KPN Koninklijke NL0000009082

Sector draad

1. pwijsneus 10 februari 2013 19:41

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   America Movil seen posting moderate growth in Q4
   
   Feb. 10, 2013, 1:02 p.m. EST
   By Anthony Harrup
   
   --America Movil's fourth-quarter revenue seen rising 8.2%
   
   --Wireless subscribers expected to rise by 6.1 million to 262 million
   
   --Net profit to rise sharply in absence of big exchange loss
   
   MEXICO CITY--America Movil SAB (AMX, AMX.MX), Latin America's biggest wireless service provider probably continued on its path of steady but modest growth in the fourth quarter, while a stronger Mexican peso is expected to generate a big jump in net profit.
   
   America Movil's net profit probably rose 50% in the October-December period to 24.5 billion pesos ($1.9 billion), according to the median estimate of six equities analysts consulted by Dow Jones. The increase is expected to reflect slightly higher operating gains and the absence of the hefty foreign exchange loss that affected the bottom line in the fourth quarter of 2011.
   
   America Movil's minority stakes in Royal KPN NV (KKPNY, KPN.AE) of the Netherlands and Telekom Austria AG (TKA.VI), acquired last year as businessman Carlos Slim debuted in the European telecoms market, should also contribute to net profit.
   
   Revenue is expected to be up 8.2% at 196.9 billion pesos, as the company is seen adding 6.1 million wireless subscribers for a total of 262 million across the Americas, and 1.6 million subscriptions to fixed-line services--especially pay television in countries such as Brazil--bringing its total to 64.4 million.
   
   While the stability of the Mexican peso in the fourth quarter was likely supportive of net profit, the peso's relative strength against other currencies such as Brazil's real will likely limit revenue gains in peso terms, several analysts said.
   
   Banorte-Ixe saw increased competition in most markets pressuring results. Special promotions for the holiday season knocked per-minute calling rates down, although an increasing number of smartphone users likely compensated for it, Banorte-Ixe said.
   
   In November, when America Movil unit Telcel launched 4G LTE service in Mexico, Chief Executive Daniel Hajj said around 35% of the unit's 69 million subscribers used data services, including 15% with 3G. Mr. Hajj estimated that between one million and three million users could sign up for 4G in the first year. America Movil also has 4G in Puerto Rico and some Brazilian cities.
   
   Fourth-quarter earnings before interest, taxes, depreciation and amortization, or Ebitda, a measure of operating cash flow, is expected to be up 1.7% at MXN65.6 billion.
   
   Stiff competition and increased regulatory pressure, as well as America Movil's foray into Europe, contributed to underperformance last year of the company's shares, which fell about 7% against an 18% rise in the Mexican stock market's benchmark IPC index. The shares have begun recovering this year, closing Friday at MXN15.99.
   
   In a report last month on America Movil, UBS bid good riddance to 2012 and welcome to 2013, in which it sees a more benign economic environment, and a "more normalized competitive environment in Brazil." The sharp 2011 cuts in Mexican mobile termination rates will disappear from year-to-year comparisons, and in the absence of acquisitions, there could be greater cash distributions to investors, UBS added.
   
   America Movil plans to report its fourth-quarter results on Tuesday after the market closes.
   
   Subscribe to WSJ: online.wsj.com?mod=djnwires
   
2. pwijsneus 10 februari 2013 19:41

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   In tegenstelling tot wat ik eerder poste komen de cijfers van America Movil dus pas dinsdag nabeurs.
3. [verwijderd] 10 februari 2013 20:15

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   KPN is de springplank naar Europa, kijk Mexico eens groeien zeg!
   
   In November, when America Movil unit Telcel launched 4G LTE service in Mexico, Chief Executive Daniel Hajj said around 35% of the unit's 69 million subscribers used data services, including 15% with 3G. Mr. Hajj estimated that between one million and three million users could sign up for 4G in the first year. America Movil also has 4G in Puerto Rico and some Brazilian cities.
   
   Ze lopen gewoon voor op KPN!!! Americanos Mobilos moet KPN inlijven ASAP.
4. pwijsneus 10 februari 2013 20:24

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   quote:

   paulta schreef op 10 februari 2013 20:15:

   KPN is de springplank naar Europa, kijk Mexico eens groeien zeg!
   
   In November, when America Movil unit Telcel launched 4G LTE service in Mexico, Chief Executive Daniel Hajj said around 35% of the unit's 69 million subscribers used data services, including 15% with 3G. Mr. Hajj estimated that between one million and three million users could sign up for 4G in the first year. America Movil also has 4G in Puerto Rico and some Brazilian cities.
   
   Ze lopen gewoon voor op KPN!!! Americanos Mobilos moet KPN inlijven ASAP.
   

   Hoop doet leven!!
5. hvasd2 11 februari 2013 10:39

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   "De reden was dat ik tijdens mijn storting een dusdanig slechte service kreeg, zo bijzonder slecht geholpen werd en wisten ze zo weinig af van mij als klant dat ik echt een UPC-gevoel kreeg en dan UPC in 2000. Nu heb ik de laatste tijd positieve reacties met UPC dus eigenlijk zou ik het in een KPN-gevoel moeten omdopen.
   
