Tim archive the first ones nine months 2020's with a turnover down by 13,2% on an annual basis (-7,9% on a like-for-like basis and exchange rates), to 11,657 billion euro.
THENet income, on the other hand, stands at 1.178 million euros, up 38% from 852 million euros in the first nine months of 2019. The result, explains the group in a note, benefits from the positive tax effect linked to the facilitation of the "patent box" on tax returns and Tim's IRAP for 2015 -2019 (294 million euros).
- industrial investments amounted to 2,006 billion, down from 2,276 billion in the first nine months of 2019.
On the profitability front, EBITDA (Ebitda) decreased by 21,2% (and by 7,3% on a like-for-like basis), to 5,11 billion, despite the cut in investments and costs. L'EBIT on the other hand, it amounted to 1,627 billion, down 40% on the year, while the organic figure, net of non-recurring charges, fell by 17,9% to 1,808 billion.
In the same period, the subsidiary of the group in Brazil sees revenues increase by 1,3%, while wholesale activities in Italy recorded a 1,7% growth in revenues from line rental to third-party operators.
I operating cash flows they rise to 1,7 billion in the nine months. The group debt amounted to 25,469 billion as at 30 September 2020, down by 2,199 billion compared to 31 December 2019.
On the side of Costs there is a significant one workforce reduction: at the end of September there were 42.827 employees in Italy, over 2.700 fewer than in December.
Tim also announces that the revenues from the cloud services have grown by 20%, to 500 million, and that the goal is to reach one billion by 2024.
As for the 2021 targets, Tim aims to start the replacement of the last mile of copper with fiber and close the sale of 37,5% of Fibercop to Kkr (transaction from which the group will collect 1,8 billion).
Next year, in addition, the group intends to create the single network company, AccessCo, merging its Fibercop primary and secondary network with Open Fiber. Work in this direction continues "through constant dialogue with the government and Cassa Depositi e Prestiti", explains Tim in a note.
