Feb 15, 2017 - without limitation, changes in TIM business or acquisition strategy or ... Standards issued by the Intern
TELECOM ITALIA GROUP FY’16 Preliminary Results + 2017-’19 Plan February 6, 2017
FY’16 and New Plan: A Transforming Company
Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - 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 future growth in the different business lines and the global business, financial results and other aspects of the activities and situation relating to the TIM 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, TIM 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. TIM 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 TIM 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 2016 preliminary financial results of the TIM Group and the data of the previous years provided for comparison purposes, were drafted in accordance with the International Financial Reporting Standards issued by the International Accounting Standards Board and endorsed by the European Union (designated as “IFRS”). The accounting policies and consolidation principles adopted in the preparation of the preliminary financial results for 2016 FY and the 2017-2019 Industrial Plan have been applied on a basis consistent with those adopted in the Annual Consolidated Financial Statements at 31 December 2015, to which reference should be made, except for the new standards and interpretations adopted by the TIM Group starting from 1 January 2016 which had no effects on the 2016 preliminary financial results and the 2017-2019 Industrial Plan. Therefore, the latter financial information doesn’t take into account the new following standards that are not yet in force: IFRS 15 Revenue from Contracts with Customers, IFRS 9 Financial Instruments and IFRS 16 Leases. In addition, the 2016 preliminary financial results have not been verified by the independent auditors. Within the Brazil Business Unit, TIM Brasil's Management during 2016 identified that incorrect accounting entries were made in prior years in connection with the recognition of service revenue from the sale of prepaid traffic. Such incorrect accounting entries, resulted in the early recognition of revenues and consequently the underestimation of deferred revenue liabilities for prepaid traffic not yet consumed. The incorrect accounting entries did not have any impact either in terms of net financial position nor on cash and cash equivalents. In light of the above, the comparative financial information as of 31 December 2015 have been revised, segment information included. Segment information is consistent with the prior periods under comparison with the exception of the Media Business Unit that, starting from 1 January 2016, as a result of the change in the operational mission of Persidera, is included in the Domestic Business Unit. Furthermore, the Sofora - Telecom Argentina group, which was disposed of on 8 March 2016, is classified as Discontinued operations. Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - Piergiorgio Peluso
2
Agenda
Opening Remarks - Giuseppe Recchi
A Transforming Company - Flavio Cattaneo
Turning around TIM Brasil - Stefano De Angelis
Financial Empowerment - Piergiorgio Peluso
Wrap-up - Flavio Cattaneo
Back-up Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - Piergiorgio Peluso
3
Agenda
Opening Remarks - Giuseppe Recchi
A Transforming Company - Flavio Cattaneo
Turning around TIM Brasil - Stefano De Angelis
Financial Empowerment - Piergiorgio Peluso
Wrap-up - Flavio Cattaneo
Back-up Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - Piergiorgio Peluso
4