   KPN had ik dus gelukkig even niet, omdat ik van de manier van omgaan emotioneel werd en er even helemaal klaar mee was. Ook de nazorg was helemaal pet. Maar ik wil er niet eens meer over praten. Wel zit ik er aan te denken om op deze niveaus weer de aandelen op te pakken."
   
   www.iex.nl/Column/94485/Een-ritje-gam...
   
   U ziet KPN oplopen en dat lijkt alles te maken te hebben met dit rapport van Nomura Securities. De Japanners stellen dat grootaandeelhouder America Móvil - de onderneming die bekend is door giga-miljardair Carlos Slim - mee doet aan de claim-emissie van de Hollandse telecom.
   Een complete overname door de Mexicanen mag u vergeten van Nomura, want ook America Móvil heeft te veel schulden.
   
   www.iex.nl/Column/94484/Carlos-Slim-k...
   
6. [verwijderd] 11 februari 2013 10:57

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   Betaalt ome Carlos het maar uit eigen zak. Z on parel als KPN laat je toch niet liggen.
7. voda 11 februari 2013 16:24

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   'Telefónica blaast beursgang Zuid-Amerika af'
   
   Gepubliceerd op 11 feb 2013 om 12:51 | Views: 425
   
   MADRID (AFN/BLOOMBERG) - Het Spaanse telecomconcern Telefónica heeft de voorbereidingen voor een beursgang van zijn Zuid-Amerikaanse dochtermaatschappij stopgezet. Dat meldden bronnen rond de zaak maandag.
   
   Volgens de ingewijden zou het bedrijf een beursgang niet meer nodig vinden omdat de druk op de financiën is verminderd. In december meldde een topbestuurder van Telefónica nog dat met de beursgang 6 miljard euro zou kunnen worden opgehaald.
   
   Telefónica kondigde in mei vorig jaar aan een beursgang voor de activiteiten in Zuid-Amerika te bestuderen. Sindsdien heeft het concern zijn dividend geschrapt en een belang in zijn Duitse dochter verkocht om kapitaal op te halen. Ook werd voor 1,5 miljard euro aan obligaties uitgegeven.
   
8. pwijsneus 13 februari 2013 06:44

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   America Movil's 4th-Quarter Earnings Come In Below Expectations
   
   Telecommunications heavyweight America Movil SAB (AMX, AMX.MX) reported a surprise drop in net profit in the fourth quarter as revenue slipped on a stronger Mexican peso, operating cash flow came in below expectations, and the company registered a hefty financing charge.
   Latin America's largest wireless service provider, controlled by Mexican billionaire Carlos Slim, reported net profit of 15 billion pesos ($1.2 billion) in the October-December period, down 8.2% from the year-earlier quarter.
   
   Revenue slipped 1.1% to MXN198 billion, partly as the result of the Mexican peso's gains against other Latin American currencies. Revenue rose 5.8% at constant exchange rates.
   
   The net result was affected by a MXN10.5 billion financing charge, including a MXN4.8 billion exchange loss on the appreciation of the euro against other currencies.
   
   "Whereas financial volatility became more subdued in the fourth quarter as the uncertainty around the euro continued to subside, economic activity faced significant headwinds throughout the world with the recessionary situation in much of Europe appearing set to continue throughout 2013 and with the U.S. economy slowing down sharply," America Movil said, adding that the trend was also felt in some Latin American countries.
   
   The company added 5.6 million wireless subscribers for a total of 261.6 million, and 1.3 million subscriptions to fixed-line services, bringing the total to 64.1 million.
   
   Brazil led with 1.8 million wireless additions, while pay television in the South American country continued its rapid growth with 540,000 new customers in the quarter for a total of 12.6 million. In Mexico, America Movil added 1.2 million wireless subscribers for a total of 70.4 million.
   
   Earnings before interest, taxes, depreciation and amortization, or Ebitda--a measure of cash flow--fell 8% to MXN61.7 billion. America Movil attributed lower Ebitda margins to the growth of paid television and Tracfone in the U.S., and to customers continuing to switch to smartphones, which require larger subsidies.
   
   The bottom line and Ebitda were below the median expectations of six equities analysts consulted by Dow Jones that had predicted net profit of MXN24.5 billion and Ebitda of MXN65.4 billion. Revenue was slightly above estimates of MXN196.9 billion.
   
   America Movil's minority stakes in affiliates, including Royal KPN NV (KKPNY, KPN.AE) of the Netherlands, contributed a loss of MXN346 million.
9. pwijsneus 13 februari 2013 08:57

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   Broadband budget cut 'foolish'
   
   Published 13 February 2013
   
   EU budget 2014-2020
   
   The decision by European heads of state to slash the budget for EU-wide roll out of fast broadband internet will stifle Europe’s innovation agenda, the European Commission warned, leaving telecom firms and member states to stump up the cash.
   
   Under its Digital Agenda strategy, the European Commission wants Europeans to have access to fast broadband by 2013 and make sure at least 50% of households are able to subscribe to internet access above 100 megabits per second (Mbps) by 2020.
   
   To reach that goal, the Commission proposed a €50-billion "Connecting Europe Facility" (CEF) for cross-border infrastructure projects under the EU's 2014-2020 budget.
   
   Of this, €9.2 billion was earmarked to expand broadband and digital networks, amid concerns Europe is falling behind Asia and the United States.
   
   But last week’s deal on the long-term budget, struck be heads of states and government, saw the broadband element of the CEF slashed by €8.2 billion to just €1 billion.
   
