Transcript Telecom Italia Group ENRICO PARAZZINI

Telecom Italia Group
ENRICO PARAZZINI
ENRICO PARAZZINI
TELECOM ITALIA GROUP
Safe Harbour
These presentations contain statements that constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this
presentation and include statements regarding the intent, belief or current expectations of the customer base,
estimates regarding future growth in the different business lines and the global business, market share, financial
results and other aspects of the activities and situation relating to the Company.
Such forward looking statements are not guarantees of future performance and involve risks and uncertainties,
and actual results may differ materially from those in the forward looking statements as a result of various
factors.
Analysts are cautioned not to place undue reliance on those forward looking statements, which speak only as of
the date of this presentation. Telecom Italia Spa undertakes no obligation to release publicly the results of any
revisions to these forward looking statements which may be made to reflect events and circumstances after the
date of this presentation, including, without limitation, changes in Telecom Italia Spa business or acquisition
strategy or to reflect the occurrence of unanticipated events. Analysts and investors are encouraged to consult the
Company's Annual Report on Form 20-F as well as periodic filings made on Form 6-K, which are on file with the
United States Securities and Exchange Commission.
1
ENRICO PARAZZINI
TELECOM ITALIA GROUP
TI Group – Summary – F.Y. 2007
 Revenues in line with 2006, both Reported and Organic excluding Non Geographic Numbers
 EBITDA Reported affected by non recurring items (mainly claims) in last Quarter
 EBITDA Margin Organic at 39.6%, declining 1.8 p.p. versus 2006 and in line with Full Year Target
 EBIT Margin Organic at 20.9%, declining 3.0 p.p. versus 2006 and in line with Full Year Target
 Better Financial and Tax performance
 Net Income post Minorities at 2.4 bln €
 Net Financial Position at 35.7 bln €, improving by 1.6 bln € vs. Dec. 31st 2006
 Net Financial Position/EBITDA at 3.07X due to unexpected and non-recurring items in December ’07
affecting EBITDA
2
ENRICO PARAZZINI
TELECOM ITALIA GROUP
TI Group – 2007 Key Financial Results
€ Mln
FY ‘07
reported
FY ‘06
reported
YoY
reported
YoY
Organic*
Revenues
31,290
31,275
+0.0%
-1.3%
Ebitda
11,617
12,850
-9.6%
-5.5%
Ebitda margin
37.1%
41.1%
-4.0pp
-1.8pp
Ebit
5,764
7,437
-22.5%
-13.7%
Ebit margin
18.4%
23.8%
-5.4pp
-3.0pp
Net Income
2,448
3,014
-18.8%
5,520
5,114
+406
35,701
37,301
-1,600
+0.1% excluding change for non- geographic
numbers (442 mln € in FY’06)**
Highlights
 Strong international revenues growth (>20% yoy
organic) offset by regulatory discontinuities (€ 1.4 bln).
 2007 Ebitda Margin affected by:
 several non organic items (€ 0.8 bln), mainly
occurred in the month of Dec. ’07 (€ 0.5 bln);
 organic reduction in the domestic business in light
of commercial activities and regulatory impacts
(approx. €0.5 bln).
Among the highest profitability level in the sector.
 D&A increase following higher capital intensity for
continued investments in innovation.
post minorities
Capex
Net Debt
 Cash flow generation and a positive M&A balance
allowed us to remunerate shareholders and reduce net
financial debt.
