(Finance) – TIM closed on first quarter of 2022 with revenues equal to 3,644 million euros (3,728 in the first three months of 2021), of which revenues from services of 3.4 billion euros (-2.5% YoY), in line with the guidance. TheOrganic EBITDA, amounting to 1.4 billion euros, down by -13.3% YoY; that of the Business Unit Domestic is equal to 1 billion euros in, down 18.3% YoY, and that of TIM Brasil to € 0.4 billion, up 5.1% YoY. The decline in the domestic margin is mostly linked to the trend in revenues, against operating costs in support of the growth of the ICT and multimedia businesses with a trend substantially in line with the first quarter of 2021, underlines the group. The net result attributable to shareholders of the parent company amounted to -0.2 billion euro, in line with the result of the first quarter of 2021.
For TIM Brasil, revenues from services were up by 8.4% YoY and EBITDA up by 5.1% YoY. From the acquisition of part of the mobile activities of the Oi Group, revenues of 1.8 billion Brazilian reais and EBITDA of 1.1 billion in the remaining months of 2022 were reported. “Value vs Volume” strategy both in the fixed and in the mobile is confirmed, with churn rate improving in both markets.
“The first quarter, despite being characterized by a trend of business and results in substantial continuity with the trend already highlighted in the last part of 2021, marks a moment of discontinuity in the management of the group, with a strong attention to compliance with the guidance“. On 7 July, on the occasion of TIM’s Capital Market Day, the reorganization project will be presented to the market which, by overcoming the vertical integration model,” will accelerate the path towards a sustainable generation of cash flows and emerge the intrinsic value of the group’s assets “.
L’net financial debt after lease at March 31, 2022 amounted to € 17.7 billion, an increase of € 1.1 billion YoY and € 0.1 billion compared to December 31, 2021. Net financial debt is equal to 22, 6 billion euros, an increase of 1.5 billion euros YoY and 0.5 billion euros compared to December 31, 2021. TheEquity free cash flow it is positive for 123 million euros on an after lease basis (301 million euros in equity free cash flow).