Vladimír Urbánek (Kurzy.cz)
Czech markets  |  October 05, 2012 14:03:27

HC2: Spanish Telefónica O2 Germany will hold IPO

Spain's Telefonica SA announced that it intends to sell shares through IPO of its German daughter O2 Germany to partially reduce its high debt ratio exceeding 58 mld.EUR. Spanish company did not specify how big a share offering to investors, but according to unofficial sources, the sale should get about 1.5 mld.EUR, which would appreciate the whole O2 Germany to about 7.5 mld.EUR.

Shares O2 Germany will then subsequently be traded on the stock exchange in Frankfurt. If the size of the IPO confirms it will be the largest transaction of its kind in Germany since 2007, when upisoval engine manufacturer Tognum shares. Parameters and results of the subscription will be very closely monitored, because it will be an important signal for evaluating other potential sales from the portfolio of the Spanish parent company, but will also be an important signal for the entire European market teekomunikační and its current market valuation.Telefónica has declared that next year the German daughter worth at least 500 million euros this year's earnings in dividends. In the coming years, the dividend should increase further.

In the first half of O2 Germany earned 55 million euros to 23 million euros net in the same period of 2011.
Gross result in 2Q grew by 12% to 333 million euros. Revenue in 2Q wireless division amounted to 789 million euros. At the end of Q2, the company had a total of 18.8 million paying customers.
OIBDA margin in 2Q reached the level of 25.7%, and the company would like to be further improved.
The management of the German company said, among other things, capital expenditures in the next year and in 2014 should rise above the level of 2010.
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