Trimestrale di France Telecom, smpre Q1/2010 ... anche qui leggero calo del fatturato da vendite (-2%) ma anche dell'EBITDA (3,76 mld € contro i 3,76 mld Q1/2009)
Altre info interessanti, oltre che nell'articolo sotto, anche nel link al commento di Morningstar.
Pare siano intenzionati ad andare al contenzioso legale sul caso della fusione delle attività svizzere con Sunrise...
France Telecom Reports 1Q Results
APRIL 29, 2010, 7:11 A.M. ET
2nd UPDATE: France Telecom 1Q Falls Due To Regulatory Pressure
(Adds detail, comment)
By Ruth Bender
Of DOW JONES NEWSWIRES
PARIS (Dow Jones)--France Telecom (FTE) Thursday reported lower first-quarter earnings and revenue as regulatory pressure continued to weigh on the group.
France Telecom said that overall it has yet to see a major improvement in revenue trends although some countries such as Belgium, Switzerland, and Poland improved slightly.
"The recovery is clearly still not happening in the enterprise market, but in the wider consumer market we are observing a slow, gradual improvement," Chief Financial Officer Gervais Pellissier said in a conference call with reporters.
Recent regulatory decisions, in particular the cut in fees which operators charge each other to connect calls, are expected to hit revenue by EUR1 billion this year, the company confirmed. France Telecom said 2010 revenue would otherwise remain stable and it still aims to generate EUR8 billion of free cash flow this year and next.
First quarter earnings before interest, tax, depreciation and amortization, or Ebitda, the company's preferred measure of profitability, fell to EUR3.76 billion from EUR3.96 billion a year earlier, missing consensus expectations for EUR3.86 billion. Revenue fell 2% to EUR10.96 billion from EUR11.19 billion last year, just shy of forecasts.
Figures exclude the U.K., which is no longer consolidated due to the merger of France Telecom's U.K. mobile operations with Deutsche Telekom AG's (DT) T-Mobile earlier this month.
Capital expenditure fell 21% to EUR874 million, representing 8% of revenue, mainly due to unfavorable weather conditions in Europe, which deferred some spending into the second quarter. The group still expects a full year capex rate of about 12%.
At 1108 GMT, France Telecom shares were trading up 0.4% to EUR16.4, slightly underperforming a 0.9% rise in the French CAC-40. Weak broadband subscriber gains in its home market worried analysts. The group said its share of new broadband clients fell to about 14% in the first quarter, compared with 29% in the fourth quarter 2009.
This drop was mainly due to a technical adjustment in its customer base, as well as a rise in prices, France Telecom said, adding that new marketing initiatives should support a broadband recovery in the second half.
France Telecom has been facing toughening competition in its fixed and broadband business in France, notably due to aggressive pricing from competitors. To compete, France Telecom will launch a quadruple-play offer, combining fixed, internet, mobile and TV services, before September this year.
France Telecom reiterated that it continues to be interested in acquisition opportunities in emerging markets but Pellissier said the group isn't involved in talks to acquire any African assets from Egypt's Orascom Telecom (ORTE.CI).
South Africa's MTN Group Ltd. (MTN.JO) has confirmed it is in talks for the possible acquisition of all or some of Cairo-based Orascom Telecom.
"Our interest for Africa remains...if there are any assets available, we would look at them but there are no talks on this subject at this stage," Pellissier said.
He also said that France Telecom will likely appeal the recent decision by the Swiss Competition Commission to block the merger of its Swiss unit with Danish peer TDC A/S's (TDC.KO) Swiss operations.
"We will probably appeal but a final decision hasn't been made yet," he said, adding that the group is still convinced the planned merger would benefit competition.
che ho appena sottoscritto sull'EuroTLX (su cui ha uno spread molto ridotto) a 99,31
