The document provides preliminary results for Telecom Italia's (TI) full year 2011 and outlines its 2012-2014 plan. Key highlights include:
- TI met its 2011 targets for revenues, EBITDA, capex, and net financial position. Revenues increased 2.7% to €29.96 billion while EBITDA was flat at €12.33 billion.
- Cash generation in Italy and growth in Brazil and Argentina are balancing TI's business performance and financial discipline. Brazil and Argentina contributed 35% of revenues in 2011 and grew revenues by 18.2% and 26.5%, respectively.
- TI's net debt was reduced by €5.5 billion from 2007 to
United States Securities and Exchange Commission - Annual report pursuant to section 13 or 15 (d) of the securities exchange act of 1934 for the fiscal year ended: December 31, 2010
United States Securities and Exchange Commission - Annual report pursuant to section 13 or 15 (d) of the securities exchange act of 1934 for the fiscal year ended: December 31, 2010
Pirelli Presentation of 1H 2009 Group Results.
Pirelli & C. Group Revenues: 2,137.6 Million Euros (2,454.8 Million Euros As Of 30 June 2008). Ebit 101.1 Million Euros (180.9 Million Euros As Of 30 June 2008) After Restructuring Charges Of 21.2 Million Euros; Incidence On Revenues Of 4.7% In Line With Industrial Plan Targets. Attributable Consolidated Net Result: 6.3 Million Euros (-36.2 Million Euros As Of 30 June 2008; Total Consolidated Net Result Negative For 12.4 Million Euros (-9.5 Million Euros As Of 30 June 2008), Positive Net Of Further 19.8 Million Euro Writedown Of Telecom Italia Stake. Net Financial Position Negative For 1,107.6 Million Euros, from 1,278.9 Million Euros As Of 31 March 2009.
Pirelli Tyre Revenues 1,915.9 Million Euros (-9.3% On A Like-For-Like Basis, Net Of Exchange Rate Effects, Compared With First Half 2008); Ebit Before Restructuring Costs: 146.5 Million Euros, Or 7.6% Of Revenues. Second Quarter Revenues Up 6.7% Compared With The First Quarter Of 2009; Second Quarter Ebit Margin Before Restructuring Charges Rose To 8.6% From 8.1% In The Second Quarter Of 2008.
More on: http://www.pirelli.com/web/investors/presentation/archive_pres/default.page
TIM GROUP FY '23 Preliminary Results.pdfGruppo TIM
On February 15, 2024, TIM management has presented in conference call its FY 2023 preliminary results approved by the Board of Directors.
Il 15 febbraio 2024 il management di TIM ha presentato in conference call i risultati preliminari del FY 2023 approvati dal Consiglio di Amministrazione.
Il 9 novembre 2023 il management di TIM ha presentato in conference call i risultati del Q3 2023 approvati dal Consiglio di Amministrazione.
On November 9, 2023, TIM management has presented in conference call its Q3 2023 results approved by the Board of Directors.
I risultati di TIM per il primo trimestre 2022, illustrati in webcast e conference call il 5 maggio 2022.
TIM 2022 First Quarter Results, presented on May 5, 2022, via webcast and conference call.
Telecom Italia – TI Group FY 2011 Preliminary Results and 2012-14 Plan Outline (Bernabè)
1. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
February 24th, 2012
Telecom Italia – TI Group
Full-Year 2011 Preliminary Results and 2012-14
Plan Outline
FRANCO BERNABE’
2. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
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.
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.
It should also be noted that starting from the year 2010, Telecom Italia reclassified some taxes paid in Brazil of
non-material amount, previously included in “Other operating expenses”, in reduction of “Revenues” and “Other
income” in order to ensure a better comparability and intelligibility of the financial information.
