BERLIN, Dec 11 (Reuters) - Telefonica Deutschland,
one of Germany's three main mobile operators, said it would cut
its dividend as it prioritises investing in upgrading its
network over the next three years.
The unit of Spain's Telefonica said it would
propose a dividend of 0.17 euros ($0.19), down from 0.27 euros
last year, following similar dividend cuts by competitors
Deutsche Telekom and Vodafone.
This would become a new floor over the next three years,
during which it expects minimum cumulative revenue growth of 5%,
while the ratio of capital investment to sales will peak at
17-18% before normalising, Telefonica said in a statement.
The company, which will give a strategy presentation in
London later, reiterated its 2019 earnings guidance.
($1 = 0.9073 euros)
(Reporting by Douglas Busvine
Editing by Tassilo Hummel)
Vodafone (VOD)
