Tim closed the first quarter with a net profit reported more than tripled year-on-year, to 591 million euros (+216%). decisive for this result the net capital gain of 441 million realized thanks to the merger of Inwit with Vodafone. Furthermore, the company explains in a note, the reported net result attributable to shareholders of the parent company reached 560 million (+239%), benefiting from the reduction in depreciation, financial charges and taxes.
The turnover on the other hand, it fell to 4 billion euros (-8,4%), due to the forced closure of shops starting from March, when the coronavirus emergency began. Revenues from services amounted to 3,7 billion (-6,6%), the ebitda workforce at 1,8 billion (-7,5%, against the -7,1% expected on average by analysts) and net financial debt to 26,7 billion (down by 923 million euros compared to 31 December 2019 and by 1,8 billion compared to the first quarter of last year).
Al debt decline contributed, in addition to the generation of operating cash also obtained with the optimization of working capital, the deconsolidation of the debt of the Inwit tower company, equal to 643 million euros. The transaction more than compensated for the new debt for finance leases with Inwit, now a jointly controlled company (368 million euro) against the simultaneous termination of finance lease contracts with Vodafone (214 million euro).
At the end of March, the Tim mobile lines active in Italy totaled 30,5 million, down 1,2% on the previous quarter. Again, the company explains the decline with the impact of the closures for the coronavirus.
In the branch of fixed telephony, on the other hand, the migration of customers towards ultra-broadband continues, which recorded a growth of 119 thousand users. The total number of fiber lines reached 7,3 million, with an increase of 22% over the year and 5% compared to the October-December period.