   Missed opportunity
   
   “It is clear that there can be no support for broadband with a pot of only €1 billion, so this funding will be exclusively for digital services,” said Neelie Kroes, the EU's Commissioner for the Digital Agenda. She described the cut as “a missed opportunity.”
   The Commission estimates that up to €200 billion is required to meet the 2020 digital broadband targets in full.
   
   An industry source, speaking on condition of anonymity, said the result would add €70 billion to Europe's broadband bill, explaining that the €8- billion cut represented “seed money for loans that now can't happen”, leaving the private sector and member states to stump up the cash.
   
   The additional cost calculation arises from the fact that the loss of seed funding would deprive industry and member states of cheaper European Investment Bank-backed AAA-rated finance instruments, the source said.
   
   “Cutting the broadband out of the CEF proposal is penny-wise but pound-foolish,”said Ryan Heath, Kroes’ spokesman. Heath said the fast broadband networks would eventually be built, and the EU would help drive demand for them by using the remaining €1 billion to develop cross-border digital services like eProcurement.
   
   But he added: “They will cost more in the end and arrive later because they are riskier in the absence of EIB backing.”
   
   Industry finding Digital Agenda hard to fund
   
   Industry lobby group ETNO – whose members include Deutsche Telekom, Telecom Italia, Dutch provider KPN, France Telecom's Orange unit, Telefónica, Telekom Austria, Telenor and TeliaSonera – also slammed the decision and claimed it would impact on competitiveness and innovation.
   “Given the key importance of high-speed broadband networks and the potential leverage effect on private network investments of the CEF, this budget cut is a missed opportunity for Europe's economic recovery,” said Luigi Gambardella, the chair of ETNO’s executive board.
   
   Gambardella said investments in wireline networks in Europe in 2011 amounted to €24.8 billion, with ETNO members accounting for 67% of this expenditure. “Industry is finding it increasingly difficult to sustain this level of investment in order to meet the goals of the Digital Agenda,” he added.
   
   =====
   
   Positions:
   “The [CEF budget] decision shows that there still is a lack of understanding of European Governments on the importance of future-proof broadband networks," said Karin Ahl, president of the Fibre-To-The-Home (FTTH) Council Europe, an industry organisation with a mission to accelerate the availability of fibre-based, ultra-high-speed access networks to consumers and businesses.
   
   “Governments all over the world increase their efforts to ensure the availability of real broadband connections for their citizens. Therefore the European Union has just missed an important chance to make the right decision, not only for the years to come but also, and more importantly, for the future of a competitive Europe,” Ahl said.
   
   “At Huawei, we believe that providing more users with access to faster broadband is vital to keeping the European ICT sector competitive, reaping the full benefits of new technologies such as cloud computing services and will support getting back to solid growth,” said Tina Tsai, Brussels spokeswoman for Chinese telecoms company Huawei.
   
   “Investments in infrastructure roll-out play a key role in this context: the smart cities of the future will be built on ubiquitous ultra-fast broadband. The new digital business model is unthinkable without them,” Tsai said, adding: “Huawei remains committed to contributing to the Europe 2020 broadband targets by providing European telecom operators with the tools to upgrade their networks in a cost-efficient manner.”
   
   In an excoriating blog post on 9 February, the Commissioner for the Digital Agenda, Neelie Kroes, said of last week’s budget negotiation: “It’s not a negotiation based on vision but a shadow boxing match meant to convey that ‘Brussels’ has been taken down a peg or two and that politicians have managed to wrest something from the jaws of the Brussels beast for their voters."
   
   "French statesman Georges Clemenceau said war was too important to leave to the generals. I sometimes think Europe is too important to leave to the politicians," she said.
10. voda 13 februari 2013 16:23

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    'Vodafone wil Kabel Deutschland overnemen'
    
    Gepubliceerd op 13 feb 2013 om 14:18 | Views: 395
    
    FRANKFURT (AFN) - Het Britse telecombedrijf Vodafone overweegt een bod uit te brengen op het grootste kabelbedrijf van Duitsland, Kabel Deutschland. Dat meldde persbureau Bloomberg woensdag op basis van ingewijden.
    
    De vermeende interesse in Kabel Deutschland volgt kort op het bod van het Amerikaanse Liberty Global op het Britse kabelbedrijf Virgin Media. Liberty Global, in Nederland eigenaar van UPC, bood vorige week omgerekend bijna 12 miljard euro voor dat bedrijf. Kabel Deutschland heeft een marktwaarde van ruim 6 miljard euro.
    
    De geruchten stuwden woensdag ook de beurskoers van het Nederlandse kabelbedrijf Ziggo. Dat bedrijf noteerde rond 14.10 uur 4,4 procent hoger op 25,56 euro.
    
12. voda 13 februari 2013 16:34

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    Winstdaling voor América Móvil
    
    Gepubliceerd op 13 feb 2013 om 06:56 | Views: 1.011
    
    MEXICO-STAD (AFN) - América Móvil, grootaandeelhouder van het Nederlandse telecombedrijf KPN, heeft in het vierde kwartaal van zijn boekjaar de winst met 8,2 procent zien dalen. Dat werd woensdag bekendgemaakt.
    
    Het bedrijf van multimiljardair Carlos Slim, ook bekend als de rijkste man op aarde, boekte een winst van ruim 14,9 miljard pesos (circa 0,9 miljard euro), tegen 16,3 miljard pesos een jaar terug. De omzet zwakte met 1,1 procent af tot 198 miljard pesos. Aan het eind van het jaar had het concern 19,8 miljoen mobiele abonnees.
    
