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Telecom Italia FY net loss hits EUR 1.6 bln on writedowns
2013-03-08 11:45:00| Telecompaper Headlines
(Telecompaper) Telecom Italia has published its final results for 2012, showing a net loss of EUR 1.6 billion due to goodwill writedowns. The loss included over EUR 4 billion in impairment charges on Olivetti and the buy-out of minority shareholders in TIM, which the operator said were due to the poor market outlook and weak economic climate. In 2011, the operator reported a net loss of EUR 4.8 billion, also impacted by asset writedowns. Excluding the one-time items, net profit fell to EUR 2.4 billion from EUR 2.5 billion in 2011. Telecom Italia emphasized the charges are non-cash, and do not affect its debt reduction targets or medium-term guidance issued with preliminary annual results. It proposed a dividend of EUR 0.02 per ordinary share and EUR 0.031 per savings share, for a total distribution of EUR 454.4 million. Operating free cash flow amounted to EUR 6.47 billion in 2012, a EUR 703 million increase on 2011.
Telecom Italia posts net loss on goodwill writedown
2013-03-08 01:00:00| Total Telecom industry news
Italian telco says writedown was necessary as a result of economic climate.
Telecom giant on lookout for overseas M&As
2013-03-06 05:08:23| Telecom - Topix.net
China Mobile Communications Corp, the parent company of the world's biggest mobile operator by subscriber, is seeking merger-and-acquisition opportunities in the global market, the company's chairman said.
Tags: mas
giant
telecom
overseas
Telecom Italia sells La7 to Cairo for EUR 1 million
2013-03-05 09:01:00| Telecompaper Headlines
(Telecompaper) Telecom Italia Media has agreed to sell Italian national broadcaster La7 to Cairo Communications for EUR 1 million. Before the transfer of the shareholding, La7 will undergo a capital increase that will leave it with a net positive financial position not higher than EUR 88 million. The recapitalisation will also bring the broadcaster's shareholders equity up to the agreed level of EUR 138 million. As part of the deal, Telecom Italia agreed to waive EUR 100 million in loans owed by Telecom Italia Media to the parent company. Telecom Italia Media will continue to own a 51 percent stake in MTV Italia as well as its DTT broadcast operations.
Tags: eur
million
italia
telecom
Telecom Italia Media sells La7 channel for 1 million euros
2013-03-05 05:10:42| Telecom - Topix.net
Telecom Italia Media said on Monday it would pump money into its cash-burning La7 channel before offloading it to media firm Cairo Communication for a token price.
Tags: media
million
italia
channel
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