{"id":11120,"date":"2020-04-21T10:28:43","date_gmt":"2020-04-21T10:28:43","guid":{"rendered":"https:\/\/www.mobileworldlive.com\/?p=277979"},"modified":"2020-04-21T10:28:43","modified_gmt":"2020-04-21T10:28:43","slug":"tele2-postpones-extra-dividend-on-covid-19-concerns","status":"publish","type":"post","link":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/2020\/04\/21\/tele2-postpones-extra-dividend-on-covid-19-concerns\/","title":{"rendered":"Tele2 postpones extra dividend on Covid-19 concerns"},"content":{"rendered":"

<\/p>\n

\tTele2 Group delayed plans for an extraordinary shareholder dividend and suspended its 2020 financial guidance, as CEO Anders Nilsson (pictured) voiced confidence in the company’s resilience to deal with short-term issues brought about by Covid-19 (coronavirus).<\/p>\n

In its Q1 results statement, the company announced an expected exceptional dividend of SEK3.50 ($0.35) per share, set to be proposed and voted on at its AGM in May, would be postponed to \u201cmaintain a financial buffer until there is more clarity on the length and impact of the outbreak\u201d.<\/p>\n

The payment was set to be largely covered by the proceeds of the sale [1] of its business in Croatia. Its regular dividend is unaffected by the move.<\/p>\n

Despite efforts to retain cash in the business, Nilsson pointed to moves in recent years to refocus and restructure large parts of its operation increasing the company\u2019s resilience against short-term issues.<\/p>\n

Among its initiatives has been to sell non-core operations in favour of focusing on converged services in its core markets [2], alongside efforts to digitise the business.<\/p>\n

In the earnings announcement, Nilsson added: \u201cThis strong foundation supports us as we face the unavoidable challenges of the corona pandemic. The fact that we almost entirely closed down all our offices over a night, and had a fully functioning remote organisation the next day, speaks to the level of digitalisation we have already achieved in our way of working.\u201d<\/p>\n

Net profit was broadly flat year-on-year at SEK1.2 billion, while revenue declined 1 per cent to SEK6.7 billion. Nilsson added although its 2020 guidance was suspended, its mid-term forecasts were so far unchanged.<\/p>\n

He noted although connectivity was now \u201cmore important than ever\u201d the company faced a decline of in-store sales, reduced revenue from international roaming and lower demand from business customers due to current economic conditions.<\/p>\n

[1] https:\/\/www.mobileworldlive.com\/featured-content\/top-three\/tele2-expects-imminent-green-light-for-croatia-sale\/
\n[2] https:\/\/www.mobileworldlive.com\/featured-content\/top-three\/tele2-prepares-next-phase-after-com-hem-merger\/<\/p>\n\n

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Tele2 Group delayed plans for an extraordinary shareholder dividend and suspended its 2020 financial guidance, …<\/p>\n

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