Telefonicawatch, issue 2009.6 snapshot
7 September 2009
H1 FY09 RESULTS: Telefónica published its results for the first half of 2009, which were generally received as being pleasingly “solid” . Reported revenue for the half year of EUR27.6bn was down 2% year-on-year, but, when considered on an organic basis, the company saw revenue growth of 1.4% for the period. Telefónica Latinoamérica was again the key driver behind the revenue performance, while Telefónica Europe also played its part, despite being hampered by the continued weakness of sterling. OIBDA and net income were slightly ahead of the levels predicted by analysts, with results of EUR10.9bn and EUR3.62bn, respectively. OIBDA was up 0.7%, excluding capital gains impact, and up 3% if currency movements were disregarded. [pp.3-5.]
Issue: 2009.06
Covering: H1 FY09 results and trends
Published: August 2009
Next issue: September 2009
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- Below is a free taster from issue 2009.06 (H1 FY09 results and trends), including an Executive Brief, Extract, Table of Contents and Index, giving a valuable snapshot of the full report.
EXECUTIVE BRIEF
H1 FY09 RESULTS: Telefónica published its results for the first half of 2009, which were generally received as being pleasingly “solid” . Reported revenue for the half year of EUR27.6bn was down 2% year-on-year, but, when considered on an organic basis, the company saw revenue growth of 1.4% for the period. Telefónica Latinoamérica was again the key driver behind the revenue performance, while Telefónica Europe also played its part, despite being hampered by the continued weakness of sterling. OIBDA and net income were slightly ahead of the levels predicted by analysts, with results of EUR10.9bn and EUR3.62bn, respectively. OIBDA was up 0.7%, excluding capital gains impact, and up 3% if currency movements were disregarded. [pp.3-5.]
Capital expenditure across the Group dropped by nearly 20% (16% in organic terms) as the company focused on maintaining operating cashflow and emphasised its commitment to being flexible in its spending to reflect the demands of the market and protect its balance sheet. Spending in Spain took a particular hit, falling 29.6%, as the company’s plans for fibre rollout slowed, and the economic downturn in the construction industry stifled demand for associated new infrastructure. [p.6.]
Telefónica’s customer base continues to swell, with the June 2009 total of 264 million being 7.6%-higher than a year earlier. Brazil was a major contributor to accesses growth as was the UK (considering the levels of market saturation), while net adds were also strong in Germany and Mexico, both markets where Telefónica OpCos still have relatively small market shares. [p.7.]
While the results were generally welcomed, there appeared to be uncertainty over what to expect from Telefónica in 2010, with the Board saying it anticipated performance within the bounds of its “stress test” of worst-case scenarios, but holding back on more detail until October 2009′s Investor Conference. [p.8.]
Telefónica España Chief Executive Guillermo Ansaldo indicated that trading conditions looked to be stabilising, although that was also the view expressed last quarter. Telefónicawatch was struck by the poor performance of the Spanish fixed-line business, particularly in relation to broadband and IPTV sales, where a complacent approach to growing the market seems to be returning to haunt the company. Mobile broadband was flagged as an area of growth for Telefónica, but with a significant element of fixed-broadband revenue cannibalisation potentially heralding further bad news for the wireline business. [pp.9-16.]
Telefónica Latinoamérica continues to be the growth engine of the Group, but, increasingly, observers are looking under the bonnet and expressing concern that the division is unlikely to be able to maintain current levels. Shaky performances were noted in key Brazil and Colombia units, accompanied by seemingly ever-present concerns of undue political influence in the region, focused this time on Venezuela, where Telefónica was pushed to defend its claims of success in the country in the light of the prospect of major associated currency write-downs. [pp.17-23.]
“Market momentum” was maintained at Telefónica Europe, where the UK performed strongly, and appeared only held back by local currency weakness, while the German unit’s turnaround continued to gather pace. However, in the Czech Republic, an uncertain view of the future led the unit to abandon revenue guidance, while confirming fairly gloomy OIBDA predictions. [pp.24-29.]
