Tim has signed an agreement with Google Cloud to collaborate on initiatives that help the digitization of Italian companies, from SMEs to large industry. As part of this project, the Italian company will invest to build new data centers and will take over in the coming years over 800 engineers cloud specialists.
“Cloud and edge computing will represent two of the key markets that will benefit the most from the new products and services enabled by 5G technology”, explains the CEO of Tim, Luigi Gubitosi.
According to Tim, the Italian cloud computing market has ample room for growth, driven by the demand for public, hybrid and edge computing services, supported by the integration of new products and applications related to 5G technology.
Tim also has 2019 guidance confirmed e approved the numbers of the first 9 months, closed with a Net income reported attributable to shareholders of the parent company of 852 million euros, which compares with the negative result of 868 million euros recorded in the same period last year.
I revenues reached 13,4 billion euro (-4,3% on year), while the EBITDA reported amounted to 6 billion euro (+4%). L'Equity free cash flow it stood at 1,2 billion euros, up by over one billion.
The 30 September net financial debt stood at 24,3 billion euros, 958 million less than at the end of 2018 and 419 million less than at 30 June 2019.
THEoperating free cash flow reached 2,2 billion euros, an increase of 791 million euros compared to the same period of 2018, thanks to the continuous reduction of costs and the optimization of working capital management.
For Open Fiber, "during the quarter the process for the potential operation by Tim in partnership with one or more infrastructure funds continued, the selection of which is underway", reads Tim's note.
Finally, Tim has signed a joint venture with Santander Consumer Finance. The goal is to offer customers of the TLC company loans for the purchase of terminals with installment plans. Santander Consumer Bank, a subsidiary of Santander Consumer Finance, will have 51% of the Jv in its portfolio, which will be operational from next year.
Meanwhile, as regards the spin-off of a network company, Gubitosi hinted that there will be an acceleration: the hypothesis is that of a three-way newco with Cdp and the funds, which should be chosen by the end of this exercise.