Group FY2016 Highlights: Recovery in All Main Metrics Crash Phase Started in April and acted as a Game Changer in only 3 quarters Organic data, YoY
Revenues
+0.8%
New Management Team -3.1%
-3.5%
1Q'15
3Q'15
New Management Team
FY’16 -2.5%
-1.2%
-1.8% -4.4%
-5.6% -6.7%
2Q'15
+6.6%
-4.3%
-5.1%
FY’15 -4.6%
EBITDA
4Q'15
2Q'16
3Q'16
+5.9% FY’16 +2.4%
-3.6% -7.5%
+6.4pp 1Q'16
+4.0%
-8.1%
4Q'16
1Q'15
+13.4pp
FY’15 -4.5% 2Q'15
3Q'15
Net Cash Flow
4Q'15
1Q'16
2Q'16
3Q'16
4Q'16
Net Debt €Bln
€mln, reported data
FY’16 2,159
+2,786* YoY
FY’15 -627
27.4
27.0
27.3 26.8
27.1
27.5 26.7
+1,616 +140
-779
+438
+188
-474
1Q'15
2Q15
3Q'15
4Q'15
= Crash Phase
1Q'16
-376
2Q'16
25.1
+779
-2.2 Bln€ YoY* 3Q'16
4Q'16
* including 1.3 Bln€ Mandatory Convertible Bond
1Q'15
2Q'15
3Q'15
4Q'15
1Q'16
2Q'16
3Q'16
4Q'16
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Flavio Cattaneo
5
Group 4Q’16: Robust Delivery in Italy and Brazil Trend Uplift continued
Domestic
Organic data, YoY
Revenues
+2.7%
New Management Team
-1.6% -2.6% 1Q'15
+1.0%
-2.3%
-2.3%
4Q'15
1Q'16
-3.8%
+5.0pp 2Q'16
FY’16 +4.5%
3Q'16
4Q'16
1Q'15
-4.4%
-5.2%
4Q'15
1Q'16
2Q'15
3Q'15
-5.2%
+1.6%
Brazil
-5.2%
-12.4%
1Q'15
2Q'15
-15.3% -20.2%
3Q'15
4Q'15
2Q'16
3Q'16
4Q'16
Organic: before non-recurring items and excluding exchange rate fluctuations
= Crash Phase
-3.4%
FY’15 -2.3%
+13.6pp 1Q'16
3Q'16
1Q'15
4Q'16
+2.8%
+0.5%
FY’16 -8.9%
-8.8%
FY’15 -12.1%
2Q'16
New Brazil CEO
-1.7%
-15.2%
+13.6pp
FY’15 -4.9%
New Brazil CEO -3.3%
+8.4%
-0.9%
-10.4%
3Q'15
+7.8%
+6.9%
New Management Team
FY’16 +0.1%
-1.1%
-1.4%
FY’15 -2.0% 2Q'15
Organic EBITDA
2Q'15
-2.4%
-6.7%
-15.0%
3Q'15
4Q'15
FY’16 -4.4%
1Q'16
+17.8pp 2Q'16
3Q'16
4Q'16
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Flavio Cattaneo
6
4Q’16 Domestic: Better Results, KPIs and Operational Trends Good set of KPIs and improving trends on core business
4Q’16
KPIs
Service Revenues Trends YoY
Mobile
Fixed
New Commercial approach is delivering excellent results: • Boosting Service revenue performance: +3.1% YoY • Increasing penetration of LTE and upselling on CB
Fixed Top Line turns positive: • 4Q’16 Total revenues +1.5% YoY vs -3.9% YoY in 4Q’15, supported by the new flow of enabling device sales • Flat performance in fixed service revenues, notwithstanding the negative effect of retroactive wholesale repricing
ARPU up to 13.3€ vs 12.8€ in 4Q’15 LTE penetration increases to 62% in MBB Customer Base Positive MNP Balance at +26k (vs -44k in 3Q’16) Best-in-class Churn rate, confirmed at 22.8% on FY basis New record-low line losses performance at -83k BB Net Adds +47K BB ARPU up to € 22.3 (vs 4Q’15 21.2€) Fiber Net Adds +125k in 4Q’16, currently reaching over 1 mln Retail NGN customers Wholesale included, fiber lines now stand at about 1.4 mln
+3.1%
FY’16 +1.4% +1.1% +0.6%
+0.7%
1Q'16
2Q'16
3Q'16
4Q'16
-3.6%
-3.6%
3Q'16
4Q'16
FY’16 -4.1%
-4.3% -4.8% 1Q'16
2Q'16
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Flavio Cattaneo
7
The 2017-’19 Transformation Plan Pervasive Quality across the whole Company to drive Results
Extreme Quality: No Compromises to fully exploit Business Opportunities Change in Corporate Culture: from Complex to Agile, from Pondered to Fast and Effective
BEST INFRASTRUCTURES AND COVERAGE SUPERIOR COMMERCIAL APPROACH ENABLING EFFICIENCY
• CASH FLOW • DELEVERAGE • VALUE CREATION
SUBSIDIARIES RE-LAUNCH
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Flavio Cattaneo
8
Infrastructure: Ultra BroadBand Leadership Everywhere in Italy Enhancing Network Reliability, Coverage, Speed and Capacity to Provide Superior Customer Experience
Taking Fiber to Maximum Coverage
HH passed
Fixed
~80%
~86%
~95%
•
84%
~60% 42%
56%
2015