TRENDS & INNOVATION: Drawing on insight from Analysts at Market Mettle, and interviews with Telefónica partners, Telefónica’s prospects in three key areas of innovation have been considered. IPTV is a service that Telefónica has been attempting to build for some time, but appears in danger of losing momentum in Spain, and is hampered in Latin America by network and regulatory constraints, while its position within Telefónica Europe is uncertain. IPTV partner Alcatel-Lucent considers the technology could provide the interactive television service that consumers reportedly want, but warns that fibre investment is vital to providing a differentiating experience. It could be the case that IPTV becomes the second phase of Telefónica’s pay-TV plans, following a partnership approach with existing providers on other platforms that helps to gain a foothold in the market. [pp.32-37.]
For an integrated operator like Telefónica, converging technologies such as WiMAX and femtocells could become a key part of network coverage. However, how these services, which have the potential to cannibalise traditional revenue, fit in the company’s strategy is not yet clear. The potential for WiMAX deployment as a solution to network coverage provision in remote areas that lack fixed-lines is particularly striking and an area the company is already making strides in Latin America and Spain. Femtocell technology partner Ubiquisys highlighted the potential for new revenue streams from offering consumers unified communications in the home. [pp.38-41.]
Mobile commerce has been on Telefónica’s radar for several years now, but a coherent strategy has yet to fully emerge from the company. While recent months have seen the emergence of several small commercial offerings and trials in the area, it would appear there is some uncertainty as to the best direction forward in current market conditions. In the UK, O2 has made several forays into mobile ticketing and associated services, although partner Mobiqa has suggested that early efforts amounted to little more than a marketing ploy, and that the unit was “clogged up with initiatives” in the area. [pp.42-44.]
EXTRACT
Faltering fixed-line services a concern in Spain
There appeared to be some disquiet among the analyst community, with attention particularly focused on Latin America and Spain.
Most troubling for Spain is the slowdown in broadband and pay-TV, two segments that are substantially under-penetrated when considered alongside European counterparts.
The sluggish broadband market appears to be of particular concern, and can perhaps be attributed to Telefónica’s position as a fixed-line incumbent with considerable experience in managing the regulator. This may have led to a complacent attitude that restricts growth of the broadband market, while maintaining respectable market share and margins for Telefónica. However, as the recession in Spain continues, demand for broadband has slowed, and it may notable that in markets such as the UK, also affected by difficult economic conditions (although perhaps not to the extent of Spain), broadband has proved itself to be less of a luxury and more a day-to-day requirement.
Broadband penetration is also considered key to development of Telefónica’s pay-TV service in Spain, which is another segment suffering from local conditions. The company reacted to the economic crisis in Spain earlier in 2009 with competitive offers for fixed-line and mobile customers that have become unemployed, but, other than securing clearance from the regulator to make attractive offers to broadband customers migrating from a rival, Telefónica in Spain has failed to respond proactively to the slowing broadband market.
The operating company gives an impression that it is satisfied with its policy of competing on quality-of-service rather than price. Telefónicawatch wonders whether this view is an example of the lack of responsiveness the company has shown in the broadband market in Spain, possibly brought about by the requirement to make wholesale versions of its products simultaneously available to potentially more-agile competitors, which can negate the appeal of innovation.
The company is offering a summer promotion of fixed-line voice and 6Mbps broadband for EUR19.90-per-month, but it is unclear whether short-term offers for new customers will be sufficient to compete with aggressive new tariffs from rivals such as Vodafone, which is promising long-term low prices.
Spain: Mobile broadband: a threat as well as an opportunity?
Telefónicawatch was also interested to note that the Spanish unit is claiming that mobile broadband is slowing growth of the fixed-line broadband market. If it is the case that customers are turning to mobile broadband as an alternative to fixed-line services, as opposed to as a complementary service, this could be bad news for the future of the wireline business as a whole, and could be a spark for a accelerated abandonment of fixed-line services.
While Telefónica can position itself as an “integrated operator“, and say that it continues to benefit from customers adopting mobile broadband through Movistar España, the mobile market is notably more competitive, and Telefónica will not be able to exert the same levels of dominance.
” Obviously, what’s going on in Spain in the fixed-broadband side, the market is not growing, so, basically, we are taking share of a smaller market. That is due to two things in my opinion: one is the overall economic environment, which is tougher; and [two] also the surge of the mobile broadband, which is exploding and from which we are taking very good share of that market. As an integrated operator, that gain is a positive gain. ”
– Guillermo Ansaldo, Chief Executive, Telefónica España.