    Marktkenners wijzen erop dat América Móvil nog steeds dominant is in thuisland Mexico, maar daarbuiten steeds meer concurrentie krijgt. Ook voelt het bedrijf de druk om te investeren in telecominfra.
    
13. voda 13 februari 2013 18:17

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    In Londen kon Vodafone op aandacht rekenen vanwege geruchten dat de telecomaanbieder mogelijk een bod wil doen op Kabel Deutschland, zo meldden bronnen. Dit zou de positie van het concern in Europa verder versterken. Kabel Deutschland won woensdag bijna 9%, maar Vodafone leverde 1,1% in.
    
    Door Marleen Groen; Dow Jones Nieuwsdienst; +31 20 5715 200; marleen.groen@dowjones.com
    
    (ingekort)
14. pwijsneus 14 februari 2013 21:13

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    www.ft.com/intl/cms/s/0/2c1e7f0c-75e4...
    
    Telecoms groups must make the right call
    
    By Tony Barber
    
    For Europe’s financially hard-pressed telecommunications sector, the spending cuts incorporated in the EU’s 2014-20 budget, at the behest of cost-conscious governments, leave a particularly bitter taste.
    
    Neelie Kroes, the EU commissioner in charge of the 27-nation bloc’s digital agenda, lamented in her blog that the cuts – agreed at a Brussels summit last week – were so deep that they left no room for EU-level investment in high-speed broadband networks. As a result, it would be harder to hit the target of fast broadband coverage for all Europeans by 2020, she warned. As for Europe’s incumbent telecoms operators, they too are reeling in dismay.
    
    Instead of the €9.2bn originally proposed by the EU’s executive commission, there will be only €1bn in EU funds for broadband and digital infrastructure in the next seven-year budget cycle. This will weaken the companies’ ability to leverage EU financial support into large-scale private sector investments in modern networks, they claim.
    
    The disappointment of Ms Kroes and Europe’s telecoms companies is perfectly understandable. But today’s tight budgets reflect the hangover incurred after the financial crisis of 2008 and the credit-fuelled spending binge of the euro’s first decade. Europe’s traditional telecoms businesses must get used to the idea that, as they dig themselves out of difficulty, the public money available will buy a trowel rather than an excavator.
    
    What EU regulators and governments can do, however, is devise policies that encourage competition, efficiency and investment in the sector as a whole.
    
    The European market is fragmented and overcrowded: more than 1,200 companies offer fixed-line services alone. The industry’s revenues declined in 2011 for a third consecutive year and are unlikely to have picked up last year. So widely are revenues distributed that it is hard for all but the biggest and most successful operators to manage the multibillion-euro investments required to exploit the latest advances in technology.
    
    All this raises the question of whether Brussels is correct in its view that faster consolidation in the telecoms sector is the way to spur investment. Arguably, as with airlines, Europe’s telecoms sector would benefit from a smaller number of companies – provided the market was still open to newcomers and governed by strict antitrust rules. But no more than in the airline industry does it automatically follow that the dominant few should consist of former national monopolies.
    
    Companies such as Deutsche Telekom, France Telecom, KPN of the Netherlands, Telecom Italia and Telefónica of Spain hold mixed opinions about consolidation.
    
    Some define it in terms of shared networks and nothing more. Others may be open to grand, full-scale mergers. All know the days are gone when they held their domestic markets in an exclusive grip. Customers are free to abandon old brand names for technological trailblazers, such as Skype and WhatsApp, and competitively priced upstarts, such as Iliad in France and Spain’s Jazztel.
    
    Quite a few traditional operators are not only surrendering market share and losing profitability but groaning under a stack of debt. Two weeks ago KPN, burdened with falling margins in its Belgian, Dutch and German markets, announced a €4bn rights issue. KPN justified it on the grounds of rising debt and commercial investments, such as the higher than expected €1.35bn paid in December at an auction for fourth-generation wireless frequencies.
    
    Telecom Italia, whose €28bn adjusted net debt is more than twice its market capitalisation, is following KPN’s example. It will issue up to €3bn in hybrid subordinated bonds over the next two years. Like incumbents such as Telekom Austria and Telefónica, KPN and Telecom Italia have signalled that the years of regular fat dividends are over.
    
    There is no quick fix to the financial predicament of the incumbents. What makes Europe’s telecoms sector different from, say, cars, pharmaceuticals or fashion businesses is that profitable expansion into east Asia, the US and elsewhere is harder to achieve. Low stock market valuations and cash shortages in Europe inhibit growth by foreign acquisition.
    
    Seizing market share outside Europe is no easier, given the profound structural changes in the industry that make price competition so fierce.
    
    In this light, cross-border mergers within Europe start to look appealing. But if they happen, they must happen not to satisfy defensive-minded ex-monopolies but because they drive innovation and are good for customers and shareholders.
    
    Tony Barber is the Financial Times’ Europe editor
    
15. voda 18 februari 2013 16:16

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    Telefonica neemt last vanwege devaluatie Venezuela
    
    
    MADRID (Dow Jones)--Telefonica sa (TEF) neemt een last van EUR438 miljoen in de cijfers over 2012 vanwege de recente devaluatie van de Venezolaanse bolivar, maakt het Spaanse telecombedrijf bekend.
    
