Cyrrus (Cyrrus)
Czech markets  |  July 20, 2012 11:25:16

Telefónica CR: Prediction results for 2Q2012

Even in the second quarter, the situation in the management of Telefónica CR did not change much. A combination of adverse factors such as high market saturation, stiff competition and slowing economic growth continued to adversely affect revenues and margins.

Revenues in the hard segment in our model slightly year on year decline accelerated to -7.3%, while the decline in Q1 was -6.2%. Has a negative long-term decline in revenues from traditional voice services, while the stagnation seen in Internet services.Revenues from mobile segment is expected in 2Q traditionally higher on QoQ basis, when Q2 is usually stronger than Q1. On annual basis we expect to reduce the rate of decline -4.2% (in Q1 it was -5.0%). The relatively good numbers contribute mainly revenues from voice services. The Slovak expect another strong growth year on year by 30.7%, or +7.7% QoQ.

Total revenues from business and in our opinion, to reach 12.62 billion CZK and thus fall year on year and 3.2% QoQ increase of 1.3%.

Despite a declared effort to offset declining revenues of the company by reducing costs in our opinion, there was a slight increase in quarterly expenses by 0.3%. The largest increase (+7%), we expect the cost of the item link, while the personal costs in our model there is a quarterly decline of 5.5% (-10.6% yoy).One-off cost of higher repairs and maintenance in Q1 according to our model fall in Q2 by 10%.

Positive effect due to profit from the sale of fixed assets, which increased the company's profit in the first quarter, second quarter expected.

Traditionally stronger second quarter will be reflected in improved indicators on quarterly basis. Adjusted OIBDA indicator in our opinion, to reach 5,128 billion CZK, which indicates a 1.6% increase over Q1, but the 6.9% drop in Q2 compared with the 2011th This decline is slightly faster than the decline in Q1 (-5.1%). Adjusted OIBDA margin is expected at 40.6%, which is compared to the 40.5% margin in the first half of a slight increase but a decrease of 1.6%. Total profit reached CZK 1 567 billion, and falls as compared to the previous quarter by 3.4%.The decrease is mainly due to tax rate that is higher than in Q1 (there was a lower rate of one-off items) and the difference in assessed tax reached about 150 mil CZK.

At a press conference will be particularly interesting to see what pace redemption proceeds of shares and all information regarding this topic. We think that Telefonica will buy this year CR than 3% of its shares, although advised that this volume can reach up to 4%.

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Telefónica CR: predikce výsledků za 2Q2012

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