Telefónica’s own analysis apparently showed that around one-third of mobile broadband customers could be viewed as having cannibalised fixed-broadband, with an even split within that group between people who substituted fixed-broadband connections, and those who never had a fixed-broadband service. It was unclear whether this breakdown related to the market as a whole, or just Movistar España mobile broadband users.
Internet Protocol television service Imagenio is viewed as an important value-add for the wireline business, but the Spanish unit only managed a small increase in customers in Q2, coming off the back of a decline in the preceding quarter. While analysts considered that domestic rivals are performing strongly, Ansaldo said claimed it was the market as a whole that was declining and “not behaving very well”. The company also appeared to retreat from its target of reaching one million Imagenio subscribers in 2010, which would require a sharp increase in demand, with Ansaldo accepting that, “despite the fact 2010 is not yet tomorrow, it will be tough to get those numbers”.
Some scepticism over Latin American performance
The Telefónica results conference call for the H1 FY09 results saw particularly tough questioning on performance in Latin America, where political uncertainty remains and questions over commercial performance emerged.
Shaky fixed-line performances in Brazil and Columbia were noted, which the company hopes to address through network investment in the former, and revised commercial offerings in the latter.
Concern was also expressed about the ability of Telefónica to repatriate funds from Latin America to Spain, with particular worry expressed over cash balances held in Venezuela. Valbuena said there was “no particular issue” regarding remitting funds to Spain from most of the region, but he did admit that some dividend repatriation had been delayed in Venezuela. Meanwhile, a blog from an unnamed analyst and lecturer on South America, made unsubstantiated claims that Telefónica had invested funds in government-linked banks in the country, which were thought to be on the verge of insolvency, and had also invested in a local shipping business as a means of securing its future independence in the country under the government of Hugo Chavez, who has previously nationalised a number of businesses, including operator CANTV, in which Telefónica held a stake.
There was also an assumption from analysts that there would be a write-down on Venezuelan assets, as it was considered that much of the growth in the country was “driven by inflation, and supported by an artificially pegged currency”. However, the company said that, at present, there was no need to consider this action as the operating company was performing well, and that, so long as the group considers it could repatriate funds, it did not need to take action over a potential realignment of the exchange rate. Valbuena stressed that the company’s independent accountants and auditors were satisfied with this view, although he did himself appear to concede that a problem with the currency realignment could occur at some point in the future, saying “what we have been doing so far is warning the investment community that…the sustainability [for] very long [of] the trend of the exchange rate is not an easy thing to hold”.
In Brazil, Vivo has previously positioned itself as a provider of high-end services, building a customer base of profitable customers rather than just chasing volume. However, it is worth noting that recently, as has been the case in previous quarters, SIM-only customers contributed significantly to the unit’s new customers, which raises questions as to the true extent of its market share lead. Regional Chief Executive Álvarez-Pallete experienced a tense moment as he was pushed on Vivo’s loss of market share, maintaining it was “pretty stable”, while an analyst insisted it was declining, arguing that the executive’s version of events was different to the view of regulator Anatel and its market statistics. However, the spat appeared to be more a predictable difference in emphasis, than reliance on different information. The latest Anatel figures show a decline, with Vivo’s market share hovering at just over 29%, but an overall declining trend has still seen some months of marginal improvement.
Czech Republic puts a crib in Telefónica Europe performance
For Telefónica Europe, the results were generally well received, with questions from analysts focused more on how the level of performance would be maintained.
Telefónica Europe Chief Executive Matthew Key was predictably questioned about iPhone exclusivity, which were effectively batted away without revealing anything on the nature of the agreement with Apple in the UK and Ireland (although the degree of coyness could in itself be telling). Telefónica O2 UK is expected to see a 4%-hit to revenue due to mobile termination rate cuts in H2 FY09, amounting to a predicted 2%-cut in anticipated revenue for the whole year.
Germany was considered a particular success story, as recovery plans set in motion in FY07 continued to bear fruit. Nevertheless, there were concerns that the market in Germany is stepping up a level in terms of competition. Key was confident that performance could be maintained, however, highlighting the four “drivers of profitability” in the market. The success of the fixed-line Telefónica Deutschland business in moving into profit was flagged, along with increased direct sales, lower reliance on roaming, and attractive new customer propositions. Levels of operating income before depreciation and amortisation (OIBDA) growth, which were very high year-on-year at the end of FY08, are unlikely to be sustained, but underlying profitability was considered solid, and underlying revenue was also growing, after the effects of termination rate cuts in the market were excluded.
