Adjusted revenue in 2010 will be level with that in 2009, Kusch said.
Hungary’s telecommunications market has followed the drop in GDP with a delay of 3-6 months, thus an improvement in the segment is expected in the second half of 2010, he said. Still, there is no clear sign of a quick recovery in the corporate segment, he added.
CEO Christopher Mattheisen again dismissed reports in December that he was preparing to resign, adding that his contract runs until December 2011.
“It is my intention to lead the company as long as I can. I enjoy my work, it’s a very exciting task. The board supports my work,” he said.
Speaking about internal and external investigations of questionable contracts signed at the company’s units in Montenegro and Macedonia, Mattheisen said a method had been worked out to prevent such contracts from being signed in the future.
Magyar Telekom said earlier in its preliminary annual report that the cost of the investigation had come to HUF 6.4 billion in 2009 and HUF 5.4 billion in 2008. Magyar Telekom said in the report that “is continuing to assess the nature and scope of potential legal remedies available to the company against individuals or entities that may have caused harm to the company.”
The US office of attorneys White and Case closed the investigation of the questionable contracts in December, Mattheisen said. Talks have started with US authorities which could serve as the basis for the final closure of the case as well as result in costs, he added.
Kusch said there was no reason to change Magyar Telekom’s dividend policy.
The land line and the voice-based market is contracting, thus the company has to find new sources of revenue, such as television and broad-band internet, Kusch said.
Magyar Telekom has cut costs and modernized different systems, such as its billing and customer service, over the past several years and it will continue to do so, Mattheisen said. This year, it will consolidate its twelve IT support systems into four, which will bring significant savings, he added.
Answering a question, Mattheisen said Magyar Telekom does not want to become an energy supplier, but it wants to participate in the construction of a communications system for energy suppliers, in such areas as price packages, billing and retaining clients. The T-Home brand can be used for other types of services in addition to telecommunications, he added.
Magyar Telekom’s doubtful receivables have risen from 0.9% to 1.5% of total stock because of a deterioration in the propensity of business partners to pay, Mattheisen said. (MTI – Econews)
Magyar Telekom sees revenue falling 5%-7% on forex losses in 2010
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