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Telecom Italia 3Q 2012 Results – Franco Bernabè and Piergiorgio Peluso
 

Telecom Italia 3Q 2012 Results – Franco Bernabè and Piergiorgio Peluso

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Slides Telecom Italia 3Q 2012 Results – Franco Bernabè and Piergiorgio Peluso

Slides Telecom Italia 3Q 2012 Results – Franco Bernabè and Piergiorgio Peluso

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    Telecom Italia 3Q 2012 Results – Franco Bernabè and Piergiorgio Peluso Telecom Italia 3Q 2012 Results – Franco Bernabè and Piergiorgio Peluso Presentation Transcript

    • TELECOM ITALIA GROUP 9M 2012 Results Milan, November 9th, 2012 Telecom Italia 9M 2012 Results FRANCO BERNABE’ - PIERGIORGIO PELUSO
    • 1 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’ Safe Harbour These presentations contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this presentation and include statements regarding the intent, belief or current expectations of the customer base, estimates regarding future growth in the different business lines and the global business, market share, financial results and other aspects of the activities and situation relating to the Company and the Group. Such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those projected or implied in the forward looking statements as a result of various factors. Consequently, Telecom Italia S.p.A. makes no representation, whether expressed or implied, as to the conformity of the actual results with those projected in the forward looking statement. Forward-looking information is based on certain key assumptions which we believe to be reasonable as of the date hereof, but forward looking information by its nature involves risks and uncertainties, which are outside our control, and could significantly affect expected results. Analysts are cautioned not to place undue reliance on those forward looking statements, which speak only as of the date of this presentation. Telecom Italia S.p.A. undertakes no obligation to release publicly the results of any revisions to these forward looking statements which may be made to reflect events and circumstances after the date of this presentation, including, without limitation, changes in Telecom Italia S.p.A. business or acquisition strategy or planned capital expenditures or to reflect the occurrence of unanticipated events. Analysts and investors are encouraged to consult the Company's Annual Report on Form 20-F as well as periodic filings made on Form 6-K, which are on file with the United States Securities and Exchange Commission. Some data for the 2011 financial year used in comparisons included into this presentation are restated as a result of the early adoption of the revised IAS 19 (Employee Benefits) version and the reclassification of Matrix from the Business Unit Domestic–Core Domestic to the Business Unit Other Activities - PIERGIORGIO PELUSO
    • 2 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’  TI Group 9M 2012 Results  Telecom Italia Core Markets Results Italy Brazil Argentina  Wrap-up Agenda - PIERGIORGIO PELUSO
    • 3 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’ Euro mln, % TI Group: Revenues & EBITDA trends 7,073 7,392 7,470 7,401 7,516 7,268 9M11 9M12 Reported Revenues +2 M€ +0.0% -69 -0.9% +319 +4.5% 22,059 22,061 2Q 1Q 3Q -248 -3.3% 7,019 7,392 7,340 7,410 7,368 7,268 9M11 9M12 Organic Revenues +343 M€ +1.6% +70 +1.0% +373 +5.3% 21,727 22,070 -100 -1.4% 2Q 1Q 3Q 2,939 2,973 3,017 2,886 3,181 3,001 9M11 9M12 Reported EBITDA 41.4% 40.2% % on Revenues -1.2p.p. 9,137 8,860 -131 -4.3% +34 +1.2% -180 -5.7% -277 M€ -3.0% 2Q 1Q 3Q 2,961 2,976 2,991 2,917 3,159 3,031 9M11 9M12 Organic EBITDA % on Revenues 41.9% 40.4%-1.5p.p. 9,111 8,924 -74 -2.5% +15 +0.5% -128 -4.1% 2Q 1Q 3Q -187 M€ -2.1%
    • 4 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’ Revenues EBITDA Weight on TI Group* 38.0% 25.8% Euro mln, Organic Data TI Group 9M12 22,070 8,924 % yoy +1.6% -2.1% 9M12 5,595 1,477 % yoy +11.0% +9.2% 25.3% 16.6% Brazil 9M12 2,804 825 % yoy +20.0% +8.0% 12.7% 9.2% Argentina 9M12 13,422 6,713 % yoy -4.7% -4.6% 60.5% 75.2% Domestic TI Group Key Results by Core Markets * Revenues based on net contributions.
