Slides Telecom Italia Group 9M 2014 Results
Transcrição
Slides Telecom Italia Group 9M 2014 Results
TELECOM ITALIA GROUP 9M 2014 Results Rome, November 7th, 2014 Telecom Italia Group 9M 2014 Results Marco Patuano Piergiorgio Peluso Safe Harbour This presentation contains 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 developments and changes in 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 Telecom Italia Group. Such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those projected or implied in the forward looking statements as a result of various factors. Consequently, Telecom Italia makes no representation, whether expressed or implied, as to the conformity of the actual results with those projected in the forward looking statements. Forward-looking information is based on certain key assumptions which we believe to be reasonable as of the date hereof, but forward looking information by its nature involves risks and uncertainties, which are outside our control, and could significantly affect expected results. Analysts and investors are cautioned not to place undue reliance on those forward looking statements, which speak only as of the date of this presentation. Telecom Italia 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 business or acquisition strategy or planned capital expenditures or to reflect the occurrence of unanticipated events. Analysts and investors should 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 which may identify factors that affect the forward looking statements included herein. The accounting policies and consolidation principles adopted in the preparation of the Condensed Consolidated Financial Statements as of and for the nine months ended 30 September 2014 have been applied on a basis consistent with those adopted in the Annual Consolidated Financial Statements at 31 December 2013, to which reference should be made, except for the new standards and interpretations adopted by the Telecom Italia Group starting from 1 January 2014 which had no effects on the Condensed Consolidated Financial Statements as of and for the nine months ended 30 September 2014. The Telecom Italia Group Condensed Consolidated Financial Statements at 30 September 2014 have not undergone an external audit/review. Following the classification, starting from the fourth quarter 2013, of the Sofora - Telecom Argentina group as a disposal group (Discontinued operations/Non-current assets held for sale) the consolidated financial statements data of prior periods (including the nine months ended 30 September 2013) have been restated accordingly and therefore the Sofora - Telecom Argentina group is no longer separately presented as a business unit. Furthermore: • starting from 2014, Organic changes in Revenues, EBITDA and EBIT are determined excluding, where applicable, only the effects of the changes in the scope of consolidation and exchange differences and therefore don’t take into account, as in the past, non-organic income and expenses, including those non-recurring; • starting from 2014, the Domestic business unit includes the Olivetti group, in addition to Core Domestic and International Wholesale. This different presentation reflects the commercial and business placement of the Olivetti group and the process of integrating its products and services with those offered by Telecom Italia in the domestic market. Therefore, the Olivetti group is no longer separately presented as a business unit; as a result, the data for prior periods under comparison have been restated, accordingly. In this presentation reference is also made to a normalization called “Domestic Underlying Ebitda trend”, which is based on the Adjusted (for one-offs and discontinuities) Reported Domestic Ebitda. This representation is provided as additional information to our Reported Ebitda that represents Operating profit before depreciation and amortization, capital gains (losses) and impairment reversals (losses) on non-current assets. 