Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.




BDFL - Memuneh
60004 posts

Uber Geek
+1 received by user: 11103

Administrator
Trusted
Geekzone
Lifetime subscriber

Topic # 115511 28-Mar-2013 10:24
Send private message

Received today and posted here:


At Telecom’s half year profit announcement on 22 February 2013, the company advised that it would book material one-off costs in H2 FY13 associated with implementing its new strategy. 

As part of its drive for simplification and a competitive cost base, the company has moved swiftly on structural and portfolio changes. In the last five weeks, decisions have been taken to: 

• reset the scope of Gen-i Australia to its original rationale; 
• reduce significantly corporate centre functions in management, HR, Finance, Legal and Corporate Relations; and 
• tighten the management and operational staff levels in all business units. 

Telecom expects to incur one-off restructuring costs of $70 million to $80 million in FY13, associated with decisions taken to date including impacts of resetting the scope of Gen-i Australia and downsizing costs in New Zealand. The flow on impact of these changes onto revenues and non-labour operating costs is uncertain. Telecom believes that payroll costs (Opex and Capex) will reduce by $90 million to $110 million on an annualised basis. 

Telecom expects to incur further redundancy and other one-off costs associated with cessation of business activities as it works through the remainder of its strategic change process. Telecom will provide a second update once decisions are taken. 

As a result of this overall process, Telecom expects to reduce its number of full time equivalent employees from 7,530 at 31 December 2012 to approximately 6,300 to 6,600 by the middle of this year. Staff levels are being reduced by constraints on recruitment activity, voluntary and involuntary redundancies and the transfer of roles to other employers associated with portfolio rationalisation decisions. 

Telecom’s adjusted EBITDA guidance for FY13 remains $1,040 million to $1,060 million. This guidance excludes the one-off restructuring costs described above associated with implementing the new strategy. 

Chief executive Simon Moutter commented: “This is an important step to build a leaner, more agile organisation with a competitive cost structure, setting us up to win in the market.”






Create new topic
7759 posts

Uber Geek
+1 received by user: 765

Subscriber

  Reply # 788806 28-Mar-2013 17:02
Send private message

Wonder when Vodafone will confirm theirs after the TC merger??




Regards,

Old3eyes


Create new topic



Twitter »

Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





News »

Amazon launches the International Shopping Experience in the Amazon Shopping App
Posted 19-Apr-2018 08:38


Spark New Zealand and TVNZ to bring coverage of Rugby World Cup 2019
Posted 16-Apr-2018 06:55


How Google can seize Microsoft Office crown
Posted 14-Apr-2018 11:08


How back office transformation drives IRD efficiency
Posted 12-Apr-2018 21:15


iPod laws in a smartphone world: will we ever get copyright right?
Posted 12-Apr-2018 21:13


Lightbox service using big data and analytics to learn more about customers
Posted 9-Apr-2018 12:11


111 mobile caller location extended to iOS
Posted 6-Apr-2018 13:50


Huawei announces the HUAWEI P20 series
Posted 29-Mar-2018 11:41


Symantec Internet Security Threat Report shows increased endpoint technology risks
Posted 26-Mar-2018 18:29


Spark switches on long-range IoT network across New Zealand
Posted 26-Mar-2018 18:22


Stuff Pix enters streaming video market
Posted 21-Mar-2018 09:18


Windows no longer Microsoft’s main focus
Posted 13-Mar-2018 07:47


Why phone makers are obsessed with cameras
Posted 11-Mar-2018 12:25


New Zealand Adopts International Open Data Charter
Posted 3-Mar-2018 12:48


Shipments tumble as NZ phone upgrades slow
Posted 2-Mar-2018 11:48



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.