Obbligazioni societarie Monitor bond Telecom Europa VIII (Gennaio 2010 - Dicembre 2013)

[Alobar]

Deutsche Telekom torna in utile e supera il consensus

(Teleborsa) - Roma, 12 mag - Torna in utile e batte le attese Deutsche Telekom, che subito festeggia a Francoforte con un guadagno di oltre 2 punti percentuali.
Il primo operatore telefonico tedesco ha riportato nel primo trimestre un risultato netto di 767 mln di euro rispetto al passivo di 1,12 mld del pari periodo dello scorso anno, quando però la società era stata penalizzata dalla svalutazione di alcuni asset.
I ricavi sono invece leggermente scesi a 15,81 mld rispetto ai precedenti 15,9 mld risultando comunque migliori del consensus. Nota stonata la debolezza del mercato domestico che ha visto una flessione dei ricavi di quasi il 3%.

 

[Alobar]

Deutsche Telekom sticks to 2010 targets

FRANKFURT - Deutsche Telekom reiterated its 2010 outlook after reporting first-quarter results largely in line with expectations thanks in part to its German mobile business and operations abroad.
The Bonn-based group said on Wednesday that sales growth in its mobile business in its home market, Germany, compensated for a revenue drop in the fixed-line unit, while its Greek business boosted sales in southern and eastern Europe.
Deutsche Telekom said adjusted earnings before interest, taxes, depreciation and amortisation rose 1.6 per cent to €4.9bn ($6.2bn) on flat sales of €15.8bn, largely in line with analysts’ expectations.
The telecommunications group reiterated it aims to reach about €20bn in ebitda this year and generate a free cash flow of about €6.2bn.
In the US, where the company is struggling with a high churn rate and fierce competition, sales fell 7.8 per cent and core profit dropped 5 per cent in the first quarter.
Telecoms operators have weathered the economic storm of the past year relatively well, though growth in mature markets is elusive amid a highly competitive industry landscape.
Deutsche Telekom trades at 13.1 times estimated 12-month forward earnings, according to Thomson Reuters StarMine. By comparison, France Telecom and Telefónica trade at 8.3 and 8.4 times respectively. StarMine weights analysts according to their record.
© Reuters Limited
(FT.com / Telecoms - Deutsche Telekom sticks to 2010 targets)

 

[Alobar]

E visto che ci siamo...

Deutsche Telekom, France Telecom UK JV To Be Called Everything Everywhere

By Lilly Vitorovich
Of DOW JONES NEWSWIRES

LONDON (Dow Jones)--Deutsche Telekom AG (DT) and France Telecom (FTE.FR) said Tuesday that its mobile joint venture in the U.K. will be called Everything Everywhere, and bring together their two existing brands, T-Mobile and Orange.
The new holding company, which will officially be integrated on July 1, will form the country's largest mobile phone operator with 713 stores and 30.2 million customers, overtaking current market leader Telefonica SA's (TEF.MC) 02.
Everything Everywhere will have a 37% market share, with O2 and Vodafone Group PLC (VOD) in second and third place with 27% and 25% market share, respectively.
Deutsche Telekom currently operates the T-Mobile brand in the U.K. with 293 stores, and France Telecom operates Orange with 420 stores.
Later this year, customers will experience the first benefits of the merger, with the ability to roam across both networks at no additional cost. Orange and T-Mobile will continue to compete as distinct brands in the market, each having its own shops, campaigns, propositions and service centres.
Tom Alexander, chief executive of Everything Everywhere, reiterated that the enlarged group will generate synergies of EUR4 million.
The 50:50 U.K. mobile joint venture was unveiled in September and approved by the European Commission in March after the parties agreed to divest radio spectrum. They also agreed to continue to share a mobile network with a competitor.
By Lilly Vitorovich, Dow Jones Newswires; 44-0-207 842 9290; [email protected]

e per chi non legge l'inglese:

