Telecom Italia returns to profit for 1,245 billion in the first half, compared to the loss of 2 billion realized in the same period of 2011, which discounted the goodwill write-down (in comparable terms, i.e. without the write-down, the increase in profit is 0,1 billion). Revenues grew by 3,1% to 14,793 billion, the EBITDA fell by 1% to 5,9 billion while the EBIT rose by 2,4% to 3,2 billion. Adjusted net financial debt decreased by 800 million to 30,360 billion.
"The results achieved in the first half allow us to confirm the achievement of the year-end targets" and "make sure the sustainability of the dividend policy already communicated to the market". This is what the executive chairman Franco Bernabe' declared, commenting on the company's half-yearly accounts. "The recent bond placements have allowed the maintenance of a liquidity margin able to cover the maturities of the debt until 2014", added Bernabe'. For 2012 Telecom expects substantially stable revenues and EBITDA compared to 2011 and an adjusted net position of 27,5 billion.
Telecom Italia's board of directors has convened the shareholders' meeting for October 17 to propose the exercise of the liability action against the former director Riccardo Ruggiero, as already communicated during the Telecom meeting of May 15 .
Instead, there will be a proposal for conciliation with the former manager Carlo Buora (settlement of the dispute pursuant to article 1965 of the civil code) or, alternatively and only in the case of non-approval, the proposal for a liability action. The reason is the willingness declared by Buora to overcome any reason for conflict with Telecom, with the commitment to pay a sum to the company. The proposed resolutions and the explanatory report will be formalized by the board of directors scheduled for 13 September.
