What the market feared is now official. Telecom Italia has cut its dividend payout, which in the three-year period 2013-2015 will be equal to 450 million euros a year, exactly half of the 900 million expected for 2012. The fears of the operators, who this morning had sold the company's stock, suspended for a long time due to excessive downtrend, are therefore confirmed. At the beginning of the afternoon, Telecom shares – readmitted to trading – are still behind the Ftse Mib, traveling in the red by about two points.
The three-year plan update, explains Telecom, “provides for a capital strengthening aimed at supporting the technological development plan and at the same time defending the financial position of the group".
For 2013 the company forecasts stable revenues year-over-year and an adjusted net financial position of less than €27 billion. Also estimated is a percentage reduction of theEbitda "single digit". They are planned for 2015 investments cumulative industrials to about 16 billion in three years and an Adjusted Net Financial Debt/Reported EBITDA ratio of less than two times.
To contribute to the financing of technological development plans in the fixed and mobile telephony market in Italy and in the mobile telephony market in Brazil, Telecom Italia also plans in the three-year period 2013-2015 to continue and accelerate the process of cost reduction.
Finally, the group will launch an emissions program of up to three billion euros debt securities “hybrid” subordinates over an 18-24 month period.