Deutsche Telekom: jv con France Telecom si chiamera’ “Everything Everywhere”

11 May 2010 11:23 CEDT Deutsche Telekom: jv con France Telecom si chiamera’ “Everything Everywhere” LONDRA (MF-DJ)–Deutsche Telekom e France Telecom hanno siglato una joint venture in Gran Bretagna che prendera’ il nome di “Everything Everywhere”, che accorpera’ i due brand T-Mobile e Orange.
La nuova compagnia, che sara’ integrata ufficialmente il 1* luglio, sara’ il maggiore operatore di telefonia mobile del paese con 713 punti vendita e 30,2 mln di clienti.
“Everything Everywhere” avra’ una quota di mercato del 37%.
Deutsche Telekom gestisce T-Mobile in Gran Bretagna con 293 punti vendita e France Telecom il brand Orange con 420 punti vendita.
La fusione permettera’ ai clienti di accedere al roaming di entrambe le reti senza alcun costo aggiuntivo.
Tom Alexander, Ceo di Everything Everywhere, generera’ sinergie per 4 mln euro. red/est/ria
(END) Dow Jones Newswires
May 11, 2010 05:23 ET (09:23 GMT)

 

[Imark]

Un'altro ce lo aggiungo io, e direi che anche DT per questo quarter è sistemata... Risultati non brillanti, con una erosione dei fatturati in USA, ma con una crescita dell'EBITDA e dell'EBITDA margin come effetto di contenimento dei costi e (da quanto intendo) del deconsolidamento delle attività in UK e del consolidamento di quelle greche...

• MAY 12, 2010, 4:09 A.M. ET

2nd UPDATE: Deutsche Telekom 1Q Stable, US Still Weak

(Adds analyst comment.)
By Archibald Preuschat

Of DOW JONES NEWSWIRES

DUESSELDORF (Dow Jones)--Deutsche Telekom AG (DT) Wednesday swung to a first-quarter net profit despite slightly lower sales as it benefited from easy comparables, though its closely-watched U.S. operations remain weak.

Net profit for the quarter ended March 31 was EUR767 million after a net loss of EUR1.12 billion a year ago, when the company's bottom line was weighed down by a EUR1.8 billion impairment charge on the goodwill of its U.K operations. T-Mobile, its U.K. mobile operation, is now part of Everything Everywhere, a joint venture with France Telecom's (FTE) Orange.

Closely-monitored T-Mobile USA remained weak. It lost 77,000 subscribers on a net basis in the first quarter, level with the subscriber loss in the third quarter last year. Revenue declined by 2.2% in dollar terms to $5.28 billion. In euros, the sales decline was even worse, slumping 7.8%. Still, the adjusted Ebitda margin improved by 0.8 percentage points to 26.4% in the period.

Brokerage Equinet said that, while the first quarter figures are solid overall, developments for the U.S. business are disappointing and will put pressure on management to come up with a strategic solution for the business. Equinet rates the stock hold with a EUR9.50 price target.
At 0838 GMT, Deutsche Telekom's shares were trading up 2.8% at EUR9.06.

Group sales for the period declined 0.6% to EUR15.81 billion ahead of expectations of EUR15.61. But closely-watched adjusted earnings before interest, tax, depreciation and amortization, or Ebitda, the company's preferred measure of operating performance, rose 1.6 % to EUR4.89 billion in line with expectations.

Sales and operating profit were boosted throughout 2009 by the consolidation of Hellenic Telecommunications Organization SA (OTE) from February 2009. In the first quarter, the effect was limited to just one month.

Deutsche Telekom did not revise its 2010 outlook but adjusted it for the deconsolidation of its U.K. operations. It now expects full year adjusted Ebitda to be EUR400 million to EUR500 million below the previous guidance of around EUR20 billion, and free cash flow to remain EUR6.2 billion.