1
3. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
Agenda
TI Group 2011 Preliminary Results
Telecom Italia Plan Outline
Italy
Brazil
Argentina
Focus on Ebitda-Capex Generation
Targets
Appendix
2
4. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
TI Group Full Year 2011 Progress Report: Targets Met
Organic Figures
Guidance FY 2011
Revenues Broadly Stable YoY +2.7% YoY (29,958 mln €)
Reached
Ebitda Broadly Stable YoY Flat (12,339 mln €)
Reached
Capex 4.8 bln € 4,872 mln €
(6,095 mln €, LTE included)
Reached
NFP Adj. 29.5 bln € (LTE excluded) 29,191 mln €
(30,414 mln € LTE included)
Reached
3
5. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
TI Group 2011 Revenues and Ebitda by Quarters
Euro mln, %
Organic Revenues Organic EBITDA
29,172 +786 29,958
+2.7% +4
7,899 12,335 +0.0% 12,339
IVQ 7,520 +5.0%
IVQ 3,006 +3.3% 3,105
IIIQ 7,246 7,516
+3.7% IIIQ 3,186 +0.8% 3,213
IIQ 7,318 7,470 -0.4%
+2.1% IIQ 3,066 3,055
7,088 7,073 -3.6%
IQ -0.2%
IQ 3,077 2,966
FY 2010 FY 2011 FY 2010 FY 2011
Contribution to YoY Change Contribution to YoY Change
Domestic Domestic
Brazil Brazil
2.7% 0.0%
Argentina Argentina
Other B.U. Other B.U.
4
6. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
Combining a Sound Cash Generation with a Solid Growth
Euro mln, Organic Data
Weight in TI TI Group Domestic Brazil Argentina
Group
FY 11 % yoy FY 11 % yoy FY 11 % yoy FY 11 % yoy
35%
Revenues 29,958 +2.7% 19,033 -4.8% 7,343 +18.2% 3,220 +26.5%
EBITDA 12,339 Flat 9,351 -3.9% 1,998 +10.7% 1,035 +24.1% 25%
EBITDA-CAPEX 7,467 -0.4% 6,374 -3.7% 708 +20.7% 479 +23.3 %
85%
Cash Generation Engine of Growth
for the Group for the Group
* Revenues based on net contributions
5
7. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
Group Business Performance and Financial Discipline
Normalized Operating Free Cash Flow Deleverage - Net Financial Position Adjusted
Euro mln, Reported Data Euro Bln
35.9 -1.3
-0.6
34.5 -2.5
+388 6,990 33.9
6,602 -1.05
1 2
31.5
Adj. 389 1,223 30.4
LTE
5.5 € bln Net Debt reduction
-446
6,213 5,767 29.2
FY 2010 FY 2011 2007 2008 2009 2010 2011
Normalized data:
(1) TIS settlement - July 2010 -
(2) LTE - October 2011-
6
8. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
Agenda
TI Group 2011 Preliminary Results
Telecom Italia Plan Outline
Italy
Brazil
Argentina
Focus on Ebitda-Capex Generation
Targets
Appendix
7
9. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
2012-14 – TI Strategic Priorities are Confirmed
Italy – Proactively
Manage for Cash
Complete the
Generation
Deleverage
Program
Fully Exploit TI Enhance
Brazil – Continue the Free Cash Flow
Multi -Country
Business Expansion Generation
Businesses
Sustainable
Shareholders’
Argentina – Managing
Remuneration
Growth and Profitability
8
10. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
2012-14 – Key Drivers
Revenues Defence
Protect the Value of Traditional Services
Improve Performance of Fixed Broadband Portfolio
Flexible Capex Allocation
Profitable Mobile Data Growth
Italy
Opex Efficiency
Continuous Focus on Efficiency Improvement
Selective Network Deployment
Market-driven Approach to Exploit UBB Demand
Exploit Growth as a Strong Mobile and Fixed BB Challenger
Capturing further Voice Increase and Opportunities from FMS
Brazil
Continuous boost from Mobile Data
Deployment of TIM Fiber
Consolidate Mobile and Pursue Convergence
Argentina Score results from MNP introduction
Gradual Expansion of Integrated Network
9
11. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
Flexible Capex Allocation
VDSL2
FTTH/B FTTH
FTTCab FTTC
Limited Market at Present Potential Mass Demand
Be «FTTH-Ready» Begin Deployment
2012-14 Milan and selected 2014 Target: 100 towns,
ITALY
areas with possible 25% of Housing Units
Partnerships
2012 Greenfield 2012: start in São Paulo & Rio
BRAZIL
2013-14 São Paulo & Rio 2013-14 in other Selected Areas
2012 Greenfield 2011 begin Roll-Out
ARGENTINA
2013 in Selected Areas 2014 50% of Cabinets
10
12. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
Agenda
TI Group 2011 Preliminary Results
Telecom Italia Plan Outline
Italy
Brazil
Argentina
Focus on Ebitda-Capex Generation
Targets
Appendix
11
13. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
Italy: Performing also in Times of Crisis
Profitability Capex Optimization
Caring & Sales Force Selective deployment of
Model Rationalization; NGAN and LTE;
Additional efficiencies in Efficiency on maintenance
industrial costs; to support UBB
Personnel right-sizing development
Domestic
Cash Generation
~80% of Group
(cum. 12-14)*
Financial discipline Innovation
Allows to devote all
needed resources to Customer-driven
Network Development to innovation
confirm Technological Offer based on Customer
Leadership Value
• EBITDA-Capex. Organic: same perimeter, 2011 FX rates, excluding Latam spectrum acquisitions.
