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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cairo Communication SPA | BIT:CAI | Italy | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.075 | -3.18% | 2.285 | 2.26 | 2.37 | 2.375 | 2.28 | 2.37 | 233,477 | 17:00:00 |
By Manuela Mesco
MILAN--Italy's largest telecommunications company Telecom Italia SpA (TIT.MI) said Friday it didn't completely meet its 2012 targets in terms of gross operating profit and net debt reduction, as it approved its preliminary financial results for last year.
The Italian company said its Earnings before interest, tax, depreciation and amortization or Ebitda stood at 11.66 billion euros ($15.62 billion) while its year-end target was to keep it almost unchanged compared with EUR12.25 billion in 2011. Net debt stood at EUR28.27 billion as of Dec. 31, 2012--the target was to reduce it to EUR27.5 billion.
The results matched analysts' expectations polled by Dow Jones Newswires, which saw 2012 Ebitda at EUR11.77 billion and revenue at EUR29.58 billion.
The group's revenue came in at EUR29.5 billion, down 1.5% compared with 2011, pressured by lower revenue from the domestic business unit, offset by improvements for Argentinian and Brazilian units. Revenue in the Italian domestic market fell 5.8% to EUR17.88 billion.
Italy's largest telecoms company, whose credit ratings could be at risk of downgrade because of its failure to meet net debt cut targets, will present its new 2013-2015 strategy plan later on Friday, in which analysts also expect updates on the company dividend yields.
Last year the dividend stood at EUR0.043 per ordinary share, which amounted to a total of EUR900 million.
Missing the net debt reduction target was also down to the company not selling its broadcasting unit, Telecom Italia Media (TME.MI).
Thursday, Telecom Italia Media reported a preliminary gross operating loss of EUR44.8 million, compared with a gross operating profit of EUR27.3 million in 2011. The company's net debt rose to EUR260.1 million at the end of December, up from the EUR224.1 million three months earlier.
Telecom Italia said it will discuss the sale of the unit at a later board meeting.
On top of the two existing offers presented in December last year, a third expression of interest from broadcaster Europa7 has reached Italy's telecoms company this week, a person close to the matter said Thursday.
This adds up to two original offers from Cairo Communications SpA (CAI.MI) and private equity fund Clessidra. The second bidder said it improved its original offer, which is only for La7 TV channels and not for the whole company.
Telecom Italia will present a strategy plan for the coming years before markets open on Friday.
Write to Manuela Mesco at manuela.mesco@dowjones.com
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