Telecom Italia announces losses of €674m in 2013
Italy’s largest telecommunications operator Telecom Italia announced consolidated net loss of €674m in 2013, which reflected a smaller impairment loss on goodwill for €2.2bn on its domestic business.
Telecom Italia’s results for 2013 revealed a net financial debt of €26.8bn, €1.5bn down from 2012.
The company also announced that it would not pay a dividend on ordinary shares, but rather €0.0275 ($0.038) a piece on savings shares.
Consolidated revenues stood at €23.4bn, 5.2% down in organic terms compared with 2012.
As per the Domestic Business Unit, the organic revenues came to €16.21bn (-9.4% compared with 2012). Liquidity stood at €13.6bn.
The company also announced a buy back operation for €500m in bonds.
CEO Marco Patuano said:”Telecom Italia continues to be strongly focussed on investments for the development of new networks and innovative services. In light of the signs of recovery we can see on the market, we will be able to remunerate all shareholders again in the next financial year.”
InvestmentEurope is delighted to announce the Spring Pan-European Fund Selector Summit, to be held 9-11 April 2014 at the Beau Rivage Palace, Lausanne, Switzerland.
Click here for further details: http://events.investmenteurope.net/summit