9M 2014 Results Marco Patuano - Piergiorgio Peluso 2 Agenda • TI 3Q’14 Results • Financial Update • Take-Aways • Appendix 9M 2014 Results Marco Patuano 3 3Q’14 Group Highlights Service Revenues • 4,943 mln € (2Q’14: 4,871 mln €) • Ebitda 2,243 mln € (2Q’14: 2,145 mln €) • Innovative Capex ~620 mln € YTD (Italy & Brazil) Net debt reduction to • Improving organic performance at -5.7% YoY vs -7.1% in 2Q’14 due to a different mix: • Better domestic trend both in Fixed and Mobile underpinned by healthier competitive environment and good acquisition results in UBB KPIs • TIM Brasil: Positive “Business Generated” results supported by an excellent MBB take-up Group Ebitda at 2.2 bln € in 3Q’14 (Reported -8.0% YoY, Organic -8.5% YoY) • Performance at domestic level (Reported Ebitda -11.6% YoY) impacted by non-recurring items; Underlying Domestic Ebitda (net of new handset subsidy approach and one-offs) -7% YoY in 3Q’14 • Sound performance in Brazil (+6.5% YoY in 3Q’14) driven by a strong results in data revenues, efficiency on network and reduction in interconnection costs Focus on innovation confirmed: • Italy: current 27% NGN coverage is above the mid-point of 2014-16 of the Original Plan target; actual 74% LTE coverage shows strong upbeat vs FY’14 target at 60% and FY’15 target at 70% • Brazil: 700Mhz spectrum acquired at fair price, ensuring a better coverage (Indoor and Rural) with a much larger penetration than the 2,500 MHz band currently used for 4G services. 81 cities have been covered so far by our MBB Project (36% Urban coverage); 100 cities will be covered by end of 2014 Lower by 0.2 bln € vs FY’13 and by 0.8 bln € vs 2Q’14. Usual 2H NFP improvement kicks in 26.57 bln € • Argentina On October 24, Sale Agreement with Fintech was Amended and Restated: • Total Sale Proceeds confirmed at US$ 960mln, which now translate into a 6x Ebitda multiple after recent Peso devaluation nd Tranche for US$ 215.7mln cashed in • 2 • Cash collateral and Break-up Fee to support completion of transaction 9M 2014 Results Marco Patuano 4 Domestic top line recovery gains momentum € mln Domestic Service Revenues trend +19 QoQ 3,895 -80 3,914 +13 -49 3,834 +27 Domestic Service Revenues improvement: • 3,785 3,554 3,567 3,594 • -6.2% -9.1% YoY -10.1% -10.5% 1Q'13 2Q'13 -9.1% -8.8% -8.9% • 3Q'13 4Q'13 1Q'14 2Q'14 YoY 2,664 -7.4% -8.6% 1Q'14 2Q'14 3Q'14 Service revenues stabilization at 3.6 bln € per quarter in 2014 Mobile Service Revenues 1,189 2,639 -7.2% growing performance quarter on quarter: +0.7% in 3Q’14 and +0.4% in 2Q’14 vs -1.0% on average in 2013 3Q'14 Fixed Service Revenues 2,715 constant topline recovery on YoY basis: -6.2% in 3Q’14 vs -8.9% in 2Q’14 and -8.8% in 1Q’14 Improving performance in fixed business thanks to better results in all components 1,099 1,138 -7.1% YoY -14.9% 1Q'14 -13.3% 2Q'14 Sound recovery in mobile service revenues driven by better results both in Business Generated & Received 3Q'14 9M 2014 Results Marco Patuano 5 Domestic Ebitda: progressing towards an improving FY trend %YoY,€ mln Domestic Ebitda 2,031 40 Ebitda trend 