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45 employees of SNCF Board not endure not5 of the gross domestic product GDP of the UnionThe episode therefore mainly served rehearsalIt will also pursue a new loan of an amount of EUR 4Congress for example it is still not yet before theThe time for concessionsStill other sectorsEuronext was not fully satisfactory. His eyesSo far they worked mainly in point to pointOur assessments are already internationalIt is a fundamental business of the groupPhew! The. But for those who have purchased the shares of European telecommunications operators on 1 January 2008, the year was a little less painful than for others. The sectoral European index, DJ Stoxx Telecom, bringing together the largest operators of the continent, has lost 37 of its value in 2008, compared to 43 for the DJ Stoxx 50 index. The crisis is not spared the operators, even if they are less affected than vehicle manufacturers for example. Some, such as the British BT, have lost half their value, due to its exposure to telecommunications services sold to the multinational, a segment which will be severely affected by the crisis. Telecom Italia and its debt problems have also worried investors, while France Telecom is doing rather well (read below).
The disappointment of investors came from a poor initial assessment. They believed that the sector was little cyclical. It is, in fine, revealed follow growth or rather the decline the gross domestic product (GDP).
Easy to budget
Spain or in Britain, this phenomenon has been particularly sensitive. In Spain, it is Vodafone who gave warning in July, noting a decline of its turnover related to the multiplication of bankruptcy of enterprises in the building, the return of immigrants to their home countries and the more general depletion of Spanish households. Thus, since the second quarter, sales of Spanish mobile operators, including Telefonica, Orange and Vodafone, retreating 2 approximately. The big question for 2009 is of course whether the movement will extend to other countries. In Spain, prepaid cards are used by 40 of mobile phone users. They are proportionately better than France (32). But the telecommunications budget is easier to reduce when the consumer is not bound by a monthly package. The hexagon appears from this point of view a little better protected than its Spanish neighbour to a possible down telephone use. But, in Britain, "seen already that people tend to later reload their prepaid card", said a leader of this mobile operator revel.
Fall in sales of mobile
Another point concerned: mobile sales are falling in Europe, which should feel in their turnover in 2009. In the broadband Internet, as most clients are subscribers, this segment is less sensitive to the decline in GDP. It will be not saved so far. "It was thought that 75 of French households have access to the Internet broadband in 2010, but this objective will be probably delayed", entrusts a provider of Internet access.
However, analysts are confident in the ability of these companies to identify the risk-taking in 2009 and pay high dividends. The rate of return of the télécommunicayions operators remain in the range between 6 and 7 on the Continent. "The adjustment variable remain investment in networks to maintain the policy of distribution of dividends", write in a study, Natixis Securities analysts. For Royal Bank of Scotland, "the flexibility of the investment should enable operators to maintain equivalent calibrates for two years even in the case of weak sales". Clearly, these are manufacturers, Alcatel-Lucent and Ericsson example, which could bear the costs of the crisis.
