TIM’s Board of Directors approves the Financial Report at 30 September: the results for the first nine months of 2021 have been released.
TIM, the Board of Directors approves the quarterly report as at 30 September 2021
TIM releases the results for the first nine months of 2021 after the approval of the Financial Report at 30 September 2021 by the Board of Directors chaired by Salvatore Rossi. The income statements show a decrease in TIM’s debt (- € 3.3 billion YoY E – € 1.2 billion from the end of 2020) and double-digit growth for all the Group’s digital companies: Noovle, Olivetti, Telsy. The company’s revenues remained stable at 11.4 billion in the nine months, while there was a strong increase in TIM’s ultra-broadband lines thanks to the new TimVision offer.
TIM, debt down at the end of September 2021
The TIM Financial Report shows a sharp decline in debts for the Group: net financial debt at 30 September 2021 decreased by 3.3 billion euros YoY (3.1 billion euros on an After lease basis), reaching 22 , € 2 billion (€ 17.6 billion on an after lease basis).
In addition to the generation of operating cash, to which the optimization of working capital contributed, TIM traces the debt cut back to the conclusion of the purchase by KKR Infrastructure of 37.5% of FiberCop, for a value of € 1.759 billion . The liquidity margin at the end of September 2021 was 9.8 billion euros, a figure that allows coverage of the group’s financial liabilities falling due for the next 30 months.
TIM, double-digit growth for all digital companies
The TIM Board of Directors also reports strong growth for all the group’s digital companies, thanks to the enhancement of Noovle, Olivetti, Tesly and Sparkle.
In particular for Noovle, cloud revenues in the third quarter show a record increase of + 25% YoY, confirming the development of the cloud and data center business in line with the plan objectives, thanks to the activities of Noovle and the partnership with Google Cloud. TIM has also signed a collaboration agreement with Noovle and Oracle in order to offer multicloud services to organizations and companies in the public sector in Italy.
TIM, stable and ultrabound revenues in strong growth
TIM confirms the stabilization of revenues at 11.4 billion in the first nine months of 2021 and of fixed lines, with an important increase in ultra-broadband lines, which reached 9.7 million, of which 5.1 are retail with a growth of 652 thousand lines in the first 9 months (1,050 thousand lines including wholesale).
This strong development of TIM’s ultrabound network is due, in addition to commercial actions and improved coverage, also to the contribution made by TimVision’s new football offering, intended for a potential user base of approximately 5 million households, which until last league followed football mainly on satellite. The TIM offer, which aims to accelerate the transition to ultra-broadband and therefore the digitization of the country, has already recorded positive effects: in the third quarter there was a further improvement in the increase in ultra-broadband lines and a significant drop in the rate of abandonment.
TIM, improves the churn both on fixed and mobile and continues the development of FiberCop
The review of the TIM accounts shows a significant improvement in the dropout rate, with a general reduction in churn. In the fixed sector, the churn rose to 3.0%, after 3.4% in the second quarter and 4.0% in the previous year, while in the mobile sector it reached its lowest level in the last 14 years: 3.6% , compared to 5.2% of the previous year, reversing the characteristic trend of the summer.
Lastly, TIM’s commitment to digitize Italy continues, with the aim of ensuring FTTH coverage of 75% of the country’s gray and black areas by 2025. The new company FiberCop, a branch of the Group TIM, has already brought broadband to almost 94% of fixed lines thanks to the acceleration of the development of the FTTH network, which allowed an increase in the coverage of real estate units by 22% in 9 months.