 

[Imark]

Un corposo report compartimentale di Fitch, fittissimo di tabelle di dati e grafici. Chi volesse approfondire la conoscenza del settore, potrà trovare tutto ciò che serve ad inquadrarne lo stato dell'arte....

 

[Imark]

Un'altra trimestrale attesa, specie dopo il profit warning di fine 2009, era quella Q1/2010 di Telekom Austria. Il fatturato da vendite cala del 5,9% su base annua, l'EBITDA del 6,4% mentre l'EBITDA margin si attesta sul 38%, invariato y-o-y. Il taglio dei costi attuato, la riduzione del costo del debito a seguito del ripagamento di una emissione obbligazionaria scaduta a gennaio si sono tradotti in una crescita dell'utile netto su base annua.

Conferma i target di fine 2010 già comunicati a gennaio.

• MAY 12, 2010, 7:23 A.M. ET

2nd UPDATE: Telekom Austria Profit Beats Views

(Rewrites, adds detail, analysts' comments.) By Flemming Emil Hansen Of DOW JONES NEWSWIRES

VIENNA (Dow Jones)--Telekom Austria AG (TKA.VI) Wednesday said first quarter net profit rose 6.9% due to cost control and lower financial costs, beating market expectations for a fall, and kept its full-year guidance.

Telekom Austria's first-quarter net profit rose to EUR91.2 million from EUR85.3 million a year earlier, ahead of the EUR76 million average estimate of nine analysts polled by Dow Jones Newswires, on cost cutting and lower debt charges following a EUR700 million repayment in January.

Sales fell 5.9% to EUR1.13 billion from EUR1.2 billion, in line with analysts' estimates, due to lower prices, regulation of roaming and mobile termination rates and a decline in fixed line customers, but the decline was largely offset by mobile customer growth and cost reductions evenly distributed across the group.

"This quarter's results demonstrate that direct actions taken in both fixed net segment and mobile communications have delivered tangible results, countering competitive pressures and the challenging economic environment," said Telekom Austria Chief Executive Hannes Ametsreiter in a statement.

"The first quarter results were definitely positive. Mainly the bottom line, which surprised by clearly outperforming consensus," Raiffeisen Centrobank analyst Bernd Maurer told Dow Jones Newswires, adding that at an operating level sales were in line while earnings were largely in line or slightly above.

Earnings before interest, tax, depreciation and amortization, or Ebitda, fell 6.4% in the quarter, to EUR425.9 million, from EUR454.8 million. That beat analysts' concensus for EUR417 million and gave a first-quarter Ebitda margin of 38%, unchanged from a year earlier despite declining sales.
The stable margin "gives us confidence to reiterate our outlook," Ametsreiter said.

The company said it still expects full-year sales to fall EUR100 million to EUR4.7 billion and Ebitda, to come in at EUR1.6 billion, EUR200 million less than in 2009.

It also confirmed it will distribute at least 65% of its profits through a dividend, putting its dividend floor until 2012 at EUR0.75 a share.

Telekom Austria, by a wide margin the alpine nation's largest telecommunications operator, has suffered in recent years from a deterioating fixed line business at home, and lately from tough macro-economic conditions and currency losses in its Eastern European markets.

The company said Wednesday that cost cutting compensated for the revenue decline by as much as 60%, while there was also a positive contribution from 6% growth in the mobile customer base to 19 million. The sales decline in the fixed-line segment of 3.7% also slowed significantly compared with a 7% fall in the fourth quarter.

Telekom Austria's mobile division, which covers mobile operations in six Eastern European markets in addition to home market Austria, saw sales decline 7.1%, to EUR734.2 million, as the growth in subscribers failed to offset tougher regulation and currency losses in Eastern Europe.

At 1120 GMT, Telekom Austria's shares traded up 3.5%, or EUR0.34, at EUR10.1, outperforming the Vienna ATX 20 index, which traded up 2.1%.