2016
•
75%
• 2017
2018
2019
~99%
>99%
•
4G outdoor population coverage
~98%
Mobile
>96%
98%
Best 4G & 3G Everywhere
• •
Wider coverage and more capacity for LTE
•
Inwit operates as a strategic asset, synergic and strongly integrated with TIM
• •
Spectrum to support commercial evolution
95%
88%
91%
2015
2016
New Plan
2017
2018
Old Plan
2019
Accelerated UBB roll out to further enable Commercial effectiveness and beat competition both at commercial and infrastructural level, also in selected C and D areas FTTC Expansion and Enhancement via eVDSL to deeply expand 200 Mbit/s coverage in 2017, increasing to 300 Mbit/s with further future enhancements FTTH/FTTB Acceleration in 30 main cities in 2017. Our market-driven approach increases target to 50 main cities by 2019 IP Core Network Evolution, Platform Modernization and New National Photonic Network with links up to 400 Gbps
Voice Quality increase on 3G technology, also for tactical/commercial needs
Focus also on FWA technology Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Flavio Cattaneo
9
Attack Mode on Domestic Implementing an Attacker Approach and Returning to Growth
TIM adopts an attacker approach to defend market share and focuses on the business basics, customers’ needs and quality to increase Ultra BroadBand take-up
Second brand ready to protect TIM premium positioning and exploit opportunities in the low-end segment
Lock-in clients with connected devices, leverage on billing for convenience of payment and develop a solid content strategy to enlarge addressable markets % NGN Accesses* on BB Fixed
Fixed Retail Line Losses** (mln) 2015
8% 2015
14%
2016
4x
2016
2018
2019
Lines losses reduced at parity by 2018 -0.5
2019
62%
Voice/BB/Video
pp
0.5 2016
pp
10%
~+20
14%
9%
12%
pp
Mobile****
2016
2019
Lock in Business CB (mln)
~+30
38%
2015
Consumer 3Play CB (mln)
~+30
Fixed ***
2015
-0.7
% LTE Customers on Mobile BB
Lock in Consumer CB (%)
2019
* “Fiber Ready” Accesses Included ** Including VoIP lines, excluding Consip impact
2015
0.9
2016
*** on total fixed CB **** on mobile calling
>3x
>5x 2019
0.1
0.2
2015
2016
2019
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Flavio Cattaneo
10
Turning the Corner: Domestic Revenues and Ebitda Growth Growing on Total Revenues and Ebitda, Stabilizing Service Revenues
Transforming Domestic performance already from 2017 €bln
Total Revenues
15.0
15.0
Service Revenues
14.0
13.9
New Total Opex
+~0.3
8.1
7.9
Total Opex
8.4
Run rate ‘15-’18 -0.8 bln€
7.6
Growing Total Revenues Stable Service Revenues
Stable Service Revenues Trend
+~0.3
@ stable Volume Driven Costs
+~0.5
8.0 Additional Volume Driven Costs Run rate ‘18-’19 -0.1 bln€
+~0.5
7.5
Volume Driven Costs
3.3
3.3
3.3
3.3
Opex net of Volume Driven Costs
5.1
4.8
4.3
4.2
2015
2016
2018
2019
EBITDA YoY Low-single digit Growth
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Flavio Cattaneo
11
Further Efficiencies in Cash Costs Opex and Capex Optimization €bln
New Total Opex
Opex 8.4
8.1
Capex 8.0
7.9
Capex on 26% Revenues
25%
Capital Intensity to drop below 20% in 2019
Excluding Licence
Volume Driven Costs
Opex net of Volume Driven Costs
3.3
3.3
3.8
3.6
3.9 5.1
4.8
4.3
-0.8 2015
2016
-0.1 -
2018
3.8 3.1
4.2
-0.8 2019
2015
2016
2.9
-0.2 -
2018
2019
Run Rate Total Cash Cost Efficiencies: Opex*+Capex Original Plan ‘16-’18 (February 2016)
Efficiency ‘18vs’15 ~0.6 bln€
Target reached within 3 quarters
Plan Revised ‘16-’18 (May 2016)
+
New Plan ‘17-’19
+
*Net of Volume driven Costs
1.6 bln€
D Efficiency ‘18vs’15 +1.0 bln€
+
D Efficiency ‘19vs’15 +0.3 bln€
1.9 bln€
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Flavio Cattaneo
12
Agenda
