Imark
Forumer storico
Mi accorgo adesso che su OTE non si era postato nulla di diretto sull'ultima trimestrale, la Q1/2010, sebbene si fossero invece riprodotti sul forum i commenti di almeno due agenzie a corredo delle rating action conseguenti alla diffusione dei risultati.
Con l'intento di recuperare e di fornire un ulteriore approfondimento sul tema, pubblico questo pezzo del DJN.
OTE (come cmq fatto presente nei commenti delle agenzie) aveva lanciato uno warning agli investitori facendo presente come, per effetto delle misure di austerità varate dal governo, i risultati del resto del 2010 sarebbero stati peggiori rispetto a quelli del Q1 sia in termini di andamento del fatturato che di profittevolezza dell'attività di business.
(Adds details, ADR delisting.)
By Alkman Granitsas
Of DOW JONES NEWSWIRES
ATHENS (Dow Jones)--Telephone operator Hellenic Telecommunications Organization SA (OTE), or OTE, failed to meet market expectations Wednesday with first-quarter net profit falling 76% on weak sales and higher taxes, and warned that Greece's economic crisis will weigh on results for the year ahead.
"As Greek businesses and consumers adapt to the austerity measures of the new economic rescue plan, we are likely to see an increase in disconnections and a slowdown in telecoms spending," said Chairman and Chief Executive Panagis Vourloumis in a statement.
"Though we will continue our efforts to defend our market positions, we consider that we will not be able to maintain the rate of revenue decline and profitability at the first quarter levels for the full year," he added.
For the three months to March, the company said net profit fell to EUR65.8 million from an adjusted EUR268.5 million a year earlier, weighed down in part by higher than expected taxes of EUR75.5 million, compared with estimates of about EUR50 million.
Revenue fell by a less-than-expected 3.1% to EUR1.41 billion from EUR1.45 billion while earnings before interest, depreciation and amortization, or Ebitda, slumped 35% to EUR478.7 million. The Ebitda figures were adjusted to exclude the impact of two recent voluntary retirement plans that the company undertook to cut its workforce.
The figures were sharply below analysts' expectations for EUR97 million in net profit and EUR479 million in Ebitda. However, OTE's revenue beat expectations of EUR1.38 billion in the first quarter as the company managed to restrain losses in its fixed and mobile segments.
"Overall, the results were uninspiring with net income below expectations on higher taxes," said Vangelis Karanikas, an analyst at HSBC who has a neutral rating on the stock and price target of EUR10, which is likely to be revised lower. "Yes, we saw some improvement in operating trends, but they are unsustainable," said Karanikas.
At 0848 GMT, OTE shares were down 0.5% at EUR8.01, in an otherwise higher market.
In an effort to cut costs, OTE said it would delist its American Depository Receipts from the New York Stock Exchange, matching a previous move by parent company Deutsche Telekom.
"This decision is aimed at cutting administrative costs, reducing complexity in financial reporting, and concentrating trading of its shares on the market providing the highest liquidity, the Athens Stock Exchange," the company said in a statement.
OTE, Greece's one-time monopoly phone company, in which Deutsche Telekom (DT) has a 30% stake, has seen its domination of the market steadily shrink in recent years as it has lost customers, particularly in its fixed-line operations, to rivals.
OTE said first quarter revenue for its Greek fixed-line division fell 7.3% to EUR560.6 million, while divisional Ebidta also fell 7.3% to EUR185.2 million, excluding the effects of the voluntary retirement schemes. For the first quarter, OTE said it was taking an EUR31.5 million charge for its latest voluntary redundancy scheme in the fixed line division. A year earlier, it wrote back EUR190 million from a previous scheme.
OTE mobile subsidiary Cosmote, the leading mobile operator in the Balkans and a one-time growth driver for the company, has also been hit by both the economic crisis, higher charges, and increased competition.
For the first quarter, OTE said mobile division revenues fell 1.6% to EUR705.2 million, while Ebitda slipped 0.6% to EUR238.8 million.