12
14. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
Agenda
TI Group 2011 Preliminary Results
Telecom Italia Plan Outline
Italy
Brazil
Argentina
Focus on Ebitda-Capex Generation
Targets
Appendix
13
15. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
Brazil: Ensure a Self-Sustained and Efficient Growth
Macroeconomic context: a sound growth
Tim Brasil is the Fastest
GDP growth TLC Market (CAGR 11-14)
Growing TLC Player in
CAGR 11-14 its Country
CAGR 2011-14 Voice BB Tot
4.5%
2.9% Mobile +2% 47% 9%
Fixed -8% 16% -3%
Proven Track record in
TLC spend -3% 28% integrating and
2011 2014 extracting Value from
Acquisitions: Intelig
paved the way for AES
Exploiting Market Opportunities
3 Development Waves FCF on sales
Continuing Top Line
2x growth, doubling
FCF/sales ratio
Mobile CB FMS Internet
expansion (voice) for all
2011 2014
14
16. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
Agenda
TI Group 2011 Preliminary Results
Telecom Italia Plan Outline
Italy
Brazil
Argentina
Focus on Ebitda-Capex Generation
Targets
Appendix
15
17. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
Argentina: Carefully Manage Opportunities
Macroeconomic context is continously monitored
GDP growth % Unemployment Rate % Consumer Spending Delta%
9.3 10.9
7.8
4.9 5,1 7.7
5.5 5.0
4.0 7.5 4.8
7.2 Strong Financial
Position and Cash
2011 2012 2013 2014 2011 2012 2013 2014 2011 2012 2013 2014
Generation of the
Source: Global Insight Feb. 2012
Company to fund
necessary network
Mobile for growth, Fixed for value investments
Top Line Promote Mobile Data and Social The Company is set to
Networking increase Mobile and
Fixed Customer Base,
59% Upgrade bandwidth to deliver Revenues and
capability
Profitability
41% Upselling services to boost ARPU
2011 2014 Develop ICT market
Voice Non-Voice
16
18. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
Agenda
TI Group 2011 Preliminary Results
Telecom Italia Plan Outline
Italy
Brazil
Argentina
Focus on Ebitda-Capex Generation
Targets
Appendix
17
19. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
Group Operations focused on Cash Generation
Domestic Ebitda Stabilization Latam Ebitda Growth
Cum. Ebitda
‘12-’14
~38 Bln €*
2012 2013 2014 2012 2013 2014
Strengthen Our Core Assets
Cum. Capex ‘12-’14 Enlarge
Invest to Perform in Italy >15 Bln €*
Stable/Slightly Growing Operations and Profitability in Latam
>22Bln €* cum. ‘12-’14 Cash Generation
• Organic: same perimeter, 2011 FX rates, excluding Latam spectrum acquisitions.
18
20. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
2011-2013 Deleverage Targets Confirmed
Cash Flow Generation (EBITDA- Capex) Net Financial Position Adjusted**
Organic Data*
Euro Bln 2012 and 2013
>22 Bln € 35.9 targets confirmed
30.4
27.5
25
Latam ~20%
Financial
-5.5 Bln € Net Debt Discipline
Domestic ~80% 2007 2011 2012 2013 2014
Cum. ‘12-’14 New Dividend Policy
*Organic: same perimeter, 2011 FX rates, excluding spectrum licences acquisitions.
19
** Excluding Latam spectrum licences acquisitions.
21. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
.