Investment bank Execution Noble said in a note the market has already priced in the Eastern European market turbulence and tougher regulation, concluding that the dividend yield and results achieved and targeted make the Telekom Austria shares valuation "increasingly attractive."

Execution Noble kept its buy recommendation on the stock, with a fair value of EUR13.

 

[Imark]

Sempre Telekom Austria, molto completo questo pezzo di Cellular News, che fornisce indicazioni puntuali circa l'andamento del capex, la riduzione dell'indebitamento ed altro.

Telekom Austria Group Revenues Down but Profits Rise on Lower Costs

­Telekom Austria Group has reported a 5.9% drop in its first quarter revenues to EUR 1.13 billion, primarily due to lower revenues in domestic operations and Bulgaria. Net income however increased by 6.9% to EUR 91.2 million mainly due to lower depreciation and amortization as well as lower interest expenses.

Commenting on the Company's performance, Dr. Hannes Ametsreiter, Telekom Austria Group CEO, said: "This quarter's results demonstrate that direct actions taken in both Fixed Net segment and Mobile Communications have delivered tangible results, countering competitive pressures and the challenging economic environment. Fixed Net trends are improving."
While the ongoing reduction of line losses allowed a stabilization of operating trends in the Fixed Net segment, Mobile Communication continues to be impacted by a fierce competitive environment combined with regulative interventions.

Total capital expenditures increased to EUR 136.4 million in 1Q 10 compared to a particular low amount of EUR 116.0 million in 1Q 09. The increase was mainly driven by investments in the core net of the Fixed Net segment. Net debt declined by 4.6% to EUR 3,450.2 million at the end of March 2010 compared to 3,614.8 million at year-end 2009.

The Mobile Communication segment continued to show subscriber growth.

Austria is regarded as a highly developed mobile communications market characterized by fierce competition and persistent price pressure. With respect to international activities the greenfield operations VIP operator and Vip mobile were able to improve their EBITDA and increase ARPU in 1Q 2010 compared to 1Q 2009 despite the difficult market environment in Eastern Europe. However, fierce competition and the economic slowdown in the markets led to price cuts and declining ARPUs on a segment level.

Telekom Austria Group expects the challenging environment to persist in 2010. This environment is characterized by the concurrence of several negative external effects with the impact of weak economies.

The negative external effects mainly encompass ongoing fixed-to-mobile substitution in Austria, continued price pressure in Telekom Austria Group's major markets and the effect from regulatory-induced lower roaming prices as well as reduced mobile termination rates in Austria, Bulgaria, Croatia and Slovenia. Furthermore, the introduction of taxes levied on mobile communication services in Croatia and the Republic of Serbia poses an additional burden.

For the financial year 2010, revenues are expected to amount to approximately EUR 4.7 billion. The company has already initiated significant cost reduction programs in both segments addressing both staff and non-staff related expenses to mitigate the impact from lower revenues.

Including the expected cost savings, EBITDA should reach about EUR 1.6 billion. Depending on investments for the migration to an All-IP based voice network in the Fixed Net segment, capital expenditures of the Telekom Austria Group are forecasted to reach approximately EUR 800 million. This amount does not reflect a material roll-out of glass fiber which is not expected to start in 2010.

 

[Imark]

E trimestrale di Telefonica... male la Spagna, bene il Sudamerica. Il quadro 2010 resta quello di una debole crescita complessiva dei fatturati e di un calo dell'OIBDA in leggero calo (del 4,1% nel Q1 y-o-y)

Telefonica Group Q1 Net Profit Up 2 Pct

(Sulla differenza fra OIBDA ed EBITDA: Operating Income Before Depreciation And Amortization (OIBDA) )

• MAY 13, 2010, 1:12 P.M. ET

European Growth Lifts Telefónica's Net Profit

MADRID—Telefónica SA said Thursday its first-quarter net profit rose slightly as its European and Latin American operations helped compensate for a drop in revenue in its recession-stricken Spanish market.