After cash out of €
2.8 bln for dividend
payment
* Excluding changes in consolidation area, exchange rate impact and other non organic items
** In accordance with AGCOM deliberation n. 417/06/CONS, effective as of January 1st 2007, Telecom Italia invoices services rendered by OLO on NNG while does not take credit
risks. These services, since January 1st 2007 are thus no longer recorded as revenues and costs in Telecom Italia accounts
3
ENRICO PARAZZINI
TELECOM ITALIA GROUP
TI Group – Comparison with FY 2007 Targets
2007 Organic Target*
Revenues Growth
FY 2007 Δ YoY Organic*
+1% / +2%
-1.3%
Ebitda Margin
-2.5 / -2.0 pp
-1.8
pp
Ebit Margin
-3.0 / -2.5 pp
-3.0 pp
reducing
-1.6 bln €
< 3.0 x
3.07 x
Net Financial Position
NPF/Ebitda
+0.1% excluding change for
non- geographic numbers
2.94x on Adjusted Ebitda
(excluding unexpected non
recurring items occurred in
the month of December ’07
for € 0.5 bln)**
* Excluding changes in consolidation area, exchange rate impact and other non organic items
** Litigation with OLO € 415 mln, F-F Termination € 92 mln, Provision for Bad Debt € 30 mln, AGCOM fine € 6 mln
4
ENRICO PARAZZINI
TELECOM ITALIA GROUP
TI Group – Revenues FY ’07 vs. FY ’06
€ mln
 European Broadband
 Olivetti
 Domestic
 Elimination
31,275
+384
+5
(11)
(3)
+375
 Mobile Brasil
 Domestic
 Bolivia
 Olivetti
+82
+127
(23)
(17)
(5)
31,732
Discontinuities Performance
(538)
(713)
Wireline
(654)
422
Mobile
49
(65)
Intercompany & other
(1,143) **
(356)
Total
(1,499)
+899
+246
+56
TOTAL
(1,251)
(232)
(16)
(1,499)
 Other activities
+34
of which Bolivia +35  H3G Litigation
 Elimination
(114)  Termination F-F
(32)
(80)
Olivetti
Other
31,322
(32)
(56)
+24
31,290
Organic Growth
F.Y. 2007:
-410 (-1.3%)
+32 (+0.1%) excluding
non-geographic numbers
(NNG)*
F.Y. 2006 Change in Exchange F.Y. 2006 Domestic European
consolid.
Rate
Organic
Broadband
area
Impact
Mobile
Brasil
Media
F.Y. 2007 Other non F.Y. 2007
Organic
organic
items
+15 (+0.0%)
* In accordance with AGCOM deliberation n. 417/06/CONS, effective as of January 1st 2007, Telecom Italia invoices services rendered by OLO on NNG while does not take credit risks. These
services, since January 1st 2007 are thus no longer recorded as revenues and costs in Telecom Italia accounts
** Discontinuities were € -1,143mln: € -442 mln for NNG, € -404 mln for Bersani Decree (net of € 226 mln of positive elasticity effect), € -209 mln for F2M termination rates cut (Wireline € -96
mln, Mobile € -162 mln, Intercompanies € +49 mln), € -88 mln for Int’l Roaming.
5
ENRICO PARAZZINI
TELECOM ITALIA GROUP
TI Group – Ebitda FY ’07 vs. FY ’06
€ mln
Restructuring costs +107
Fastweb arbitration +61
+24
OLO’s transaction
Brazil reorganization +13
+27
Other
European Broadband +51
(2)
Olivetti
(5)
Domestic
12,850
41.1%
+44
+14
+232
Mobile Brasil +31
(4)
Domestic
(5)
Olivetti
(8)
Bolivia
13,140
41.4%
Discontinuities*
Perfomance:
(1,140)
+118
(487)
(653)
+222
Other activities
of which Bolivia
Elimination
+24
0
+49
Organic Growth
F.Y. 2007:
-727 (-5.5%)
F.Y. 2006 Change in Exchange Other non F.Y. 2006 Domestic European Mobile
consolid.
Rate
organic Organic
Broadband Brasil
area
items
Impact
Media
+47
+24
+2
12,413
39.6%
Olivetti
Other
(448)
Litigation with OLO
(177)
Restructuring costs
(92)
Termination F-F
(17)
Olivetti charges MFP
Provision for Antitrust fine (20)
(6)
AGCOM fine
(36)
Other
(796)**
11,617
37.1%
F.Y. 2007 Other non F.Y. 2007
Organic organic
items
-1,233 (-9.6%)
* € -487 mln of discontinuities affecting domestic Ebitda: € -404 mln for Bersani Decree (net of € 226 mln of positive elasticity effect), € -54 mln for F2M termination rates cut (Mobile), € -29 mln
for Int’l Roaming.
** “Other non organic items” affecting Group Ebitda in 4Q’07 were € -640 mln: € -415 mln for Litigation with OLO, € -74 mln for Restructuring Costs, € -92 mln for Termination F-F, € -17 mln for
Olivetti charges MFP, € -6 mln for AGCOM fine, € -36 mln for Other.
