
Telefonica promises further dividend increase

Telefonica has reiterated its commitment to reach EUR 2.10 earnings per share in 2010. The company will also pay a dividend per share of EUR 1.40 for 2010, up by 21.7 percent year-on-year. This dividend will be payable in two tranches. Telefonica has also set a target to increase up to a minimum of EUR 1.75 per share the dividend for 2012. The company expects revenues to increase by 1-4 percent between 2008 and 2012, while OIBDA is estimated to rise by 2-4 percent in the period. Operating income is forecast to increase by 4-7 percent by 2012. The company provided the forecasts at its investor conference in Madrid.
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