Pietro Labriola, CEO of Tim
Tim, total revenues up (+3.1%) to 15.7 billion
The accounts of Tim. In 2022, the phone company’s financial results beat analyst estimates. Six total revenue amounted to 15.78 billion (+3.1%), those from services they stand at 14.6 billion euro, up by 1.3%. The consensus predicted a drop of between 1 and 3%.
The Brazil division and the improvement of the domestic market gave a good boost to the result. The ebitdawhich expresses the group’s gross margin, dropped by 6.7% to 6 billion, but here too the company estimates spoke of a drop in the high part of the single digit, ie between 7 and 9%.
An improvement in the situation that is evident in the fourth quarter of last year, when i revenues from services they rose by 3.6% compared to the previous year, to 3.9 billion euro, while l’ebitda it increased by 2.7%, to 1.5 billion euro, reversing the negative trend of the previous quarters.
During the last three months of the year, the group explains, cost containment actions continued, leading to a “reduction compared to the inertial trend” of around 337 million euro for the whole year, “reaching 112%” of the target set for 2022.
The accounting net financial debt is equal to 25.37 billion euros, that adjusted net of lease agreements is 20.015 billion, up by 2.442 billion. Going into the detail of the parts of which it is composed Telecomthe network of NetCo closed the year with a 4% decline in total revenues and a 4% decline in services revenues. As of December 31, it managed 16 million fixed accesses, with a market share of 80%.
Tim Consumer (services to the general public) in turn recorded a drop of 9% in total revenues and 7% from services, while Tim Enterprise (large customers and public administration) recorded +8% of total revenues and +11% of revenues from services.
Tim, revenue is growing beyond expectations. Labriola’s comment
“Today we can finally present results that exceed the guidance on all metrics”. The managing director of Tim Pietro Labriola in the meeting with analysts following the Board of Directors which yesterday examined the 2022 preliminary data and the update of the 2023-2025 strategic plan. Plan that “will be in total continuity with the strategic pillars presented at Capital market day” explained the CEO.
Who added: “there is a lot of interest in updating” the dossier on the network for which we have received a non-binding offer from Kkr fund but “today we will not make any comments and we will wait for February 24 when the board will meet”, to make a decision. Tim he reiterated yesterday that he remains open to evaluating any possible alternative that should materialize in the meantime.
The strategy on the Team “remains unchanged in full continuity with the themes of the speech set at the Capital market day. We now see that the domestic business is stabilizing the topline for 2023: I know it was already incorporated in last year’s guidance but we are pleased to see it materialize despite a different and worse macro-context. 2022 went better than our expectations so even if the trends were already incorporated in the guidance, the numbers will rise in absolute terms”, specified the CEO.
“In the three years of the plan, something will certainly happen, in the event of a sale of the network there will be a domino effect. To reduce the debt effectively”, he added, “there will have to be extraordinary operations, the market will see a concentration and to be we need to improve the debt”.
“I don’t want to divulge the details” about the dossier Netco “because we are in the middle of negotiations; it was not me who divulged that there was an offer of Kkr it’s not for me to comment on it. In the three years of the plan – this is Labriola’s prediction – something will certainly happen; in the case of a network sale it will have a domino effect,” he explained.
Con “Dazn there will be improvements starting from 2024 but only for part of the year because the championships will end in June while in 2025 there will be a better impact on Tim’s accounts “, he said Wheatgrass in conference call with analysts. “We will continue to sell football but with a different approach – he specified – we don’t want to make commitments of any kind, because everyone will be more or less able to sell football with the traditional approach with a margin on the sale”, he concluded .
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