6/3/14

ΟΤΕ-2013

Manos Chatzidakis

10:29 π.μ. (Πριν από 7 λεπτά)

HTO announced a good set of results in line with consensus estimates in Top Line and better than expected in EBITDA. (Net earnings not directly comparable due to one offs, VRS and asset sales). In specifics:

§  Strong Free Cash Flow generation (€734mn in FY’13) and Net Debt halved to €1.495bn

§  Over 1,800 voluntary departures in Greek fixed, durably reducing OpEx base

Group revenues supported by Greek fixed-line (lower rates of decrease) and resurgent RomTelecom.

(€ mn) Q4 '13 Q4 '12 Change 12M '13 12M '12 Change
Fixed Line Operations, Greece 392.1 416.9 -5.9% 1,557.2 1,704.0 -8.6%
Fixed Line Operations, Romania 162.7 149.6 +8.8% 609.5 619.6 -1.6%
Mobile Operations, Greece 330.8 357.9 -7.6% 1,336.5 1,524.7 -12.3%
Mobile Operations, Romania 122.9 113.7 +8.1% 458.5 462.8 -0.9%
Mobile Operations, Albania 22.3 21.5 +3.6% 86.2 88.6 -2.7%
Others 130.0 110.3 +17.9% 448.0 462.1 -3.1%
Eliminations (Mobile & Group) (115.3) (125.3) -8.0% (441.8) (531.5) -16.9%
TOTAL 1,045.5 1,044.6 +0.1% 4,054.1 4,330.3 -6.4%










HTO
Results 12M 2013
Estimates 9M'13
In thous. euro
2012
2013
Δ
 12M 13 E
Δ (Est)
Sales
4.680.300 
4.054.100 
-13,4% 
4.051.871
0,1%
Q4
1.132.200 
845.400 
-25,3% 
843.171
0,3%
EBITDA
1.533.900 
1.456.300 
-5,1% 
1.419.264
2,6%
(% Sales)
32,77% 
35,92% 
+315 bps 
35,03%
+89 bps
Q4
263.800 
330.900 
25,4% 
293.864
12,6%
(% Sales)
23,30% 
39,14% 
+1.584 bps 
34,85%
+429 bps
Net Income
476.400 
287.800 
-39,6% 


(% Sales)
10,18% 
7,10% 
-308 bps 


Q4
-48.300 
-210.100 
-335,0% 


(% Sales)
-4,27% 
-24,85% 
-2.059 bps 



Manos Chatzidakis
Head of research
Beta Securities S.A.

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