Decision to process antuigos directors of PT SGPS Zeinal Bava and Henry Grenadier was voted on Friday in General Assembly Pharol and had almost 100% of the vote.
The vote was massive with only 11300 votes against. The Hi abstained from voting, but not New Bank, contrary to what the intended representative of Henry Grenadier, was not prevented from doing so.
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The Pharol SGPS, formerly PT SGPS, today announced it is convened for September 1 the general meeting of shareholders of Hi telecommunications company to implement the reorganization measures of the Brazilian company.
National Telecommunications Agency (Anatel), Brazilian regulator approved on Thursday the proposed new statutes sent by Hi as a result of the agreements signed between the Brazilian company and Pharol on 31 March.
“Thus, once fulfilled the prerequisite communicated to the market by Pharol last day July 22, 2015, the Hi proceed immediately convene an extraordinary meeting of shareholders for the day September 1, 2015,” said the Pharol in statement filed with the Securities Market Commission (CMVM).
The shareholders present at the general meeting of Pharol SGPS approved this Friday, with nearly 100% of the votes, the opening of proceedings against the former managers of the company (at the time, PT) that had been linked to investments in Spirit Group Santo (GES), including exposure of almost 900 million euros to Rioforte.
Earlier, Henry Grenadier lawyer presented an application for suspension of the meeting that is intended to vote in opening proceedings against the former company managers involved in investments in GES debt instruments.
For the voice of attorney Nuno Monteiro Lebanon, Henry Grenadier, former president of the PT and the likely target in any procedures sought thus postpone the decision of shareholders, knew PUBLIC next shareholder source.
The justification for this proposal, voted and sinker for more than 99% of the votes (43% of share capital represented), was based on the lack of information and illegalities in the process.
At the same meeting, which began shortly after 15h, the president of Pharol SGPS, Luís Palha da Silva stressed not want the General Assembly was “a judgment”.
According to the resolution adopted today, with 99.996% of the votes present, within six months Pharol “should propose action for damages against the directors who, having served the term of 2012/2014, had direct participation in decisions investment “made with the GES, or that” because these functions, could have avoided. “
The names that have been identified as targets of future disputes in court are Granadeiro, Luis Pacheco Melo and Zeinal Bava – who had executive duties in the former PT -. and administrators BES, Amílcar Morais Pires and Joaquim Goes, who were part of the board of directors of telecom operator
But the names ever They were mentioned by the current leaders of Pharol SGPS at the meeting, not just outside. After the meeting of shareholders, Rafael Mora, representing the Ongoing and is executive director of the holding company said that the names of the targeted managers will not be released while their legal proceedings are not public. “There is the right to privacy and the presumption of innocence. When the names are the actions will soon be known,” said Mora.
Also at the end of the meeting, the president of Pharol SGPS ensured when asked about any prosecution of BES and the New Bank that “everything is open.” The former BES had the dual share ownership and financial intermediary PT.
At this time, the New Bank is the largest shareholder of Pharol SGPS, with 12.6% of capital. The holding company is the successor of PT SGPS and its sole asset a 27.5% stake in Brazilian Hi. Since the PT Portugal (where conectram all telecommunications operations) was sold by the French Altice Hi, who took over management in June.
In general meeting of Pharol SGPS were present (or represented) shareholders holding 43% of the share capital with voting rights.
REN closed the first half with a profit of 75.3 million euros, 29.2% more than in the same period, driven by interlocking a tax credit of about ten million.
The company led by Rodrigo Costa saw net profit increase by 17 million, largely resulting from the acquisition of 9.9 million euros relating to a tax impairment which has now been recognized in the company’s accounts, even on the separation of assets between REN and EDP in 1994.
In a statement to the Portuguese Securities Market Commission (CMVM), REN further explained that the EBITDA (earnings before interest, taxes, assessments and amortization ) reached 254.3 million euros, up 0.8% on the same period in 2014, benefiting by EUR 20.1 million from the sale in the first quarter of the stake in Enagas, according to Lusa.
Henry Grenadier attorney presented this Friday at the general meeting of Pharol SGPS a meeting request suspension which is intended to vote the opening of proceedings against former company directors involved in investments in debt instruments of the Spirit Group Holy. Including the investment of 900 million euros in Rioforte, made public a year ago.
