Telecom Italy meets the 2013 debt and Ebitda targets, but revenues are "slightly lower than the target released in February last year, also due to the effect of competitive dynamics and changed national regulatory conditions". The TLC group writes it in a note, specifying that yesterday's Board of Directors reviewed the trend of the main operating and market indicators for 2013, but that the final results will be examined by the Board scheduled for 6 March. For this reason, the indications are "to be considered preliminary and subject to change".
Furthermore, during yesterday's meeting, the "enhanced procedure" was approved for the possible sale of Tim Brasil, e Aldo Minucci was appointed president of the company (read the interview with FIRSTonline). The results communicated by the Board of Directors were appreciated by the market and today at the opening in Piazza Affari the Telecom Italia share gained more than three percentage points, achieving one of the best increases of the Ftse Mib.
The performance of key operational and market indicators indicate a reduction in the group's adjusted net financial debt as at 31 December 2013 to a level below 27 billion euros and a performance in line with expectations for the group's organic EBITDA target and domestic.
"Overall - continues the note - the recent trend of the domestic business shows signs of progressive improvement, in line with the new objectives of the 2014-2016 Plan". The board of directors also decided to cancel the hybrid bond issue program for a total of 3 billion euros.