Telefónica, Europe's second-largest telecommunications company by market capitalization behind the U.K.'s Vodafone Group PLC, said net profit for the quarter rose 2% to €1.66 billion ($2.09 billion) from €1.62 billion a year earlier, but came in below analysts' forecasts of €1.8 billion.

Revenue increased 1.7% to €13.93 billion from €13.7 billion. The company got a slight boost in revenue from its German broadband unit Hansenet, bought at the end of 2009.

Madrid-based Telefónica also reiterated its guidance of an earnings per share of €2.10 and pledged revenue growth of between 1% and 4% from a year earlier.

Revenue in Latin America rose 4.2% to €5.62 billion in the period, but a slowdown in growth and an increasing reliance on inflation-prone markets has forced the company to change course and step up efforts to strengthen its foothold in the region.

In January, Telefónica said it would have to wipe €1.81 billion from its Venezuelan assets after the country's government devalued the bolivar. Venezuela's hyperflationary economy also slashed revenue in the country by 44% to €491 million in the quarter.

Meanwhile, in Europe, Telefónica faces increased competition, the continued fallout from the economic crisis and the impact of regulatory pressure on its revenue. In recent months, Telefónica has lowered tariffs to hold on to customers. It also lost exclusivity on Apple Inc.'s iPhone.

Telefónica's European head Matthew Key said the company hadn't felt any negative impact from the loss of the iPhone, citing the company's low churn—-a measure of customers leaving for rivals—in the period. "We're outperforming competitors in the U.K. and even without the contribution from Hansenet, Germany is doing well," Mr. Key said.

Revenue in Spain, where unemployment tops 20% and low-cost competition has increased, fell 5.7% to €4.63 billion. In Europe, where Telefónica operates under the O2 brand outside Spain, revenue increased 7.4% to €3.49 billion.

Telefónica's results were disappointing, said ING analyst Georgios Ierodiaconou, noting Spain was particularly weak. He added the earnings now make meeting its targets difficult, particularly a previous commitment to pay a €1.75 per share dividend in 2012. "Flexibility for acquisitions, spectrum auctions, buybacks and dividends is becoming limited," Mr. Ierodiaconou said.

Earlier this week, Telefónica made a €5.7 billion offer for Portugal Telecom SGPS SA's stake in the joint venture both companies control in Brazil. PT's directors unanimously rejected the offer, saying its Brazilian wireless phone carrier Vivo Participacoes SA is a core part of its business and leaving Brazil would threaten its long-term growth prospects.

"The bid for Vivo has opened the M&A can of worms again and it seems that Telefónica is in a tough spot strategically," CM Capital Markets' Dirk Schnitker said.

Latin America has traditionally been Telefónica's main growth market, but the company has faced a series of recent setbacks in the region.
Telefónica was outbid by French media conglomerate Vivendi SA for Brazilian telecommunications company GVT.

 

[Imark]

British Telecom nei 3 mesi a marzo riporta un utile di esercizio per 208 mln £ e di 1,08 mld £ nell'esercizio fiscale (che chiude appunto nel marzo di ciascun anno) per effetto dei pesanti tagli occupazionali ed al capex.

BT posts profit after year of sharp cuts
Telecommunications company BT PLC posts Q4 profit, reversing year-ago loss

Staff
AP News

May 13, 2010 04:02 EDT

Telecommunications company BT Group PLC said Thursday it made a profit of 208 million pounds ($310 million) during the three months through March as the company closed a year of sharp cuts in capital spending and underlying costs.

The net profit in the fiscal fourth quarter contrasted with a loss of 1 billion pounds a year earlier when the company posted massive losses in its Global Services division.

Revenue was down 2 percent to 5.36 billion pounds.
BT shares rose 8 percent to 130.1 pence in early trading on the London Stock Exchange.

For the full year, BT reported a profit of 1.03 billion pounds, compared with a loss of 193 million pounds a year earlier. Revenue was down 2 percent to 20.9 billion pounds.

