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CenturyCom

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Deutsche Telekom

posted on Mar 08, 2009 06:26PM

Deutsche Telekom posts quarterly loss

Underlying numbers beat consensus forecast; analysts welcome outlook

Note the bold. More than likely has a lot to do with how we pursue patent litigation in Germany. Perhaps a lot is riding on the USPTO re-exam before proceeding. It seems likely to me that we are currently envolved in serious negoiations and awaiting USPTO results to determine licensing fees. AJMO

By Aude Lagorce, MarketWatch

Last update: 11:56 a.m. EST Feb. 27, 2009

LONDON (MarketWatch) -- Deutsche Telekom, Europe's largest telecommunications company, on Friday reported a fourth-quarter loss as it wrote down the value of its investment on Greek operator OTE, but underlying numbers beat expectations and it raised its 2009 outlook.

The company also announced management changes and a new operational structure.

The net loss for the three months to Dec. 31 narrowed to 730 million euros ($920 million) from 750 million euros in the year-earlier quarter. The bottom line in the latest quarter was hit by a 500-million euro charge related to the value of the company's 25% stake in OTE and 600 million euros in restructuring charges.

Earnings before interest, taxes, depreciation and amortization (EBITDA), however, came in at 4.7 billion euros, about 2.2% above the consensus forecast.

Revenue climbed 2% to 16.1 billion euros, mainly driven by the U.S. mobile business, also topping expectations.

"At first glance, the results look decent given the top-line and bottom-line beats. It is clear that Deutsche Telekom has the scale to currently deliver resiliency in the face of macro-economic pressure," said Michael Kovacocy, European telecoms analyst and sector strategist at Daiwa Securities.

He noted, however, that the company remains heavily reliant on its U.S. operations for financial support.

Like many other carriers around Europe, Deutsche Telekom is fending off a decline in fixed-line sales as more and more customers choose to cut the cord and only own a mobile phone. The company also faces increased competition from Internet, cable and media firms.

Deutsche Telekom (DE:DTE: news , chart , profile ) (DT:

deutsche telekom ag sponsored adr

News , chart , profile , more

Last: 11.71+0.22+1.91%
4:00pm 03/06/2009

Delayed quote data

Sponsored by:

DT 11.71, +0.22, +1.9%) shares rose 1.2% in Frankfurt afternoon trading.

CFO goes, new COO position created

The company confirmed the departure of Chief Financial Officer Karl-Gerhard Eick at the end of the month and said he will be replaced by Timotheus Hoettges.

Meanwhile, Hamid Akhavan, currently board member responsible for mobile communications in several countries, will take over the newly created post of chief operating office in the next few months. He will be responsible for innovation, technology and global procurement.

Deutsche Telekom is also changing its operational structure, merging its fixed-line and wireless businesses into one unit and combining sales, marketing and other expenses for the German units to reduce costs. It said products will be increasingly developed across markets.

In 2009 Deutsche Telekom said it expects adjusted EBITDA to be flat, at around 19.5 billion euros. It previously expected EBITDA at or slightly higher than 19.3 billion euros.

Free cash flow is seen flat at around 7 billion euros.

It proposed a dividend of 0.78 euro a share this year.

Deutsche Bank analyst Matthew Bloxham said the upbeat outlook for cash flow in 2009 should give the market confidence on the sustainability of dividends going forward.

Fixed-line losses continue

Sales at the wireless business rose 7% to 9.44 billion euros and EBITDA increased 15% to 2.74 billion euros. The company continued to add subscribers in most of the regions it operates except in the U.K. and Slovakia.

At the broadband and fixed-line unit, sales fell 4.2% to 5.35 billion euros and EBITDA slipped 9% to 1.2 billion euros. The carrier continued to lose fixed-line customers in Germany and abroad. The number of lines fell 8% to 33.8 million.

Also on Friday Italian rival Telecom Italia (IT:TIT: news , chart , profile ) said fourth quarter profit jumped 94% to 444 million euros. The company confirmed its outlook for stable organic revenue and EBITDA margin in 2009 and capex of around 4.8 billion euros.

Shares rose 3.9% in Milan afternoon trading.

On Thursday Spanish rival Telefonica (TEF:

Telefonica S.A.