The voice of the lawyer Nuno Monteiro Lebanon, Henry Grenadier, former president of the PT and another such demand in any future proceedings thus postpone the decision of shareholders, knew PUBLIC next shareholder source.
The justification of the proposal, which has already been voted on and sinker for more than 99% of the votes (43% of share capital represented) is the lack of information and the process of illegalities.
At the same meeting, which began shortly after 15h, the president of Pharol sgps, Luís Palha da Silva stressed that you do not want the General Assembly is “a judgment”.
In June, the unemployment rate adjusted for seasonality of the 19 members of the eurozone stood at 11.1%, the same as in April and May. Also, unemployment in the EU continued in 9.6%, while in Portugal went down to 12.4%. Since the 12.7% registered in Italy represent a maximum of 38 years.
On average, the unemployment rate in the eurozone and the European Union (EU) remained If stable in June. Data released this Friday, July 31, show that unemployment in the 19 Eurozone countries remained at 11.1%, identical to the verified registration in April and May. In the same period unemployment was at 11.6%. Compared to June of last year, the total number of unemployed in the euro bloc fell by 811,000 to nearly 17.8 million people.
Also the average unemployment rate of the 28 EU countries remained at 9.6% in June this year, equal to the rate that was registered in the previous two months but less than 10, 2% recorded in June 2014. Compared to the same period, the number of unemployed persons decreased in 1.5 million people for a total of 23.3 million unemployed.
Portugal holds a 12.4% unemployment rate, the sixth highest among the 28 member states of the EU. Although unemployment has remained stable compared to May, recorded a decrease compared with the 14.3% recorded in June last year.
Back in Italy the labor market continues to worrying signs, with the rising unemployment of 12.5% in May to 12.7% in June, a rate that is the highest value of the last 38 years in country.
Although Eurostat does not have data for Greece for the months of May and June, the unemployment rate of 25.6% recorded in April will certainly continue to make this country one which has a higher unemployment rate in Europe. For its part, Spain managed to slightly retreat unemployment of 22.6% in May to 22.5% in June, keeping, however, with the second highest unemployment in Europe.
At the opposite pole is still Germany, which has retained a 4.7% unemployment rate, the lowest in throughout the EU. Close remains the Czech Republic with an unemployment rate of 4.9%.
Youth unemployment with slight rise in the euro area
The number of unemployed young people (under 25 years) rose slightly in June this year compared to the previous month. Adjusted for seasonality, the youth unemployment rate rose from 22.3% in May to 22.5% in June. Still, the youth unemployment was below the 23.6% which prevailed in June 2014. In the EU 28, the youth unemployment rate continued to 20.7% for the third consecutive month. In June last year, the young average unemployment in the group of 28 was 22.1%.
Portugal still has one of the highest rates of youth unemployment, which rose in June to 31.6% in relation to 31.1% in May. However, compared to the same period a considerable decrease it appears as youth unemployment in June 2014 was at 35.3%, Eurostat data show.
Spain continues to lead the segment of youth unemployment, with a rate of 49.2%.
Photo Edgar Martins
As for Portugal, INE reported that the unemployment rate stood at 12.4%
07/31/2015 10:19
Eurozone Unemployment rate drops to 11.1%
Eurostat data.
By Lusa
The euro area unemployment rate stood at 11.1% in June, the same figure recorded in May and down from 11.6% in June last year, released Friday by Eurostat.
For the whole of the European Union, the European statistical office estimated in this case the unemployment rate corrected for seasonal variations was 9.6% in June. This value means that unemployment is also stable compared to the previous month but better compared to 10.2% in June 2014.
As for Portugal, the National Statistics Institute ( INE) announced on Thursday that the unemployment rate remained unchanged in June compared to May, to 12.4%.
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CaixaBank maintains that is examining ” strategic alternatives “for the BPI
The CaixaBank, which launched a takeover bid for BPI and whose operation was unsuccessful, reiterates that it is evaluating” strategic alternatives “exist for deciding what to do with its stake in BPI.
The CaixaBank is evaluating the possibilities of the future of participation in BPI’s capital, reveals the Spanish bank , the statement of the first half results presentation.
