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ThyssenKrupp Scraps Rail Unit Sale

2014-03-12 08:40:02| Steel - Topix.net

German steelmaker and industrial conglomerate ThyssenKrupp AG has scrapped the sale of its railway and construction businesses after failing to attract an acceptable bid.

Tags: sale unit rail scraps

Telecom Italia Scraps Dividend to Save Cash as Losses Mount

2014-03-07 14:10:25| Telecom - Topix.net

Telecom Italia SpA, trying to conserve cash as competition in Italy's phone market hurts earnings, scrapped its dividend for common shares for the first time in its history as a public company.

Tags: save cash italia mount

Telecom Italia scraps 2013 dividend, meets debt target

2014-03-07 09:57:00| Telecompaper Headlines

(Telecompaper) Telecom Italia reported a full-year net loss of EUR 674 million in 2013, the third straight annual deficit, as sales fell 9.1 percent to EUR 23.41 billion. The full-year result reflected goodwill writedowns of EUR 2.2 billion made in the first half of the year, without which the group profit would have been EUR 1.5 billion. EBITDA for the year fell EUR 985 million to EUR 9.54 billion with the EBITDA margin coming in at 40.8 percent. The company confirmed that it had met its debt target of EUR 27 billion, having cut debt by EUR 1.48 billion to EUR 26.81 billion, after selling assets including its stake in Telecom Argentina. It also scrapped its dividend for ordinary shares for the first time in its history as a public company, but confirmed that it will pay a dividend of EUR 0.0275 on its saving shares and will remunerate all shareholders next year as it expected a smaller decline on its domestic revenue in 2014. In Italy revenues fell by 9.6 percent to EUR 16.18 billion, affected by cuts to mobile termination rates that came into force in July 2013, intense competition and a worsening economic outlook. EBITDA dropped 10.7 percent to EUR 7.74 billion, while EBITDA margin came in at 47.9 percent, 0.6 percent down on 2012. However, there were signs of recovery in the fourth quarter of 2013, with revenues dropping 7.7 percent to EUR 4.11 billion, compared to drops of 9.1 percent in the third quarter and 10.5 percent in the first quarter of 2013.

Tags: target italia debt meets

RES scraps 362.4m Blyth biomass project in England

2014-03-07 01:00:00| Power Technology

UK-based Renewable Energy Systems has scrapped its plans to build 300m (362.4m) biomass power station project at the Port of Blyth in Northumberland due to uncertainty in UK energy policy.

Tags: project england res biomass