(Telecompaper) Deutsche Telekom said it will continue to invest in growing its US business this year, with the aim of growth in group revenues. On a pro forma basis for the takeover of MetroPCS in the US, the German operator expects group revenues up slightly this year and growing faster next year, largely due to the recovery at T-Mobile in the US. Pro forma EBITDA is expected flat this year versus EUR 17.6 billion in 2013, and free cash flow will drop to around EUR 4.2 billion from EUR 4.6 billion, as the company invests in adding more customers and network expansion in the US. While DT expects cash flow growth to return in 2015, the company abandoned its mid-term target of EUR 6 billion in cash flow in 2015, due to the extra financing costs and capex in the US and higher-than-expected cost for restructuring its IT arm T-Systems. However, the group still expects to maintain its dividend at EUR 0.50 per share this year. For the fourth quarter, DT reported revenues up 6.5 percent to EUR 15.7 billion, and adjusted EBITDA improved 1.3 percent to EUR 4.1 billion, due largely to growth in the US. The net result moved to a loss of EUR 752 million from a profit of EUR 641 million a year ago. Over the full year, the company met its targets for adjusted EBITDA slightly lower at EUR 17.4 billion and free cash flow down 26 percent to EUR 4.6 billion. Capex increased 10.5 percent to EUR 8.9 billion, not including EUR 2.2 billion spent on spectrum.