Vladimír Urbánek (Kurzy.cz)
Czech markets  |  July 25, 2012 16:24:13

HC2 - the main points of the conference call: Waiting for improving margins in 2H12

Management Telefonica CR today for analysts reviewed financial results for 2Q12. Here are the highlights of what was said:

First The stock repurchase program

By 20 July the company acquired a total of 1.73 million units of its own shares, representing 0.54 percent of the total number of shares at an average price of CZK 383.3 per share. End the first tranche (2 per cent of the total shares) company intends to end of November, by December, which is about 1-2 months later than previously planned business. Therefore, the company expected to accelerate redemption in the coming months. In addition to the redemption company said that it will not continue with the next tranche of the share buyback this year and also being planned to finance the purchase of the borrowed funds. / Neutral, we believe that the company could continue in the next installment next year. /

Second The impact of the reduction of mobile termination charges

Czech Telecommunication Office decreased from July operator charge for calls to mobile networks to 0.55 CZK per minute from the current CZK 1.08 per minute. According to management that will have a direct negative impact on mobile revenue, namely income from click the link. The impact on operating and net income but will be neutral. The company also expects a reduction of fees from tougher competition in the mobile segment. / Neutral, our model predicts the decrease in revenues from mobile termination charges by about 20 percent to 2.04 billion. About the same amount but decrease the fees that the company pays for call termination on other networks.Direct impact on OIBDA company is so slight, as the company is not a net recipient or net payer of taxes /.

Third The outlook for OIBDA margin

Regarding the outlook for 2012, management reiterated its relatively low overall objective decline in operating margins this year. OIBDA margin (adjusted for the fees for the use of tags and some other items) reached 43.5 percent last year, while this year for 1H12 is only 40.5 percent.In the year Telefónica CR target level clearly above 40 percent and expect improvement in 2H12, as was last year. The improvement is said to generate additional savings and improved margins should also help the planned projects in the IT services segment in the second half. / Neutral, decrease in OIBDA margin in 1H12 was larger than we originally anticipated, however, in accordance with the indication of management waiting for a better 2H12 /.

Overall conclusions from the conference call is evaluated neutrally. We believe that the acceleration repurchase shares could provide support in the coming weeks.

Thomas Tomčány, Patria Finance

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TO2 - hlavní body konferenčního hovoru: Čeká se zlepšení marží v 2H12

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