    • 5 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’ (1,256) 3,182 1,926 +335 2,261 (91) +94 (30) +11 2,245 (319) 1,926 Net Income 9M11 GW write-down 9M11 Net Income excl. GW write- down 9M11 Minorities 9M11 Income ante Min & Disc. Ops. exc. GW write-down Delta EBIT excl. GW write-down Delta Interest & Net Income/Equity Delta Taxes Delta Net Income of assets disposed Income/(Loss) ante Min & Disc. Ops. 9M12 Minorities 9M12 Net Income 9M12 Net Income Evolution Euro mln  Equity +15  Income from inv. (17) o/w Cuba (17)  Net Fin. Charges +96 Flat o/w  Brazil (35)  Argentina (9)  TI Media +16 o/w  Brazil (136)  Argentina (199)  TI Media +16
    • 6 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’ 1,224 907 296 22 9M11 9M12 Euro mln, Reported Data Operating Free Cash Flow Net Cash Flow Revenues Opex Capex  WC OFCF 22,061+2 (190) (279) 1,520 929 Normalized Free Cash Flow Generation (591) Cuba: 398 Loquendo 53 Economics Interest TA (155) Etecsa Cuba: 38 TIM Fiber: (9) HanseNet (7) (317) 9M (383) 3Q (114) 2Q +181 1Q (450) 22,059 +84 (383)
    • 7 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’ Focus on Net Debt Performance Euro mln Adj. Net Financial Position 29,948 30,414 30,360 29,485 9M11 FY11 1H12 9M12 (463) (929) (875)
    • 8 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’ Deleverage Plan on Track OpFCF: ~2.5€bln (in line with 4Q11 excl. LTE) Cash Tax & Fin. Expenses: ~1.1€bln Net CF before Disposals: ~1.4/1.5€bln Final Delta to FY 12 Debt target will come from Disposals, as per our Plan Net Cash Flow 4Q12E 29.5 9M12 2012 27.5 2013 25 Inside 2x Net Debt/ EBITDA Δ ~2€bln in 4Q12 2014 & Onwards Euro bln Current Dividend Confirmed as Floor for ’12 - ’14
    • 9 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’ Recent Bond Issue / Maturities and Risk Management On September 13, 2012 a 1 Billion euro fixed rate bond was offered to institutional investors TI benefited from a reduction of 258 basis points YoY (143bp credit and 115bp interest rate) in all-in yield vs same tenor offer in Oct. 2011 Bond Details: - 5Y Maturity - Coupon 4.5% - Issue Price 99.693% - Spread vs swap rate 355 - Yield 4.57% Average debt maturity: 7.10 years (bond-only 8.05 years) Fixed rate portion on gross debt: approximately 73.9% About 46% of outstanding bonds (nominal amount) is denominated in USD, GBP and YEN and is fully hedged Cost of debt: 5.4% The figures are net of the following adjustments due to the fair value measurement of derivatives and related financial liabilities/assets: - the impact on Gross Financial Debt is equal to 2,546 Euro/mln (of which 695 €/mln bonds) - the impact on Financial Assets is equal to 2,060 Euro/mln Therefore, Net Financial Indebtedness is adjusted by 486 Euro/mln. Well Diversified and Hedged Debt 3.7% 5.7% 70.9% Bonds 27,197 Total Gross Debt Net of Adjustment: Euro 38,372 mln  Gross debt  Financial assets of which C & CE and marketable securities - C & CE - Marketable securities - Italian Government Securities - Other 38,372 (8,887) Bank Facility 1,959 Bank & EIB 5,589 Op. Leases and long rent 1,427 Other 2,200 14.6% 5.1% Euro mln Net Financial Position 29,485 (7,385) (6,755) (630) (447) (183) PIERGIORGIO PELUSO