6
ENRICO PARAZZINI
TELECOM ITALIA GROUP
TI Group – Ebit FY ’07 vs. FY ’06
€ mln
European Broadband +43
(2)
Olivetti
(5)
Domestic
7,437
+36
Restructuring costs
Fastweb arbitration
OLO’s transaction
TILS loss on disposal
Brazil reorganization
LAN writedown
"Radiomarittimi" loss on disposal
Magnum Project
Other Real Estate
Other
(7)
+127
7,593
+107
+61
+24
+33
+13
+16
+9
(135)
(27)
+26
23.8%
+4
(5)
(5)
(1)
23.9%
(448)
Litigation with OLO
(177)
Restructuring costs
(92)
Termination F-F
(23)
Olivetti charges MFP
(20)
Provision for Antitrust fine
(6)
AGCOM fine
Gain on Real Estate disposal +10
(31)
Other
+52
+29
(1,253)*
+17
Mobile Brasil
Bolivia
Olivetti
Domestic
Other activities
of which Bolivia
+121
+17
+4
+52
(787)
5,764
Organic Growth
F.Y. 2007:
-1,042 (-13.7%)
F.Y. 2006 Change in Exchange Other non F.Y. 2006 Domestic European Mobile
Broadband Brasil
consolid. Rate Impact organic Organic
area
items
6,551
Media
20.9%
Olivetti
Other
18.4%
F.Y. 2007 Other non F.Y. 2007
Organic
organic
items
-1,673 (-22.5%)
* € -487 mln of discontinuities affecting domestic Ebit: € -404 mln for Bersani Decree (net of € 226 mln of positive elasticity effect), € -54 mln for F2M termination rates cut (Mobile), € -29 mln
for Int’l Roaming.
7
ENRICO PARAZZINI
TELECOM ITALIA GROUP
TI Group – Net Income FY ’07 vs. FY ’06
€ mln
Ebitda
(1,233)
Depreciation & Amortization
(324)
Writedowns and revaluations of non current assets
(26)
Lower gains on disposal of non current assets
(90)
of which:
Magnum Project ('06)
(135)
Ruf Gestion ('06)
(27)
Income before Disc. Ops.: (577)
3,014
(1,673)
+837
Δ Ebit
(18)
Income (loss) equity invest.
Investment management
Gain on disposal Solpart '07
Gain on disposal Mediobanca '07
Gain on disposal Oger '07
Gain on disposal Capitalia '07
Gain on disposal Brasil Telecom '07
Gain on disposal 9Telecom '06
Gain on disposal Avea '06
Dividends & Other
Realease to income Avea '06
Financial management balance
of which Call option Sofora revaluation
(delta '07 vs '06)
+259
F.Y. 2006
+29
Δ Net equity
Δ Taxes
Invest/financial Income
Δ Net Income from
Disc. Ops.
2,448
+35
+229
+201
+109
+86
+38
+27
(148)
(72)
(12)
(121)
+116
Gain on
disposal
'07: 461
Gain on
disposal
'06: (220)
+40
Δ Minorities
F.Y. 2007
-566 (-18.8%)
8
ENRICO PARAZZINI
TELECOM ITALIA GROUP
TI Group – Capex FY ’07 vs. FY ’06
€ mln
+166
+170
+29
83
+41
865
5,114
Other
Mobile Brasil
European
Broadband
Domestic
508
54
699
467
+406 mln
(+7.9%)
3,894
FY 2006
Group
Capex/Revenues
5,520
16.4%
Domestic
European
Broadband
4,064
Mobile
Brasil
Other
FY 2007
17.6%
9
ENRICO PARAZZINI
TELECOM ITALIA GROUP
TI Group – Net Financial Position FY ‘07 vs. FY ‘06
Ebitda
CAPEX
∆ Working Capital & Other
Telecom Italia +2,762
TIM Brasil
+46
Bolivia
+18
Other
+5
€ mln
+2,831
Operating FCF
Cash taxes, Net Financial Expenses, Other
(1,277)
+635
37,301
(11,617)
+5,520
(199)
(6,296)
+2,507
(3,789)
(3,789)
35,701
(462)
Oger
(360)
Solpart
Mediobanca (236)
(74)
Capitalia
Brasil Telecom (48)
(97)
Other
AOL +666
Other
+4
SSC
(35)
ΔNFP: -1,600
Year End 2006
(-) = cash generated
Financial Investments
Dividends
Disposals
OFCF/ Cash Taxes/Net
Financial Exp./ Other
Year End 2007
(+) = cash absorbed
10
ENRICO PARAZZINI
TELECOM ITALIA GROUP
Debt structure as of December 31st, 2007
Total gross debt: € 43,636 mln
€ mln
10,828
Current Liabilities
Maturities and risk management
Other Non Current Liabilities (*)
of which € 3.0 bln bank facility and € 7.8 bln
