BT Group (BT.A)

First quarter to 30 June 2019 (02/08/2019)

• Reported and adjusted revenue of £5,633m down 1% with decreases in Consumer, Enterprise and Global.
• Adjusted EBITDA1 down 1% at £1,958m driven by lower revenues and higher spectrum fees and content costs, partly offset by reduction in costs from restructuring and transformation programmes.
• Reported profit before tax of £642m and adjusted1 profit before tax of £749m, impacted by the higher upfront interest expense on the IFRS 16 lease liabilities recognised from 1 April 2019
• Normalised free cash flow1 of £323m down 36% reflecting increased capital expenditure and higher interest and tax payments, partially offset by working capital phasing.
• Reported capital expenditure of £931m up 11% primarily due to network investment and customer driven costs.
• Full year outlook maintained.

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Results for the half year to 30 September 2019 (31/10/2019)

Key strategic developments

  • Launched a host of new products for consumer and business segments, including the new Halo converged product plans and BT Mobile 5G
  • Introduced a range of new service initiatives including bringing the BT brand to the high street in over 600 EE/BT dualbranded stores, and to answer 100% of customer calls in the UK & Ireland from January 2020
  • Continued to make progress on the BT modernisation agenda, including delivering over £1.1bn transformation benefits, announcing the first locations in our Better Workplace Programme, and disposal of BT Fleet Solutions
  • Outlined our Skills for Tomorrow programme to provide digital skills training for 10m UK children, families and businesses

Operational

  • 5G network live in over 20 cities and large towns; 5G smartphone plans now available on both EE and BT brands
  • Openreach announced the launch of new FTTP 1Gbps and 550Mbps products. FTTP rollout at c.23k premises passed per week; 4.2m ultrafast (FTTP and Gfast) premises passed to date; currently announced plans to build FTTP in 103 locations
  • Consumer fixed ARPC £38.5, broadly flat year on year; postpaid mobile ARPC £20.8, down 5.5% year on year due to impact of regulation and continued trend towards SIM-only; RGUs per address up to 2.38
  • Postpaid mobile churn remains low at 1.2% in Q2 despite impact of auto switching; fixed churn at 1.3% in Q2 down from 1.6% in prior year

Financial

  • Reported revenue £11,467m, down 1%1 mainly reflecting the impact of regulation, declines in legacy products, and strategically reducing low margin business
  • Reported profit before tax £1,333m, broadly flat year on year; adjusted2 EBITDA £3,923m, down 3%1 due to lower revenues, increased spectrum fees, content costs and investment to improve competitive positioning partly offset by cost savings from transformation programmes
  • Net cash inflow from operating activities of £2,173m; normalised free cash flow2 of £604m, down 38% due to increased capital expenditure, higher interest and tax payments, partially offset by one-off cash flows
  • Capital expenditure £1,882m. Up £225m excluding BDUK grant funding deferral, driven by increased network investment
  • Net debt2 increased primarily due to implementation of IFRS 16, £6.1bn, and net business cash outflows, £1.2bn
  • Interim dividend of 4.62p per share; 30% of last year’s full-year dividend of 15.4p per share

¿Sabéis si hay alguna noticia relacionada con la caída de hoy?

Virgin Media to ditch BT mobile network for Vodafone

Virgin’s 3mln customers currently use BT’s EE network for their mobile service, however, the current deal, due to end in 2021, will now start to wind down for the switch over.

The move will likely serve as a blow to BT’s turnaround efforts, with the group accelerating its roll-out of fibre broadband and 5G mobile internet in a bid to stay competitive and increase profits.

The loss of business may also increase fears that the firm may cut its dividend to stay on track with its cost saving plans.

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Gracias Ruindog.

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¿Y qué más gratis y por la cara? ¿Un Jaguar a la puerta? Madre mía Reino Unido, quién te ha visto y quién te ve…

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Si la Thatcher levantara la cabeza…

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normalmente en este tipo de casos, suele haber un trasvase de capital desde las empresas a las cuentas bancarias de los “ocupantes” del gobierno.
lo viviremos pronto muy de cerca.

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Results for the nine months to 31 December 2019 (30/01/2020)

  • Reported revenue £17,246m and adjusted revenue £17,192m, both down 2% primarily due to ongoing headwinds from regulation, competition and legacy product declines
  • Reported profit before tax of £1,911m; adjusted EBITDA £5,900m, down 3%, due to the fall in revenue, higher spectrum fees, investment in customer experience and higher operating costs in Openreach
  • Normalised free cash flow of £1,000m, down 42% due to increased cash capital expenditure, deposit for UEFA club football rights, higher interest and tax payments and working capital, partially offset by one-off cash flows
  • Capital expenditure £2,877m. Up £251m excluding BDUK funding deferral, driven by fixed and mobile network investment
  • Overall financial outlook maintained; we expect normalised free cash flow, for timing reasons, to be in the lower half of the £1.9bn - £2.1bn full year guidance range
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Fin del ADR de BT y cómo proceder si no has hecho el canje antes:

¿Nadie comenta la noticia de hoy? Han cancelado el dividendo para 2 años y la cotización cae un 9%
alguien que la lleve o la lleve más seguida ¿momento de entrada?
No he mirado nada, pero me resulta dificil que una teleco tenga problemas en el covid cuando realmente es todavía mas necesaria su labor.

Creo que habrá bajado también por la operación de Telefónica que se hace más fuerte en Reino Unido.

Saludos.

Creo que nadie ha comentado la noticia porque los muertos del armario se suelen empujar bien al fondo y ya no dan ni penas ni alegrías. Se almacenan allí atrás, se asume el error y desaparecen del radar diario. Mal hecho pero pasa mucho.

Pues malas noticias. Ni crecimiento ni dividendo.

Estando T a estos precios, ni por asomo valoraría comprar BT, ya puestos a hablar de telecos. Y las Pacofónicas mejor ni mentarlas :joy:

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Pues está me la he comido pero bien. Lo único bueno es que no pasa del 1,5% de mi cartera, pero se une a BMW, Axa, aviva, unibai… Gajes del oficio o mal ojo, dicho sea de paso.

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Esta relacionado con la noticia de que Telefónica y si alianza con Liberty tiene un mejor posicionamiento que BT (en cuanto el gobierno de reino unido apruebe el joint venture por supuesto)

A ver si es verdad y da oportunidades de sacárnosla de encima los que la tenemos.

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Dos añitos se ha pasado esta para volver a repartir dividendos. De momento ha anunciado el pago de 2,31 peniques en febrero, la mitad de lo que pagó en febrero del 2020 antes de suprimirlo totalmente.

Está claro que nuestra querida Telefónica para llegar a donde ha llegado, ha cometido montones de errores, pero también parece claro que desde hace años, el sector entero está pasando problemas estructurales graves en su modelo de negocio.

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Motivo para sacar de la cartera el sector telecos?

Para mi si