    • 10 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’ Bonds Loans (of which long-term rent, financial and operating lease payable Euro 1,412 mln) Drawn bank facility Robust Liquidity Margin and Well-Distributed Debt Maturities Euro mln € 7.39 bln Group Liquidity Position + € 7.45 bln Undrawn Portion of Facility/Committed = € 14.84 bln Group Liquidity Margin PIERGIORGIO PELUSO , , , , , , , , , , , , , , , , , , , , , , (1) Euro 36,344 mln is the normal amount of outstanding medium-long term debt by adding IAS adjustments (Euro 1,301 mln) and current liabilities (Euro 726 mln), the gross debt figure of Euro 38,372 mln is reached. N.B. Debt maturities are net of Euro 1,246 mln (face value) of repurchased own bonds (of which Euro 1,031 mln related to bonds due in the next 24 months) ,
    • 11 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’ Progress on TI Media Disposal Revenues EBIT EBITDA CAPEX Net Debt Net Income Euro mln Action Plan Info memos sent to selected bidders at the end of August Non-binding offers received at the end of September, for TI Media as a whole and for TV Business (La7 S.r.l**) only Due diligence underway with admitted bidders:  Virtual Data Room started beginning of October  Management Presentation concluded end of October  Focused Management meetings in progress Binding offers expected by the 1st week of December 9M 12 161 (72) 41 (26) 224 (54) 9M 11 170 (16)* 33 27* 133 (15) *Includes 20.5 Euro mln paid by Telecom Italia to Telecom Italia Media in 2011 as compensation for the early resolution of the “Competence Center” agreement. **La7 S.r.l. owns the brands La7 and La7d and holds 51% of MTV Italia S.r.l. PIERGIORGIO PELUSO
    • 12 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’  TI Group 9M 12 Results  Telecom Italia Core Markets Results Italy Brazil Argentina  Wrap-up Agenda
    • 13 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’ -1.5% -2.6% -2.9% -2.4% -1.6% -0.5% 0.2% 0.8% 1Q12 2Q12 3Q12E 4Q12E 1Q13E 2Q13E 3Q13E 4Q13E Real GDP - YoY trend Households Spending - YoY trend Industrial Production - YoY Trend Italy: Macro Indicators have not improved Source: Prometeia -5.4% -7.8% -7.7% -5.5% -3.1% -1.0% 0.9% 2.0% 1Q12 2Q12 3Q12E 4Q12E 1Q13E 2Q13E 3Q13E 4Q13E -2.8% -3.6% -3.9% -3.5% -2.5% -1.5% -0.6% 0.2% 1Q12 2Q12 3Q12E 4Q12E 1Q13E 2Q13E 3Q13E 4Q13E
    • 14 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’ Euro mln, Organic Data  Still double-digit performance in Mobile Small Screen Browsing  TI Retail BB line loss evolution under control (-7k in 3Q12), with a stable Market Share at approximately 52%  Value-oriented approach on Fixed BB with a constant increase in Retail ARPU  Fixed 3Q results affected by tough comparison with last year  Mobile Top Line negatively affected by MTR cut, price cap on EU Roaming and tougher competitive environment  Sound and stable marginality in 9M at 50% Developing Innovation BB Achievements Resilient Performance in Core Markets  Success of SuperInternet offer continues  LTE Services launched in Turin, Milan, Rome and Naples on Nov. 7th  Innovative F-M data bundles launched on a trial basis Italy: Revenues & Ebitda Trend 4,586 4,477 4,753 4,580 4,739 4,365 9M11 9M12 -374 -7.9% -109 -2.4% -173 -3.6% Revenues -656 M€ -4.7%14,078 13,422 2Q 1Q 3Q 2,283 2,218 2,291 2,206 2,460 2,289 9M11 9M12 -171 -7.0% 7,034 -321 M€ -4.6% 50% 50%0.0 p.p. 6,713 -85 -3.7% -65 -2.8% EBITDA 2Q 1Q 3Q % on Revenues
    • 15 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’  TI Group 9M 12 Results  Telecom Italia Core Markets Results Italy Brazil Argentina  Wrap-up Agenda