Opening Remarks - Giuseppe Recchi
A Transforming Company - Flavio Cattaneo
Turning around TIM Brasil - Stefano De Angelis
Financial Empowerment - Piergiorgio Peluso
Wrap-up - Flavio Cattaneo
Back-up Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Stefano De Angelis
13
A Strong Start Towards 2019 After 2016, Turnaround continues
2016 Turnaround Evidences Leader in
4G
2017-19 New Positioning
coverage (1,255 cities)
23.5%
+20%
(+3 pp YoY)
YoY
ARPU (in 4Q16)
R$19.2 (+9% YoY)
Price
Price
2017-19
2008
EBITDA Margin (in FY2016)
Today
33.5%
2012
Quality
(+2 pp YoY)
Quality
Develop a Convergent n-Play offer expanding the existing TIM Live FTTX coverage in Rio and São Paulo, exploiting the 700MHz LTE/WTTx coverage and also establishing partnerships to create 4P convergent offers (e.g. SKY)
Improve our brand positioning in order to become the preferred option for Postpaid customers and confirming our leadership on prepaid leveraging on the quality of our Network and new offer schemes Introduction of digital services bundled in the offers through the development of strategic partnerships with OTTs and content players
To be: 2017-2019
As is: 2008-2016
Postpaid Innovative Revs. (% of total base) (in FY2016)
Commercial Turnaround Adapt commercial strategy to implement a regional approach exploiting our different market position and redesign go to market
Financial figures compliant with TIM Participações consolidated accounting standards for FY 2016 Results and FY 2017-19 Plan
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Stefano De Angelis
14
Deploying a Faster and Wider Broadband Network Expanding 4G and 3G coverage
Population covered (%)
4G
3G
2016-2018 Plan (Feb 2016)
2017-2019 Plan
2016-2018 Plan (Feb 2016) 95% ~90%
2017-2019 Plan
92%
89% 82%
74%
59%
72%
2015
2016
84%
2017e
2018e
Cities covered
2019e
2015
2016
2017e
2018e
2019e ~3,200
~3,600 2,833
(# of cities)
>2,000
700MHZ
1,839
1,255 411
2015
2016
2017e
2018e
2019e
South and southeast: additional 1,800MHz spectrum availability in 2017 to boost speed and improve customer experience North, northeast and middle east: beginning of the 700MHz frequency roll out will guarantee more capacity and better coverage Financial figures compliant with TIM Participações consolidated accounting standards for FY 2016 Results and FY 2017-19 Plan
2015
2016
2017e
2018e
2019e
3G coverage evolution will support customers adopting data services and customers that are not using 4G yet
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Stefano De Angelis
15
Mobile Market Scenario & TIM Revenue Share Evolution A Better “value for money” positioning
Convergence in SP/RJ and Selected Regions
Mobile
Customer base mix Customers
66.2 mln
Fixed Voice
Messaging
Voice On + Off
(SMS + WhatsApp)
>60 mln
Prepaid
Mobile Postpaid mix
Data
2015
ARPU Trend
2016
2017e
2018e
2019e
Mobile Market & TIM Revenue Share*
R$
Mobile Service Net Revenues; R$ bln; %
16.7
>35%
Postpaid
21%
18.0
~25%
~23% ~23% TIM Revenue Share -3.4%
Best “value for money” positioning will support Revenue Share rebound
63.8
2015
2016
2017e
2018e
2019e
Innovative Revenues will support total ARPU growth
Mobile Market Revenues
61.6 CAGR ~+3%
2015a
*TIM Revenue Share and Mobile Market Revenues consider Revenues from top 5 players, including SMEs Financial figures compliant with TIM Participações consolidated accounting standards for FY 2016 Results and FY 2017-19 Plan
2016e
2017e
2018e
2019e
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Stefano De Angelis
16
Efficiency: Executing the Plan Ensuring Delivery and Furthering Efficiency
Efficiency Plan Evolution vs 2015FY
R$ bln
Flat
A High delivery 1.7
-1.1
C
