Český Telecom - Eurotel announced financial results for 2003

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Investiční bankovnictví KB

      Mobile operator Eurotel, fully owned by Cesky Telecom, presented its financial results for the last year. Revenues went slightly up by 1% to CZK 29.1bn a notch below our as well as the market expectations. Recurring revenues increased by 3% to CZK 27.6bn. EBITDA reached CZK 14.2bn again slightly below our and the market expectations. EBITDA margin stood at 48.8% in line with our estimate of 48.6%. Net profit rose by 16% from CZK 6.3bn to CZK 7.3bn. However, the net profit figure was inflated by one-off tax influences. Lower deferred tax and income tax charge reduction related to dividend payment improved the net profit almost by CZK 800m. After adjustment, the net profit would reach CZK 6.5bn.

       Similar to the previous years the company’s strategy for 2004 is mainly client retention and introduction of new services. Company’s management plans to focus predominantly on data services and internet, where it sees the biggest growth potential. It considers introduction of services based on CDMA, EDGE or UMTS technologies.

       We consider the figures neutral for Cesky Telecom.

      

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

       Revenues....................................29,078..........28,800.........1.0

       EBITDA........................................14,199..........13,712.........3.6

       Net profit......................................7,254.............6,271........15.7

       EBITDA margin................................48.8.............47.6

      

      

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