Český Telecom - Eurotel will announce its results for 2003 on Wednesday

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Investiční bankovnictví KB

      Mobile operator Eurotel, from December 2003 fully owned by Cesky Telecom, will announce its financial results for 2003 on Wednesday. We expect slight improvement in all closely watched items: revenues, EBITDA, operating profit and net profit. We estimate the revenues to increase by 2.3% y/y to CZK 29.5bn from CZK 28.8bn in 2002. The major driver should be higher utilization of services (or lower decline of ARPU compared to previous years), higher demand for data services and overstocking of prepaid users ahead of the VAT changes. On the contrary, seasonal effects will increase operating costs. Therefore, EBITDA margin should deteriorate from 48.6% in 2003 to 47.6% last year. Nevertheless, EBITDA should improve in absolute terms from CZK 13.7bn to CZK 14.3bn in 2003. We also expect slight improvement of net profit by 4.6% to CZK 6.6bn from CZK 6.3bn in 2002.

      

       Eurotel (US GAAP, CZK m)..............2003E...........2002...............%ch

       Revenues...................................29,462........28,800................2.3

       EBITDA.......................................14,328........13,712................4.5

       Operating profit.............................9,423..........9,116................3.4

       Net profit......................................6,561..........6,271................4.6

       EBITDA margin...............................48.6...........47.6

      

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