1H'14 -11.6% 1,795 net of new handset subsidy approach net of new handset subsidy approach -5.4% reported -7.9% 3Q'14 -9.8% -9.8% -11.6% 3Q'13 3Q'14 Ebitda Discontinuities • Effects on Year-on Year performance for this quarter are: • ~ 30 mln euro for • incentive plans for employees & management and • salary discontinuous increases enabling insourcing • ~ 30 mln euro for regulatory termination disputes and other provisions • 40 mln euro for new handset subsidy approach Underlying Ebitda trend 1H'14 3Q'14 -7% 4Q'14 + -9% Normalized for discontinuous increases in labour costs, provisions & handset subsidy 9M 2014 Results Marco Patuano 6 Translating Domestic Innovative Capex into Revenues a 2,025 others commercial& others IT 106 IT 443 +102 -69 innovative 249 b c -63 d - 54 -138 -11 traditional 1,792 95 195 Efficiency(1): -197 mln € 380 Innovative portion on network capex network 9M’14 35% +8pp YoY 37% 35% 33% 1,089 1,122 1Q'14 handset subsidy 2Q'14 3Q'14 138 9M'13 network network IT commercial&othersIT commercial&others IT others subsidy 9M'14 Growing penetration of Innovative Revenues on total(2) Innovative Mobile Service Revenues(3) Innovative Fixed Service Revenues(4) 35% 32% 32% 33% 2014 32% 31% 28% 24% 1Q (1) total domestic capex efficiency= (2) net of wholesale 2013 30% 25% 2Q a + 3Q b + c + d 28% 28% 1Q 2Q 3Q (3) Broadband & VAS Content (4) Broadband, VAS Content & ICT 9M 2014 Results Marco Patuano 7 NGN & LTE current Coverage NGN Coverage LTE Coverage >50% >80% Target further upgradable First mover advantage to be preserved 51% today @ 74% +10pp vs FY’13 today @ 27% 2014 2015 2014 2016 Market Fiber Lines FY’14 target already exceeded 2015 2016 Mobile BB CB «Open Fiber» launched ‘000 313 226 122 123 49 77 103 34 15 45 0.5 163 151 0.2 4Q'13 TI Retail NGN 1Q'14 >1.0 2Q'14 OLO Subloop/NGN 6,853 7,166 8,023 8,444 ~1.0 3Q'14 Avg daily acquisition 0% 2% 1Q'13 2Q'13 3Q'13 9,151 9,596 Additional Giga take-up >50k clients per week October ~1.5k/day 1% 8,677 4% 5% 4Q'13 1Q'14 MBB 7% 2Q'14 9% 3Q'14 % LTE 9M 2014 Results Marco Patuano 8 Domestic Mobile Quarterly Mobile Revenues Breakdown Service Revenues Trend YoY € mln, QoQ Total handsets 1,175 1,284 +89 1,264 +20 +50 126 -31 95 +39 1,138 +51 1,189 76 Service 1,099 wholesale 58 +12 70 +2 72 Innovative 328 +14 342 +48 390 64 61 90 Broadband 264 281 301 Traditional 713 SMS 132 52 139 56 134 57 530 531 536 1Q'14 2Q'14 3Q'14 VAS content Incoming voice Outgoing voice • 726 +1 +5.6% -0.5% Innovative +9.9% +16.6% +8.4% Traditional 727 -24.1% -21.9% -16.7% 1Q'14 2Q'14 3Q'14 4Q'14 Mobile Service Revenues improvements due to: • • • +13 wholesale +8.7% Constant recovery in outgoing voice and positive support from incoming thanks to zero MTR drag Sound performance in Innovative revenues driven by progressive growth in browsing and additional revenue stream from new digital entertainment services -7.1% + -13.3% -14.9% We confirm Mobile Service Revenues is trending towards parity in 4Q’14 9M 2014 Results Marco Patuano 9 Domestic Fixed Quarterly Fixed Revenues Breakdown Service Revenues Trend YoY € mln, QoQ Total 2,771 handsets 56 Service 2,715 -19 2,718 73 National, Int’ wholesale + Subs&others 878 Innovative 565 ICT VAS Broadband 2,737 -34 -51 2,664 -25 2,639 859 37 133 395 38 134 38 Traditional 1,271 Others 238 135 -7.9% -9.3% Innovative 583 +9 402 -40 -7.2% 861 574 +9 Wholesale & others 79 +1.8% +3.0% +0.1% 410 1,231 232 -36 Traditional 1,195 229 Access 666 647 632 Outgoing voice 367 352 334 1Q'14 2Q'14 3Q'14 -10.4% -13.1% 1Q'14 2Q'14 -10.1% 3Q'14 