Woe in sight for Fibercopthe company born from the slope of the Telecom Italia network, detected for 22 billion euros from a consortium of investors that includes CDP (MEF), the US Fund KKR and other international investors. Not even one year after its birth, a hole in the 2025 budget.
At the end of the month the calendar is scheduled Board of Directors of the Companyfor the approval of the 2024 results and the 2025 budget and the latter, according to the rumors of the Financial Times, would have the shareholders disappointed reference and would have caused one clash with management.
KKR’s clash with management
According to the FT reports, the American fund Kkr would have “clashed with management” of Fibercop, due to a “Hole” of 449 million euro that emerged at the level of Ebitdawhich would risk dthe “Make its plans fail” for the telecommunications company purchased last year.
The financial newspaper reveals that A presentation was held in January With investors and that, on that occasion, the CFO of Fibercop would have formulated a forecast of minor Ebitda for 449 million in 2025. A hole that would go up to 2 billion over five years. The main investors, not only KKR, but also CPP Investment, F2i, the Abu Dhabi (Adia) and MEF fund, would have participated in the presentation.
Fibercop, the British newspaper still writes, would now be working for develop a new budget for 2025 and to align it with the original plan agreed with shareholders. In this direction there would be the abandonment of expensive pensioners and the postponement of atri costs at 2026. Even the lines to be eliminated In 2025 they would be reduced compared to the initial plans as the gap in profits would be largely due to their loss.
Disappointment on dividends
Fibercop management, adds the FT, would also have declared that the expected drop in profits would translate into minor dividends In the next five years, otherwise the company would see the debt increase with the consequent risk of rating downloading.
And the reduction of dividends would have been commented on by Some of the shareholdersthat they would have said “Increducts” For the review of the estimates, while others would have spoken of a simple “draft” in the context of normal ongoing discussions.
Fibercop denies the “reconstructions” print
Meanwhile, one Fibercop note has already denied Press indiscretions, stating that “forecasting data relating to the year 2024 and the data relating to the 2025 budgetwhich will be presented to the board convened for February 25, 2025, are in line with the multi -year plan drawn up and approved by all the shareholders at the time of closing of the slope of the TIM network “.
The company then added that they are “the news relating to alleged contrasts Among the Members, including the declarations attributed to some directors “, specifying that” in the meeting of January 23, the directors, COn full unity of intent, They defined the new governance of the company and the attribution of the delegations of CEO to Massimo Sarmi “.