    Telefonica voegt toe dat de beslissing eerder deze maand om de munt met 32% te devalueren ten opzichte van de dollar de bezittingen daar met EUR1 miljard in waarde verminderen.
    
    Telefonica opent op 28 februari de boeken over 2012.
    
    Het Spaanse telecombedrijf is de volgende in een reeks van multinationals die de financiele impact van de devaluatie bekendmaakt. Eerder gaf de Amerikaanse producent van consumentenproducten Colgate-Palmolive (CL) al aan een eenmalige last te nemen van $120 miljoen. Dienstverlener aan de oliesector Halliburton (HAL) neemt een verlies van $30 miljoen in het eerste kwartaal.
    
    
    Door Jonathan House, vertaald en bewerkt door Ben Zwirs; Dow Jones Newswires; +31 20 571 52 00; ben.zwirs@dowjones.com
    
16. [verwijderd] 18 februari 2013 16:34

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    Vroeg wakker voda!
17. pwijsneus 18 februari 2013 19:08

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    DEALTALK-Vodafone looks to fixed buys to escape mobile squeeze
    
    Mon Feb 18, 2013 12:51pm EST
    
    * Vodafone talking to bankers on Kabel D deal- sources
    
    * Mobile-centred strategy leaves Vodafone isolated
    
    * Squeezed between cheap mobile discounters, incumbents
    
    * All-included fixed, mobile plans grow in popularity
    
    By Leila Abboud and Paul Sandle
    
    PARIS/LONDON, Feb 18 (Reuters) - Vodafone's interest in Germany's biggest cable company Kabel Deutschland could foreshadow more fixed network acquisitions, notably in Spain, as it tries to keep up with tightening competition in Europe.
    
    The reason: Vodafone is facing a squeeze between low-cost mobile challengers and telecom and cable rivals increasingly pushing discounted, all-included mobile and fixed bundles to keep customers.
    
    The trends are playing out at different speeds in Vodafone's operations in Spain, Germany, the Netherlands and Italy, and over time are expected to push down profits in its core mobile business and force it to offer bundles of its own by renting capacity on rivals' broadband networks.
    
    Buying its own fixed assets such as local cable operators or alternative telecom providers would help it keep up with competitors' offers and cut fees paid for fixed access.
    
    To date, Vodafone, which unlike its main rivals has largely mobile operations in continental Europe, has pursued a modest, country-by-country approach to buying fixed assets and otherwise rented access to reach consumers' homes and businesses.
    
    It paid $2.2 billion last year for Cable and Wireless Worldwide in Britain and Telstra in New Zealand and also looked at buying Kabel Deutschland before it went public in 2010.
    
    But Vodafone may be forced into bolder action if results start to suffer from what Goldman Sachs analysts have called a "structural squeeze on mobile-only operators".
    
    Liberty Global's surprise move into Britain with a $15.75 billion bid for Virgin Media on Feb. 6 also shows the perils of waiting; with limited assets up for grabs and deal financing easier to get since the beginning of the year, others might beat Vodafone to the punch.
    
    With a stronger balance sheet than rivals and stable credit ratings, it can afford acquisitions, though shareholders are wary of a return to its free-spending past.
    
    Analysts have also speculated that Vodafone could sell part of its 45 percent stake in U.S. market leader Verizon Wireless, worth roughly £57 billion after taxes, to fund cable deals in Europe that Goldman Sachs says could deliver synergies with a net present value of £10-16 billion.
    
    Vodafone declined to comment on its interest in Kabel Deutschland. Sources familiar with the matter say Vodafone is talking to banks to hire advisers but has made no firm decision on a bid. It has worked with Goldman Sachs and UBS in the past.
    
    The deal would add Kabel Deutschland's 8 million households to Vodafone's 12 percent broadband market share in Germany and reduce the fees it pays to rent access on Deutsche Telekom lines - perhaps 200 million euros a year, according to one analyst. With a price tag analysts put at 10 billion euros, it would be Vodafone's biggest buy since entering India in 2007.
    
    Vodafone's Chief Executive Vittorio Colao said on Feb. 7 that the group would consider acquisitions to keep up with bundled offers from competitors, while lobbying for regulators to create fairer terms to rent access on fixed networks.
    
    "We will have dual strategies in most places. Clearly M&A, as in the case of Telstra or Cable & Wireless, is on the cards," said Colao, referring to 2012 acquisitions. "We keep all possible alternatives open."
    
    A sector banker who has worked with the company in the past said the market-by-market approach made sense: "The strategic question is whether as a mobile operator you need to have fixed broadband strategy and access to the customer, and the answer really depends on the competitive and regulatory dynamics in each market."
    
    Robin Bienenstock of Bernstein Research thinks Vodafone should be more aggressive on acquisitions in Spain and Germany in particular because it was becoming harder there to position itself against competitors.
    
    In Spain, Telefonica is pushing all-included fixed and mobile offers dubbed 'Fusion' that Vodafone can't replicate.
    
    While in Germany Deutsche Telekom hasn't moved to "quad-play" yet (broadband, fixed-line, TV and mobile), a mobile price war is brewing after third-place mobile operator KPN announced heavy discounts last week to gain share.
    
    With Liberty Global and Kabel Deutschland winning more broadband clients with faster and cheaper services, analysts say Deutsche Telekom may soon have to offer all-included bundles to differentiate itself. All of which would put Vodafone in a squeeze in its biggest market in Europe.
    