B Improving efficiency
-0.5
11.7
-1.2
-0.6
~11.7
10.4 2.0
2.3 0.3
0.3
1.0 1.7 0.7
0.7
Old Plan 18 vs 15
July Plan Update 18 vs 15
New Plan 18 vs 15
2019 Additional Efficiency
New Plan 19 vs 15
2015FY
Inflation & Structural Growth
Volume Driven
Savings
Normalized OPEX Evolution R$ bln
2016FY
Inflation & Structural Growth
Volume Driven
Completion Added in of 2016-2018 2017-2019 Plan Plan
2019FY
Efficiency Plan Highlights
2016-2018 Plan (Feb 2016) 2017-2019 Plan
>12
11.7
~11.7
10.4
2015
2016
2017e
2018e
A
High delivery: from R$1.7 bln to R$2.0 bln in savings (2016-18)
B
Continuous efficiency: expanding target to R$2.3 bln at 2019
C
Flat Opex 2019 vs. 2015 despite inflation
2019e
Normalized by non-organic events Financial figures compliant with TIM Participações consolidated accounting standards for FY 2016 Results and FY 2017-19 Plan
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Stefano De Angelis
17
Improving Profitability and Cash Generation Reshaping the Financial Profile
Normalized EBITDA Margin
%
>36%
•
33.5% 31.5%
2015
• •
2016
2017e
2018e
Consistent Growth in Profitability: improving EBITDA Margin and Free Cash Flow Run Rate Cash Cost Reduction supported by efficiency program, offsetting Inflation and Structural Growth Impacts Significant Capex Reduction alongside a Strong Upside in Network Coverage: Capex optimization and contracts negotiations
2019e
Capex Plan R$ bln
EBITDA-Capex
2016-2018 Plan (Feb 2016)
R$ bln
2017-2019 Plan
EBITDA 2016-18 ~12.5 bln
4.7
2017-19 36% in 2019
EBITDA
-3%
Capex
4.5 bln
~R$4 bln
< R$12 bln 2017-19 period 3G/4G Coverage >92%
EBITDA-Capex (% on revenues)
~4%
High single digit
> 15%
Financial figures compliant with TIM Participações consolidated accounting standards for FY 2016 Results and FY 2017-19 Plan
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Stefano De Angelis
19
Agenda
Opening Remarks - Giuseppe Recchi
A Transforming Company - Flavio Cattaneo
Turning around TIM Brasil - Stefano De Angelis
Financial Empowerment - Piergiorgio Peluso
Wrap-up - Flavio Cattaneo
Back-up Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Piergiorgio Peluso
20
Opex Efficiencies continue to Accrue 4Q’16 Domestic Opex Breakdown Organic*, €mln
1Q’16 vs 1Q’15 Total Opex
2Q’16 vs 2Q’15
2,021
2,020
-1
2,115
699
736
+37
781
1,322
1,284
-38
1,334
Labour Costs
734
691
736
Process Driven & other
346
327
Market Driven
242 1Q'15
Volume Driven Opex net of Volume Driven
Process Driven Market Driven
1,960
-155
2,020
809
+28
804
1,151
-183
1,216
1,922
-98
781
-23
1,141
-75
-82
272
240
310
3Q'15
3Q'16
4Q'15
4Q'16
266
268
238
1Q'16
2Q'15
2Q'16
ΔYoY by destination Labour Costs Process Driven Market Driven
-11 -1.8% -32 -10.1% -32 -11.7%
-1 ~flat o/w Billing & Bad Debt -15 o/w Expo Spons. -16
o/w Comm. Levers **
*Organic: before non-recurring items and excluding exchange rate fluctuations ** Commercial levers include Sales, Caring & Advertising
1,192
237 274
318
-15.0% -13.0% -11.2%
+52
283
287
-110 Process Driven -42 -30 Market Driven
1,274
-30
1,029
286
330
Labour Costs
977
681
615
ΔYoY by destination
2,221
681
626
-43 -5.8% -19 -5.5% +24 +9.8%
4Q’16 vs 4Q’15 2,251
626
ΔYoY by destination Labour Costs
3Q’16 vs 3Q’15
ΔYoY by destination Labour Cost Process Driven Market Driven o/w Comm.Levers**
flat -46 -16.3% -36 -11.7% -5 ~flat
o/w Billing & Bad Debt -20 o/w Expo Spons. & -11 re-branding
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Piergiorgio Peluso
21
Up in OpFCF Generation Strong Operating Free Cash Flow Generation Performance €mln, Reported, % YoY
FY Group OpFCF
Domestic Reported +14.4% YoY Organic* +2.4% YoY
EBITDA
Capex
EBITDA
7,006
+1,012
8,018
DWC
OpFCF
