torsdag 25 oktober 2012

France Telecom sänker utdelningen

outlook for 2013 and 2014

  • As in 2012, the Group will face a more difficult environment in 2013 than initially expected, with a deteriorating macro-economic outlook, strong competition in the French mobile market and continued regulatory pressure.
  • Given these unfavourable conditions, France Telecom-Orange will continue its strategy of adapting and of maintaining its market positions, but expects additional pressure in 2013 on its operating cash flow , which will nonetheless remain above 7 billion euros.
  • The Group foresees a reversal of this trend in 2014, supported by significant operational improvements, particularly in France, but also due to savings resulting from the Chrysalid programme, as well as the stabilisation of labour costs and an easing of regulatory pressure.
  • In 2014, the Group expects a return to growth in operating cash flow compared to 2013.
  • In order to preserve its financial strength and capacity to invest, while maintaining an attractive return for its shareholders, the Group aims to return to a net debt/EBITDA ratio of close to 2 at the end of 2014 and has decided to adapt its dividend policy. Accordingly, France Telecom-Orange will propose a dividend for both 2012 and 2013 of at least 0.80 euro per share
Ovanstående är saxat från bolagets Q3:a.
Bolaget sänker nu utdelningen från dagens 1,40 EUR till minst 0,80 EUR. Det var något överaskande för mig då bolaget så sent som för några månader sedan inte skulle sänka utdelningen. Det har också hintats om 1,20-1,30 EUR från bolaget. Jag är inte förvånad. Franska bolag (Vivendi) har överaskat förr och säger en sak först och gör något annat. Resultatet är dock bra om bolaget är på väg att nå sitt mål för helåret. Kassaflödet är otroligt starkt men nu har bolaget bestämt sig för att sänka skuldsättningen. Det kan vara ett klokt beslut på lång sikt. Aktien handlas med en direktavkastning på en bit under 10 %, inte illa. Värderingen är dessutom oerhört låg. Jag behåller.

Nedan lite mer kommentarer från bolaget:

"The Group delivered solid results for the third quarter enabling us to confirm our operational cash flow target for 2012. This was due to a decidedly improved commercial performance in France compared to the first half, as well as the contribution from Spain and countries in Africa and the Middle East which continue to drive the Group’s growth.
In 2013, operating cash flow will face additional downward pressure due to the significant pricing impact of a fourth player entering the French mobile market, and a macroeconomic and regulatory environment that will continue to be challenging. Measures begun in 2011 to deal with these multiple shocks will be expanded on in 2013. These measures include a more aggressive commercial pushback, improved offers, exploration of new growth areas as well as the careful management of our cost base. As a result, we can realistically envisage a return to cash flow growth in 2014.

This will be achieved while fully respecting our social contract and continuing our investment in the deployment of very high speed broadband networks – fibre and 4G – particularly in France where we confirm our 2 billion euro FTTH deployment plan which runs over the period from 2010 to 2015. We will preserve the Group's financial strength, assuring its independence and its ability to prepare for the future. Accordingly, we are adjusting our shareholder remuneration with a dividend for both 2012 and 2013 of at least 0.80 euros per share, which remains attractive in the current conditions. I am very confident in the ability of the men and women of France Telecom-Orange to meet these challenges. We have both the means and the ambition to do so.”...


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