    Buying Kabel Deutschland would also blunt any move by Germany's cable operators to move deeper into mobile services as Belgium's Telenet has done.
    
    "I think Vittorio Colao is damned if he does these deals, and damned if he doesn't," said Bienenstock. "If he does, he'll get slammed for buying at high prices; if he doesn't, he faces structural risk and living in fear that Liberty or someone else will buy up the targets he wants."
    
    In Spain, where Vodafone is the second-largest mobile operator behind Telefonica and ahead of France Telecom's Orange, it could buy cable operator Ono or broadband specialist Jazztel.
    
    It has 7.3 percent broadband market share, fifth spot, and mostly rents access to the copper lines into people's homes from Telefonica, but it has long complained to regulators that its rival drags its feet on such connections.
    
    Neither Ono or Jazztel are ideal targets, say analysts and bankers. Private-equity backed Ono holds 14 percent market share in broadband but its network, which reaches 80 percent of households, needs big investment to boost speeds.
    
    Jazztel also relies on Telefonica line rentals, so it might not confer much benefit on Vodafone. A Jazztel spokeswoman wasn't available for comment.
    
    Private equity firms CCMP Capital Advisors, Providence Equity Partners, and Thomas H. Lee Partners, each own 15 percent of Ono. A spokeswoman for Ono declined to comment.
    
    "I think no strategic decision has been made by Vodafone on whether to invest in countries like Spain," said another banker.
    
    "Buying the likes of Jazztel or Ono are possible options, but they all have their own challenges and in the short term there is no need to force a decision on this."
    
    Vodafone is less likely to pursue deals in the Netherlands and Italy, bankers said. In Italy, the incumbent Telecom Italia is in talks with a state-owned investment fund to spin off its own fixed network, leaving much in flux, and the main target broadband provider Fastweb is now owned by Swisscom.
    
    A move for Dutch cable operator Ziggo is unlikely given its rich valuation and ongoing brutal competition in a market that accounts for only 4 percent of Vodafone operating profit.
18. voda 20 februari 2013 16:37

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    Forse winstdaling France Télécom
    
    Gepubliceerd op 20 feb 2013 om 10:30 | Views: 724
    
    PARIJS (AFN/BLOOMBERG) - France Télécom heeft over het afgelopen jaar een forse winstdaling geboekt. Dat maakte de Franse telecomprovider woensdag bekend. Mede door afschrijvingen van 1,84 miljard euro op activiteiten in Polen, Egypte en Roemenië daalde de winst naar 820 miljoen euro. Een jaar eerder was die nog 3,9 miljard euro.
    
    Ook de omzet daalde in 2012, naar 43,5 miljard euro. France Télécom onderzoekt de mogelijkheden om bepaalde onderdelen te verkopen, zodat er geld binnenstroomt om eventuele andere telecomaanbieders over te nemen. Zo staat het belang van de Fransen van 20 procent in het Portugese Sonaecom in de etalage. Mogelijk wil het Franse bedrijf met de verkoop daarvan de overname van het Spaanse Yoigo, onderdeel vanTeliaSonera, financieren.
    
    Waar concurrenten Vivendi en Iliad hun prijzen in het afgelopen jaar verlaagden om meer klanten voor zich te winnen, verhoogde France Télécom juist de prijzen. Dat deed de provider omdat het in tegenstelling tot de concurrentie inzette op snellere verbindingen. De koerswijziging lijkt de provider op te breken.
    
    Prijzenoorlog
    
    ,,We zijn minder optimistisch dan een paar maanden geleden als we kijken naar waar de prijzenoorlog in Frankrijk gaat eindigen'', aldus de financiële topman van het bedrijf, Gervais Pellissier. Toch verwacht Pellissiervoor dit jaar wel dat een verdere winstdaling voorkomen kan worden.
    
    France Télécom was het afgelopen jaar het minst presterende bedrijf in de hoofdgraadmeter van de Parijse effectenbeurs. Het aandeel daalde in 12 maanden tijd met 32,4 procent in waarde.
    
19. voda 20 februari 2013 16:40

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    Britse 4G-veiling levert miljarden op
    
    Gepubliceerd op 20 feb 2013 om 09:08 | Views: 651
    
    LONDEN (AFN/BLOOMBERG) - De veiling van vergunningen voor het nieuwe 4G-netwerk in Groot-Brittannië heeft 2,34 miljard pond (2,69 miljard euro) opgeleverd. Dat maakte de toezichthouder voor de Britse telecommunicatie Ofcom, die de veilig organiseerde, woensdag bekend.
    
    In totaal betalen er vijf providers mee aan het bedrag. Vodafone neemt het leeuwendeel voor zijn rekening. Het bedrijf draagt ruim 790 miljoen pond bij. EE betaalt met bijna 590 miljoen pond wat minder. Telefónica (550 miljoen pond), Hutchison (225 miljoen pond) en British Telecom (ruim 185 miljoen pond) nemen de rest van het bedrag op zich.
    
    De aanbieders MLL Telecom en HKT visten achter het net. Ofcom verwacht dat de eerste providers het netwerk binnen een halfjaar aan kunnen bieden aan hun klanten.
    