The Caixabank refers only to the BPI, in a statement to explain what you are doing in relation to participation of 44% in the Portuguese bank capital. “The Caixabank began an analysis phase of strategic alternatives available regarding their participation in BPI, taking into account the objectives of its strategic plan 2015-2018.”
The move comes after the majority of shareholders BPI have anchored to change the bank’s statutes that allowed the CaixaBank voted a weight of 44% (current share) instead of 20% which is limited.
On 18 July, CaixaBank announced who gave up the takeover bid. At that time had already revealed that it was examining “strategic alternatives available in respect of its interest in BPI” taking into account the strategic plan that was presented in March. This document was known already after the preliminary announcement and was made without taking into consideration a possible purchase of BPI. The 120-page document, the few references to the Portuguese bank, said that the acquisition was a “natural step” given the “deep knowledge of BPI and Portugal” that the Catalan group says have “since 1995″.
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It is open war between the majority and the opposition about the unemployment data released by the National Statistics Institute (INE). The PSD welcomes the reduction in the absolute number of unemployed during the legislature, arguing that there are at least 20 thousand unemployed. But the PS and BE have another reading of the statistics that, they argue, does not reflect the reality of the country, as it includes not, for example, who emigrated or simply given up looking for work.
At a press conference scheduled on purpose this morning to comment on the INE data, Vice President of PSD Antony Costa argued that the data prove that “ country is on track” and that Portugal can now “aspire to look to the future with hope” and “more ambition”.
According to the spokesman of the PSD, the INE revised “forecasts which had projected for May “in relation to the unemployment rate,”. This is a downward revision of almost 1% means that at last May we had a 13.2% unemployment rate, but an unemployment rate 12.4%, “he said.
The Social Democrat added that,” compared to June 2011, the first current governance month Majority rule “, there is” an effective reduction in the absolute number of unemployed in Portugal “- from 661,000 in June 2011 to 636,000 in June 2015.
” We have a reduction of more than 20 000 unemployed from June 2011, the first month of this government, and month present, at the end of the current government term. It is also important to underline the fact that, for 29 consecutive months, the unemployment rate has been lowered and the employment rate is growing. Between January 2013 and May 2015, there are 204,000 Portuguese happily working, “he said.
A reading supported by the CDS-PP, by the voice of Nuno Magalhães which he described as” encouraging “the rate of Unemployment 12.4% and said it was “politically relevant” for the first time, is below the left by the socialist government that was 12.7%. The leader of the centrist bench stressed that it was the “biggest downward revision ever made by INE – from an estimated 13.2% to 12.4%”, which “comes to agree with government on only use definitive figures and not provisional, as others have done in the recent past. “
” We came to know that from the beginning of 2013, entrepreneurs have managed to create about 200,000 jobs, which means that there is confidence, there is investment and creation employment, “he said. Nuno Magalhães also highlighted the fact that there “least 105,000 unemployed, of which 22,000 young people, which is one of the biggest problems of unemployment in our country.” But admitted that the unemployment rate “remains high and then be the first, second and third priority of the next government and this majority.”
203 000 jobs “destroyed”
But the numbers are not without controversy and both socialists favor blocs and use common arguments to question the data. The PS, for example, believes that “the number that really counts” on unemployment are “destroyed jobs.” And that, after four years of government PSD / CDS-PP, are 203,000.
The vice-president of the PS Pedro Nuno Santos bench argued that “most of the unemployed is not reflected “in the figures announced by INE, because there is still to add” all those who were forced to emigrate, “the unemployed who have stopped looking for jobs and the unemployed who attend occupational programs. All these people together will trigger, he added, the unemployment rate beyond 20%, approaching even 25%.
BE’s accounts are the same and the list head the circle of Lisbon to the laws, Mariana Mortágua, the official unemployment statistics “did not reflect the whole reality.” Mortágua argued that “three or four realities, including internships, training, people who have given up looking for work because they could not, or emigration, which make these people out of the statistics.” And doing the same accounts that socialists also throws the challenge: “Gather all these people and will come to the conclusion that the unemployment rate in Portugal is not 12.4%, is 25%.”
