Tim updates budget targets in light of the recent agreement with Dazn for the distribution of Serie A matches. The telecommunications company makes it known that the new guidelines envisage an increase in turnover already this year and, with the entry into force in the next two years, a an acceleration of both revenues and profitability (Ebitda) at both domestic and group level.
In detail, continues Tim, the dynamics of the start-up costs of the initiative will produce an improvement in Ebitda only starting from 2022.
At the same time, however, the group makes it known that, due to the delays in the implementation of phase 2, the expected contribution of the measures to support digitization (voucher plan) to improving revenues and margins and easing the context should be postponed competitive. Together with the incremental costs for starting the partnership with Dazn, this will involve a revision of the consolidated 2021 Ebitda targets towards the "low to mid single-digit decrease" (mid single-digit decrease at the domestic level).
The objectives of, however, remain confirmed cash generation of 4 billion over the period of the plan (Equity free cash flow) and the Net debt/Ebitda ratio of 2,6x in 2023, as well as the dividend distribution policy, equal to one euro for ordinary shares and 2,75 euro for savings shares.
Despite the revision, the new guidance does not yet take into account the benefits expected from the National Recovery and Resilience Plan (Pnrr) on the domestic market, nor those associated with the acquisition, with Vivo and Claro, of Oi's mobile assets in Brazil.