Telefónica Ireland was hard-hit by economic conditions, but it was in the Czech Republic, where the operating company still issues its results to the local stock exchange, that expectations can be seen to be clearly faltering. The company said it is focusing on improvements to operating performance and making more effective use of capital expenditure, in an effort to meet OIBDA guidance of 0%- to 4%-decline, and a 2%- to 5%-increase in operating cash flow. However, guidance for revenue was dropped, due to lack of clarity in the market going forward, apparently in large part due to uncertainty over likely information and communication technology work for the Czech government.
Analyst reaction
Despite the fact that Telefónica delivered revenue in line with analyst expectations, and OIBDA and net income above consensus estimates, the better-than-expected performance was not obviously reflected in the company’s share price, which rose just 1% (to EUR17.65) on the announcement, broadly in line with movements in the wider Spanish market.
In contrast to the upbeat tone of executives, there was a degree of mildly hostile scepticism from certain analysts on the conference call, with a number probing the company’s reticence to update FY10 guidance, questioning the validity of some quoted indicators in South American markets, and querying the general justifiability of executives’ self-congratulatory stance.
However, in subsequent press coverage, analysts seem to take a more balanced and broadly-positive position on the results, with a cautiously optimistic outlook.
” The cost-reduction efforts are very significant and encouraging. …The results prove the companies can protect cash and ensure dividend payments by reducing costs and investments. …Taking into account the current situation in the world’s economy, the results are outstanding. ”
– Alberto Espelosin, analyst, Ibercaja Gestion, commenting on the performance of Telefónica, BT and France Télécom.
Banesto, in a research note, described Telefónica’s second-quarter results as “solid”, but added they were overly dependent on Latin America and capital expenditure cuts. The bank said the results would likely support the stock over coming weeks, and suggested the company may announce a new share-buyback programme or improvements in its FY09 guidance in the autumn.
” Telefónica remains the choice name in the sector in my view. The shares have been one of the best large-cap performers this year, and should be well supported again today. ”
– Saeed Baradar, analyst, Société Générale.
[Further reference: Telefónica S.A. January-June 2009 results -- Telefónica, 29 July 2009; Telefónica H1 profit up 0.7 pct -- Reuters, 30 July 2009; Telefónica 2Q net dn 6.1% on year-ago asset sales -- Wall Street Journal, 30 July 2009; Telefónica, BT, France Telecom beat analyst estimates -- Bloomberg, 30 July 2009.]