    • 16 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’ Euro mln, Organic Data Brazil: Revenues & EBITDA Trends 1,619 1,928 1,695 1,805 1,726 1,862 9M11 9M12 Revenues +555M€ +11.0% 2Q 1Q +110 +7.0% +309 +19.1% 5,040 5,595 3Q +136 +8.0% 445 505 453 482 455 490 9M11 9M12 EBITDA +124 M€ +9.2% +29 +6.8% +60 +13.5% 1,353 1,477 26.8% -0.4 p.p. 26.4%% on Revenues 2Q 1Q 3Q +35 +7.9% Value Creation Revenue Growth Size & Market  TIM net adds: 9M still #1 in spite of sales ban. Customer Base: 69.4 mln lines, +17% YoY (#1 operator in growth)  #1 in prepaid segment and closing overall gap with #1 operator  Leader in Handset market despite unique No Subsidy approach  EBITDA organic performance in progress in 3Q: +7.9%YoY  Organic trends plus TIM Fiber related cost improvements and efficiencies in 4Q, confirm commitment to FY12 guidance  Voice Outgoing Revenues supported by new acceleration in MOU, Voice Incoming affected by MTR cut (14% last March)  VAS gross revenues +34.6% YoY, driven by continued smart/web phone penetration increase (now at 39%, up from 19.5% in 3Q11)  VAS gross revenues 19.4% of total gross mobile service revenues against 15.7% in 3Q11
    • 17 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’  TI Group 9M 12 Results  Telecom Italia Core Markets Results Italy Brazil Argentina  Wrap-up Agenda
    • 18 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’ Euro mln, Organic Data Argentina: Revenues & EBITDA Trends 727 901 781 922 829 981 9M11 9M12 Revenues +467 M€ +20.0% +141 +18.1% +174 +24.0% 2,337 2,804 2Q 1Q 3Q +152 +18.2% 248 289 257 261 258 275 9M11 9M12 EBITDA +62 M€ +8.0% +4 +1.4% +41 +16.6% 763 825 32.7% -3.3 p.p. 29.4% +17 +6.5% 2Q 1Q 3Q % on Revenues Value Creation Going Forward  Postpaid and Mobile VAS drive consistent growth in value KPIs: 3 of 4 ports-in are high value, ARPU +12% YoY 9M  Internet +70% YoY and VAS (SMS) +29% YoY in 9M, VAS/Service Revenues at 52% (vs. 47% 9M11)  Broadband ARPU growth: +16% YoY in 9M, growing value through bundling and video streaming  Fixed Voice ARBU +5% YoY 9M despite tariff freeze  Mobile Price positive adjustments in 4Q  Room to improve cost structure and sustain margins in inflationary environment:  Leverage on positive MNP momentum to rationalize commercial efforts (lower unitary sub/SAC&SRC)  Positive wage negotiation outcome gives YoY support  Infrastructure development improves interconnection cost trend  Capex freed due to cancelled spectrum auction, reassigned to additional access network deployment  18.9 mln mobile lines with 33.3% market share, leading MNP and service revenue performance  Solid market performance in fixed BB, Accesses +7% vs Sept 11, stable at ~34%* market share among top 3 operators Revenue Growth Size & Market *Estimates
    • 19 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’  TI Group 9M 12 Results  Telecom Italia Core Markets Results Italy Brazil Argentina  Wrap-up Agenda
    • 20 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’ ** excluding Latam spectrum licences TI Group – FY 2012 Key Guidance Revenues EBITDA NFP Adj.** Stable Broadly Stable  27.5 € bln Organic Data* *exchange rates 2011 (R$/€ 2.33; ARS/€5.74), excluding impact from non-organic items Telecom Italia Group FY 2012 Key Guidance Confirmed
    • 21 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’ Appendix - PIERGIORGIO PELUSO
