Telecom Italy reduces losses on the stock exchange. At the beginning of the afternoon, the group's share recorded a drop of less than 1% to 0,666 euro, after having touched a low of 0,6345 euro in the morning. Volumes are very high, already equal to 1,4% of the capital.
The company released today i preliminary results 2012 and the update of 2013-2015 three-year plan. The priority remains debt reduction (28,2 billion at the end of December 2012), without, however, meaning sacrificing investments, particularly in networks in Italy and Brazil.
To achieve the set goals (debt below 27 billion at the end of 2013), Telecom has decided to cut the dividend payout, which will halve to 450 million a year over the three-year period, against 900 million in 2012.
The president of the group, Franco Bernabe, he explained that this spring Telecom will pay a dividend of 1,97 euro cents for ordinary shares and 3,07 cents for savings shares. Last year, Telecom paid a coupon of 4,3 cents for ordinary bonds and 5,4 cents for savings bonds.
The new dividend policy "is in line with our debt reduction commitment - explained the CFO of Telecom, Piergiorgio Peluso, during the conference call with analysts -. In light of the difficult macro-economic situation in Italy and the strategic importance of the increase in investments in networks planned in Italy and in Brazil, we have decided, in the interest of all shareholders and stakeholders, to review our dividend policy”.