TABLE OF CONTENTS
3 Telefónica H1 FY09 results
3 Telefónica Group
3 Overview
4 Telefónica, selected financial data, H1 and Q2 FY09
5 Regional
5 Telefónica Group, revenue, by region, H1 FY09
5 Telefónica Group, OIBDA, by region, H1 FY09
6 Telefónica Group, capital expenditure by region, H1 FY09
7 Customer numbers
7 Telefónica Group, customer numbers (‘000), Q2 FY09
8 Forecasts
8 Uncertainty over expected 2010 performance main area of concern
9 Telefónica España
9 Overview
9 Telefónica España, financial highlights, H1 and Q2 FY09
10 Customer numbers
11 Telefónica España, customer numbers (‘000), Q2 FY09
12 Wireline
12 Telefónica España, wireline financial highlights, H1 and Q2 FY09
13 Telefónica España, wireline revenues by type, H1 and Q2 FY09
13 Wireless
13 Telefónica España, wireless financial highlights, H1 and Q2 FY09
14 Telefónica España, wireless revenues by type, H1 and Q2 FY09
14 Telefónica España, wireless key performance indicators, H1 FY09
15 Faltering fixed-line services a concern in Spain
16 Mobile broadband a threat as well as an opportunity?
17 Telefónica Latinoamérica
17 Overview
17 Telefónica Latinoamérica, financial highlights, H1 and Q2 FY09
18 Customer numbers
18 Telefónica Latinoamérica, customer numbers (‘000), Q2 FY09
19 By country
20 Telefónica Latinoamérica, revenue by country, H1 and Q2 FY09
21 Telefónica Latinoamérica, OIBDA by country, H1 and Q2 FY09
22 Key performance indicators
22 Telefónica Latinoamérica, Key Performance Indicators, H1 FY09
23 Signs of scepticism over Latin American performance
24 Telefónica Europe
24 Overview
24 Telefónica Europe, financial highlights, H1 and Q2 FY09
25 Customer numbers
25 Telefónica Europe, customer numbers (‘000), Q2 FY09
26 By country
26 UK
26 Germany
27 Ireland and Czech Republic
27 Telefónica Europe, revenue by country, H1 and Q2 FY09
27 Telefónica Europe, OIBDA by country, H1 and Q2 FY09
28 Key performance indicators (KPIs)
28 Telefónica Europe, Key performance indicators, H1 FY09
29 Czech Republic puts a crib in Telefónica Europe performance
30 Atento Group
30 Atento Group, financial highlights, H1 and Q2 FY09
31 Analyst reaction
32 Trends and innovation
32 Where next for Telefónica?
32 IPTV analysis: Can Telefónica compete in the pay-TV market?
32 Introduction
32 Telefónica’s IPTV services
33 Telefónica España
34 Telefónica Latinoamérica
35 Telefónica O2 Europe
35 Czech Republic
35 UK
36 Ireland
36 Germany
36 Alcatel-Lucent — Telefónica’s Partner for IPTV
37 Bundles are important, but is IPTV investment justified?
38 FMC analysis:Where does it fit in Telefónica strategy?
38 Introduction
38 Telefónica looks to WiMAX as a potential remote solution
39 Intel supports importance of WiMAX in LatAm
40 Femtocells could boost 3G in Europe…
40 …Partner Ubiquisys pleased with trials
41 Conclusion — potential for addressing current weaknesses
42 Mobile commerce analysis: New ways to make money from mobile
42 Introduction
42 Mobile commerce and Telefónica
43 Mobile payments — waiting for market to catch up?
44 Mobile ticketing — Mobiqa unsure of Telefónica strategy
44 Conclusion — clear strategy yet to emerge
45 Index
INDEX
A
Airwave Safety Communications Ltd, 3
Alcatel-Lucent, 32, 36, 41
Alvarion, 38
Anatel, 19, 23
Anschutz Entertainment Group (AEG), 43
Apple, 29, 41
iPhone, 26, 29, 41
Atos Origin, 43
B
Banco Bilbao Vizcaya Argentaria, 42, 43
Banco Itaú, 42
Barclaycard, 43
British Broadcasting Corporation, 35
BSkyB, 35, 36
BT Group, 31, 35
C
CANTV, 23
Carphone Warehouse, 35
Chavez, Hugo (Venezuela), 23
Columbia Ventures
Magnet, 36
D
Deutsche Telekom
T-Mobile, 24, 26
E
Endemol N.V., 32
F
France Télécom, 31, 32
Orange, 32, 33
Orange Spain, 33
