UPDATE 2-KPN cautious on 2015 as competition heats up
* Adjusted EBITDA 669 million euros vs expected 641 million
* Sees EBITDA "stabilised" by year end
* Cash flow will be above 405 million euros in 2015
* CEO: no decision on Telefonica Deutschland stake (Updates with CEO quotes)
By Toby Sterling
AMSTERDAM, Feb 4 (Reuters) - Dutch telecoms group KPN said competition from cable companies and low-cost rivals made it difficult to forecast its performance for this year, after it posted a smaller than expected fall in fourth-quarter core earnings.
Chief Executive Eelco Blok said on Wednesday he expected core earnings to have "stabilised" by the end of 2015 and for cash flow to rise from an adjusted 405 million euros ($464 million) in 2014 -- enough to pay for a small dividend increase.
But he declined to promise sales or earnings would definitely rise, blaming competition from cable companies Ziggo and UPC, and from the impending roll-out of a rival 4G mobile internet service by low cost provider Tele2.
"We don't want to be stuck so much in our outlook that we cannot respond to those developments," Blok said. Continuación...