Cesky Telecom - estimates of financial results for 1H04

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Investiční bankovnictví KB

      Cesky Telecom will announce its financial results for 1H04 on Thursday 29 July. We estimate the company’s revenues to reach CZK 30.2bn up by 18.9% y/y from CZK 26.6bn in 1H03. The growth driver is full consolidation of Eurotel. Cesky Telecom held only 51% stake in Cesky Telecom in 1H03. We are looking for slight improvement in EBITDA and EBIT margins due to continuing cost control and cut of interconnection fees for calls to mobile networks. On the contrary, higher financial leverage would have negative impact on net margin.

      

       IFRS consolidated, CZK m...........1H04E.........1H03.........%ch

       Revenues................................30,213........25,410........18.9

       EBITDA....................................15,412........12,486........23.4

       EBIT.........................................4,916..........3,246........51.4

       Net profit...................................2,586.........2,277........13.6

       Source: company data, KB estimates

      

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