Vladimír Urbánek (Kurzy.cz)
Czech markets  |  August 28, 2012 10:40:33

PMCR for the first half earned 1.13 billion, while revenues rose by almost 12% y / y

Philip Morris this morning announced results for 1H12. While sales rose by 11.8 percent y / y to 6.28 billion, supported mainly by exports, but net profit fell slightly year on year by 0.2 percent to 1.13 billion. Results so surprised at the level of sales, the level of profit but fell short of our estimate by nearly 7 percent due to higher than expected costs us. Overall, the results slightly negative.

PMCR - results for 1H12
CZK billion 1H11A 1H12A   1H12E Patria   y / y act / estimation Patrie
Revenues 5.62 6.28 6.29 11.8% 0.0%
EBITDA 1.62 1.62 1.73 -0.4% -6.8%
EBIT 1.39 1.40 1.50 0.5% -7.0%
Net profit 1.13 1.13 1.21 -0.2% -6.8%

Group sales excluding excise tax and VAT in 1H12 compared to the same period in 2011 increased by 11.8 percent to 6.3 billion. This increase was mainly due to significantly higher volume of exports of the products to other companies in the group PMI within the European Union.Export revenues in 1H12 rose by 34.2 percent to 2.65 billion crowns. We recall, however, that export is a low-margin segment for the company, and therefore the overall positive impact on the operational level, the level was only marginal.

Sales in the primary market in the Czech Republic declined by 3 percent to 2.67 billion due to lower sales volumes (-8.2 percent y / y) and a further loss of market share in the Czech market in cigarettes. This decrease was partially offset by favorable prices in response to increases in the last year and 1H12. Revenues in the Slovak Republic grew by 7.7 percent to 965 million crowns due to the favorable price developments.

EBITDA reached 1.62 billion for our estimate of 1.73 billion crowns, which means a decrease of 0.4 percent. The reason for the lower operating profit against our expectations were mainly higher costs of goods sold and administrative expenses. EBITDA margin decreased by 3.2 percentage points to 25.7 percent. The lower margin is mainly due to a higher proportion of lower-margin exports to total sales While exports in 1H11 in the total volume of sales from 52.3 percent in 1H12 it would have been 60 percent.

Net income decreased marginally declined by 0.2 percent to 1.13 billion. The dividend amount is decisive in unconsolidated net profit, which fell by 1.4 percent to 1.17 billion. Results Overall, slightly negative. Based on the half-year results, we estimate that the company pay a dividend next year, about the same as this year - 920 € / share, which at today's rate is 8.1 percent dividend yield. Our target price is 11 611 CZK / share recommendations remains "Hold."

Thomas Tomčány, Patria Finance

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