| aabcdeexed | Дата: Понедельник, 11.11.2013, 10:25 | Сообщение # 1 |
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Two Polish mobile networks, PTC and PTK Centertel - which operate the Era andOrange brands respectively - have signed a letter of intent to cooperate fornetwork infrastructure and radio frequency sharing. The companies have now fileda formal request with the Polish Competition Office to obtain its permission toestablish a joint venture entity, responsible for operating both operators'radio access networks (RANs)."The cooperation initiated by the letter of intent signed today marks anew chapter for the telecommunication services in Poland. Two leading Polishcompanies will share their potential to offer their clients the bestinfrastructure in Poland to support the mobile telephony and internet services.Joint networks development and network operation will bring plenty of benefitsto our clients," said Klaus Hartmann, President of Polska Telefonia Cyfrowa.According to the preliminary arrangements, both companies will have an equal50% stake in the new joint venture company, which would build, operate andmaintain co-used networks within the mutual cooperation.The parties have declared that upon a positive decision from the PolishCompetition Office, they will agree on details of their cooperation and willformalize them by signing relevant agreements. The companies have agreed thatthe scope of the cooperation initiative is limited to technical aspects and willnot include other parts of their business activity on the telecommunicationmarket.
Three Chilean mobile networks have submitted bids for the country's 4G radiospectrum auction, local media is reporting.According to CanalCL, citing information from the regulator, Subtel,the compliance scores for the three bidders are Clear (98.52), Movistar (98.11)and Entel with 99.6.The compliance scores cover issues such as indoor coverage, support for MVNOsand network infrastructure sharing. In addition, deployment will be favoured inthe regions and areas currently lacking 3G services.The regulator noted that the Department of Telecoms will now evaluate thebids and check legal compliance.On the web: CanalCL
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Fitch Ratings has assigned Telefonica Deutschland a Long-Term Issuer DefaultRating (IDR) of 'BBB' with a Stable Outlook.The ratings reflect Telefonica Germany's stand-alone position in acompetitive market with four players, which is largely dominated by the twolarger operators, Deutsche Telekom and Vodafone. The ratings take into accountthe company's somewhat limited scale, competitive position and single marketdependence, offset by a financial profile that otherwise compares well with thepeer group. A free cash flow margin of 13.7% (2011) suggests an ability todeleverage in time of need, albeit stated financial policy is to distribute freecash flow to the extent necessary to maintain leverage (net debt to EBITDA)below 1.0x over the medium term.Single Market Integrated Operator:With 19.1m mobile customers and 2.4m fixed broadband customers (at Q312), Telefonica Germanyis the country's third largest integrated network operator. While the marketnumber four in terms of mobile customers, in a market dominated by incumbents'T-Mobile and Vodafone, the competitive environment appears rational and Telefonica Germanyis likely to benefit over time, from market number three E-Plus's lack of 800MHz spectrum. The company's fixed line presence -largely a result of theHansenet acquisition in 2010 - is limited and unlikely to grow. Although notdisclosed by the company, alternative operator fixed line operating margins, aretypically low and will be dilutive to the company's margin structure.Economic Environment:The largest, and one of the few growing economies in Europe, Germany benefitsfrom low unemployment, strong consumer confidence and high levels of privateconsumption. The telecom market remains reasonably resilient, with Telefonica Germanypositioned most notably in the more vibrant segments of mobile (voice and data)and fixed broadband (which it combines with fixed voice), which collectively areexpected to account for over 70% of telecom revenues in 2012. Smartphonepenetration of 29% is relatively low providing reasonable growth potential.Independent Management & Financial Policy:Telefonica Germany's management are independent of the parent and dedicatedto managing the German business. With the exception of CEO - Rene Schuster - whosits on the Telefonica Europe Board - the senior management are solelyresponsible for running the German operations (i.e. have no wider groupresponsibilities). The supervisory board comprises six shareholderrepresentatives (one of whom is independent) and six employee representatives.Measured Business Plan:The company's business plan is built around an assumption that it will beable to take modest incremental share from its mobile competitors - not anunreasonable assumption given its challenger position and spectrum advantageover E-Plus - and to shift the mix of its prepay / postpay base. Its fixed lineposition is primarily a defensive strategy allowing it to meet the demand forintegrated services, with Fitch not expecting any meaningful growth in this partof the business. Fitch's view is that the business plan represents a reasonablereflection of market conditions and extrapolation of the company's presentstrategy.Modest Spectrum RiskLTE spectrum was acquired and paid for in 2010, removing a significantpotential variable from budgeted capex, with what appear sufficient levels oftangible investment in LTE budgeted for each of the next two years, suggesting arecognition and commitment to network quality and need to remain competitivefrom a bandwidth and speed perspective. While 2G spectrum renewal is scheduledfor 2015 or 2016, Fitch assumes this will be a manageable cost.Parent- Subsidiary LinkageTelefonica Germany's ratings have been assigned on a largely stand-alonebasis, although with some ultimate linkage to the parent. While benefiting fromgroup-wide synergies, the company has been established as a stand- alone entity,with separate management, independent governance and its own financial policy.Given its scale and maturity Fitch regards Telefonica Germany as a sustainableindependent business with an ability to finance itself based on its stand-alonebusiness and financial profile.In the event of a downgrade of the parent company however, Fitch guides that Telefonica Germanycould potentially be rated up to two notches higher than the parent.
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