Telekom Austria cuts dividend for 2012, 2013

News General Austria 25 SEP 2012
Telekom Austria cuts dividend for 2012, 2013
Telekom Austria announced a fresh cut in its dividend, to EUR 0.05 per share for 2012 and 2013, from EUR 0.38 in 2011. The operator blamed the tough competition on the Austrian market, which is expected to continue in 2013, and the difficult macro-economic conditions in central and eastern Europe, which are expected to impact cash flow. The postponement of the spectrum auction in Austria to 2013 will also increase cash requirements in the coming year. Telekom said it's taking additional measures to maintain cash flow and its target net debt level of 2-2.5 times EBITDA. The company reiterated its financial outlook for 2012, reduced already in August, for revenues of EUR 4.2 billion, comparable EBITDA at EUR 1.40-1.45 billion, capex of EUR 700-750 million and operating free cash flow of EUR 700-750 million.

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