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Telecom Italia H1 sales continue lower, eyes Brazil options

2014-08-06 09:30:00| Telecompaper Headlines

(Telecompaper) Telecom Italia reported first-half revenues down 11.2 percent to EUR 10.55 billion, hurt by divestments and continued weakness in its home market. EBITDA dropped 7.6 percent to EUR 4.345 billion, while the margin improved to 41.2 percent from 39.5 a year ago. On an organic basis, excluding currency effects and changes in scope, revenues fell 6.5 percent and EBITDA was down 5.6 percent. The Italian operator's net result improved to EUR 543 million profit from a loss of EUR 1.407 billion a year ago when the company wrote down the value of some assets. Capex fell slightly to EUR 1.707 billion or 16.2 percent of revenue. Net debt was down by EUR 171 million in the second quarter to EUR 27.358 billion at the end of June. The company said results were in line with its mid-term outlook and the Italian market is expected to contract less this year than in 2013. Profitability will be under pressure in the near term from the ongoing shift to bundled plans, as well as competition and price pressure on the fixed market. Telecom Italia also acknowledged indirectly Telefonica's proposed bid for GVT in Brazil and said it continues to evaluate strategic options for its own activities in Brazil.

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Telecom Italia weighs Brazil options as 1H revenue slides

2014-08-06 02:00:00| Total Telecom industry news

Operator swings to 1H profit but sluggish domestic economy, LatAm slowdown weighs on results.

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Telefonica cuts Telecom Italia stake

2014-07-17 02:00:00| Total Telecom industry news

Spanish telco to sell 750 million worth of convertible bonds, reducing its stake in Telecom Italia to between 8.3% and 9.4%.

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Telecom Italia investor group Telco confirms break-up

2014-06-27 08:48:00| Telecompaper Headlines

(Telecompaper) The Telco SpA investor group that controls Telecom Italia via a 22.4 percent holding confirmed in a board meeting held on 26 June that the 7-year pact is to be unravelled. All three Italian partners in the Telefonica-dominated group have taken the first opportunity to exit after an agreement reached last September gave them the right to unwind their interests starting on 15 June. "The Board acknowledged receipt of the notices received from shareholders Assicurazioni Generali SpA, Mediobanca SpA and Intesa Sanpaolo SpA on 16 June 2014, stating their intention to exercise their right to request the demerger of Telco under the terms of the shareholders' agreement," confirmed the group in a statement, adding that Telco will be dissolved as soon as regulators sign off on the plan. After the demerger Telefonica will remain the largest shareholder in Telecom Italia, with a direct stake of 14.77 percent, while Generali will have 4.3 percent and Mediobanca and Intesa Sanpaolo 1.6 percent each. Telco also approved its financial statements for the year to 30 April 2014, reporting a loss of EUR 952.5 million and confirming that it had written down its stake in Telecom Italia by EUR 830.5 million after the stock slumped.

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