4Q'14 Fixed Service Retail YoY • 1Q'14 2Q'14 3Q'14 -6.2% -7.4% -8.9% • Monthly Retail Fee upward revision effective November 1st to provide further uplift in 4Q’14 Significant support from increasing fiber take-up + -7.2% -7.4% -8.6% 9M 2014 Results Marco Patuano 10 Brazil: Usage of Mobile Data is Rapidly Expanding “Business Generated” trend in Q3 is supported by… YoY, % -4% Business Local+Long Generated distance Innovative VAS revenue growth accelerating YoY, % +50% +44% +36% +1% ex MTR +8.0% +7.8% 1Q'14 +6.5% 2Q'14 3Q'14 Mobile Service Revenues Performance* Business Incoming Received (Voice&SMS) -34% • YoY, % 1Q'14 2Q'14 3Q'14 Double-digit growth in data users 32 Mln users +32% 24 +5% Voice + VAS 3Q'13 Ebitda Performance remains sound … increased Data Penetration 3Q'13 3Q'14 YoY, % 3Q'14 Strong performance in 4G Market Share 30% +4pp 26% Mobile:«business generated» revenues growing at a good pace (+5% YoY) thanks to data ex MTR +3% +1% +1% ‐1% July'13 ‐4% July'14 Source: ANATEL 700Mhz spectrum Acquisition Investing in Network infrastructure to strengthen our position in Mobile Data Total investment of R$ 2.85bln • «Block 2» cost R$ 1.95bln • clean-up costs R$ 0.9bln 1Q'14 2Q'14 3Q'14 MBB project: «on track» 39 53 66 81 2013 1Q'14 2Q'14 3Q'14 Urban coverage 30% 31% 32% 36% * Mobile Service Revenues based on net contributions 9M 2014 Results Marco Patuano 11 Agenda • TI 3Q’14 Results • Financial Update • Take-Aways • Appendix 9M 2014 Results Piergiorgio Peluso 12 Telecom Italia 3Q’14 Group Results € mln, %YoY 3Q’14 €mln Revenues 5,421 Domestic Brazil 3,805 1,608 Ebitda Domestic Brazil Capex Domestic Brazil Ebitda-Capex Domestic Brazil Weight(2) 70% 29% 2,243 1,795 441 80% 20% 933 615 317 66% 34% 1,310 1,180 124 90% 9% Organic(1) Reported net of new handset subsidy approach YoY YoY -4.5% -4.9% -5.0% -3.1% -5.0% -4.5% n.a. -8.0% -8.5% -11.6% +8.4% -11.6% +6.5% -7.0% -9.8% -13.2% -12.5% -9.3% -19.7% -9.3% -18.4% -4.0% -5.4% -12.8% - -12.8% - Normalized for cost of labour, provisions & handset subsidy -7% -9.1% -3.6% n.a. (1) Starting from 2014, Organic performance includes only exchange rate variations and impacts from perimeter changes (2) Including TI Media, Other & Elimination. Olivetti is included in the Domestic perimeter 9M 2014 Results Piergiorgio Peluso 13 9M’14 Domestic Opex Efficiency Plan to Overperform FY Target € mln Volume/ RevenueDriven (1) Market/ CustomerDriven (2) Process/ AssetDriven (3) Labour Cost Operating Expenditures 6,383 6,040 External Opex net of COGs -348 mln € YoY comm./adv./ccare 2,148 bad debt/other commercial industrial costs/G&A -31 864 1,327 -102 -246 -66 762 -348 1,080 -180 2,045 -11 2,034 Market-driven -102 mln euro 9M'14 Labour Cost YoY +17 € mln +24 ‐53 Solid Cost Reduction: • 1Q'14vs'13 2Q'14vs'13 3Q'14vs13 • Solidarity Agreement positive neutral neutral • Salary Increase(4) negative negative negative Extraordinary Compensation Plans total efficiency -72 2,164 9M'13 YoY impact other opex • negative (1) Interconnection, Cost of Equipment, Other COGs (2) Acquisition costs, ADV, Customer Care, Other commercial costs Process-driven -246 mln euro Including: • 71 mln euro Sparkle provision reversal • 84 mln euro Antitrust fine in 2013 Commissioning: volume acquisition reduction Advertising: cost optimization supported by single format and brand Operating Costs for Network & IT: savings in procurement and positive impacts of process reengineering G&A: zero-budget approach and policy review (3) Industrial costs, G&A, Real Estate, Other (4) Starting