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Freenet Plans Dividend of 1 Euro Per Share After Profit Rises

Feb. 29 (Bloomberg) -- Freenet AG, Germany’s biggest non-network telecommunications company, proposed to pay a dividend for last year of 1 euro per share after profit increased.

Group earnings before interest, taxes, depreciation and amortization rose to 337.4 million euros ($450 million) in 2011 from 334.9 million euros a year earlier, the Buedelsdorf, Germany-based company said in a statement today. Restructuring-related one-off items declined to 22.9 million euros from 31.6 million euros in 2010.

Freenet, which buys access to wireless networks from operators like Deutsche Telekom AG and Vodafone Group Plc, aims to “stabilize” revenue in the coming two years at the level seen in 2011 while Ebitda is likely to be about 340 million euros for 2012 and 2013, the company said. The company plans to continue paying out 40 percent to 60 percent of its free cash flow as dividends.

“From today´s perspective, the company assumes a stable development of its customer base in 2012, and expects slight growth in 2013,” Freenet said.

To contact the reporter on this story: Niklas Magnusson in Hamburg at nmagnusson1@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net

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