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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.
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Category:Telecommunications