20. pwijsneus 22 februari 2013 20:36

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    Analysis - Slim's flagship America Movil under pressure as shares sink
    
    (Reuters)
    
    The business empire of the world's richest man, Carlos Slim, is showing signs of wear as investments made by his flagship firm America Movil sour and regulators and competitors squeeze profit margins at Latin America's largest phone company.
    
    Slim is revered by many as a savvy value investor and he seems content to sit tight on loss-making investments and back his executives' management. But America Movil's minority investors are starting to demand more transparency as well as greater cash returns from the family-controlled company.
    
    Shares in America Movil, once a darling among regional investors, have lost more than 10 percent in the last 10 days and are down nearly 25 percent from highs hit last May.
    
    Uncertainty over how his empire will be affected by planned overhauls of the telecoms industry and competition laws in Mexico - part of a wider raft of economic reforms - is also weighing on the stock.
    
    For minority investors the shrinking stock price compounds frustration with the company. Fourth-quarter profits came in way below expectations and America Movil is sitting on billions of euros in paper losses from investments in two European telecoms firms.
    
    "What they need to do is show shareholders that they're cognizant of the weak performance," said Kevin Smithen, an equities analyst at Macquarie Bank. "It would behoove them to start buying back stock or increase the dividend."
    
    The shares have slumped 10.8 percent since the company reported the weak fourth-quarter profits on February 12.
    
    That amounts to a hit of about $4 billion (2.6 billion pounds) to Slim and his family's fortune, estimated by Forbes magazine last year to be around $69 billion.
    
    America Movil has a dividend yield of 1.42 percent, among the lowest in the 30-name Dow Jones Titans Telecommunications Index, according to Thomson Reuters data.
    
    Since the weak earnings report, the stock is underperforming compared to a 3.8 percent dip in that index and a 1.6 percent dip in Mexico's benchmark IPC stock index.
    
    LACK OF TRANSPARENCY
    
    A constant complaint from America Movil's investors and analysts is that it lacks transparency: it is not forthcoming with detailed operating performance data and, compared to rivals, executives rarely meet with shareholders at public investor days or similar events to discuss performance.
    
    A spokeswoman for the company declined to comment.
    
    In particular, investors have struggled to understand America Movil's investment in Dutch telecom KPN, which has lost more than half its value since Slim started building up a 29.77 percent stake last June. A similar acquisition of stock in Telekom Austria is also under water.
    
    The company said it spent 79 billion pesos (4 billion pounds) in the first nine months of 2012 on those two positions.
    
    KPN shares are down more than 60 percent since America Movil started building up its stake in June, while Telekom Austria shares are down almost 40 percent since mid June, when America Movil spent $1.1 billion to add a 21 percent stake to an existing position in the company.
    That outlay on the European stakes is nearly as much as the hefty 82 billion pesos America Movil spent on capital expenditures and is almost four times its spending on share buy-backs and dividend payments in the first nine months of 2012.
    
    Stepping into Europe was a move that surprised some investors, since the company until last year did not have experience outside of the United States and Latin America.
    
    America Movil has said it views the European stakes as long-term holdings but beyond that it has not done much to explain what so far looks like a costly strategy.
    
    After it emerged on Wednesday that America Movil was putting new money - about 900 million euros - into its KPN position as part of the Dutch company's rights issue, America Movil shares slid a further 2 percent.
    "I think that if they were to have a little bit more transparency and to communicate their strategy in some of the metrics associated with their outlook, people would probably be a bit more excited about (the European investments)," said Rick Hoss, co-portfolio manager of Euro Pacific Latin America Fund.
    
    Hoss' fund has $15 million under management and at the end of December about 4.56 percent of its portfolio was invested in America Movil shares.
    
    REGULATORS AND COMPETITORS
    
    Aside from its European bets, America Movil has been spending big on improving its networks in Latin America.
    
    The company started rolling out 4G services in Mexico at the end of last year, using long-term evolution (LTE) technology that boosts average speeds on wireless devices.
    
    That spending has put pressure on profit margins. After the weak fourth quarter results, analysts questioned the company on when investors might expect that pressure to ease.
    
    "We are investing a lot, and I think all those investments are going to end up giving us good profitability in the future," said Chief Executive and Slim's son-in-law Daniel Hajj. But neither he nor Chief Financial Officer Carlos Garcia Moreno discussed when profit margins might improve.
    One strategy that might help mitigate this cost is network sharing, which has been embraced by America Movil's biggest rival in Latin America, Telefonica.
    
    That is a smart strategy in a region that needs heavy investment, said Marceli Passoni, senior analyst at Informa Telecoms & Media in Sao Paolo. It is surprising that America Movil is not signing network sharing agreements, she added.
    
    "That's one thing they should consider changing," she said.
    At the same time, the value of America Movil's vast networks is under pressure from competition authorities.
    
    In Mexico, which is America Movil's key market, regulators are seeking to cut the fees the company can charge competitors to connect to its network, while allowing rivals to charge America Movil more in a process known as asymmetric regulation.
    
    As it battles regulators to defend its fees, America Movil is facing tougher competition that is forcing it to spend more on subsidizing handsets for internet-enabled phones so it can move more clients to lucrative data packages.
    
    To be sure, some investors note that these are short-term hits to profit margins and although America Movil's share price has been under pressure, it remains an attractive company.
    
    "I don't necessarily think the problem is with the company, I think it's with overly active governments and markets," said Euro Pacific's Hoss. "They're competing just fine, it's just a matter of having to play by so many different rules."
    