from February 1, 2014 9M 2014 Results Piergiorgio Peluso 14 9M’14 Operating FCF Generation Remains Solid Reported, € mln 2014 Free Cash Flow Generation 9M’14 figures TI recurring stronger Second Half Operating Free Cash Flow is confirmed Group 2,640 6,588 1,676 2,272 Ebitda Capex vs. 2013 -552 +397 operating WC&others -29 1,228 1,058 OpFCF -14 -184 1Q'14 2Q'14 3Q'14 4Q'14 OpFCF on Revenues Domestic 25% 1,792 19% on Revenues 1,338 5,296 20% 13% 2,166 Ebitda Capex operating D WC&others OpFCF 1Q'14 2Q'14 3Q'14 Brazil OpFCF quarterly breakdown 1,281 Ebitda -843 Capex -331 107 operating WC&others D OpFCF 306 292 -491 1Q'14 2Q'14 3Q'14 9M 2014 Results Piergiorgio Peluso 15 9M’14 Net Financial Position Improvement € mln FX impact 26,807 -2,272 -47 +396 +234 26,572 +241 +1,213 Mandatory Convertible Bond -1,657 mln € vs 9M’13 Mandatory Convertible Bond -235 25,507 FY'13 Including 1.3 bln euro Mandatory Convertible Bond OpFCF vs. 2013 Cash Financial Expenses/Financial Accruals Taxes & other impacts M&A 25,272 Telecom Argentina Dividends/ Change in (discontinued) equity 9M'14 -190 +184 -88 -304 -89 +394 -287 FX negative impact 9M 2014 Results Piergiorgio Peluso 16 Towers, Frequencies and Disposals Update Italy Brazil Towers Value Extraction from Separation remains a Priority Argentina A Positive Outcome for TIM • • Tower Division created • • Service Management Agreement finalized • • Advisors appointed for further steps New Agreement Supports Disposal 700Mhz Auction Sale Agreement renegotiated to allow for transaction completion Overall Cost in Line with expectations • • • • Awarded “Lot n.2” Fits our Existing Spectrum Profile at best Increased 4G Frequencies to maintain momentum in TIM’s mobile data strategy Same amount granted TI Management Discontinued operation New US$175mln break-up fee in place Structure of the deal Total Consideration US$ 960 mln a US$113.7mln already cashed in in Dec’13 Towers b US$215.7mln cashed in on Oct 29th, 2014 TIM Tower sale finalization soon c US$600.6mln TI note issued entirely purchased by the Buyer, providing Cash collateral Process in its Final Stage; final agreement expected to be signed by year end d US$30mln service fee TI Media • Digital terrestrial network businesses merger completion with Gruppo Editoriale L’Espresso • • Sale process on track, while new regulatory framework still developing • • Proceeds expected to finance TIM network deployment, including 700 MHZ license costs 3G/4G Spectrum Auction Transaction scope involving about 6.4k TIM Towers • “Lot 8” awarded to TEO consisting in 30MHz for 15-year licenses on AWS (band 1700-2100Mhz) and 20Mhz on 700MHz 9M 2014 Results Piergiorgio Peluso 17 Agenda • TI 3Q’14 Results • Financial Update • Take-Aways • Appendix 9M 2014 Results Marco Patuano 18 3Q’14 Group Take-Aways • Domestic Efficiency Plan • • Innovative Capex • Brazil • M&A • FCF generation • Upbeat 3Q’14 paves the way for further improvements in 4Q and beyond: • Transition from price-based to quality-driven competition opens to further value generation from Data, while polarization between High-Quality Network Operators and Other Operators increases • Recovery in Mobile is well ahead and has started in Fixed, whose upside is shown by both our Retail and Wholesale take-up of Fiber offers • Further push on convergence, offer simplification and superior quality experience for both our Consumer and Business segments ongoing Domestic Opex Efficiency Plan to overperform the €200mln FY’14 target, while favorably facing 2015 step-up to €400mln. In