6,712
5,567
+1,145
(3,900)
+191
(3,709)
603
-1,061
(458)
2,270
+275
2,545
FY'15
Reported +20.6% YoY Organic* +4.5% YoY
FY'16
Brazil Capex DWC
OpFCF
(5,197)
+321
(4,876)
EBITDA -451
165
1,974
+882
FY'15
+45% YoY
(286)
2,856 FY'16
Capex DWC
OpFCF
1,451
-123
1,328
( 1,289)
+122
( 1,167 )
(434 )
+604
(272) FY'15
* Organic: before non-recurring items and excluding exchange rate fluctuations
+603
Reported -8.5% YoY Organic* -4.4% YoY
170
331 FY'16
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Piergiorgio Peluso
22
New Domestic Cash Cost Efficiency Dashboard 2015
2016
YoY
Efficiency ‘18-’15 May’16
D Efficiency ‘19-’15 Feb’17
New Efficiency ‘19-’15 Target
Total Opex
8.41
8.12
-0.28
-0.8
+0.4
-0.4
Volume Driven
3.26
3.36
+0.09
-0.05
+0.5
Opex net of Volume Driven
5.15
4.77
-0.38
-0.8
-0.1
Process Driven
1.28
1.14
-0.14
-0.32
-0.2
Market Driven
1.09
1.02
-0.07
-0.23
Labour Costs
2.78
2.61
-0.16
-0.2
+0.1
Total Capex
3.90
3.71
-0.19
-0.8
-0.2
Traditional
1.99
1.65
-0.35
-0.5
-0.2
NGN
1.70
1.92
+0.22
-0.15
Real Estate
0.20
0.14
-0.06
-0.15
Total Cash Costs
12.31
11.83
-0.48
-1.6
Run rate, €bln
-0.3
-0.9
-1.0
-1.9
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Piergiorgio Peluso
23
Group Cash Flow Generation and Deleverage Cash Flow Generation Driven by Operations Combined with a Sustainable Dividend Policy
Deleverage through Operating Cash Flow generation is a priority, supported by operational and financial discipline 2017-2018 Free Cash Flow: ~700 €mln per annum on average including spectrum* No need for divestiture to pursue debt reduction Dividends payment confirmed on Savings Shares according to statutory obligations. No Dividend on Ordinary Shares paid in Plan years
2018 Net Debt/ Reported EBITDA confirmed below 2.7x and further improvement in 2019 Net Debt/ Reported EBITDA Ratio
3.9x Target Confirmed
3.1x
Further Improvement in Net Debt/ Reported EBITDA Ratio
96% YE’16 and from 96% to 98% YE’17 YE’18 Target moves up from 98% to ~99%; YE’19 one is set > 99% YE’18 NGN Customers target increased 10%, from 5mln to 5.5mln Further Total Fiber Customers growth into 2019 Lines losses reduced at parity by 2018 Increase in Total Domestic Efficiency Target: from 1.6 Bln€ ‘15-’18 run–rate to 1.9 Bln€ ‘15-’19 run-rate
TIM Group
Cumulative ’17-’19 Capex: ~11 Bln€* Group Capital Intensity to drop below 20%* in 2019, in line with coverage targets fulfillment. Target includes additional investments in Italy in selected C and D areas
Operational and Financial Discipline fully support 96% of Population in 6,704 Cities
Revenues: € 4.0 bln
4G: 1,255 Cities with 74% of urban population covered
EBITDA*: € 1.3 bln
3G: 2,883 Cities with 89% of urban population covered
Revenues: € 333.5 mln
Tenancy Ratio: 1.72x
EBITDA*: € 163.6 mln
EBITDA Growth: +13% YoY
* Organic: before non-recurring items
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - Piergiorgio Peluso
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Strategic Plan: Business Opportunities Convergence & Customers Lock in Demand Evolution
Entertainment & Pay TV
Georeferenced Marketing
Adjacent Markets ICT & Industry 4.0 Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - Piergiorgio Peluso
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Consumer Commercial Approach
Value Protection
Focus on Convergence
Market Share Protection
Mobile
Lock-in through devices and payments Second brand is Ready New Stores with Adjacent & Enabling products, and Best Quality
Full speed on convergence and innovation, including contents digital services and all devices (I.o.T)
