Telecom Italia TIM accounts, numbers for the first nine months and estimates for 2019

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The telephone giant has ended the period in question with declining revenues and an improvement in margins. Adjusted debt decreased  </p><div>

            &lt;! - <EdIndex> -&gt;<p><strong><img style="float: left;" src="http://www.soldionline.it/pictures/2019/01/18/logo-tim-telecom-italia.jpeg" alt="logo-tim-telecom-Italy" width="200" /></strong><strong>Telecom Italia TIM</strong><strong> </strong>released data for the first nine months of 2019. The telephone giant ended the review period with declining revenues and an improvement in margins. Adjusted debt decreased. Estimates for the entire 2019 confirmed.

TELECOM ITALIA TIM, THE ACCOUNTS OF THE FIRST NINE MONTHS 2019

Telecom Italia TIM ended the first nine months of 2019 with revenues of € 13.42 billion, down 4.6% compared to the 14.08 billion obtained in the same period of the previous year. The company reported that the reduction is mainly attributable to the Domestic Business Unit (-659 million euros). On an organic basis, revenues would have dropped by 4.3%.

The comparable gross operating margin, on the other hand, increased from 5.78 billion to 6.01 billion euro (+ 4%); as a result, margins improved from 41% to 44.8%. The management of Telecom Italia TIM reported that the group booked non-recurring operating costs for a total of 128 million euros in the first nine months of 2019, including the provision against the fine imposed for the alleged infringement of Golden Power.

The net profit for the first nine months of 2019 attributable to shareholders amounted to 852 million euros. In comparable terms, the net result attributable to the owners of the parent company in the first nine months of 2019 would be a reduction of 198 million euros compared to the same period of the previous year.

TELECOM ITALIA TIM, THE ACCOUNTS OF THE THIRD QUARTER 2019

Telecom Italia TIM has completed the July-September period with revenues of € 4.43 billion, down 6.1% on an organic basis. The figure was slightly lower than the analysts' consensus (published on the Telecom Italia TIM website) which indicated revenues of 4.52 billion.

The organic gross operating margin decreased by 4.5% to 2 billion euros, but it was slightly above the indicated 1.97 billion analysts.

TELECOM ITALIA TIM, DEBT AT THE END OF SEPTEMBER 2019

In the first nine months of 2019 Telecom Italia TIM registered a positive cash flow from operations of 2.25 billion euros, compared to 1.46 billion in the same period last year. In the same period industrial investments amounted to 2.28 billion euros.

At the end of September adjusted net financial debt was € 24.31 billion, down compared to 25.27 billion at the beginning of the year. The net financial debt at September 30, 2019 was equal to € 28.45 billion and included the impact of the new accounting standards.

On the same date the liquidity margin was 8.25 billion euros, a figure that allows coverage of the financial liabilities of the group expiring at least for the next 30 months.

TELECOM ITALIA TIM, ESTIMATES ON 2019

The top management of Telecom Italia TIM confirmed the financial targets disclosed during the results of the first half of 2019.

In particular, for the current year the heads of the telephone company expect organic group revenues from services to slightly decrease (0-5%) compared to last year, while the group's organic EBITDA should record the same growth rates as the organic group revenues from services, bringing the marginality to 40% for 2020.

The consensus of the brokers following the stock indicates for the entire 2019 revenues equal to 18.26 billion (down 3.6% from 18.94 billion in 2018) and an organic gross operating margin of 7.61 billion (in 2.6% decrease compared to 2018).

TELECOM ITALIA TIM, STRATEGIC AGREEMENTS

Telecom Italia TIM has announced that it has signed a preliminary agreement with Google Cloud to define a strategic partnership that will allow it to become the leading Italian player in the offer of Cloud and Edge Computing services, expanding the technological offer with innovative Public, Private and Hybrid Cloud services and giving an acceleration in the growth of service revenues technology.

In addition, Santander Consumer Finance (through the Italian subsidiary Santander Consumer Bank) and Telecom Italia TIM have signed an agreement to set up a joint venture that will offer consumer credit services to TIM customers in Italy. The initial objective is to offer financing for the purchase of terminals via installment plans and, at a later stage, other consumer credit and insurance products.

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