loans, long rent and oper. leases
728
24.8%
 € 6.8 bln liquidity position, plus further € 6.5 bln
committed unfunded bank lines grant a stable and
ample treasury margin and allow full flexibility for
future funding
1.7%
 Average bond maturity: 7.93 years
Bonds (*)
32,080
 Fixed rate portion on debt approximately 70%
73.5%
 Around 36% of outstanding bonds is denominated in
USD, GBP and YEN and is fully hedged
Cost of debt: approximately 5.6%
Gross Debt
€ 43,636
(1)
Financial Assets
€ (7,935)
Net Financial Position
€ 35,701
(1) Nominal Liquidity Position, represented by cash and marketable securities stands at € 6.8 bln
(*) including the current portion of non current liabilities (maturing within 12 months) for € 5,857 mln (of which bonds € 4,521 mln and other € 1,336 mln)
11
ENRICO PARAZZINI
TELECOM ITALIA GROUP
Medium-long term debt Maturity profile as of December 31, 2007
€ mln
Bonds
Loans, Long rent and op. leasing (€ 1,973)
Drawn bank facility
Matched by a:
€ bln
6.8
+
6.5
=
Undrawn portion of € 8.0 bln revolving facility
Liquidity position
maturing in August 2014
€ 6.4 bln cash and cash equivalents
€ 0.4 bln marketable securities
(€ 7.9 bln of total financial assets)
13.3
Liquidity
Margin
1,500
4,634 (*)
3,588
4,310
2,748
3,820
608
41,845
1,500
3,000
(1)
13,771
3,504
4,856
19,891
4,650
3,250
4,109
254
4,620
31,286
541
7,559
490
1,046
December 2008
December 2009
December 2010
December 2011
December 2012
Beyond December
2012
Total M/L term debt
(1) € 41,845 mln is the nominal amount of outstanding medium-long term debt by adding IAS adjustments (€ 1,063 mln) and current liabilities (€ 728 mln), the gross debt figure of € 43,636 mln
is reached.
(*) of which euro 499.7 mln refer to bonds maturing September 14th 2008 with extendable option to bondholders; each extension period is for 21 months; ultimate maturity March 2012.
12
ENRICO PARAZZINI
TELECOM ITALIA GROUP
TI Group – Fiscal Scenario Outlook
2008 Italian Financial Act: main changes for TI Group
Impact on TI Group
Reduction of
Tax Rates
New Aggregate Tax rate for IRES and IRAP
31,4% of which:
IRES 27.5% (formerly 33%)
IRAP 3.9% (formerly 4.25%)
~ € 200 mln saving per year
Positive cash impact from
2009
Interests
payable
deductibility
Any surplus of interest payable over interest
receivable is deductible to the extent of 30% of
Ebitda
No impact on P&L
No impact on cash out
Elimination
of advance
depreciation
Companies will be allowed to deduct only the
depreciations at the ordinary rates provided by
the Finance Ministerial Decree
No impact on P&L
Negative cash impact
from 2009
13
ENRICO PARAZZINI
TELECOM ITALIA GROUP
Appendix
14
ENRICO PARAZZINI
TELECOM ITALIA GROUP
TI Group – Profit and Loss – FY ’07 vs. FY ’06
Full Year
Euro mln
REVENUES
Other Operating Income
TOTAL REVENUES & OTHER INCOME
D Abs.
D%
2007
2006
31.290
31.275
15
0,0
413
606
(193)
(31,8)
31.703
31.881
(178)
(0,6)
(14.545)
(14.191)
(354)
2,5
Personnel
(3.884)
(3.801)
(83)
2,2
Other operating costs
(2.245)
(1.543)
(702)
45,5
Total Purchases of materials and external services
Capitalized Cost and Others
EBITDA
% on Revenues
Depreciation & Amortization
Writedowns and revaluations of non current assets
Gains/losses of non current assets realization
EBIT
% on Revenues
Income (loss) equity invest. valued equity method
Net Financial Income / (Expenses)
Income before Taxes & Disc. Ops.
% on Revenues
Taxes
Income before Disc. Ops.