Brazil, TIM presented a strong Opex saving in 3Q with -8.1% YoY, mainly due to efficiency on network and lower interconnection costs We are investing to strengthen our role of Digital Champion in Italy, where innovative services and content create more and more demand for bandwidth and speed – not a game for all. Network and IT transformation and delayering are a key part of the process Also in Brazil innovative investments are being increased in order to accelerate the implementation of new technologies for mobile data and further stimulate the commercial take-up of 4G. TIM currently covers around 36% of the urban population with 4G, serving 45 municipalities TIM Brasil is set to generate relevant value from its important, country-wide MBB expansion Opportunities will be considered only if compliant with our Group’s Financial Discipline and if clearly generating value for our Companies and our shareholders / bondholders Supported by all the above actions, FCF generation is key to preserve our leadership in our Key Markets and to ensure our deleveraging goals 9M 2014 Results Marco Patuano 19 Agenda • TI 3Q’14 Results • Financial Update • Take-Aways • Appendix 9M 2014 Results Marco Patuano - Piergiorgio Peluso 20 Domestic Performance Dashboard Reported data, € mln, %YoY Total Revenues 4,007 -5.0% Ebitda 3,805 2,031 40 -11.6% net of new handset subsidy approach 1,795 -9.8% normalized for cost of labour, provisions & handset subsidy -7% 3Q’13 2Q'13 3Q’14 2Q'14 on revenues Capex 2Q'13 3Q’13 2Q'14 3Q’14 50.7% 47.2% Ebitda - Capex 1,353 678 -9.3% 40 net of new handset subsidy approach -173 1,180 615 -3.6% 2Q'13 3Q’13 2Q'14 3Q’14 2Q'13 3Q’13 2Q'14 3Q’14 9M 2014 Results Marco Patuano - Piergiorgio Peluso 21 Brazil Performance Dashboard 3Q’14 Organic data*, € mln, %YoY Total Revenues 1,684 Handsets -4.5% 290 Ebitda 1,608 267 -4% Service 1,394 +6.5% 415 441 1,341 Mobile Service Revenues** +1% ex-MTR 3Q'13 3Q'14 on revenues 3Q'13 3Q'14 24.6% 27.4% Capex 386 -18.4% Ebitda - Capex 317 +95 9M’14 -5.5% YoY 3Q'13 124 29 3Q'14 3Q'13 3Q'14 * Excluding exchange rate ** Mobile Service Revenues based on net contributions 9M 2014 Results Marco Patuano - Piergiorgio Peluso 22 Domestic Mobile KPIs ‘000 Mobile CB Active CB 31,858 31,706 31,554 31,221 30,996 30,660 30,374 +2pp YoY 85% 83% 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 MNP Balance Jan Feb Mar Apr May June 2014 -28 -20 July Aug -34 -2 -92 2013 -111 -124 -107 -178 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 Sep +16 -17 -41 2Q'13 Highlights +75 -8 1Q'13 -1 -18 Clear signs of market stabilization translated into: • better MNP balance +504k YTD • lower gross adds -36% YoY in Q3 • better churn rate 25.2%; -3.6pp YoY -80 Cum. +504 YoY -197 9M 2014 Results Marco Patuano - Piergiorgio Peluso 23 Domestic Fixed KPIs ‘000 Fixed Access Total OLO Line Losses 21,016 20,788 20,536 20,378 20,238 20,085 19,823 7,238 7,233 7,164 7,169 7,211 7,258 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 7,167 (201) TI retail 13,777 13,555 13,372 13,210 13,027 12,828 (222) (183) (163) (182) (200) (171) 12,656 +18 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 +22 YoY +12 BB ARPU BB Access Total Total BB Fast Fiber SI+20Mb 6,984 6,933 6,892 6,915 6,933 6,939 6,932 965 1 965 1,015 1 1,014 1,050 4 1,045 1,100 15 1,084 1,167 45 1,122 1,259 103 1,155 1,315 151 6,019 5,918 5,842 5,814 5,766 5,679 5,617 €/month 20.0 1,164 19.6 Total ADSL 19.1 19.2 19.2 19.2 18.9 +3.5% Flat ADSL +3.5% +3.9% +3.6% +1.6% +1.8% +2.3% 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 