Saturday , December 5 2020

The team went red for 800 million with a devaluation and did not reach the debt target



Italian Telecom downplayed good intentions and launched a profit warning. The Telecom Council, which runs until Thursday night,
has chosen the report prepared by Professor Enrico Laghi, who is responsible for carrying out the impairment test, which highlights one
loss of "lasting" value of at least 2 billion relative to Italian business alone, in the context of a competitive framework
get worse. With two abstentions in Vivendi's ranks and finally a favorable voice also from Amos Genish, who had searched
until the last one to be postponed, the account has been adjusted. 1.2 billion profit in the first nine months changed to lose 800 million after the reduction in good faith, it dropped from 29 to 27 billion, while revenues reached 14.2 billion.

The purpose of the debt that was missed
Companies have warned that due to negative variance estimates for Ebitda later in the year with respect to the budget, will not be able to achieve the goal of bringing the ratio between net financial debt and EBITDA up to 2.7 times
at the end of the year
. Net debt reached 25.19 billion at the end of September.


Questions are not placed on the table
The question of trust in advertising will not be placed on the table, as seen in the air, and also postponed
the fight between Vivendi and Elliott. At the very least, it will not be the appointment of the auditor to give "reasons" to France for one
comeback on the board of directors, who see them today in the minority compared to the independent majority expressed by US funds. in fact
decided to postpone the appointment of the auditor to the budget assembly in April and, if Vivendi wanted to ask questions
the government before that, must request an ad hoc meeting.

Vivendi attacks: Elliott's bankruptcy management
In a statement issued in the afternoon, Vivendi stigmatized an unusual decision to proceed with a devaluation on
during the financial year, regretted that the meeting had not been called for the appointment of an audit company and renewed the attack
in Elliott funds, accused of being responsible for the situation disorganization Telecom and stock exchange performance are depressed on the stock exchange. Media companies led by Vincent Bollor reiterated
However, support for Genish.

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