Net income (loss) of assets disposed
Net Income (ante Minorities)
% on Revenues
Minorities
Net Income (post Minorities)
% on Revenues
588
504
84
16,7
11.617
12.850
(1.233)
(9,6)
37,1%
41,1%
(5.811)
(5.487)
(324)
5,9
(47)
(21)
(26)
123,8
5
95
(90)
(94,7)
5.764
7.437
(1.673)
(22,5)
18,4%
23,8%
86
51
35
(1.749)
(1.973)
224
(1.414)
4.101
5.515
13,1%
17,6%
(1.682)
(2.519)
837
2.419
2.996
(577)
36
7
29
2.455
3.003
(548)
7,8%
9,6%
(7)
11
(18)
2.448
3.014
(566)
7,8%
9,6%
15
ENRICO PARAZZINI
TELECOM ITALIA GROUP
TI Group – Balance Sheet – FY ’07 vs. FY ’06
Full Year
Euro mln
2007
Intangible Assets
Tangible Assets
Financial Assets
Deferred Tax Assets
TOTAL NET ASSETS
Working Capital
Total net inventories
Total net trade accounts receivable
Trade accounts payable
Other current assets/liabilities
Total Reserves within 12 months
Severance Indemnities
Other Allowances
No fin. assets/liabilities of Disc. Ops.
NET INVESTED CAPITAL
Shareholders Equity
Net Financial Position
51.405
16.934
923
247
69.509
(4.067)
308
7.333
(7.875)
(3.170)
(663)
(1.151)
(1.605)
0
62.686
26.985
35.701
2007
2006
50.479
17.215
1.624
912
70.230
(3.689)
291
7.382
(6.810)
(3.861)
(691)
(1.262)
(1.115)
235
64.399
27.098
37.301
DAbs.
926
(281)
(701)
(665)
(721)
(378)
17
(49)
(1.065)
691
28
111
(490)
(235)
(1.713)
(113)
(1.600)
D Abs.
2006
INVESTMENTS
Capital Expenditures
Financial Investments
TOTAL
5.520
5.114
406
635
206
429
6.155
5.320
835
16
ENRICO PARAZZINI
TELECOM ITALIA GROUP
TI Group – Main Results by BU (reported figures)
I Quarter
Euro mln
II Quarter
2007
2006
∆ Abs
∆%
Domestic
Wireline Domestic
Tim Domestic
6.009
3.989
2.365
6.297
4.286
2.370
-288
-297
-5
(4,6)
(6,9)
(0,2)
European broadband
Mobile Brasile
Media
Olivetti
Other Activities
Bolivia
Elim.
TI Group
NNG OLO
TI Group Net NNG OLO
304
1.100
58
83
60
56
-74
7.540
100
263
14
-11
-4
9
-16
58
49,0
31,4
31,8
(11,7)
(6,3)
19,1
7.540
204
837
44
94
64
47
-58
7.482
-119
7.363
177
2.853
30
269
-11
-10
23
27
0
3.154
1.790
-31
16
-26
-14
15
19
13
1.763
2007
III Quarter
2006
∆ Abs
6.173
3.994
2.551
6.580
4.313
2.612
-407
-319
-61
0,8
391
1.222
67
109
49
46
-81
7.930
2,4
7.930
223
885
54
118
60
46
-67
7.853
-111
7.742
3.148
2
181
-28
-12
10
20
-6
3.295
-295
(9,4)
28 1.400,0
88
48,6
17
60,7
2
16,7
13
130,0
7
35,0
6
-141
(4,3)
2.766
58
316
-10
-7
18
20
-1
3.140
2.081
-38
-36
-41
-17
28
10
7
1.984
-291
7
52
15
3
-13
9
6
-221
1.666
-21
53
-26
-10
10
12
14
1.686
IV Quarter
2007
2006
∆ Abs
(6,2)
(7,4)
(2,3)
5.926
3.765