BT says it had cut 20,000 jobs during the year, paring total employment to 128,000. Most of the cuts involved temporary staff, it said.

The company cut capital expenditure by 18 percent during the year to 2.5 billion pounds, and it trimmed 1.75 billion pounds, or 6 percent, from its underlying costs.

During the fourth quarter, however, capital expenditure rose by 12 percent as BT poured more money into expanding its fiber-optic network.

 

[Imark]

Ove l'offerta di Telefonica per acquisire il pieno controllo di Vivo dovesse andare in porto, ciò non porterebbe, per Fitch, ad una riduzione del rating: Telefonica è infatti attualmente nella fascia di massima flessibilità consentita dal rating A-, e l'appesantimento del leverage (net debt/EBITDA da 2.0x ad un valore compreso fra il 2.0x ed il 2.5x) non sarebbe tale da compromettere il posizionamento della telecom spagnola.

Anche perché, secondo Fitch, le caratteristiche di Vivo - sia in termini di sinergie generabili con il business carioca di Telefonica nella telefonia fissa, sia in termini di capacità di generazione di cash nel contesto di un mercato ancora oggi in espansione dimensionale - sono tali da far supporre un rapido recupero da parte di Telefonica del livello di flessibilità preesistente al deal.

Fitch: No Rating Impact on Telefonica from VIVO bid

11 May 2010 9:26 AM (EDT)

Fitch Ratings-London-11 May 2010: Fitch Ratings says Telefonica SA's (Telefonica) announced offer to acquire control of Vivo Participacoes (Vivo), the leading mobile operator in Brazil, will have no rating impact on the group or its subsidiary O2. Both Telefonica and O2 are rated Long-term Issuer Default (IDR) 'A-' with Stable Outlook and Short-term IDR 'F2'.

Telefonica announced a cash offer of EUR5.7bn for Portugal Telecom's ('BBB'/Stable) 50% stake of Brasilcel - the holding company in which their joint venture interests in Vivo are held. In addition, Telefonica has announced a tender offer for the publicly held ordinary shares in Vivo.

In total the combined offer amounts to approximately EUR6.3bn. While the offer has already been rejected by Portugal Telecom, the offer signals Telefonica's intentions towards the joint venture and its appetite for M&A.

"Fitch estimations are that a deal of this scale would add around 0.2x to 0.3x to the company's net debt to EBITDA metric, before any operational synergies are factored in. An increase of this size does not pressure the ratings given the industrial logic of such a deal," says Stuart Reid, Senior Director in Fitch's European TMT team.

Given Portugal Telecom's swift rejection of the offer, any impact of a potential deal on the 'BBB'/Stable rating of the Portuguese incumbent is difficult to gauge. In the event an offer were to be accepted, the agency would need to consider management's intentions with respect to the disposal proceeds, including any potential shareholder distribution, reinvestment elsewhere in the business and implications for net debt.

Fitch notes that the potential synergies from the Vivo offer given Telefonica's established fixed-line operations in Brazil. Vivo is strongly cash-generative, while the Brazilian mobile market has yet to reach 95% penetration and continues to offer market growth. On an LTM (last 12 months) basis to March 2010, Vivo generated R$5.3bn in EBITDA and R$3.1bn in operating cash flow (EBITDA less capex).

Given its leverage (net debt/EBITDA) of 2.0x at FYE09 and consolidated EBITDA of EUR22.3bn, Telefonica has considerable flexibility to undertake sizeable M&A activity without impairing its credit metrics. Fitch estimates that were such a transaction to go ahead, and building in some additional spending for previously announced investment, leverage would rise to the mid to higher end of the company's target range of 2.0x to 2.5x on a pro-forma 2010 basis.

Given the synergies of any deal and the growth that is already factored into the ratings for the Brazilian business, Fitch would expect the metric to quickly revert to the low end of the range.