The deputy left the challenge to “all those men and women who have an interest in this matter” to go “to seek the INE data discouraged, browse the data of part-time unemployed (…) and go to the Institute Employment and Vocational Training seek data from internships and training. “
Mariana Mortágua said he hopes to start discussing” real data and not fictitious data that is manipulated to be able to prove a strategy that is false “.
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Brazil and Spain help accounts EDP
Profits from the power fell 7%, penalized by the lack of rain and wind in Iberia and the extraordinary contribution of the sector. EBITDA grew 7%, helped by operations in Brazil and Spain.
The lack of rain and wind in Iberia pressed the EDP’s accounts in the first half. Profits fell 7% in the first half compared to last year, less 47 million euros, for a total of 587 million. The …
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The Caixa Geral de Depósitos (CGD) recorded a net profit of 47.1 million euros in the first half of this year, which represents a decline of 57% from the profit of 110.1 million euros in the same period of 2014.
However, as in the first half of last year the profit of the state-owned bank was due to the capital gains recorded on the sale of more than 80% of the capital of its insurers to Chinese Fosun, CGD said in a statement this Thursday it was in the first half of this year, “an improvement of 216.4 million euros compared to the same period last year.”
That is, in adjusted terms, without extraordinary factors, the net result of CGD have risen from a loss of 169.3 million euros to profit of 47.1 million euros.
International operations had a great contribution to the consolidated half-yearly profit of 47.1 million released today, while representing a net profit of 44.7 million euros. Best foreign market is Macau, with EUR 28.5 million (9% on the same period of 2014). The public bank has also invested in Mozambique and Angola. In the case of Mozambique, CGD is the largest shareholder of Banco Comercial e de Investimentos (BCI), which made a capital increase in June.
In the case of Angola CGD recently secured 100% of the capital the Partang, holding which, in turn, owns 51% of Banco Totta Caixa Geral de Angola (BCGTA). So far, Partang was 51% owned by CGD and 49% by Santander. Among the shareholders of BCGTA are Sonangol (25%) and António Mosquito (owner of Soares da Costa and shareholder of media group that owns the TSF, “Daily News” and “Jornal de Notícias”).
About the overall results, CGD points out that net interest income rose 14.3% in the period under review, “continuing to benefit from the reduction of the cost” of financing, especially “the cost of deposits, higher than the reduction also We felt the advantage of active operations. ” The public bank led by José de Matos also pointed out that there was a reduction in the allocation to provisions and impairments related to claims, which fell 23% to 322 million euros.
At the same time, there was ” an increase in new production credit “to Small and Medium Enterprises (SMEs) and the” new mortgage loans productions have registered a growing trend “this year. According to data of CGD, the value of the first six months was 380 million, 58% more than in the same period last year. In the case of non-performing loan ratio rose from 7.6% to 7.9% of the total granted.
The data on the first half of behavior were released on the same day the “Journal of Business “published prime minister’s statements, where he showed annoyance over the fact that CGD has not yet begun to repay the amount borrowed by the State. In addition to the capital increase, the State has implemented EUR 900 million in contingent capital (so-called CoCo), for which it receives interest. “It was supposed that the CGD had already been able to achieve results that would allow to make a part of that refund,” said Pedro Passos Coelho, adding that the subject causes him “concern.” With Portuguese
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The parliamentary leader of the CDS-PP, Nuno Magalhães, considered “encouraging” the unemployment rate of 12.4% in June, released Thursday by the INE, stressing that for the first time, is below the left by socialist government that was 12.7%.
“It is still politically relevant that with this fall to 12.4% for the first time, the rate [of unemployment] is below the left by PS that was 12.7%, “said the deputy of the CDS-PP.
Speaking to Lusa, Nuno Magalhães considered” manifestly encouraging figures because it is the most downward revision ever made by INE – from an estimated 13.2% to 12.4% “, which” comes to agree with government on only use definitive figures and not temporary, as others have done in the recent past “<. / p>
“After we learned that from the beginning of 2013, entrepreneurs, workers managed to create about 200,000 jobs, which means that there is no reliable investment and job creation,” he said.
The centrist CDS-PP parliamentary leader also highlighted the fact that there “least 105,000 unemployed, of which 22,000 young people, which is one of the biggest problems of unemployment in our country.”
