of continued pressure on the company's financial performance in a context of difficult economic conditions in Hungary; iv) the expected impact of the economic downturn on the company's business mix and profitability, with a reduced likelihood that growth in mass market internet and wholesale business will be able to offset the decrease in activity related to the traditional voice, so as to meet Moody's growth expectations for 2009.
Moody's believes that the company will continue to be challenged to meet its covenants and debt amortisation going forward due to its limited cash flow generation, slower-than-expected growth of certain segments of the company's business and covenant step-downs through 2010.
The company's ratings remain under review for possible downgrade. The review will focus on the company's short term liquidity profile and any plans regarding its capital structure. As part of the review, Moody's will also assess: i) the prospects of an improvement in the performance of the company's voice and internet businesses over the next quarters; ii) Magyar Telecom's expected cash flow generation available to meet the scheduled debt amortisation in the next 18 months; iii) the company's ability to meet its financial covenants going forward.
"Failure to address liquidity concerns or the expectation that liquidity could be addressed through a route that involves a material loss for the company's bondholders might result in further downgrades" Mr. del Zompo adds.
The last rating action was implemented on 9 March 2009, when the outlook on the company's ratings was changed to negative from stable as a result of the weak economic environment in Hungary and tight covenant headroom.
....
Headquartered in Budaors, Hungary, Magyar Telecom is the second-largest fixed-line telecommunications provider in Hungary.
- Stato