2.513
6.346
4.108
2.583
-420
-343
-70
168
337
13
-9
-11
0
-14
77
75,3
38,1
24,1
(7,6)
(18,3)
0,0
1,0
411
1.281
53
91
57
54
-82
7.737
176
211
15
5
4
5
-23
-32
188
2,4
7.737
235
1.070
38
86
53
49
-59
7.769
-143
7.626
3.062
12
173
-24
-14
11
17
3
3.223
-296
46
143
14
7
7
3
-4
-83
(9,7)
383,3
82,7
58,3
50,0
63,6
17,6
2.821
73
239
-17
-4
25
27
2
3.139
1.956
-40
-42
-38
-18
0
8
-1
1.817
-290
19
95
12
8
10
4
15
-131
(14,8)
47,5
31,6
44,4
50,0
1.728
-7
-25
-32
-8
17
20
16
1.689
∆%
Full Year
2007
2006
∆ Abs
∆%
2007
2006
(6,6)
(8,3)
(2,7)
6.112
3.979
2.493
6.562
4.281
2.645
-450
-302
-152
(6,9)
(7,1)
(5,7)
24.220
15.727
9.922
25.785
16.988
10.210
-1.565
-1.261
-288
(6,1)
(7,4)
(2,8)
74,9
19,7
39,5
5,8
7,5
10,2
186
215
14
-17
28
4
-64
-88
630
1.026
56
-32
17
18
-117
15
1,5
8.083
-19
(0,2)
31.290
915
3.964
207
440
234
192
-270
31.275
-442
30.833
68,9
25,9
27,1
(7,3)
7,3
9,4
(1,1)
1.545
4.990
263
408
251
210
-387
31.290
111
253
1.172
71
142
57
50
-86
8.171
-69
8.102
73,5
18,3
19,7
(12,0)
49,1
8,0
(0,4)
439
1.387
85
125
85
54
-150
8.083
457
1,5
3.010
26
250
-19
-10
13
22
-2
3.268
-189
47
-11
2
6
12
5
4
-129
(6,3)
180,8
(4,4)
10,5
60,0
92,3
22,7
1.734
85
383
-17
-23
28
24
-6
2.184
2.673
41
346
-12
3
15
23
-2
3.064
-939
44
37
-5
-26
13
1
-4
-880
(35,1)
107,3
10,7
(41,7)
86,7
4,3
11.893
81
950
-83
-33
49
82
-7
12.850
-1.719
165
257
28
-11
45
16
2
-1.233
(14,5)
203,7
27,1
33,7
(33,3)
91,8
19,5
(28,7)
10.174
246
1.207
-55
-44
94
98
-5
11.617
1.846
-28
31
-32
-14
3
13
14
1.820
-118
21
-56
0
6
14
7
2
-131
(6,4)
75,0
0,0
42,9
466,7
53,8
567
-10
106
-33
-34
21
17
9
626
1.793
-19
68
-26
-1
6
13
-5
1.816
-1.226
(68,4)
9
47,4
38
55,9
-7
(26,9)
-33 (3.300,0)
15
250,0
4
30,8
14
-1.190 (65,5)
5.751
-69
150
-117
-66
63
68
52
5.764
7.676
-125
21
-137
-50
37
44
15
7.437
-1.925
56
129
20
-16
26
24
37
-1.673
(25,1)
44,8
614,3
14,6
(32,0)
70,3
54,5
∆%
∆ Abs
∆%
REVENUES
0,0
EBITDA
Domestic
European broadband
Mobile Brasile
Media
Olivetti
Other Activities
Bolivia
Elim.
TI Group
(2,6)
(3,9)
(9,6)
EBIT
Domestic
European broadband
Mobile Brasile
Media
Olivetti
Other Activities
Bolivia
Elim.
TI Group
(14,0)
18,4
36,6
17,6
(46,4)
90,0
(11,1)
(7,2)
(7,2)
17
(22,5)
ENRICO PARAZZINI
TELECOM ITALIA GROUP
TI Group – Main Results by BU (organic figures)
I Quarter
Euro mln
II Quarter
2007
2006
∆ Abs
Domestic
Wireline Domestic
Tim Domestic
6.009
3.989
2.365
6.289
4.278
2.370
-280
-289
-5
European broadband
Mobile Brasile
Media
Olivetti
Other Activities
Bolivia
Elim.