The rate of Unemployment remained unchanged in June compared to May, in 12.4%, according to the monthly estimate this Thursday, July 30, released by the National Statistics Institute (INE).
“Despite the bankruptcy, the ‘troika’, the memorandum and recession in four years the Portuguese went round and unemployment is lower that the Socialists have left us, “he said, considering yet the unemployment rate” remains high and hence constitute the first, second and third priority of the next government and this majority. “
According to the statistical institute, the flash estimate of the unemployed population to June 2015 was 636,400 people, while the estimate provisional of the employed population was 4,492,700 people, keeping both “virtually unchanged” from the previous month.
The audit report to the control of IRC revenue indicates that the management and control of voluntary collection of this tax were generally effective, although it has not provided full accounting, legal and regular tax, as appropriate.
It also found that there remains a lack of interconnection of the Tax Authority systems with the accounting system revenue in the General State Accounts, in violation of legal norms since 2001.
the Court therefore considers that it is more than appropriate for the State, the Ministry of Finance and the Tax Authority to apply,
as public revenues administrators, principles and procedures that become obligatory to taxpayers, particularly with the implementation of e-invoice in a few months, by the essential deem to effective control of these revenues.
The TC also found that this lack of interconnection has allowed the applicant did not accounting for tax revenue on the autonomous regions and municipalities spills (which amounted to about 445 million in 2013), that the audit procedure considers that compromises the transparency of budget management and the accuracy of the revenue and expenditure entered in the General State Accounts.
Nicholas Santos recalls that the Caixa Geral de Depósitos is the “only bank in the Portuguese financial system held 100 percent by the state.”
“If the prime minister is concerned about the General Cash deposits, has the possibility through the Ministry of Finance or their representatives of the general meeting of Caixa Geral de Depósitos to get these concerns to the administration of public bank, “he says.
Heard by journalist Augusta Henriques, the commentator ensures that “there is no question the soundness” of the institution and that there is no reason to be a run on deposits.
According to the deputy director of the weekly newspaper Expresso, just was not very happy that Prime Minister has publicly expressed concern about the fact that the bank has not yet made any reimbursement.
“The last bank will have problems in the Portuguese financial system is the Caixa Geral de Depósitos to be held by state, “he added, recalling that this legislature has been made even capital increases.
This comment comes after Prime Minister have said in an interview with Jornal de Negócios who is concerned about the fact that the Cash Deposits generally be the only bank that has not returned any part of the loan it received from the State.
The unemployment rate in Portugal remained unchanged in June from the previous month, announced Thursday the National Statistics Institute (INE), at the same time revised sharply downwards the same indicator for the month May.
Published data now point to the unemployment rate (temporary and corrected by the effects of seasonality) has been located in the 12.4% in June. This is the same number calculated for the month of May, which points to stabilization of this indicator in early summer.
According to the INE, was in Portugal about 615,000 unemployed in June, a number virtually unchanged from May.
However, one must keep in mind that the value of the registered unemployment in May was now heavily corrected face the first estimate carried out for about a month by INE. At the time, the statistics office had indicated that the unemployment rate had grown from 12.8% in April to 13.2% in May. After all, now reveals the INE, had dropped from 12.8% to 12.4%, a rather more positive result
You can -. And even probable in view of what has been happening in the window monthly unemployment since it began to be calculated. – the rate for May still to be subject to a review in the next month, the time when the INE to merely “provisional” to “definite”
The INE explained that the monthly unemployment data now published for June “are temporary, since it is a mobile quarter in which for the first two months the collection of the Labour Force Survey information has been completed (May and June 2015) and for the third month a projection was held (July 2015) based on time series models. “
The quarterly unemployment data, for the period from April to June this year will be published by INE next Wednesday, August 5th. In the first quarter of the year, the unemployment rate stood at 13.7%, 0.2 percentage points higher than the fourth quarter of 2014 and 1.4 percentage points less than in the same quarter last year.
The oil giant Royal Dutch Shell announced on Thursday a reduction of 6,500 jobs this year due to falling oil prices.
“The slowdown in oil prices can last several years and Shell’s plans to forecasts reflect the current reality of the market,” the company said in a statement, adding that he expects “around 6,500 staff reductions” in 2015.