    • 22 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’ 22,059 21,727 22,070 22,061(8) (324) 0 (656) +555 +467 (9) (25) +11 (9) 9M11 Change in consolid. area Exchange rate impact Other non- organic items 9M11 Organic Domestic Brazil* Argentina** Media Olivetti Other & Elim. 9M12 Organic Other non- organic items 9M12 Litigation & Settlement (9) Domestic (8) Olivetti (17) Other & Elim. +17 Euro mln +2 M€ (flat) * Average Exchange rate (Real/Euro): 2.46 in 2012, 2.29 in 2011 * * Average Exchange rate (Peso/Euro): 5.71 in 2012, 5.75 in 2011 Organic Variation +343 M€ (+1.6%) TI Group – Revenues Evolution Domestic +17 Brazil (355) Argentina (13) Olivetti +1 - PIERGIORGIO PELUSO
    • 23 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’ 9,137 9,111 8,924 8,860 (1) (84) +59 (321) +124 +62 (32) +9 (29) (64) 9M11 Change in consolid. area Exchange rate impact Other non- organic items 9M11 Organic Domestic Brazil* Argentina** Media Olivetti Other & Elim. 9M12 Organic Other non- organic items 9M12 Litigations & Settlement (10) Restructuring charges (30) Other net charges (24) -277 M€ (-3.0%) Organic Variation -187 M€ (-2.1%) 41.4% 41.9% 40.4% 40.2% Euro mln TI Group – EBITDA Evolution Domestic +6 Brazil (94) Argentina +4 * Average Exchange rate (Real/Euro): 2.46 in 2012, 2.29 in 2011 * * Average Exchange rate (Peso/Euro): 5.71 in 2012, 5.75 in 2011 Litigations & Settlement +15 Restructuring charges +2 Other net charges +42 - PIERGIORGIO PELUSO
    • 24 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’ 1,809 4,976 4,945 4,900 0 (38) +3,205 (44) +65 (3) (35) +8 (22) (45) 9M11 Change in consolid. area Exchange rate impact Other non- organic items 9M11 Organic Domestic Brazil* Argentina** Media Olivetti Other & Elim. 9M12 Organic Other non- organic items 9M12 GW Writedown +3,182 Other net charges +23 TI Group – Ebit Evolution Euro mln Organic Variation -31 M€ (-0.6%) +3,091 M€ (+170.9%) 22.4% 22.2% * Average Exchange rate (Real/Euro): 2.46 in 2012, 2.29 in 2011 * * Average Exchange rate (Peso/Euro): 5.71 in 2012, 5.75 in 2011 22.9% Domestic +4 Brazil (45) Argentina +3 Litigations & Settlement (10) Restructuring charges (30) Net capital gains +21 Other net charges (26) - PIERGIORGIO PELUSO
    • 25 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’  Equity +15  Income from inv. (17) o/w Cuba (17)  Net Fin. Charges +96 Net Income Evolution o/w  Brazil (35)  Argentina (9)  TI Media +16 +0M€ (flat) o/w  Argentina (199)  Brazil (136)  TI Media +16 Net Income excl. GW write-down 9M11  EBIT excl. GW writedown  Net Interest & Net Income /Equity  Taxes Minorities 9M11 Income ante Min & Disc. Ops. excl. GW write- down Minorities 9M12 Income /(Loss) ante Min & Disc. Ops. 9M12 Net Income 9M12  Net Income of assets disposed Net Income 9M11 GW Writedown 9M11 1,926 2,245335 2,261 (91) +94 (30) 1,926 +11 (319) (1,256) +3,182 - PIERGIORGIO PELUSO Euro mln
    • 26 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’ Free Cash Flow Generation and ΔOWC Dynamics Euro mln, Reported Data Operating Free Cash Flow Revenues Opex Capex  WC OFCF 22,059 22,061+2 -190 + 84 - 383 -279  Brazil: - 227 (capex acceleration for network upgrades and increased cashout from TLC fees)  Domestic: +61  Argentina: - 145  TI Media & Other: -72 4,524 4,141 1,423 1,339 3,190 3,380 12,922 13,201 9M11 9M12 Δ Severance Indemnities, Funds & Other Net Other Receivables / Payables Trade ReceivablesInventories Δ OWC & Other 9M12 (1,339) (94) 674 (1,460) (452) (7) +84+30 +543* (428)* (159)* +98 Δ Operating Working Capital Trade Payables  Abs YoY 9M +84 3Q +24 2Q +495 1Q (435) - PIERGIORGIO PELUSO Euro mln, Reported Data * The variation includes the effect of settlement with OLO.
