Monday , November 30 2020

Tim is losing 800 million worth of devaluation and is not targeting the debt target



Telecom Italia lowers the company's value and launches a profit warning. Council Telecom, which lasted until late Thursday evening,
voted on the report prepared by Professor Enrico Laghi, responsible for conducting the impairment test, which distinguished one of them
the loss of a 'permanent' value of at least 2 billion compared to the Italian companies themselves in the context of competitive frameworks
deteriorated. With two votes abstaining in the ranks of Vivendi, and finally Amos Genish, who was looking for a favorable vote,
until the last postponement of the account were corrected. Profit of 1.2 billion in the first nine months turned into a loss of 800 million after lowering goodwill, it fell from 29 to 27 billion, while revenues amounted to 14.2 billion.

The goal for lost debt
The company warned that due to the negative forecast of variance for Ebitda at the end of the year in relation to the budget, it will not be able to achieve the goal of achieving a 2.7-fold ratio of net financial debt to EBITDA
until the end of the year
Net debt was 25.19 billion at the end of September.


Question about not shown on the table
The issue of trust in the advertisement would not be placed on the table, as it seemed, in the air, and it was postponed
game between Vivendi and Elliott. At least this will not be the appointment of auditors who will provide the French with an "excuse"
a return to the board of directors who sees them today in a minority compared to the majority of independent ones expressed by the American fund. in fact
decided to postpone the appointment of auditors to the April budget meeting and, if Vivendi would like to ask
Governance earlier, will have to request an ad hoc meeting.

Vivendi attack: Elliott's bankruptcy management
In a statement issued late in the evening, Vivendi stigmatizes the unusual decision to continue the devaluation in
during the financial year, it regrets that the meeting was not called upon to appoint an auditing firm and renew the attack
in the Elliott fund, accused of being responsible for the state disorganization Telecom and depressing stock market results. The media company under the leadership of Vincent Bollor repeats
however, support for Genish.

© Reproduction reserved


Source link