频谱拍卖给印度电信公司的资产负债表带来了压力
Tele-Talk来自我们受人尊敬的行业领袖小组的新鲜拍摄，深入分析和意见
The high costs paid by telecom operators at the spectrum auction in early October is credit negative for the Indian telecom sector as such expenses will further boost their debt levels as well as aggravate balance-sheet problems. Moreover, the combination of higher debt and lower profitability from downward pressure on prices \u2013 due to competition -- will together raise industry-wide leverage. However, over the long term, the spectrum purchased at the auction will benefit players who have consolidated their positions in the 4G space.<\/p>
The high costs paid by telecom operators at the spectrum auction in early October is credit negative for the Indian telecom sector as such expenses will further boost their debt levels as well as aggravate balance-sheet problems. Moreover, the combination of higher debt and lower profitability from downward pressure on prices \u2013 due to competition -- will together raise industry-wide leverage. However, over the long term, the spectrum purchased at the auction will benefit players who have consolidated their positions in the 4G space.<\/p> The costs of these spectrum purchases will pressure telecom operators\u2019 balance sheets and cash flows, as debt levels will \u2013 as indicated -- rise materially for most companies, including incumbent Bharti Airtel Ltd and larger international groups, such as Vodafone Group plc. Operators generally will see a reduction in their ability to fund further expansion or to absorb the effects of weaker profitability as the level of competition rises.<\/p>
The highly expensive 700 MHz band did not attract any bids from telecom operators at the auction; indicating that the newly launched mobile services operator Reliance Jio Infocomm Limited and its parent, Reliance Industries Limited, which have a spectrum-and-infrastructure sharing agreement, will continue as the only players with access to pan-India spectrum in the sub 1 GHz band, best suited for 4G services in urban centers.
<\/p>
Intensifying competition, in part also spurred by the launch of Jio, which is offering a free data service through December 31, could push tariffs lower. In the medium term, this will lead to contracting average revenues per user (ARPU) and a decline in industry revenue and profitability over the next 12-18 months. This trend may, in turn, lead to rising leverage in the telecoms sector. The silver lining though lies in the growing demand for 3G\/4G data services in the country, which will continue to drive each company\u2019s ability to recover its spectrum costs.<\/p>
<\/p>
Despite the steep prices paid by the companies and the short-term repercussions, there will be tangible benefits for operators in the long term. The spectrum that the operators have purchased at this latest auction will help them maintain their competitive positions, support their strategies on data growth and enhance their cash flow generation. The operators\u2019 high debt burdens may also lead to recapitalization events and further industry consolidation, which will in turn ultimately benefit those incumbents well positioned in the 4G space.<\/p>
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电信运营商在10月初的频谱拍卖中支付的高额费用对印度电信行业的信用不利，因为这些费用将进一步提高他们的债务水平，并加剧资产负债表问题。此外，由于竞争导致的价格下行压力导致的债务增加和盈利能力下降，将共同提高全行业的杠杆率。然而，从长远来看，通过拍卖购买的频谱将有利于那些巩固了自己在4G领域地位的企业。
这些频谱购买的成本将对电信运营商的资产负债表和现金流造成压力，因为大多数公司的债务水平将大幅上升，包括现有的Bharti Airtel有限公司和沃达丰集团等大型国际集团。随着竞争水平的提高，运营商为进一步扩张提供资金的能力或吸收盈利能力下降影响的能力一般都会下降。
在此次拍卖中，电信运营商没有对价格昂贵的700兆赫频段出价;这表明，新成立的移动服务运营商Reliance Jio Infocomm Limited及其母公司Reliance Industries Limited将继续成为唯一拥有泛印度1 GHz以下频段频谱的运营商，该频段最适合在城市中心提供4G服务。Reliance Jio Infocomm与其母公司Reliance Industries Limited签署了频谱和基础设施共享协议。
竞争的加剧，在一定程度上也受到Jio的推出的刺激。Jio提供免费数据服务，截止到12月31日，这可能会降低资费。从中期来看，这将导致未来12-18个月的每用户平均收益(ARPU)下降，行业收入和盈利能力下降。这一趋势可能反过来导致电信行业的杠杆率上升。不过，一线希望在于该国对3G/4G数据服务的需求不断增长，这将继续推动各公司回收频谱成本的能力。
尽管石油公司为此付出了高昂的价格和短期影响，但从长期来看，运营商将获得切实的利益。运营商在这次拍卖中购买的频谱将帮助他们保持竞争地位，支持他们的数据增长战略，并增强他们的现金流产生。运营商的高额债务负担也可能导致资本重组事件和进一步的行业整合，这最终将有利于那些在4G领域处于有利地位的现有企业。
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The costs of these spectrum purchases will pressure telecom operators\u2019 balance sheets and cash flows, as debt levels will \u2013 as indicated -- rise materially for most companies, including incumbent Bharti Airtel Ltd and larger international groups, such as Vodafone Group plc. Operators generally will see a reduction in their ability to fund further expansion or to absorb the effects of weaker profitability as the level of competition rises.<\/p>
The highly expensive 700 MHz band did not attract any bids from telecom operators at the auction; indicating that the newly launched mobile services operator Reliance Jio Infocomm Limited and its parent, Reliance Industries Limited, which have a spectrum-and-infrastructure sharing agreement, will continue as the only players with access to pan-India spectrum in the sub 1 GHz band, best suited for 4G services in urban centers.
<\/p>
Intensifying competition, in part also spurred by the launch of Jio, which is offering a free data service through December 31, could push tariffs lower. In the medium term, this will lead to contracting average revenues per user (ARPU) and a decline in industry revenue and profitability over the next 12-18 months. This trend may, in turn, lead to rising leverage in the telecoms sector. The silver lining though lies in the growing demand for 3G\/4G data services in the country, which will continue to drive each company\u2019s ability to recover its spectrum costs.<\/p>
<\/p>
Despite the steep prices paid by the companies and the short-term repercussions, there will be tangible benefits for operators in the long term. The spectrum that the operators have purchased at this latest auction will help them maintain their competitive positions, support their strategies on data growth and enhance their cash flow generation. The operators\u2019 high debt burdens may also lead to recapitalization events and further industry consolidation, which will in turn ultimately benefit those incumbents well positioned in the 4G space.<\/p>
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