Cesky Telecom - expected results for 1Q04

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Investiční bankovnictví KB

      Financial results of Cesky Telecom will be fully consolidated with Eurotel for the first time and therefore direct y/y comparison is not applicable. VAT increase on telecommunications services from 5% to 22% would have negative impact on the figures. We expect negative reaction mainly of the price-sensitive segments – households and pre-paid users. We expect stagnation of demand for fixed lines – due to gradual improvement of availability of ADSL services and waiting for offer of high-speed internet access from Eurotel. High leverage, through increased interest costs, and FX losses of euro-denominated syndicated loan would also have negative effect. Continuing restructuring (cost control), lower income tax rate and continuing demand for data services should have positive effect.

      

       IFRS consolidated, CZK m..............1Q04e............1Q03............%ch

       Revenues....................................15,550..........12,712...........22.3

       EBITDA.........................................6,977............6,331...........10.2

       EBIT.............................................2,415............1,708...........41.4

       Net profit......................................1,063...............971.............9.5

       EBITDA margin...............................44.9...............49.8

      

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