Earlier this year, Shell revealed its intention to buy British rival BG Group for 67 billion euros.
Also Thursday, Centrica, Britain’s largest domestic distributor energy, announced it will cut 4,000 jobs as part of a cost cutting program by 2020.
Oil prices fell half its value to about $ 50 per barrel since June last year due to oversupply.
The Portuguese government plans to save € 50 million by 2020 with the new sustainable mobility program in public administration. This program aims to promote the use of electric car, anticipating so the purchase of 1,200 of these vehicles.
The increase in electric mobility will generate a savings of nine million euros within five years, thus reducing the bill with the combustible . But most of the savings – 29 million euros – will come from an overall management of public fleet by sharing vehicles between departments and ministries. The remaining 12 million euros savings will come from the promotion of a more sustainable driving and reducing carbon dioxide emissions.
“The Government looked for electric mobility to reduce dependence on foreign energy to reduce CO2 emissions, to improve the competitiveness by reducing costs, but also as an important element, as in renewable energy, in creating economic activity and employment, “said Environment Minister Jorge Moreira da Silva this Wednesday, July 29.
But to achieve these results, the Government needs to invest 41 million euros. The lion’s share of these investments – 25 million – will go to the purchase of 1,200 electric vehicles and more environmentally friendly cars. The goal is to reduce carbon dioxide emissions by 20% of the national fleet.
The current 26,900 vehicles of the state fleet are aging. The average age is around 14 years, with 63% of these to have more than 13 years
The second largest investment share. – EUR 10.5 million – will be invested in fleet management and shared promoting bicycle use in public administration. The remaining three million euros will be invested in promotion and awareness for a more sustainable driving.
To prepare for the introduction of electric mobility in the state machinery, the Ministry of Environment conducted a demonstration program level ministerial. The initiative lasted 10 months, a total of 69,000 kilometers, with the minister and the three secretaries of state to move in electric vehicles and hybrid electric.
The findings of this study were presented this Wednesday -feira and point out that the average costs for use of electric vehicles are around 0.02 euros per quilómetro.Ou is, this represents a 80% reduction in energy terms from the average of the current fleet of this Ministry. And a reduction of 64% and 71% compared to diesel vehicles C and D segments.
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Banking
Angola problem: Ulrich “would rather that did not exist”
The president of BPI “rather than the problem of Angola did not exist”. At issue is the need for the bank to reduce its exposure to the Angolan market. A topic on which Fernando Ulrich does not speak.
Total silence and absolute. This is how the president of BPI responds to questions about the obligation that the bank has to reduce its exposure to Angola, a market that accounted for nearly 88% of the …
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Short circuit leaves ninety wounded students – A short circuit in an electrical picture of a school of Nampula, caused injuries to 89 students, six of them in serious condition.
According to the provincial governor, Victor Borges, who stated that, at the time of the incident were more than three thousand students inside the building, injuries happened when the students panicked, rushed to the exit, atropelando- up and blocking the exits.
After the quarterly results presented by leading telecommunications companies, there is a fact that stands out: the US was the only one able to increase revenues. The company’s revenues led by Miguel Almeida rose 3.2% to Euro 356 million, with the total services sold to customers to reach eight million in what was “the best quarter ever in the company with a growing all its business lines. “
The numbers are “solid, whether the operational level, or financial,” said the manager in a conference call with analysts. Are accounts that mark “the return [the company] to growth in key indicators,” he added. The net result of operator controlled by Angolan businesswoman Isabel dos Santos and by Sonaecom (owner of PUBLIC) rose 30.7% to EUR 24.1 million. And this time, unlike previous quarters, there is no impact of the merger ZON / Optimus shrinking profits.
The earnings before interest, taxes, depreciation and amortization (EBITDA) remained improved trend , rising 3.6% to 138.5 million euros and the EBITDA margin increased 0.2 percentage points to 38.9%. In late June, the US had 509,800 converged services clients (who can join television, fixed, mobile and internet), representing about 34% of total television subscribers.
total of convergent services has increased by 143% to 2.44 million. The average revenue per user (ARPU) in the fixed residential rose 12%, to 42.3 euros. In Mobile, the US had 3.86 million customers (over 130,000 in the quarter), came a little more than Vodafone, but still a great distance from the PT.