    Macquarie's Smithen noted that America Movil leads large telecoms such as China Mobile, Verizon, AT&T and Vodafone in revenue growth, with a 5.2 percent fourth-quarter increase in service revenue year-over-year.
    Still, he said America Movil must improve communication with investors. "This company used to have a combination of good growth and returns to shareholders, now the growth has slowed, they're making investments and the stock has underperformed."
    
    When he talks to investors about America Movil, they tell him they like its valuation but they would like to see a dividend or a buyback to provide support for the share price.
    
    "I think they need to re-establish that," he said. "(Then) people will start looking at the longer term prospects and look through some of the regulatory concerns."
    
    (Reporting by Elinor Comlay; Editing by Kieran Murray and Andrew Hay)
    
21. SanderW123 23 februari 2013 15:17

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    www.ey.com/GL/en/Industries/Telecommu...
    
    Last year, we outlined a number of obstacles that operators must avoid to capitalize on new opportunities. It is imperative that operators develop specific responses to a range of threats.
    In this report, we delve into the measures we believe operators can adopt to fend off the pressures facing their organizations and make the most of an expanding horizon of service possibilities.Mitigating business risks: how are operators faring?
    In our conversations with senior management, we found that operators are already taking steps to meet sector risks. Concerns around business model overhaul, disengagement from the customer mindset, and return on investment will remain leadership priorities.
    Yet such risks are not diminishing – the nature of the challenge in each of these instances now becomes how best to accelerate existing moves and pursue bolder responses.
    For instance, in the case of “Lack of confidence on return on investment”, network sharing is well established and operators can look to more dynamic forms of infrastructure rationalization such as RAN sharing.
    Risks that have recently entered the Top 10 list, such as “Insufficient information to turn demand into value” or “Failure to define new business metrics”, remain areas where mitigation strategies are only just emerging. Here, the challenge is to formulate responses and make them leadership priorities.
    It is imperative that operators develop specific responses to a range of threats.Our assessment of operator responses to risks
    The figure below highlights how operators are coping with the Top 10 risks.
    We have evaluated risk mitigation strategies by assessing the maturity of current responses as well as how high they rank as leadership priorities.
    We also consider whether these risks are likely to become more pronounced in 2013 in view of the success of existing mitigation strategies and external factors such as:
    * Regulatory demands
    * Customer needs
    * Competitor actionsOperator mitigation strategy assessment
    Operator mitigation strategy assessment
    
    Reading across the three categories of mitigation strategy assessment, a number of conclusions can be drawn:
    * Leading sector risks (No. 1, No. 2 and No. 3) are already being dealt with as a leadership priority through well-established strategies.
    * Other risks represent more recent pain points. While responses in these areas are often nascent, management focus varies in intensity (No. 6 and No. 8).
    * The prospect for risks increasing or decreasing in magnitude over the next twelve months varies substantially. We see regulatory threats (No. 5) decreasing, while risks emanating from a lack of business intelligence (No. 4) are seen increasing.
    1. Failure to shift the business model from minutes to bytes
    As value shifts from minutes of usage to volumes of data, operators need to move away from their legacy strategies focused on customer retention, which have had the effect of commoditizing the value of minutes and bandwidth in customers’ eyes.
    Operators need to target revenues from new services that tap into rising demand and master a wider array of charging models to monetize their services.
    Operators are responding by:
    * Revisiting pricing approaches
    * Altering the business model to support new roles in the value chain2. Disengagement from the changing customer mindset
    Operators need to respond to fast-changing customer expectations to fight off the competitive threat from over-the-top providers.
    This will require operators to communicate the underlying value of the network and the sources of added value to differentiate their offerings in new service areas. Innovation in the service model could also be used to build brand loyalty.
    Operators are responding by:
    * Improving customer communications and maximizing brand trust
    * Adopting the OTT mindset in new service areas
    * Improved segmentation to isolate specific customer demands
    As value shifts from minutes of usage to volumes of data, operators need to move away from their legacy strategies3. Lack of confidence in return on investment
    Tight capex control can limit operators’ ability to grow new services quickly. They need to maintain their commitment to investing in growth opportunities, while tracking technology and consumer developments closely to ensure they target their financial investments in the right areas at the right time.
    Operators are responding by:
    * Extracting more value from suppliers
    * Reducing network duplication
    * Educating the market on a shifting network landscape4. Insufficient information to turn demand into value
    To drive profitable customer propositions and improve their time-to-market for new services, operators need accurate, timely and comprehensive business intelligence and customer analytics, underpinned by aligned an integrated operational support and billing systems.
    These elements enable operators to improve decision-making, helping them understand customer changes before competitors, and allowing them to reuse network data in collaborate partnerships.
    Operators are responding by:
    * Taking a holistic approach to business intelligence improvements
    * Taking a lead on predictive analytics
    * Turning big data into a new revenue stream5. Lack of regulatory certainty on new market structures
    Uncertainty over regulators’ approaches to new market structures is undermining operators’ willingness to invest. It is increasingly crucial for governments and regulators to adopt pro-investment policies for operators to form workable stances on a range of issues, including the increasing interrelationship between fixed and mobile policies.
    At same time, all these groups must work together to achieve greater clarity over regulatory approaches.
    Operators are responding by:
    * Engaging more collaboratively with policy-makers in core service areas
    * Managing compliance demands in new service areas
    * Maintaining workable stances on net neutrality.