    • 27 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’ 30,414 29,485(4,141) 1,027 (32) 2,217 2011YE Adjusted Operating FCF Dividends Disposals & Fin. Investment Cash Fin./ Taxes & other Impacts 9M12 Adjusted Euro mln, Reported Data Net Debt Dynamics (929) EBITDA CAPEX  WC & Others Operating FCF (8,860) +3,380 +1,339 (4,141) Net Debt Evolution - PIERGIORGIO PELUSO
    • 28 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’ 2012 2011  Abs. % REVENUES 22,061 22,059 2 0.0 Other Operating Income 169 167 TOTAL REVENUES & OTHER INCOME 22,230 22,226 4 0.0 Total Purchases of materials and external services -9,676 -9,442 -234 Personnel -2,901 -2,922 21 of which payroll -2,846 -2,866 20 Other operating costs -1.339 -1.271 -68 Change in inventories 112 135 -23 EBITDA 8,860 9,137 -277 -3.0 % on Revenues 40.2% 41.4% Depreciation & Amortization -3,967 -4,169 202 Writedowns and revaluations of non current assets -3,182 3,179 Gains/ losses of non current assets realization 10 23 -13 EBIT 4,900 1,809 3,091 % on Revenues 22.2% 8.2% Income (loss) equity invest. valued equity method -4 -19 15 Other income ( expenses ) from investments 15 -17 Net Financial Income / (Expenses) -1.400 -1.496 96 Income before Taxes & Disc. Ops. 3,494 309 3,185 % on Revenues 15.8% 1.4% Taxes -1.249 -1,219 -30 Income before Disc. Ops. 2,245 -910 3,155 Net income (loss) of assets disposed 0 -11 11 Net Income (ante Minorities) 2,245 -921 3,166 % on Revenues 10.2% -4.2% Minorities -319 -335 16 Net Income (post Minorities) 1,926 -1,256 3,182 % on Revenues 8.7% -5.7% 9M  TI Group 9M12 – P&L Capitalized Cost and Others 434 -3 -2 411 2 23 1.2 2.5 -0.7 -0.7 5.4 17.0 -5.6 -4.8 -99.9 -56.5 170.9 - PIERGIORGIO PELUSO
    • 29 TELECOM ITALIA GROUP 9M 2012 Results FRANCO BERNABE’ TI Group 9M12 – Main Results by BU Reported 9M REVENUES 2012 2011  Abs.  % Domestic 13,413 14,069 -656 (4.7) Wireline Domestic 9,604 10,002 -398 (4.0) Tim Domestic 4,960 5,286 -326 (6.2) Brazil 5,595 5,395 200 3.7 Argentina 2,804 2,324 480 20.7 Media 161 170 -9 (5.3) Olivetti 185 226 -41 (18.1) Other Activities & Elim. -97 -125 28 - 24.5 TI Group 22,061 22,059 2 0.0 Organic 9M REVENUES 2012 2011  Abs.  % Domestic 13,422 14,078 -656 (4.7) Wireline Domestic 9,613 10,011 -398 (4.0) Tim Domestic 4,960 5,286 -326 (6.2) Brazil 5,595 5,040 555 11.0 Argentina 2,804 2,337 467 20.0 Media 161 170 -9 (5.3) Olivetti 185 210 (11,9)-25 Other Activities & Elim. -97 -108 11 - TI Group 22,070 21,727 343 1,6 9M EBITDA 2012 2011  Abs.  % Domestic 6,713 7,034 -321 (4.6) Brazil 1,477 1,353 124 9.2 Argentina 825 763 62 8.0 Media -26 6 -32 - Olivetti -28 -37 9 24.3 Other Activities & Elim. -37 -8 -29 - TI Group 8,924 9,111 -187 (2.1) EBITDA MARGIN 40.4% 41.9% -1.5 pp 9M EBITDA 2012 2011  Abs.  % Domestic 6,696 6,953 -257 (3.7) Brazil 1,460 1,444 16 1.1 Argentina 825 759 66 8.7 Media -26 27 -53 - Olivetti --58 -37 -21 (56.8) Other Activities & Elim. -37 -9 -28 - TI Group 8,860 9,137 -277 (3.0) EBITDA MARGIN 40.2% 41.4% --1.2 pp Euro mln - PIERGIORGIO PELUSO