In Angola, the joint venture with Isabel dos Santos (ZAP, where the US holds 30% and SOCIP 70%), revenues also increased (23% to 18 million), but the results were penalized by a currency impact of EUR 2.8 million. The devaluation of the kwanza against the dollar and the uncertainties regarding the repatriation of capital due to the Angolan context are factors that weigh on the assessment of ZAP, according to a research of the BBVA that the PUBLIC had access.
As for PT, was first included in the quarterly data Altice, who took over management on 2 June. Revenues fell 7.1% to 590 million euros, but the Altice speaks in “improving trend” since the decline was only 0.5% over the previous quarter.
If residential wireline revenues rose 0.3% to 174.2 million in mobile revenues shrank 6% to 145 million, the new owners of PT attribute the “great losses in the prepaid, motivated by a aggressive policy of competitive prices in the contract. ” While the ARPU in fixed rose 4% to 33 euros in mobile evolution was negative: a decline of 4% to 7.1 euros. PT ended the quarter with 6.1 million mobile customers (minus 80,000). It maintains, however, the leadership of this market.
Altice also notes that the corporate business contracted 8.1%, which is explained with the “aggressive policy of a competitor prices in the segment of small and medium-sized enterprises “and the” loss of the financial sector customers, “alluding off the CGD PT’s customer portfolio last year.
The revenue of the business mobile business fell to 52.3 million euros, while revenues from the fixed business fell to 115.8 million. As a result of falling revenues, PT’s EBITDA retreated 7.7% to Euro 225 million, pushing the EBITDA margin to 38.2% (down 0.3 points).
In a telephone conference to analysts, the CEO of Altice, Dexter Goei reiterated “that there are great opportunities in PT” in terms of increased margins. In January, Goei had already stated that the average EBITDA margin of the company Altice was close to 48%, so there is room for improvement in PT.
The latest figures from Vodafone Portugal also reflect a reduction in revenue. According to data released last week by the “house mother”, the revenues were down 14.7% by June, to around EUR 517 million. Service revenues fell 2.6% reflecting what the telecommunications group dubbed as the “price convergence trend in the Portuguese market.”
In June, Vodafone had 4.9 million mobile customers ( lost 115,000 in three months), with an ARPU of 12.1 euros, and 357,000 customers in fixed broadband (which includes packages with television), having increased by around 30 000 from April.
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BPI promises that will not stop at cutting costs
The BPI branches will remain closed, helping to lower costs. This is one of the “four levers” that lead Ulrich to believe there is a reversal of the activity in Portugal.
The BPI Bank branch will remain closed. This is one of the promises left by the management led by Fernando Ulrich, which continues to focus on cost-cutting. “In this economic growth picture …
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Altice has signed an agreement with CTT and paid the agreed initial sum worth 15 million
Altice and CTT has formalized the partnership agreement It aims to optimize synergies between the post office and PT Portugal. The new owner of Meo has also carried out the initial payment set out in the memorandum signed in 2014, worth 15 million euros.
Altice and CTT already realized the partnership agreed last year, which provides optimal partnerships between the post office and PT Portugal. The information was released Wednesday by CTT, during the presentation of the accounts for the first half of the year.
In November 2014, CTT signed a memorandum of understanding with Altice, which provided leverage synergies between companies, if the French group won the race of the owner of Meo.
In this follow-up after the Altice have won the race and took over the management of PT Portugal on June 2, the companies have formalized this month and the agreement “has already been paid to CTT, in July 2015, the contractually agreed initial sum”, says the company led by Francisco Lacerda (pictured).
According to the statement disclosed by CTT in November 2014, with the purchase of PT Portugal by Altice, CTT will receive an initial payment of 15 million euros, which will be reinforced by more 15 million subject to the achievement of the Framework Agreement referred to “. The details of practical application of this partnership are not yet known.
CTT further state that this agreement will be implemented during the second half of the year, through partnerships “value-generating specific business for both companies.”
However, the Post Office raises the veil and point out some examples of the future partner as “joint optimization of retail networks, leveraging the scale and reach of the network CTT, the development of joint business in the area of electronic commerce and Physical and digital convergence as well as value creation opportunities within the financial services and the Postal Bank.
