HTO Q4/12M 2014 results which came in line with market estimates… We highlight the following:

26.02.2015 11:33

HTO announced its Q4/12M 2014 results which came in line with market estimates.

 

We highlight the following:

 

¡  Fixed lines in Greece positive on lower costs first time since 27 negative quarters

¡  Romania on the weak side -8.4% mob. -6.9% fixed

¡  Net income up 73% in Q4’14, up 30% in FY’14

¡  Free Cash Flow at €583mn for FY’14

¡  FY’14 Group EBITDA margin up 40bps, at 36.3%

Further improvement in Greek fixed performance:

¡  Q4’14 Revenues stable, after 7 years of contraction

¡  EBITDA up 4.4% in Q4’14

¡  Net Debt at €1.1bn, 25% below 2013 year-end level

¡  Net Debt/EBITDA ratio at 0.8x

¡  Dividend at €0.08/share

 

The following table summarizes reported results vs market estimates.

 

ΟΤΕ 2013 2014 Y-o-Y 2014 Act. vs 2013 2014 Y-o-Y 2014 Act. vs
EUR m. 12M 12M (%) 12M Est. Est. 4Q 4Q (%) 4Q Est. Est.
Sales 4,054.1 3,918.4 -3.3%  3,904.0 0.4%  845.4 1,016.5 20.2%  1,002.1 1.4% 
EBITDA 1,177.9 1,385.5 17.6%  1,415.0 -2.1%  52.5 344.4 556.0%  373.9 -7.9% 
EBITDA Mrg 29.1%  35.4%  +630 bps  36.2%  -0 bps  6.2%  33.9%  +2,767 bps  37.3%  -0 bps 
Net Income 287.8 267.4 -7.1%  264.0 1.3%  -217.6 73.2 133.6%  69.8 4.9% 
Net Mrg 7.1%  6.8%  -27 bps  6.8%  +0 bps  -25.7%  7.2%  +3,294 bps  7.0%  +0 bps 

 

 

Conference call details (17:00 GR Time).

 

¡  Greece Free Call Dial In      00800 4413 1378

¡  UK Free Call Dial In              0800 953 0329

¡  US callers please dial           1 866 819 7111

¡  International Dial In             +44 (0) 1452 542 301

 

We remain at your disposal for any further information.

 

Best,

 

Manos Chatzidakis

Head of research

Beta Securities S.A.

29 Alexandras Ave.

GR – 11473

Athens, Greece

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