Cesky Telecom - expected results for 2003

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Investiční bankovnictví KB

      Cesky Telecom will announce preliminary consolidated results for 2003 according to IAS on Thursday 26 February. However, direct y/y comparison is impossible, as Cesky Telecom is consolidating 100% of Eurotel as of December 2003, while it consolidated only 51% in 2002. We expect revenues to go down by 3% to CZK 51.2bn. Full consolidation of Eurotel should ease the negative influence of falling revenues from fixed line business. We expect operating profit to drop by 28% from CZK 7.1bn to CZK 5.1bn due to stiff competition, falling margins and aggressive layoffs. EBITDA should decline by 12% to CZK 23.1bn. We estimate the company to show a net profit of CZK 4.1bn before accounting for impairment charge.

       The market will closely watch the figures, particularly if the company announces amount of the impairment charge. We expect the impairment charge around CZK 10bn, which should translate into a loss of CZK 5.9bn according to our estimates.

      

       IAS, CZK m.................2003E........2002E......%ch

       Revenues...................51,179.......52,856.......-3

       EBITDA.......................23,126.......26,150......-12

       EBIT...........................5,075.........7,088.......-28

       Net profit ...................(5,877)........4,276........n.a.

       Net profit adj...............4,123.........4,276........-4

       Source: company data, KB estimates

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CEZ - expected results for 2003 

      

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