Strong growth of bundles, combined with selected tariff/offers Dynamic pricing (on/off peak, local, etc.) to exploit capacity and other features; Omnichannel caring and upselling
Fixed Lock-in through devices/goods, contents, hyper-convergence Attack on strategic area; strong upsell to UBB; content as a driver
Building differentiation going over 4-Play: video, gaming, smart home, IoT, devices
Sustain ARPU, leveraging on high value devices, launch selected tariff/offers New CRM System to reinforce cross & upselling, enriching offer
Multimedia Exclusive portfolio to differentiate offer New approach on Content streaming Gain Loyalty Maximize share of household spending New Steps: Exclusive deal with RAI (National TV) on Premium Italian Movies Negotiations ongoing on Sport Working on Simulcast + Interactivity with linear channel Moving ahead with Original projects
A unique, simple and attractive gateway to access all contents and services at Home Cutting-edge devices to access contents anytime and everywhere
Total Quality, exclusive Contents and Features to grow Fixed and Mobile Top Line, underpin UBB Take-Up and Maximize Household Spending Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - Piergiorgio Peluso
30
Business Commercial Approach
Enhance Distinctivness
Defend Traditional Revenues
Small Enterprises Leveraging ultra broadband infrastructure and strong brand
Large Enterprises Further invest in ultra broadband and ICT infrastructure (i.e. datacenter)
Locking customer base (i.e. “value”, financial mechanisms)
Build a distinctive positioning vs. global OTT into IaaS and PaaS:
Extend leadership to ICT environment:
Leveraging sales and caring proximity model
Building service/data oriented “over-thenetwork” portfolio
Focusing on “managed” services and guaranteeing full compliance to EU rules (e.g. local data storage)
Creating open environment, maintaining delivery and management control
Adopting a cooperative approach with local developers
Reinforcing IT skills in commercial and operation
Stabilization of market share also on Business, Locking-in Customers for a stable Top Line Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - Piergiorgio Peluso
31
Taking Efficiencies to the Heart of the Organization An Efficiency Program based on three synergic layers, aimed at enhancing Cash Flow generation through the reduction of Total Cost of Ownership, while supporting Commercial Approach leveraging on improved flexibility and time to market
COSTS OPTIMIZATION
LEAN ORGANIZATION
Structural cash costs efficiency: cash cost reduction Run Rate ’19 vs ’15 of 1.9 Bln€ Sharp reduction of Opex not directly generating business Start of decommissioning program with initial benefits on TCO Vendor Consolidation
Simplification of organizational structure and Rightsizing Reconversion of personnel via Job Center to increase internalization: more than 4k people involved Further Revenue support
Processes & Procedures “Safari”:
PROCESSES RE-ENGINEERING AND TRANSFORMATION
mapping of business core processes to be concluded by 2017, involving ~400 core processes out of 700 internal ones; updating/definition of 1,300 procedural documents, and updating/elimination of 190k operating documents
Current processes optimization and re-engineering: a new transformation program has been started to quickly address and fix processes inefficiencies optimizing current procedures. The plan is rolling and includes over 150 actions, with significant benefits in terms of churn reduction, revenues increase, cost saving and customer satisfaction improvement Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - Piergiorgio Peluso
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Re-launch of Subsidiaries
• