Obbligazioni societarie Monitor bond Telecom Europa VIII (Gennaio 2010 - Dicembre 2013)
- Creatore Discussione Imark
- Data di Inizio
Imark
Forumer storico
Differente il punto di vista di Fitch su British Telecom, della quale viene affermato il rating a quota BBB con outlook stabile in virtù della stabilità del fatturato sul mercato domestico e delle iniziative di risanamento dei conti attraverso il taglio dei costi che hanno condotto nello scorso anno ad una crescita dell'EBITDA pur in presenza di un fatturato in declino.
bene anche la crescita dei servizi nel segmento dell'IPTV, sul quale però BT fronteggi l'aspra concorrenza di Virgin Media e BskyB, che pure hanno diffuso dati di forte crescita sulla clientela delle loro offerte cavo, talvolta in coincidenza con il lancio di pacchetti "multple play", che comprendono quindi a propria volta un'offerta di telefonia o di banda larga che compete in questi segmenti con quanto offerto da BT alla propria clientela.
Il deficit pensionistico costituisce una primaria fonte di preoccupazioni per la flessibilità finanziaria di BT, che resta vincolata a versamenti eccedenti 1 mld GBP dopo il 2011 in caso in cui tale deficit non abbia a ridursi.
La situazione della liquidità appare discreta, visto che la prossima scadenza debitoria si colloca nel secondo semestre del 2011, e nel mentre BT dispone di liquidità adeguata fra disponibilità cash e linee di credito
Fitch Affirms BT Group at 'BBB'; Outlook Stable
15 Feb 2010 3:00 AM (EST)
Fitch Ratings-London-15 February 2010: Fitch Ratings has today affirmed BT Group plc's (BT) Long-term Issuer Default Rating (IDR) at 'BBB' with a Stable Outlook. The agency has also affirmed BT Group's Short-term Issuer Default Rating (IDR) at 'F2' and its senior unsecured rating at 'BBB'.
The rating affirmation reflects some visibility and defensiveness in BT's core cash flow stream due to its incumbent domestic fixed-line operations. Although underlying revenue declined by 5% during the nine months ended December 2009 to GBP15.55bn, adjusted EBITDA has increased over the same period to GBP4.25bn, driven by the company's cost-cutting efforts.
"BT's successful cost saving efforts have given management some time to turnaround the Global Services division and improve the group's competitive position in the UK," says Damien Chew, Director in Fitch's TMT team in London. "However, BT's pension deficit remains a concern and overall growth prospects are likely to be reduced by the anaemic UK economic recovery."
Competition in the UK fixed-line telecoms market remains intense, especially for triple-play services.
BT has seen an early positive take-up of its internet protocol TV (IPTV) product, BT Vision (9% of its broadband customers), but further attempts to gain market share will likely face stiff competition. Virgin Media Inc ('BB-'/'B' /Positive), whose cable network covers about half of UK households, has a strong broadband offering, and has seen brisk take-up of its high-speed (20Mbit/s and 50Mbit/s) broadband packages and video-on-demand service. British Sky Broadcasting Group plc (BSkyB, rated 'BBB+'/Stable), the pay-TV satellite operator, meanwhile is seeing a strong take-up in demand for its high definition (HD) TV service (+482,000 net adds in Q409), and a firm initial response to its fully-unbundled voice and broadband telephony offering.
BT is the only European incumbent without a domestic mobile network. Fitch believes that the lack of an infrastructure-based mobile arm may expose BT to competitive challengers who can bundle fixed and mobile offerings more effectively. UK spectrum auctions, expected to take place in H111, may provide BT with the option to purchase radio frequencies to deploy its own mobile service. While this would plug a gap in its product portfolio, such a strategy would likely lead to increased investment and would not be without execution risk.
BT's GBP9.0bn pension deficit remains a source of concern as the company will have to make significant deficit payments into the scheme which is likely to limit deleveraging. The company plans to make pension deficit payments of GBP525m per annum until December 2011, with further payments in following years if the pension fund's returns do not improve. There is uncertainty surrounding the regulatory scrutiny of the proposed plan, but Fitch notes that these steps have been agreed between BT and the pension trustees.
Given the lack of prospects for revenue growth, Fitch is concerned that BT might struggle to deleverage in the medium-term. More challenging market conditions might result in lower profitability and/or higher capital intensity. Specifically, the turnaround of Global Services and the performance of BT Retail in a highly competitive market are critical to maintaining BT's credit profile. Signs of EBITDA, including leavers costs (GBP5.4bn in the 12 months to December 09), trending down towards GBP5bn could lead to negative rating action.
BT's next debt repayments are for sterling equivalents of GBP2.5bn in H2FY11, which were covered by cash and short-term investments of GBP1.0bn at end-December 2009 and GBP2.4bn of undrawn committed facilities (of which GBP900m expires in March 2010).
[FONT="]Further rationale for BT Group's rating is provided in the 15 February 2010 credit update report, which is available at FitchResearch.[/FONT]
bene anche la crescita dei servizi nel segmento dell'IPTV, sul quale però BT fronteggi l'aspra concorrenza di Virgin Media e BskyB, che pure hanno diffuso dati di forte crescita sulla clientela delle loro offerte cavo, talvolta in coincidenza con il lancio di pacchetti "multple play", che comprendono quindi a propria volta un'offerta di telefonia o di banda larga che compete in questi segmenti con quanto offerto da BT alla propria clientela.
Il deficit pensionistico costituisce una primaria fonte di preoccupazioni per la flessibilità finanziaria di BT, che resta vincolata a versamenti eccedenti 1 mld GBP dopo il 2011 in caso in cui tale deficit non abbia a ridursi.
La situazione della liquidità appare discreta, visto che la prossima scadenza debitoria si colloca nel secondo semestre del 2011, e nel mentre BT dispone di liquidità adeguata fra disponibilità cash e linee di credito
Fitch Affirms BT Group at 'BBB'; Outlook Stable
15 Feb 2010 3:00 AM (EST)
Fitch Ratings-London-15 February 2010: Fitch Ratings has today affirmed BT Group plc's (BT) Long-term Issuer Default Rating (IDR) at 'BBB' with a Stable Outlook. The agency has also affirmed BT Group's Short-term Issuer Default Rating (IDR) at 'F2' and its senior unsecured rating at 'BBB'.
The rating affirmation reflects some visibility and defensiveness in BT's core cash flow stream due to its incumbent domestic fixed-line operations. Although underlying revenue declined by 5% during the nine months ended December 2009 to GBP15.55bn, adjusted EBITDA has increased over the same period to GBP4.25bn, driven by the company's cost-cutting efforts.
"BT's successful cost saving efforts have given management some time to turnaround the Global Services division and improve the group's competitive position in the UK," says Damien Chew, Director in Fitch's TMT team in London. "However, BT's pension deficit remains a concern and overall growth prospects are likely to be reduced by the anaemic UK economic recovery."
Competition in the UK fixed-line telecoms market remains intense, especially for triple-play services.
BT has seen an early positive take-up of its internet protocol TV (IPTV) product, BT Vision (9% of its broadband customers), but further attempts to gain market share will likely face stiff competition. Virgin Media Inc ('BB-'/'B' /Positive), whose cable network covers about half of UK households, has a strong broadband offering, and has seen brisk take-up of its high-speed (20Mbit/s and 50Mbit/s) broadband packages and video-on-demand service. British Sky Broadcasting Group plc (BSkyB, rated 'BBB+'/Stable), the pay-TV satellite operator, meanwhile is seeing a strong take-up in demand for its high definition (HD) TV service (+482,000 net adds in Q409), and a firm initial response to its fully-unbundled voice and broadband telephony offering.
BT is the only European incumbent without a domestic mobile network. Fitch believes that the lack of an infrastructure-based mobile arm may expose BT to competitive challengers who can bundle fixed and mobile offerings more effectively. UK spectrum auctions, expected to take place in H111, may provide BT with the option to purchase radio frequencies to deploy its own mobile service. While this would plug a gap in its product portfolio, such a strategy would likely lead to increased investment and would not be without execution risk.
BT's GBP9.0bn pension deficit remains a source of concern as the company will have to make significant deficit payments into the scheme which is likely to limit deleveraging. The company plans to make pension deficit payments of GBP525m per annum until December 2011, with further payments in following years if the pension fund's returns do not improve. There is uncertainty surrounding the regulatory scrutiny of the proposed plan, but Fitch notes that these steps have been agreed between BT and the pension trustees.
Given the lack of prospects for revenue growth, Fitch is concerned that BT might struggle to deleverage in the medium-term. More challenging market conditions might result in lower profitability and/or higher capital intensity. Specifically, the turnaround of Global Services and the performance of BT Retail in a highly competitive market are critical to maintaining BT's credit profile. Signs of EBITDA, including leavers costs (GBP5.4bn in the 12 months to December 09), trending down towards GBP5bn could lead to negative rating action.
BT's next debt repayments are for sterling equivalents of GBP2.5bn in H2FY11, which were covered by cash and short-term investments of GBP1.0bn at end-December 2009 and GBP2.4bn of undrawn committed facilities (of which GBP900m expires in March 2010).
[FONT="]Further rationale for BT Group's rating is provided in the 15 February 2010 credit update report, which is available at FitchResearch.[/FONT]
Imark
Forumer storico
Altre considerazioni di Fitch sul problema del deficit previdenziale di British Telecom e del suo possibile impatto nel tempo sui rating dell'emittente.
Fitch: BT Pension Deficit Unlikely to be Short-Term Risk Despite Cash Flow Strain
19 Feb 2010 4:56 AM (EST)
Fitch Ratings-London-19 February 2010: Fitch Ratings today reiterates its stance that the pension deficit reported by BT Group Plc (BT, rated 'BBB'/'F2'/Stable) is undoubtedly a negative factor for group deleveraging.
However, Fitch believes that the pension deficit payments can be absorbed by the group's operational cashflow in the short- to medium-term.BT Group's most recent agreement with its pension trustees, announced on 11 February 2010, extends the agreed funding plan of three payments of GBP525m per year until 2011 with further deficit payments of GBP533m in real terms until 2025, based on a actuarial funding deficit, measured at 31 December 2008, of GBP9bn.
As noted in Fitch's recent comment affirming BT Group's ratings (for further information, please see the 15 February 2010 comment, entitled 'Fitch Affirms BT Group at 'BBB'; Outlook Stable', which is available at FitchResearch), the pension deficit remains a significant cause for concern.
In the long term it is likely to be changes in longevity assumptions that will significantly impact BT's deficit and credit profile, rather than the short term fluctuations seen recently.
However, the GBP9bn funding deficit, and GBP8.8bn IAS19 accounting deficit as of 31 December 2009, should be viewed against the backdrop of a wider economic context which suggests that both numbers represent peak valuations which have, or will, moderate over time.
There is a possibility that at the next actuarial valuation in December 2011, the recently announced pension deficit payments may be revised downwards, either in amount or duration.
Over the course of 2009, the value of BT's pension scheme assets have increased by around 10% to GBP34bn at 31 December 2009. Based on the sensitivity disclosure in BT's 31 March 2009 annual report, other assumptions remaining equal, a 0.25% increase in the real discount rate would result in the deficit decreasing by GBP1.2bn. BT's GBP9bn funding deficit has also been calculated using conservative assumptions. If the valuation had used a "median estimate" approach, BT estimates that the deficit would have been around GBP3bn.
IAS19 deficits are volatile, reflecting short-term movements in asset values and 'AA'-rated UK corporate bond yields. These have seen BT's IAS19 pension deficit swing from a GBP5.1bn deficit in March 2004 to a GBP2.8bn surplus in March 2008 and now back to a GBP8.8bn deficit.
As part of its analysis, Fitch uses adjusted leverage metrics, which include the latest number, assessed over a period of time to judge whether a pension deficit is significant, in which case a more detailed investigation into the likely cashflow implications of the deficit is undertaken. In BT's case, significant pension deficit payments have been factored into the rating as an important component for the foreseeable future.
Of the two valuations, the three-yearly actuarial funding valuation at 31 December 2008 is the more relevant from a credit perspective, as this forms the basis of funding agreements with scheme trustees. The GBP525m per annum deal till December 2011, agreed with the trustees and the regulator, was announced on 14 May 2009, so in this respect there has been no change with the latest pension agreement.
Actuarial valuations differ significantly from accounting valuations, with the largest difference typically being the rate used to discount scheme liabilities. Actuarial valuations typically use a mix of investment returns as a basis for the discount rate, whereas IAS19 uses the 'AA'-rated UK corporate bond yield.
The real cash drain the current actuarial valuation reflects is a concern.
However, it was already factored into Fitch's modelling when BT was downgraded to 'BBB' from 'BBB+' on 9 April 2009. Two factors may cause the agency's perception of pension risk to increase in the short term.
Firstly, the pensions regulator is still reviewing the current settlement with BT's trustees. The rating could be negatively affected if this resulted in higher short-term contributions, but which Fitch considers unlikely given that BT's three payments of GBP525m for 2009-2011 have already been approved. A more long-term concern is longevity assumptions. BT revised these upwards by two years in its most recent actuarial valuation, bringing its assumptions closer to market averages. However, improvements in longevity are impossible to predict with certainty. Fitch views this as the most important concern for the resolution of the pension deficit in the long term.
Further rationale for BT Group's rating is provided in the 15 February 2010 credit update report, which is available at FitchResearch.
Fitch: BT Pension Deficit Unlikely to be Short-Term Risk Despite Cash Flow Strain
19 Feb 2010 4:56 AM (EST)
Fitch Ratings-London-19 February 2010: Fitch Ratings today reiterates its stance that the pension deficit reported by BT Group Plc (BT, rated 'BBB'/'F2'/Stable) is undoubtedly a negative factor for group deleveraging.
However, Fitch believes that the pension deficit payments can be absorbed by the group's operational cashflow in the short- to medium-term.BT Group's most recent agreement with its pension trustees, announced on 11 February 2010, extends the agreed funding plan of three payments of GBP525m per year until 2011 with further deficit payments of GBP533m in real terms until 2025, based on a actuarial funding deficit, measured at 31 December 2008, of GBP9bn.
As noted in Fitch's recent comment affirming BT Group's ratings (for further information, please see the 15 February 2010 comment, entitled 'Fitch Affirms BT Group at 'BBB'; Outlook Stable', which is available at FitchResearch), the pension deficit remains a significant cause for concern.
In the long term it is likely to be changes in longevity assumptions that will significantly impact BT's deficit and credit profile, rather than the short term fluctuations seen recently.
However, the GBP9bn funding deficit, and GBP8.8bn IAS19 accounting deficit as of 31 December 2009, should be viewed against the backdrop of a wider economic context which suggests that both numbers represent peak valuations which have, or will, moderate over time.
There is a possibility that at the next actuarial valuation in December 2011, the recently announced pension deficit payments may be revised downwards, either in amount or duration.
Over the course of 2009, the value of BT's pension scheme assets have increased by around 10% to GBP34bn at 31 December 2009. Based on the sensitivity disclosure in BT's 31 March 2009 annual report, other assumptions remaining equal, a 0.25% increase in the real discount rate would result in the deficit decreasing by GBP1.2bn. BT's GBP9bn funding deficit has also been calculated using conservative assumptions. If the valuation had used a "median estimate" approach, BT estimates that the deficit would have been around GBP3bn.
IAS19 deficits are volatile, reflecting short-term movements in asset values and 'AA'-rated UK corporate bond yields. These have seen BT's IAS19 pension deficit swing from a GBP5.1bn deficit in March 2004 to a GBP2.8bn surplus in March 2008 and now back to a GBP8.8bn deficit.
As part of its analysis, Fitch uses adjusted leverage metrics, which include the latest number, assessed over a period of time to judge whether a pension deficit is significant, in which case a more detailed investigation into the likely cashflow implications of the deficit is undertaken. In BT's case, significant pension deficit payments have been factored into the rating as an important component for the foreseeable future.
Of the two valuations, the three-yearly actuarial funding valuation at 31 December 2008 is the more relevant from a credit perspective, as this forms the basis of funding agreements with scheme trustees. The GBP525m per annum deal till December 2011, agreed with the trustees and the regulator, was announced on 14 May 2009, so in this respect there has been no change with the latest pension agreement.
Actuarial valuations differ significantly from accounting valuations, with the largest difference typically being the rate used to discount scheme liabilities. Actuarial valuations typically use a mix of investment returns as a basis for the discount rate, whereas IAS19 uses the 'AA'-rated UK corporate bond yield.
The real cash drain the current actuarial valuation reflects is a concern.
However, it was already factored into Fitch's modelling when BT was downgraded to 'BBB' from 'BBB+' on 9 April 2009. Two factors may cause the agency's perception of pension risk to increase in the short term.
Firstly, the pensions regulator is still reviewing the current settlement with BT's trustees. The rating could be negatively affected if this resulted in higher short-term contributions, but which Fitch considers unlikely given that BT's three payments of GBP525m for 2009-2011 have already been approved. A more long-term concern is longevity assumptions. BT revised these upwards by two years in its most recent actuarial valuation, bringing its assumptions closer to market averages. However, improvements in longevity are impossible to predict with certainty. Fitch views this as the most important concern for the resolution of the pension deficit in the long term.
Further rationale for BT Group's rating is provided in the 15 February 2010 credit update report, which is available at FitchResearch.
Alobar
So di non sapere...
Deutsche Telekom, aumenta perdita nel 4° trimestre
(Teleborsa) - Roma, 25 feb - Il colosso tedesco Deutsche Telekom chiude il quarto trimestre 2009 con una perdita netta di 3 milioni di euro in deciso aumento rispetto al rosso di 730 milioni dello stesso periodo del 2008, a causa delle rettifiche sugli asset del sud-est europeo. Le vendite invece registrano un incremento dello 0,6% a 16,2 miliardi di euro.
Per il 2010 il gruppo Deutsche Telekom si mostra cauto in uno scenario di incertezza economica che continua a regnare.
Deutsche Telekom: perdita trimestrale si attesta a 3 milioni di euro, sotto le attese
Finanzaonline.com - 25.2.10/09:11
Si assottiglia la perdita trimestrale di Deutsche Telekom. Il gruppo tedesco, una delle maggiori compagnie telefoniche in Europa, ha annunciato di avere chiuso il quarto trimestre 2009 con una perdita netta di 3 milioni di euro rispetto al rosso di 730 milioni registrati nello stesso periodo dell'anno passato. Gli analisti stimavano profitti per 597,6 milioni. Le vendite hanno invece registrato una leggera crescita dello 0,6% a 16,2 miliardi di euro dai 16,1 miliardi dell'anno passato.
Chi avrà ragione...?
Forse questa!
Deutsche Telekom, perdita netta trim4 3 mln su rettifiche Grecia
giovedì 25 febbraio 2010 08:56
BONN, 25 febbraio (Reuters) - Il colosso tedesco Deutsche Telekom (DTEGn.DE: Quotazione) ha chiuso l'ultimo trimestre del 2009 con una perdita netta di 3 milioni di euro a causa delle rettifiche sugli asset del sud-est europeo, che - dice la società - sono dovute principalmente al rischio finanziario in Grecia.
L'utile dalle attività ricorrenti nel trimestre è stato invece di circa 5 miliardi di euro, su un fatturato pari a 16,2 miliardi in linea con le attese degli analisti.
Per il 2010 la società vede un leggero calo dell'utile e del cash flow, in un quadro di incertezza economica perdurante. Il gruppo, che intende proseguire nell'operazione di riduzione dei costi, pensa a un dividendo stabile ad almeno 0,70 euro nei prossimi tre anni, seppure in calo rispetto agli 0,78 euro di quest'anno.
Venendo invece al dividendo, 0,70 euro per azione con l'azione che sta sotto ai 10 euro significa un dividendo del 7%, giusto? Mica mael... Scusate, ma mi intendo poco di bond, figuriamoci di equity...
(Teleborsa) - Roma, 25 feb - Il colosso tedesco Deutsche Telekom chiude il quarto trimestre 2009 con una perdita netta di 3 milioni di euro in deciso aumento rispetto al rosso di 730 milioni dello stesso periodo del 2008, a causa delle rettifiche sugli asset del sud-est europeo. Le vendite invece registrano un incremento dello 0,6% a 16,2 miliardi di euro.
Per il 2010 il gruppo Deutsche Telekom si mostra cauto in uno scenario di incertezza economica che continua a regnare.
Deutsche Telekom: perdita trimestrale si attesta a 3 milioni di euro, sotto le attese
Finanzaonline.com - 25.2.10/09:11
Si assottiglia la perdita trimestrale di Deutsche Telekom. Il gruppo tedesco, una delle maggiori compagnie telefoniche in Europa, ha annunciato di avere chiuso il quarto trimestre 2009 con una perdita netta di 3 milioni di euro rispetto al rosso di 730 milioni registrati nello stesso periodo dell'anno passato. Gli analisti stimavano profitti per 597,6 milioni. Le vendite hanno invece registrato una leggera crescita dello 0,6% a 16,2 miliardi di euro dai 16,1 miliardi dell'anno passato.
Chi avrà ragione...?
Forse questa!Deutsche Telekom, perdita netta trim4 3 mln su rettifiche Grecia
giovedì 25 febbraio 2010 08:56
BONN, 25 febbraio (Reuters) - Il colosso tedesco Deutsche Telekom (DTEGn.DE: Quotazione) ha chiuso l'ultimo trimestre del 2009 con una perdita netta di 3 milioni di euro a causa delle rettifiche sugli asset del sud-est europeo, che - dice la società - sono dovute principalmente al rischio finanziario in Grecia.
L'utile dalle attività ricorrenti nel trimestre è stato invece di circa 5 miliardi di euro, su un fatturato pari a 16,2 miliardi in linea con le attese degli analisti.
Per il 2010 la società vede un leggero calo dell'utile e del cash flow, in un quadro di incertezza economica perdurante. Il gruppo, che intende proseguire nell'operazione di riduzione dei costi, pensa a un dividendo stabile ad almeno 0,70 euro nei prossimi tre anni, seppure in calo rispetto agli 0,78 euro di quest'anno.
Venendo invece al dividendo, 0,70 euro per azione con l'azione che sta sotto ai 10 euro significa un dividendo del 7%, giusto? Mica mael... Scusate, ma mi intendo poco di bond, figuriamoci di equity...
Ultima modifica:
Imark
Forumer storico
Deutsche Telekom, aumenta perdita nel 4° trimestre
(Teleborsa) - Roma, 25 feb - Il colosso tedesco Deutsche Telekom chiude il quarto trimestre 2009 con una perdita netta di 3 milioni di euro in deciso aumento rispetto al rosso di 730 milioni dello stesso periodo del 2008, a causa delle rettifiche sugli asset del sud-est europeo. Le vendite invece registrano un incremento dello 0,6% a 16,2 miliardi di euro.
Per il 2010 il gruppo Deutsche Telekom si mostra cauto in uno scenario di incertezza economica che continua a regnare.
Deutsche Telekom: perdita trimestrale si attesta a 3 milioni di euro, sotto le attese
Finanzaonline.com - 25.2.10/09:11
Si assottiglia la perdita trimestrale di Deutsche Telekom. Il gruppo tedesco, una delle maggiori compagnie telefoniche in Europa, ha annunciato di avere chiuso il quarto trimestre 2009 con una perdita netta di 3 milioni di euro rispetto al rosso di 730 milioni registrati nello stesso periodo dell'anno passato. Gli analisti stimavano profitti per 597,6 milioni. Le vendite hanno invece registrato una leggera crescita dello 0,6% a 16,2 miliardi di euro dai 16,1 miliardi dell'anno passato.
Chi avrà ragione...?
Deutsche Telekom, perdita netta trim4 3 mln su rettifiche Grecia
giovedì 25 febbraio 2010 08:56
BONN, 25 febbraio (Reuters) - Il colosso tedesco Deutsche Telekom (DTEGn.DE: Quotazione) ha chiuso l'ultimo trimestre del 2009 con una perdita netta di 3 milioni di euro a causa delle rettifiche sugli asset del sud-est europeo, che - dice la società - sono dovute principalmente al rischio finanziario in Grecia.
L'utile dalle attività ricorrenti nel trimestre è stato invece di circa 5 miliardi di euro, su un fatturato pari a 16,2 miliardi in linea con le attese degli analisti.
Per il 2010 la società vede un leggero calo dell'utile e del cash flow, in un quadro di incertezza economica perdurante. Il gruppo, che intende proseguire nell'operazione di riduzione dei costi, pensa a un dividendo stabile ad almeno 0,70 euro nei prossimi tre anni, seppure in calo rispetto agli 0,78 euro di quest'anno.
Venendo invece al dividendo, 0,70 euro per azione con l'azione che sta sotto ai 10 euro significa un dividendo del 7%, giusto? Mica mael... Scusate, ma mi intendo poco di bond, figuriamoci di equity...
E' giusta la seconda: risultato sotto le attese (che erano per un utile da poco meno di 600 mln euro), ma perdita in calo rispetto a quella di un anno prima, da - 703 a -3 mln euro.
E' giusto quanto dici sul dividendo, ma, a differenza delle obbligazioni, in cui la cedola aiuta a sostenere i corsi dei titoli, per le azioni certo serve ma non è detto che basti in periodi di calo borsistico.
Imark
Forumer storico
Su DT come spesso succede le indicazioni più precise vengono dal WSJ online... a prescindere dalle considerazioni sui conti di fine 2009, guarderei all'outlook per il 2010, che è piuttosto cauto, prevedendo un calo superiore al 3% dell'EBITDA ed al 10% del FCF e preventivando ulteriori tagli ai costi.
Per l'anno, la perdita netta deriva da un abbattimento del valore della quota di OTE in carico a DT e da altri costi una tantum relativi alla ristrutturazione in atto dal 2006.
BONN—Deutsche Telekom AG said Thursday it reduced its net loss in the fourth quarter on lower charges and write-downs but gave a weaker outlook for 2010 compared with the prior year, citing current economic uncertainty.
The net loss for the quarter ended Dec. 31 was €3 million ($4.1 million) compared with a net loss of €730 million in the prior year. Deutsche Telekom's fourth-quarter bottom line was hit by a €900 million impairment on its South and Eastern Europe operations, chiefly due to Hellenic Telecommunications Organization and restructuring charges. A year earlier, write downs and charges totaled €1.6 billion.
Sales for the period rose 0.6% to €16.2 billion.
The company committed to return €3.4 billion a year to its shareholders and said it will reduce its cost base further.
Closely watched earnings before interest, taxes, depreciation and amortization, or Ebitda, adjusted for one-time items and restructuring, the company's preferred measure of operating performance, rose 8.6% to €5.07 billion. Both figures were boosted by the contribution of OTE, which was fully consolidated by Deutsche Telekom from February last year.
Excluding the OTE consolidation and at constant currencies, full-year sales were down €2.2 billion or 3.5%.
For 2010, Deutsche Telekom said it expects adjusted Ebitda of around €20 billion and free cash flow of €6.2 billion. In 2009 the company achieved its target for adjusted Ebitda of €20.67 billion and free cash flow of €6.97 billion.
Deutsche Telekom late Wednesday committed to pay back €3.4 billion a year to shareholders in the next three years, guaranteeing a dividend of 70 European cents a share and mulling additional share buy backs to achieve the pay-out target.
The Bonn-based company intends to pay a dividend of 78 cents a share for 2009, steady with 2008.
Deutsche Telekom's dividend policy is closely watched by investors as the company has the highest dividend yield among the DAX companies to make up for sluggish share price development, underscoring the defensive character of the stock. In the last 12 months, Deutsche Telekom shares gained just 3.4%, significantly underperforming a 44% rise in the DAX.
"Cost discipline was key to getting through economically challenging times," Chief Executive Officer Rene Obermann said in a statement.
Deutsche Telekom said it generated savings of €5.9 billion since it launched a cost-cutting program in 2006 and wants to reduce its gross cost base by another €4.2 billion by 2012.
In the U.S., once the company's growth engine, fourth-quarter service revenue was $4.65 billion, down from $4.73 billion in the third quarter and $4.9 billion a year ago. Still, T-Mobile USA gained 371,000 customers in the December quarter, mainly for pre-paid services, after losing 77,000 customers in the third quarter.
Per l'anno, la perdita netta deriva da un abbattimento del valore della quota di OTE in carico a DT e da altri costi una tantum relativi alla ristrutturazione in atto dal 2006.
- FEBRUARY 25, 2010, 3:39 A.M. ET
BONN—Deutsche Telekom AG said Thursday it reduced its net loss in the fourth quarter on lower charges and write-downs but gave a weaker outlook for 2010 compared with the prior year, citing current economic uncertainty.
The net loss for the quarter ended Dec. 31 was €3 million ($4.1 million) compared with a net loss of €730 million in the prior year. Deutsche Telekom's fourth-quarter bottom line was hit by a €900 million impairment on its South and Eastern Europe operations, chiefly due to Hellenic Telecommunications Organization and restructuring charges. A year earlier, write downs and charges totaled €1.6 billion.
Sales for the period rose 0.6% to €16.2 billion.
The company committed to return €3.4 billion a year to its shareholders and said it will reduce its cost base further.
Closely watched earnings before interest, taxes, depreciation and amortization, or Ebitda, adjusted for one-time items and restructuring, the company's preferred measure of operating performance, rose 8.6% to €5.07 billion. Both figures were boosted by the contribution of OTE, which was fully consolidated by Deutsche Telekom from February last year.
Excluding the OTE consolidation and at constant currencies, full-year sales were down €2.2 billion or 3.5%.
For 2010, Deutsche Telekom said it expects adjusted Ebitda of around €20 billion and free cash flow of €6.2 billion. In 2009 the company achieved its target for adjusted Ebitda of €20.67 billion and free cash flow of €6.97 billion.
Deutsche Telekom late Wednesday committed to pay back €3.4 billion a year to shareholders in the next three years, guaranteeing a dividend of 70 European cents a share and mulling additional share buy backs to achieve the pay-out target.
The Bonn-based company intends to pay a dividend of 78 cents a share for 2009, steady with 2008.
Deutsche Telekom's dividend policy is closely watched by investors as the company has the highest dividend yield among the DAX companies to make up for sluggish share price development, underscoring the defensive character of the stock. In the last 12 months, Deutsche Telekom shares gained just 3.4%, significantly underperforming a 44% rise in the DAX.
"Cost discipline was key to getting through economically challenging times," Chief Executive Officer Rene Obermann said in a statement.
Deutsche Telekom said it generated savings of €5.9 billion since it launched a cost-cutting program in 2006 and wants to reduce its gross cost base by another €4.2 billion by 2012.
In the U.S., once the company's growth engine, fourth-quarter service revenue was $4.65 billion, down from $4.73 billion in the third quarter and $4.9 billion a year ago. Still, T-Mobile USA gained 371,000 customers in the December quarter, mainly for pre-paid services, after losing 77,000 customers in the third quarter.
Imark
Forumer storico
Alla fine i bondisti dei subordinati di Hellas Telecom II, se tanto mi dà tanto, dovrebbero avere messo a segno un recovery pari a zero...
Morta una holding, se ne fa un'altra... Weather Finance III...
Moody's withdraws ratings of Hellas II; assigns Caa1 CFR to new holding company Weather Finance III; outlook negative
London, 22 February 2010 -- Moody's Investors Service has today withdrawn the C rating on the EUR960 million and USD275 million subordinated notes due 2015 ("subordinated notes") of Hellas Telecommunications II S.a.r.l. (Hellas II). The rating agency has also withdrawn both the Caa3 Corporate Family Rating (CFR) and the Caa3/limited default (LD) Probability Default Rating of Hellas II. The rating action reflects Hellas II's current status as an insolvent company under UK Administration with no assets following the sale of its assets to Weather Finance III in November 2009 as part of the Hellas Telecommunication group's capital restructuring. Weather Finance III is the new holding company of Wind Hellas Telecommunications ("Wind Hellas" or "the company").
Moody's today also assigned a Caa1 CFR and a Caa1 Probability of Default Rating to Weather Finance III; upgraded to Caa1 from Caa2 the rating on the senior secured notes issued at Hellas Telecommunications (Luxembourg) V; and upgraded to Caa3 from Ca the rating on the senior notes issued at Hellas Telecommunications (Luxembourg) III. This concludes the review initiated by Moody's on 27 August 2009 following the company's announcement of the appointment of financial advisers to assist with the implementation of potential debt restructuring alternatives. The outlook on all ratings is negative.
Together with the removal of the subordinated notes from the capital structure following the administration sale, the interest payments of circa EUR120 million on subordinated notes have been eliminated; therefore the company now has greater degree of cash flow flexibility to invest in its marketing/customer services and in its network coverage -- which, particularly in 3G, is falling behind -- and to restore its brand recognition. The Caa1 CFR, nevertheless, reflects Moody's view that the company's weak market positioning in a competitive environment and its declining usage in a very challenging macroeconomic environment in Greece are likely to cause a reduction in the company's EBITDA in 2010 despite ongoing cost-cutting measures. This, together with increasing capex investments to compensate its earlier under-investments will absorb part of the financial flexibility created. The Caa1 CFR also reflects (i) the execution risk relating to the delivery of Wind Hellas' business plan; (ii) the refinancing risk in 2012, and (iii) Moody's view that -- despite the reduced debt burden -- the company's leverage will remain above 6x in 2010.
Moody's also cautions that in the event free cash flow generation capacity turning negative due to further deterioration in usage given a very challenging macroeconomic outlook, the company's scheduled RCF repayments (around EUR35 million in 2010 and EUR45 million in 2011) will not be adequately serviced by the existing liquidity which includes a cash injection of around EUR50.6 million from the new shareholders as part of the group's capital restructuring.
The negative outlook reflects Moody's concerns, in light of the limited visibility, regarding the company's ability to comfortably remain in compliance with its revolving credit facility covenants (particularly the interest coverage covenant) to December 2010.
The Caa1 rating on the EUR1.22 billion senior secured notes is at the same level with the CFR, whereas prior to the capital restructuring those notes had been one notch above the CFR. This change reflects the removal of a large amount of junior debt from the capital structure, which had previously more than offset the impact of the prior ranking of the EUR250 million super senior revolver.
The last rating action on Hellas Telecommunications II was implemented on 18 November 2009 when Moody's downgraded the rating on the subordinated notes of Hellas Telecommunications II S.a.r.l. to C from Ca, and revised the company's Probability of Default Rating to Caa3/LD, which reflects the interest payment default on the company's subordinated notes due 2015.
The principal methodology used in rating this issuer was "Global Telecommunications Industry," which can be found at OpenDNS in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.
Wind Hellas Telecommunications is the second-largest fully integrated telecom operator in Greece, with mobile, fixed-line and internet service offerings. The company operates primarily under the "Wind", "Tellas" and "Q" brands. In the 12 months to September 2009, the company generated EUR1.138 billion (down 9.4% year-on-year) in revenues and EUR361.6 million (down 15.2% year-on-year) in Adjusted EBITDA (as reported by the company) on a consolidated basis.
Morta una holding, se ne fa un'altra... Weather Finance III...
Moody's withdraws ratings of Hellas II; assigns Caa1 CFR to new holding company Weather Finance III; outlook negative
London, 22 February 2010 -- Moody's Investors Service has today withdrawn the C rating on the EUR960 million and USD275 million subordinated notes due 2015 ("subordinated notes") of Hellas Telecommunications II S.a.r.l. (Hellas II). The rating agency has also withdrawn both the Caa3 Corporate Family Rating (CFR) and the Caa3/limited default (LD) Probability Default Rating of Hellas II. The rating action reflects Hellas II's current status as an insolvent company under UK Administration with no assets following the sale of its assets to Weather Finance III in November 2009 as part of the Hellas Telecommunication group's capital restructuring. Weather Finance III is the new holding company of Wind Hellas Telecommunications ("Wind Hellas" or "the company").
Moody's today also assigned a Caa1 CFR and a Caa1 Probability of Default Rating to Weather Finance III; upgraded to Caa1 from Caa2 the rating on the senior secured notes issued at Hellas Telecommunications (Luxembourg) V; and upgraded to Caa3 from Ca the rating on the senior notes issued at Hellas Telecommunications (Luxembourg) III. This concludes the review initiated by Moody's on 27 August 2009 following the company's announcement of the appointment of financial advisers to assist with the implementation of potential debt restructuring alternatives. The outlook on all ratings is negative.
Together with the removal of the subordinated notes from the capital structure following the administration sale, the interest payments of circa EUR120 million on subordinated notes have been eliminated; therefore the company now has greater degree of cash flow flexibility to invest in its marketing/customer services and in its network coverage -- which, particularly in 3G, is falling behind -- and to restore its brand recognition. The Caa1 CFR, nevertheless, reflects Moody's view that the company's weak market positioning in a competitive environment and its declining usage in a very challenging macroeconomic environment in Greece are likely to cause a reduction in the company's EBITDA in 2010 despite ongoing cost-cutting measures. This, together with increasing capex investments to compensate its earlier under-investments will absorb part of the financial flexibility created. The Caa1 CFR also reflects (i) the execution risk relating to the delivery of Wind Hellas' business plan; (ii) the refinancing risk in 2012, and (iii) Moody's view that -- despite the reduced debt burden -- the company's leverage will remain above 6x in 2010.
Moody's also cautions that in the event free cash flow generation capacity turning negative due to further deterioration in usage given a very challenging macroeconomic outlook, the company's scheduled RCF repayments (around EUR35 million in 2010 and EUR45 million in 2011) will not be adequately serviced by the existing liquidity which includes a cash injection of around EUR50.6 million from the new shareholders as part of the group's capital restructuring.
The negative outlook reflects Moody's concerns, in light of the limited visibility, regarding the company's ability to comfortably remain in compliance with its revolving credit facility covenants (particularly the interest coverage covenant) to December 2010.
The Caa1 rating on the EUR1.22 billion senior secured notes is at the same level with the CFR, whereas prior to the capital restructuring those notes had been one notch above the CFR. This change reflects the removal of a large amount of junior debt from the capital structure, which had previously more than offset the impact of the prior ranking of the EUR250 million super senior revolver.
The last rating action on Hellas Telecommunications II was implemented on 18 November 2009 when Moody's downgraded the rating on the subordinated notes of Hellas Telecommunications II S.a.r.l. to C from Ca, and revised the company's Probability of Default Rating to Caa3/LD, which reflects the interest payment default on the company's subordinated notes due 2015.
The principal methodology used in rating this issuer was "Global Telecommunications Industry," which can be found at OpenDNS in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.
Wind Hellas Telecommunications is the second-largest fully integrated telecom operator in Greece, with mobile, fixed-line and internet service offerings. The company operates primarily under the "Wind", "Tellas" and "Q" brands. In the 12 months to September 2009, the company generated EUR1.138 billion (down 9.4% year-on-year) in revenues and EUR361.6 million (down 15.2% year-on-year) in Adjusted EBITDA (as reported by the company) on a consolidated basis.