Worsening in Italy’s
13 Jan 2012 13 Feb 2012 27 Jan 2012
Economy and Ratings
prioritizes the De-Risking
of TI
Previous 15% yearly New Dividend Policy
growth guidance a) Ensure Delivery
of Debt Reduction:
1.2
2012: 27.5 € bln
0.9 2013: 25.0 € bln
Floor
b) Dividend Progression
after meeting Debt
2011 2012 2013 2014 Targets
Dividend Cashout (€bln)
20
22. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
Agenda
TI Group 2011 Preliminary Results
Telecom Italia Plan Outline
Italy
Brazil
Argentina
Focus on Ebitda-Capex Generation
Targets
Appendix
21
23. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
Telecom Italia Group – FY 2012 and 2012-14 Plan Key Guidance
Organic Data*
TI Group – FY 2012 Key Guidance
Revenues Stable
Ebitda Broadly Stable
NFP Adj.** 27.5 € bln
Organic Data*
TI Group – 2012-14 Plan Key Guidance **
Ebitda-Capex
cum ’12-’14
>22 € bln
Capex
cum ’12-’14 >15 € bln
FY 2012: 27.5 € bln
NFP Adj.
2012-’14
FY 2013: 25 € bln
From FY 2014: < 2x Net Debt/Ebitda***
*exchange rates 2011 (R$/€ 2.33; ARS/€5.74), excluding impact from non-organic items
** excluding Latam spectrum licences
*** reported figure
22
24. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
Agenda
TI Group 2011 Preliminary Results
Telecom Italia Plan Outline
Italy
Brazil
Argentina
Focus on Ebitda-Capex Generation
Targets
Appendix
23
25. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
TI Group – Main Results by BU – Reported Figures
Euro mln
9M Reported IV Quarter Reported Full Year Reported
Actual Actual Actual Actual Actual Actual
2011 2010
Abs 2011 2010
Abs 2011 2010
Abs
REVENUES
Domestic 14,098 15,032 -934 (6.2) 4,935 5,036 -101 (2.0) 19,033 20,068 -1,035 (5.2)
Wireline Domestic 10,040 10,516 -476 (4.5) 3,502 3,600 -98 (2.7) 13,542 14,116 -574 (4.1)
Tim Domestic 5,286 5,822 -536 (9.2) 1,828 1,870 -42 (2.2) 7,114 7,692 -578 (7.5)
Brazil 5,395 4,498 897 19.9 1,948 1,701 247 14.5 7,343 6,199 1,144 18.5
Argentina 2,324 0 2,324 - 896 798 98 12.3 3,220 798 2,422 303.5
Media 170 177 -7 (4.0) 68 81 -13 (16.0) 238 258 -20 (7.8)
Olivetti 226 259 -33 (12.7) 117 132 -15 (11.4) 343 391 -48 (12.3)
Other Activities 2 64 -62 (96.9) 0 0 0 - 2 64 -62 (96.9)
Elim. -156 -131 -25 -65 -76 11 -221 -207 -14
TI Group 22,059 19,899 2,160 10.9 7,899 7,672 227 3.0 29,958 27,571 2,387 8.7
9M Reported IV Quarter Reported Full Year Reported
Actual Actual Actual Actual Actual Actual
2011 2010
Abs 2011 2010
Abs 2011 2010
Abs
EBITDA
Domestic 6,993 7,210 -217 (3.0) 2,250 2,183 67 3.1 9,243 9,393 -150 (1.6)
Brazil 1,444 1,281 163 12.7 546 520 26 5.0 1,990 1,801 189 10.5
Argentina 759 0 759 - 276 245 31 12.7 1,035 245 790 322.4
Media 27 10 17 170.0 1 3 -2 (66.7) 28 13 15 115.4
Olivetti -36 -24 -12 (50.0) 1 5 -4 (80.0) -35 -19 -16 (84.2)
Other Activities -11 -3 -8 (266.7) -4 -18 14 77.8 -15 -21 6 28.6
Elim. -1 1 -2 1 -1 2 0 0 0
TI Group 9,175 8,475 700 8.3 3,071 2,937 134 4.6 12,246 11,412 834 7.3
EBITDA MARGIN 41.6% 42.6% -1,0 pp 38.9% 38.3% 0.6 pp 40.9% 41.4% -0.5 pp
24
26. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
