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Telephone, it counts new after the blotch
Adjustment de belt, investments to the minimum, cleaning de balance… Caesar Alierta, in his third year like president de Telephone, has made the duties most elementary. The question is if it will be able to jump to another more complex course.
Day 26 de July three years are marked since Caesar Alierta assumed the presidency de Telephone.
The company has left very back the time de the great visionaries. And more than no other operator in Europe, it has raised the flag de the adjustment de costs, the reduction de debt, the cleaning de the balance, the disinvestment in nonstrategic assets, and the real repayment to the shareholder in the form de contantes and sonantes dividends. They are prescriptions de all the life that Telephone has come fulfilling to rajatabla.
The debt has been reduced from the 31,244 million Euros in January de 2001 to 22,533 million in december de 2002. In the first trimester de this year a new cut de other billions took place. The reduction is taking place by the operative resources generated by the business, but also by the extraordinary ones de the sale de the buildings or mass media, among them Antenna 3.
The past year, cleanings were realized in the balance de 16,000 million to make blotch and counts new on some investments, like the licenses de telephony de third generation de moving bodies (UMTS), and with Terra Lycos. It was a traumatic and brave decision that has been a second east chapter year old. Telephone it now confronts the reduction de 15,000 uses in Spain. This adjustment, that supposes 37% de the group de the group in Spain, will be the greater file de regulation de history in our country.
Agility
The belt adjustment also has been translated in leaving reduced to the minimum expression the rate de the investments. In 2002, Telephone one it invested 3,789 million. For this year, the growth anticipated in the investments is placed between the zero and three percent.
For many analysts, Telephone she has been the most agile operator within a tendency which sooner or later they have had to rise all the great colossuses de the telecommunications. It is the European company that relatively less debt has, with a ratio de 0.6 times his flow de box anticipated for period 2002-2006.
The rest de great operators has a ratio superior to one. The market has recognized therefore it. The Spanish company takes everything what goes de year coqueteando with the first European position by stock-exchange capitalization. Yesterday, with a value de 49,700 million, it was to very little distance de the 50,000 million Telecom Italia, and relatively near the 53,800 million deutsche Telekom.
A question
But the question that becomes the analysts is and now, what? . The adjustment de costs and the sale de assets are not limitless tools that can maintain the strategy de the company in the long term. Telephone already it has obtained extraordinary income by the sale de real estate assets de more than four hundred million.
Medium term delay to secure other two hundred million. But further on cannot arrive , explains an analyst. As far as reducing costs, the route has been run out with the file de regulation that starts up now, and with the strong containment de investments that have practiced . For many, the hour has arrived to think about one more a more ambitious strategy, than it returns to watch outside the company.
In this sense, in Telephone now they seem to exist only three words: Mexico, Brazil and ADSL. Some would be due to include more. In the market it is considered that yes. Although bet by an acquisition on a large scale, that would penalize in the market, the analysts do not consider themselves that the hour has arrived to accelerate the strategy de precise purchases and to prepare themselves more in the long term for a future.
Mexico where the Pegaso was bought , and Brazil where Telephone has fused its cellular assets with those de Portugal Telecom, has placed to the Spanish operator like one de the leaders in moving bodies in Latin America. But Europe continues being a pending subject. The agreement with Orange, T-Mobile and TIM is only a commercial patch.
Telephone it has put all their effort in technology ADSL as formula to compete with the cable and to maintain lives the fixed telephony. But the ADSL will only be able to be expressed to the maximum with a supply de contents, that Telephone it has developed only by halves. Its audio-visual plan Imagenio has not seen the light, and the business online de Terra is about to redefine.
Conditions de the ERE
They are fronts that are added to the flecos to solve. Most important at the moment, removing ahead the file from regulation de use (ERE) in Spain.
The direction de the company met yesterday with the union representatives to set out the economic conditions to them. Telephone it defers the maximum than it marks the law like indemnification: 45 days per worked year and a top de 3.5 annuities to receive by worker. That is to say, in principle there is no an extraordinary component in economic terms outside which an employee could obtain legally.
However, Telephone it contemplates a modality de extraordinary separation, but only for the employees majors de 52 years. To these, the operator defers the alternative to them to receive the seventy percent de her pay until the 60 years, and the thirty percent between the 60 and 65 years. She is here where more discrepancies arose yesterday between company and unions. The unions demand that this formula de rents, similar to which file was carried out in the last, is updated with respect to the inflation.
If the 15,000 workers take refook in the file would suppose a cost for Telephone among 4,000 million and 4,500 million.
Thursday has paid attention for morning a next meeting to continue negotiating between company and unions. Besides precise subjects, in principle the UGT and CCOO support the file. CGT and UTS are critics more. And it will put under it to STC the consultation de his affiliates.
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