TI Group
NNG OLO
TI Group Net NNG OLO
304
1.100
58
83
60
56
-74
7.540
7.540
242
787
44
93
59
42
-57
7.457
-119
7.338
2.889
30
269
-10
-10
23
27
0
3.191
1.816
-31
16
-25
-14
15
19
13
1.790
III Quarter
2007
2006
∆ Abs
(4,5)
(6,8)
(0,2)
6.173
3.994
2.551
6.572
4.305
2.612
-399
-311
-61
62
313
14
-10
1
14
-17
83
25,6
37,4
31,8
(10,8)
1,7
33,3
1,1
391
1.222
67
109
49
46
-81
7.930
202
2,8
7.930
339
915
54
119
57
43
-69
7.987
-111
7.876
3.172
8
178
-27
-12
8
18
-6
3.321
-283
22
91
17
2
15
9
6
-130
(8,9)
275,0
48,7
63,0
16,7
187,5
50,0
2.864
60
316
-10
-7
18
20
0
3.241
2.021
-32
-28
-40
-17
-3
8
9
1.910
-205
1
44
15
3
18
11
4
-120
(10,1)
3,1
37,5
17,6
137,5
1.764
-19
53
-26
-11
10
12
14
1.785
∆%
IV Quarter
2007
2006
∆ Abs
(6,1)
(7,2)
(2,3)
5.926
3.765
2.513
6.335
4.097
2.583
-409
-332
-70
52
307
13
-10
-8
3
-12
-57
15,3
34,6
24,1
(8,4)
(14,0)
7,0
(0,7)
411
1.281
53
91
57
54
-82
7.737
76
152
15
5
8
9
-25
-178
54
0,7
7.737
335
1.129
38
86
49
45
-57
7.915
-143
7.772
3.107
26
180
-21
-8
10
15
3
3.297
-243
34
136
11
1
8
5
-3
-56
(7,8)
130,8
77,4
52,4
12,5
80,0
33,3
2.837
75
239
-17
-3
25
27
1
3.157
1.964
-29
-42
-34
-12
0
7
22
1.869
-200
10
95
8
1
10
5
-8
-84
(10,2)
34,5
23,5
8,3
71,4
1.743
-5
-25
-32
-7
17
20
14
1.705
∆%
Full Year
2007
2006
∆ Abs
(6,5)
(8,1)
(2,7)
6.144
3.955
2.549
6.555
4.274
2.645
-411
-319
-96
22,7
14,6
39,5
5,8
16,3
20,0
(2,2)
439
1.387
85
125
85
54
-150
8.115
-35
(0,5)
8.115
383
1.260
71
142
52
45
-90
8.373
-69
8.304
3.025
42
259
-18
-8
17
21
-2
3.315
-188
33
-20
1
5
8
6
3
-158
(6,2)
78,6
(7,5)
5,6
62,5
47,1
28,6
2.349
85
383
-16
1
28
24
-6
2.824
1.868
-15
27
-32
-13
9
12
15
1.859
-125
10
-52
0
6
8
8
-1
-154
1.179
-10
106
-32
-2
21
17
9
1.271
∆%
2007
2006
∆ Abs
∆%
(6,3)
(7,5)
(3,6)
24.252
15.703
9.978
25.751
16.954
10.210
-1.499
-1.251
-232
(5,8)
(7,4)
(2,3)
56
127
14
-17
33
9
-60
-258
14,6
11,0
19,7
(12,0)
63,5
20,0
246
899
56
-32
34
35
-114
-410
-189
(2,3)
31.322
1.299
4.091
207
440
217
175
-273
31.732
-442
31.290
18,9
22,7
27,1
(7,3)
15,7
20,0
(3,1)
1.545
4.990
263
408
251
210
-387
31.322
32
0,1
2.775
56
368
-11
9
12
20
-2
3.207
-426
29
15
-5
-8
16
4
-4
-383
(15,4)
51,8
4,7
(45,5)
(88,9)
133,3
20,0
10.939
250
1.207
-53
-19
94
98
-5
12.413
12.079
132
985
-77
-19
47
74
-7
13.140
-1.140
118
222
24
0
47
24
2
-727
(9,4)
89,4
23,3
31,2
0,0
100,0
32,4
1.902
-6
72
-26
4
5
12
4
1.955
-723
-4
34
-6
-6
16
5
5
-684
(38,0)
(66,7)
51,1
(23,1)
320,0
41,7
6.502
-65
150
-115
-34
63
68
50
6.551
7.755
-82
29
-132
-38
11
39
50
7.593
-1.253
17
121
17
4
52
29
0
-1.042
(16,2)
20,7
478,3
12,9
10,5
472,7
74,4
∆%
REVENUES
(1,3)
EBITDA
Domestic
European broadband
Mobile Brasile
Media
Olivetti
Other Activities
Bolivia
Elim.
TI Group
(3,9)
(1,7)
(4,8)
(11,9)
(5,5)
EBIT
Domestic
European broadband
Mobile Brasile
Media
Olivetti
Other Activities
Bolivia
Elim.
TI Group
(6,3)
(4,5)
(6,7)
66,7
0,0
46,2
88,9
66,7
(8,3)
(35,0)
18
(13,7)