TI Group – Main Results by BU – Reported Figures
Euro mln
9M Organic IV Quarter Organic Full Year Organic
Actual Actual Actual Actual Actual
2011 2010
Abs 2011 2010
Abs Actual 2011
2010
Abs
REVENUES
Domestic 14,098 14,956 -858 (5.7) 4,935 5,038 -103 (2.0) 19,033 19,994 -961 (4.8)
Wireline Domestic 10,040 10,475 -435 (4.2) 3,502 3,602 -100 (2.8) 13,542 14,077 -535 (3.8)
Tim Domestic 5,286 5,787 -501 (8.7) 1,828 1,870 -42 (2.2) 7,114 7,657 -543 (7.1)
Brazil 5,395 4,591 804 17.5 1,948 1,623 325 20.0 7,343 6,214 1,129 18.2
Argentina 2,324 1,824 500 27.4 896 722 174 24.1 3,220 2,546 674 26.5
Media 170 177 -7 (4.0) 68 81 -13 (16.0) 238 258 -20 (7.8)
Olivetti 226 259 -33 (12.7) 117 132 -15 (11.4) 343 391 -48 (12.3)
Other Activities 2 2 0 0.0 0 0 0 - 2 2 0 0.0
Elim. -156 -157 1 -65 -76 11 -221 -233 12
TI Group 22,059 21,652 407 1.9 7,899 7,520 379 5.0 29,958 29,172 786 2.7
9M Organic IV Quarter Organic Full Year Organic
Actual Actual Actual Actual Actual
2011 2010
Abs 2011 2010
Abs Actual 2011
2010
Abs
EBITDA
Domestic 7,069 7,437 -368 (4.9) 2,282 2,290 -8 (0.3) 9,351 9,727 -376 (3.9)
Brazil 1,447 1,308 139 10.7 551 498 53 10.5 1,998 1,806 192 10.7
Argentina 759 613 146 23.8 276 221 55 24.8 1,035 834 201 24.1
Media 6 10 -4 (40.0) 1 3 -2 (66.7) 7 13 -6 (46.2)
Olivetti -36 -24 -12 (50.0) 2 9 -7 (77.8) -34 -15 -19 (126.7)
Other Activities -11 -14 3 21.4 -4 -15 11 73.3 -15 -29 14 48.3
Elim. 0 -1 1 -3 0 -3 -3 -1 -2
TI Group 9,234 9,329 -95 (1.0) 3,105 3,006 99 3.3 12,339 12,335 4 0.0
EBITDA MARGIN 41.9% 43.1% -1.2 pp 39.3% 40.0% -0.7 pp 41.2% 42.3% -1.1 pp
25
27. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
Evenly distributed and Back-Loaded Maturities
Euro mln Bonds Loans (of which long-term rents, financia land operating leases, payable € 1,534) Drawn bank facility
€ 7.71 bln
Group Liquidity Position
+
€ 7.00 bln
Undrawn Portion of
Facility/Committed
=
€ 14.71 bln
Group Liquidity Margin
26
28. TELECOM ITALIA
Full-Year 2011 Preliminary Results and 2012-14 Plan Outline
Well Diversified and Hedged Debt
Total Gross Debt, Net of Adjustment: Euro 39,382 Maturities and Risk Management
Euro mln
Bank & EIB
Op. Leases and long rent
5,626
1,549 Bank Facility Average debt maturity: 7.26 years
Other
mln
3.9%
14.3%
2,252 (bond only 8.22 years)
2,320
5.9% 5.7%
Fixed rate portion of gross debt
approximately 70%
Bonds 70.2% Around 45% of outstanding bonds
27,635
(nominal amount) is denominated in
Gross debt 39,382 USD, GBP and YEN and is fully hedged
Financial assets (8,968)
of which C & CE and marketable securities (7,713)
- C & CE
- Marketable securities
(6,714)
(999) Cost of debt: 5.6%
- Italian Government Securities (856)
- Other (143)
Net Financial Position 30,414
N.B. The figures are net of the adjustment due to the fair value measurement of derivatives and related financial liabilities/assets, as follows:
- the impact on Gross Financial Debt is equal to 2,569 €/mln (of which 738 €/mln on bonds);
- the impact on Financial Assets is equal to 2,164 €/mln.
Therefore, the Net Financial Indebtedness is adjusted by 405 €/mln.
27