Trimestrale di Telefonica: la pioggia in Spagna non cade solo in pianura... E la situazione della telefonia nel paese pare essere messa sotto pressione dai livelli di disoccupazione particolarmente elevata, al punto che la stessa Telefonica si è trovata costretta ad abbassare talune tariffe per impedire la migrazione di clientela presso altri providers.
Anche per Telefonica, Sempre la stessa ricetta: fatturato in calo del 6%, OIBDA (affine all'EBITDA: per le differenze, in pillole...
Operating Income Before Depreciation And Amortization (OIBDA)) in calo del 3%, robusto taglio dei costi operativi (-6,5% nel trimestre) e del capex nei 9 mesi (-19%).
Con l'occasione, il WSJ rileva come praticamente tutte le maggiori telecom europee si siano dichiarate intenzionate a praticare un stretto controllo sui costi operativi e sul capex in genere.
Per Telefonica, il calo del fatturato si è rivelato particolarmente forte in Spagna (-9%, ben superiore alla media europea) sensibile nel resto di europa (-5,5%) ma è intercorso per la prima volta anche in sudamerica, seppure in misura più lieve (-2%).
Telefonica non ha tuttavia abdicato alla propria politica di crescita del fatturato tramite acquisizioni, con l'acquisto Hansanet in Germania e diGVT in Brasile.
- NOVEMBER 12, 2009, 4:30 A.M. ET
2ND UPDATE: Telefonica 3Q Net Pft -1% On Lower European Rev
(Adds detail, analyst's comment.)
By Jason Sinclair
Of DOW JONES NEWSWIRES
MADRID (Dow Jones)--Telefonica SA (TEF) said Thursday net profit slipped 1% in the third quarter as weaker revenue hit its mature European markets, especially in Spain.
Telefonica, Europe's largest telecommunications company by market capitalization, said net profit for the quarter ended Sept. 30 was EUR1.99 billion compared with EUR2 billion a year ago, right in line with analysts' forecasts.
The results were in line, said Societe Generale analyst Saeed Baradar, noting that Spain was a weak point for the company. "On the back of these numbers and the stellar performance of the shares in 2009, I will be taking profits today," he said in a note.
At 0922 GMT, Telefonica shares traded down 0.5% to EUR18.90.
Madrid-based Telefonica said operating income before depreciation and amortization, or Oibda, fell 3% to EUR5.71 billion for the period, while total revenue fell 6% to EUR14.13 billion.
Telefonica has been slashing expenses and capital expenditure this year in response to weak European markets and to preserve cashflow and honor dividend commitments.
The company's operating expenses fell 6.5% in the third quarter to EUR8.73 billion while capital expenditure in the first nine months of the year declined 19% to EUR4.38 billion.
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The drop in capital expenditure is signficant, and if the company can keep it at this level for the rest of the year it will be key in maintaining a strong cashflow," said Banesto analyst Juan Tuesta.
Telefonica's move to cut expenditure and costs in order to keep its pledges to shareholders mirrors other European rivals. Vodafone Group PLC (VOD) Tuesday reiterated its guidance by means of cost cutting, following Deutsche Telekom AG (DT), France Telecom SA (FTE) and others. BT Group PLC (BT) also on Thursday raised its cost savings target for the fiscal year to March 31, as second-quarter earnings topped expectations.
In October, Telefonica pledged to increase shareholder returns with higher dividends, but revised down its guidance for 2012 and has ruled out any new share buybacks in the near future.
Telefonica has also been forced to lower tariffs to hold on to customers as competition grows and consumers look for cheaper alternatives for mobile and Internet services. The shift is particularly evident in Spain, where unemployment is higher than in most of Europe and low-cost competition has increased recently.
In Spain, revenue dropped 9% to EUR4.90 billion as the company lowered rates and was hit by regulation that has lowered mobile termination rates, or the fees operators charge each other to connect calls.
In Europe, where Telefonica operates under the O2 brand outside Spain, revenue fell 5.5% to EUR3.48 billion. The bulk of the unit's revenue comes from the U.K. and Germany.
The company's revenue for the period would have been flat if the depreciation of sterling and the Czech crown versus the euro was stripped out, a Telefonica spokesman said.
Telefonica has relied in past quarters on solid revenue growth in its Latin American markets where penetration rates are still low enough to pick up customers for its mobile and broadband businesses. However, revenue in the region also fell, slipping 2% to EUR5.65 billion in the third quarter.
To maintain its foothold in key markets, Telefonica has also been making selective acquisitions to beef up operations. Earlier this month, the company raised its bid for Brazilian telecommunications company GVT (GVTT3.BR) and also bought German broadband operator Hansenet from Telecom Italia (TI) to shore up operations in both countries.