"Management intends to actively pursue initiatives aimed at minimization of revenue erosion, cost reduction and cash preservation," the company said in a statement.
Con l'intento di recuperare e di fornire un ulteriore approfondimento sul tema, pubblico questo pezzo del DJN.
OTE (come cmq fatto presente nei commenti delle agenzie) aveva lanciato uno warning agli investitori facendo presente come, per effetto delle misure di austerità varate dal governo, i risultati del resto del 2010 sarebbero stati peggiori rispetto a quelli del Q1 sia in termini di andamento del fatturato che di profittevolezza dell'attività di business.
- MAY 12, 2010, 5:00 A.M. ET
(Adds details, ADR delisting.)
By Alkman Granitsas
Of DOW JONES NEWSWIRES
ATHENS (Dow Jones)--Telephone operator Hellenic Telecommunications Organization SA (OTE), or OTE, failed to meet market expectations Wednesday with first-quarter net profit falling 76% on weak sales and higher taxes, and warned that Greece's economic crisis will weigh on results for the year ahead.
"As Greek businesses and consumers adapt to the austerity measures of the new economic rescue plan, we are likely to see an increase in disconnections and a slowdown in telecoms spending," said Chairman and Chief Executive Panagis Vourloumis in a statement.
"Though we will continue our efforts to defend our market positions, we consider that we will not be able to maintain the rate of revenue decline and profitability at the first quarter levels for the full year," he added.
For the three months to March, the company said net profit fell to EUR65.8 million from an adjusted EUR268.5 million a year earlier, weighed down in part by higher than expected taxes of EUR75.5 million, compared with estimates of about EUR50 million.
Revenue fell by a less-than-expected 3.1% to EUR1.41 billion from EUR1.45 billion while earnings before interest, depreciation and amortization, or Ebitda, slumped 35% to EUR478.7 million. The Ebitda figures were adjusted to exclude the impact of two recent voluntary retirement plans that the company undertook to cut its workforce.
The figures were sharply below analysts' expectations for EUR97 million in net profit and EUR479 million in Ebitda. However, OTE's revenue beat expectations of EUR1.38 billion in the first quarter as the company managed to restrain losses in its fixed and mobile segments.
"Overall, the results were uninspiring with net income below expectations on higher taxes," said Vangelis Karanikas, an analyst at HSBC who has a neutral rating on the stock and price target of EUR10, which is likely to be revised lower. "Yes, we saw some improvement in operating trends, but they are unsustainable," said Karanikas.
At 0848 GMT, OTE shares were down 0.5% at EUR8.01, in an otherwise higher market.
In an effort to cut costs, OTE said it would delist its American Depository Receipts from the New York Stock Exchange, matching a previous move by parent company Deutsche Telekom.
"This decision is aimed at cutting administrative costs, reducing complexity in financial reporting, and concentrating trading of its shares on the market providing the highest liquidity, the Athens Stock Exchange," the company said in a statement.
OTE, Greece's one-time monopoly phone company, in which Deutsche Telekom (DT) has a 30% stake, has seen its domination of the market steadily shrink in recent years as it has lost customers, particularly in its fixed-line operations, to rivals.
OTE said first quarter revenue for its Greek fixed-line division fell 7.3% to EUR560.6 million, while divisional Ebidta also fell 7.3% to EUR185.2 million, excluding the effects of the voluntary retirement schemes. For the first quarter, OTE said it was taking an EUR31.5 million charge for its latest voluntary redundancy scheme in the fixed line division. A year earlier, it wrote back EUR190 million from a previous scheme.
OTE mobile subsidiary Cosmote, the leading mobile operator in the Balkans and a one-time growth driver for the company, has also been hit by both the economic crisis, higher charges, and increased competition.
For the first quarter, OTE said mobile division revenues fell 1.6% to EUR705.2 million, while Ebitda slipped 0.6% to EUR238.8 million.
"Management intends to actively pursue initiatives aimed at minimization of revenue erosion, cost reduction and cash preservation," the company said in a statement.