Free ADSL 761 736 711 684 655 625 597 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 ARPU BB YoY 9M 2014 Results Marco Patuano - Piergiorgio Peluso 24 Domestic Mobile Revenues Breakdown Reported, € mln, %YoY 3Q’13 3Q’14 YoY 9M YoY 1,360 1,284 -5.6% -10.0% 80 81 +0.5% +1.9% Consumer+Business 1,280 1,203 -6.0% -10.7% services 1,200 1,109 -7.6% -12.6% 1,158 1,059 -8.5% -12.7% 658 536 -18.5% -22.2% voice 613 519 -15.4% -18.7% fees&other 44 17 -61.8% -64.7% 500 523 +4.6% +0.7% business received 42 50 +18.9% -8.9% handsets 80 94 +18.4% +16.9% Total wholesale(1) business generated(2) outgoing voice VAS (1) Including Visitors (2) Total Retail Service Revenues net of Incoming 9M 2014 Results Marco Patuano - Piergiorgio Peluso 25 Domestic Fixed Revenues Breakdown Reported, € mln, %YoY 3Q’13 3Q’14 YoY 9M YoY Total Wireline 2,898 2,718 -6.2% -7.1% Service Wireline 2,844 2,639 -7.2% -7.7% Sparkle group 339 304 -10.3% -3.2% Wholesale Domestic 650 595 -8.5% -10.3% 1,899 1,781 -6.2% -7.5% 1,178 1,056 -10.4% -11.2% internet 401 415 +3.5% +1.5% business data 279 264 -5.3% -2.9% other 41 46 n.m. n.m. (43) (41) n.m. n.m. 54 79 +47.8% +22.1% Retail Service voice & access elim. & other products 9M 2014 Results Marco Patuano - Piergiorgio Peluso 26 Robust Liquidity Margin and Well-Distributed Debt Maturities Liquidity Margin € mln Debt Maturities 12,424 € mln 30,657 11,160 4,492 12,305 5,305 7,000 449 449 Liquidity margin 3,861 2,798 3,308 Within 2014 3,138 3,325 Fully Covered until 2018 1,880 918 23,387 1,264 1,354 2,295 1,030 2,965 896 7,270 1,949 1,359 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Beyond 2019 Total M/L Term Debt Undrawn Portion of Facility/Committed C&CE (escluded discontinued) Bonds Loans (of which long-term rent, financial and operating lease payable € 1,200) Drawn bank facility € 30,657 mln is the nominal amount of outstanding medium-long term debt. Adding the Mandatory Convertible Bond (€ 1,300 mln), the discontinued operations (€ 28 mln), IAS adjustments (€ 1,223 mln) and current financial liabilities (€ 487 mln), the gross debt figure of € 33,695 mln is reached. N.B. Debt maturities are net of € 1,262 mln (face value) of repurchased (of which € 504 in the 2013 and € 543 in the 2014) own bonds (of which € 1,047 mln related to bonds due within 2016). 9M 2014 Results Marco Patuano - Piergiorgio Peluso 27 Well-Diversified and Hedged Debt Total Gross Debt net of Adjustment: Euro 33.695 mln Maturities and Risk Management € mln 1,176 6,026 1,270 . . . 28 Average debt maturity: 7.35 years (bond only 8.05 years) Fixed-rate portion on gross debt approximately 66.9% . 25,195 Gross debt (of which 30 mln disc. Operations) Financial assets of which Cash & CE and marketable securities Cash & Cash Equivalent Marketable securities Italian Government Securities Other Discontinued operations Net Financial Position Around 40% of outstanding bonds (nominal amount) is denominated in USD, GBP and YEN and is fully hedged 33,695 (6,699) (5,304) (4,105) (1,199) (864) (335) Cost of debt: 5.4% (424) 26,572 N.B. The figures are net of the adjustment due to the fair value measurement of derivatives and related financial liabilities/assets, as follows: - the impact on Gross Financial Debt is equal to 2,455 €/mln (of which 687 €/mln on bonds) - the impact on Financial Assets is equal to 966 €/mln. Therefore, the Net Financial Indebtedness is adjusted by 1,489 €/mln. 9M 2014 Results Marco Patuano - Piergiorgio Peluso 28
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