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Telefónica to increase shareholder returns with higher dividends
By Thomas Frommherz for CEOWORLD Magazine Updated:October 11, 2009
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Telefónica SA (NYSE:TEF), Europe’s largest telecommunications company by market value, Friday pledged to increase shareholder returns with higher dividends, but revised down its guidance to 2012 amid falling revenue in mature European markets.
The company, which is the third-largest telecoms group by customers, said in a regulatory filing that the total pay-out would be €1.40 in 2010 compared with €1.15 this year.
Despite the sea change, Mr. Alierta said the telecommunications sector was resilient and that Spain’s telecom’s sector was likely to recover by 2011. “Telefónica will excel even more when the market turns around,” he said.
Earlier Friday, the Madrid-based company pledged to pay a €1.40 ($2.07) dividend for 2010, up 21.7% from last time, and that its 2012 dividend would be at least €1.75 a share. The company said its revenue compound annual growth rate, or CAGR, until 2012 would increase between 1% and 4%. Two years ago, Telefónica had set out a revenue CAGR of between 5% and 8% for the period 2006 to 2010, wsj reported.
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