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TP cuts dividend, capex as revenue drop accelerates
2013-02-12 14:53:00| Telecompaper Headlines
(Telecompaper) Polish operator Telekomunikacja Polska saw its Q4 revenues drop 6.4 percent year-on-year to PLN 3.484 billion. Mobile segment revenues decreased 6.3 percent to PLN 1.815 billion, while fixed segment revenues declined by 2.8 percent to PLN 1.990 billion. EBITDA was PLN 1.003 billion, down by 19.6 percent compared to Q4 2011, while the EBITDA margin dropped by 4.7 percent to 28.8 percent. Net free cash flow decreased by 44.4 percent to PLN 509 million, and net income fell 85.8 percent to PLN 51 million. After a 4.1 percent fall in revenue over the full year, TP said it anticipates a steep decline in revenue again in 2013, driven by further MTR cuts, as well as the ongoing price war in the mobile market. TP said it will significantly accelerate its cost savings measures and does not exclude outsourcing or asset disposals as a means to increase efficiency. Capex will be less than PLN 2 billion in 2013, with the view to bringing it down to 12-13 percent of revenues in future. TP said it's also committed to preserving financial strength by keeping its net gearing below 40 percent and the net debt to EBITDA ratio below 1.5x. In this context, recognising the market volatility and potential new capital requirements, it decided to take a more cautious position with regards to shareholder remuneration. The company aims to pay a dividend of at least PLN 0.5 per share in mid-2013, down from PLN 1.50 last year.
Tags: drop
revenue
cuts
dividend
Category:Telecommunications
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