(Finance) – The Group TIM closed the first quarter of 2023 with total revenue up by 4.3% to 3.8 billion and one organic ebitda equal to 1.5 billion (+3.8%), up for the second consecutive quarter.
The loss attributable to the shareholders of the parent worsens to 689 million (with 427 million of non-recurring charges) from the loss of 204 million in the same period of 2022.
Net financial debt is equal to 25.8 billion, up by 0.5 from the end of 2022, while net financial debt after lease stands at 20.5 billion (+0.4 billion).
The results of the first quarter, during which the stabilization and relaunch of the domestic business and the acceleration of the development of TIM Brasil continued, are fully in line with the targets for 2023 communicated to the market last February , underlines TIM in the account note.
L’ebitda growth of 3.8% reaching 1.5 billion, confirming the improvement trend of the previous quarters (+2.7% in the fourth quarter of 2022, -6.5% in the third quarter, -8.5% in the second quarter and -13.3% in the first quarter), thanks both to the progressive stabilization of the Domestic Business Unit (1 bn, -2.8% compared to -4.2% in the fourth quarter of 2022, -16.2% in the third quarter, -16.3% in the second quarter and -18.3% in the first quarter), and to the strongly positive contribution of Tim Brasil (0.5 billion, +21.8%).
The liquidity margin is more than 8 billion and covers debt maturities up to the end of 2024. Equity free cash flow after lease is negative by 0.4 billion.
In the first quarter, TIM achieved 26% of the incremental cost containment target set for 2023 – underlines the group in the note -. During the quarter, cost containment actions continued aimed at increasing the level of structural efficiency of Tim Domestic (Transformation Plan, cumulative target of reduction in cash costs of 1.5 billion by 2024 compared to the inertial trend) . As at 31 March, the reduction in operating costs compared to the inertial trend was approximately €0.2 billion, equal to 26% of the incremental target set for 2023.