Freeview, 35
I
Iberbanda, 38
Ibercaja, 31
Intel, 39, 41
Inter-American Development Bank, 42
ITV, 35
J
Juniper Research, 43
L
Live Nation
Wireless Festival, 44
Lycos, 32
M
Microsoft, 36
Mobile World Congress, 40
Mobipay, 43
Mobiqa, 44
Motorola, 39, 41
N
NEC, 40
News Corporation
BSkyB, 35, 36
Nokia, 43
O
O2 Arena, 43, 44
ONO, 33
Organic, 5, 6
P
Portugal Telecom, 33
Prisa, 33
Digital+, 33
Project Canvas, 35
R
Regions
EMEA
Czech Republic, 7, 24, 27, 28, 29, 35, 41, 42
Europe, 3, 4, 5, 6, 15, 24, 25, 26, 27, 28, 29, 32, 33, 35, 37, 40, 41, 43
France, 31, 32
Germany, 7, 24, 26, 27, 28, 29, 36, 37, 43
Ireland, 24, 27, 28, 29, 36, 37, 42
Italy, 33
Portugal, 33
Spain, 4, 6, 7, 9, 12, 13, 15, 16, 23, 30, 31, 33, 37, 38, 41, 43, 44
UK, 7, 15, 24, 26, 27, 28, 29, 35, 36, 37, 40, 42, 43, 44
Latin America, 4, 15, 23, 30, 31, 34, 37, 38, 39, 41, 42, 43, 44
Argentina, 17, 18, 19, 20, 21, 34, 41, 43
Brazil, 7, 17, 18, 19, 23, 30, 33, 34, 39, 42
Chile, 7, 18, 20, 21, 32, 34, 37, 43
Colombia, 7, 20, 21, 43
Ecuador, 20, 21
Mexico, 7, 18, 19, 20, 21, 30, 43
Panama, 43
Peru, 7, 17, 18, 19, 30, 41, 43
Uruguay, 20, 21, 43
Venezuela, 7, 17, 18, 19, 20, 21, 22, 23, 30, 43
Royal Bank of Scotland
NatWest, 43
S
Smart Telecom, 36
Société Générale, 31
Sogecable, 3
T
Technologies
2.5G, 39
2G, 6
3G, 38, 39, 40
3.5G, 38
4G
WiMAX, 38, 39, 41
ADSL, 6, 7, 10, 11, 33, 34
Broadband, 6, 7, 9, 10, 11, 12, 13, 15, 16, 18, 19, 25, 26, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41
DSL, 26, 41
Femtocell, 38, 40, 41
Fixed-mobile convergence (FMC), 38, 40
GSM, 6
HDTV, 36
ICT, 39
IP, 32
IPTV, 32, 33, 34, 35, 36, 37
LLU, 7, 10, 11
Mobile Broadband, 16
NFC, 43
P2P, 14, 28
R&D, 32
SIM, 23, 25, 26
SMS, 14, 26, 28, 44
Wholesale line rental, 11
WLAN
Wi-Fi, 38, 39
Telecom Italia, 33
Telefónica Group, 3, 4, 5, 6, 7, 8, 38
Associates and investments
Iberbanda, 38
Portugal Telecom, 33
Sogecable, 3
Telecom Italia, 33
Atento, 30
España, 3, 5, 6, 9, 10, 11, 12, 13, 14, 16, 33, 34, 36, 37, 42, 43
Movistar, 16
Universal Service Obligation, 12
Executives
Álvarez-Pallete Lopez, Jose Maria, 19, 23
Ansaldo, Guillermo, 9, 16
Dev, Vivek, 41
Dunne, Ronan, 35
Fernández Valbuena, Santiago, 4, 8, 23, 24
Key, Matthew, 26, 29, 35
Linares, Julio, 6
Ex-executives
Viana-Baptista, Antonio, 42
Latinoamérica, 3, 5, 6, 7, 17, 18, 19, 20, 21, 22, 23, 34
Argentina, 20, 21
Brazil, 19, 20, 21, 34
Brazil (TVA), 34
Chile, 20, 21, 34, 37
Colombia, 20, 21
Mexico, 20, 21
Peru, 20, 21
Telefónica International Wholesale Services, 20, 21
Uruguay, 20, 21
Vivo (Brazil), 19
Móviles, 20, 21
Ecuador, 20, 21
Uruguay, 20, 21
Venezuela, 20, 21
Movistar, 16
Products and services
DUO, 10, 18
Imagenio, 16, 32, 33, 34
Mobile banking, 42
mobile payments, 42, 43
mobile ticketing, 42, 43, 44
MobiPay, 42
mpass, 43
O2 Wallet, 43
pay-TV, 7, 10, 15, 18, 32, 33, 34, 35, 36, 37
TRIO, 10, 18, 33, 34
Telefónica Europe, 24, 26, 27, 28, 29, 35, 36, 40, 43, 44
Czech Republic, 27, 28, 35
Fonic, 26
Germany, 24, 26, 27, 28, 36, 43
Ireland, 27, 28
O2 TV, 35
O2 Wireless Festival, 44
Telefónica Deutschland, 29
UK, 26, 27, 28, 29, 35, 40, 43, 44
Terra, 32
Ticketmaster, 44
Tiscali SpA, 35
Transport for London, 43
Oyster Card, 43
TranSys, 43
TVA, 34
U
Ubiquisys, 40
V
Virgin Group, 35, 36
Virgin Media, 35, 36
Visa Europe, 43
Vivendi Universal, 33
Vivo Participações, 19, 20, 21, 23, 33, 42
Vodafone Group, 15
VTR, 34, 37
Z
ZTE, 40
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[...] and Asia. This is a summary only. Visit ITNewsAfrica.com for full links, other content, and more! Telefonicawatch, issue 2009.6 snapshot – marketmettle.com 09/07/2009 H1 FY09 RESULTS : Telefónica published its results for the [...]