Revenues and Ebitda up for Tim in the first half. In the first half of the year, the group led by Pietro Labriola achieved revenues of 7.8 billion (+3.5% year on year) and an organic Ebitda of 3.1 billion (+4.7%). Ebitda after lease stood at 2.6 billion (+3.1%). Capex (investment expenditure) amounted to 1.7 billion (-6.1%), of which 1.3 billion on the domestic market (-5.9%). As at 30 June, net financial debt amounted to 26.2 billion (+0.8 billion compared to 31 December last).
The improvement in the trend of the domestic business unit and the good performance of Tim Brasil contributed to the results. In the second quarter, in particular, revenues in Italy recorded the first growth after five years, with an increase of 0.6% to 2.9 billion. Revenues from services, in the April-June period, amounted to 2.9 billion and are defined as “in the process of stabilising”, with a decrease of 0.9% compared to -2.4% in the first quarter of the year . Revenues from fixed services are stable (+0.2%). Also in the second quarter, after 21 quarters, “the Ebitda trend stabilized”, recording growth of 0.5% to 1.1 billion. Tim Brasil, for its part, recorded revenues from services growing by 9.5% to 1.1 billion in the period, with an Ebitda, net of non-recurring items, up by 17.3% to 0.5 billion .
Noteworthy is the good performance of cloud services, whose revenues grew by 13% in the six months and represent approximately 30% of Tim Enterprise’s revenues which in the last quarter reported an increase in total revenues of 1% and revenues from services by 2.3%, a slight slowdown compared to the first quarter.
The Tim note, issued at the end of the board meeting, which unanimously approved the six-monthly report, also indicates that “the activities envisaged by the delayering plan are continuing to arrive at the binding offer of Kkr by 30 September”. With the presentation of the offer for the network, we will enter a phase that should revolutionize the group’s structure and its financial structure within a year. The US fund has already started contacts with the major credit institutions to organize the financing of the operation: the answer is expected on August 28th. There is talk of an evaluation of the network of around 21 billion, which can be raised up to 23 billion (if the bumpy journey of the single network project is successfully completed tomorrow), with the transfer of 8-10 billion of net debt to Netco in which a team formed by Mef, F2i and Cdp could participate (the latter with a smaller financial stake). A minority stake could remain on board Tim herself. For Sparkle the hypothesis is that it passes under public scrutiny.
The unbundling of the network should be submitted to the judgment of the Tim shareholders’ meeting perhaps already by the end of the year.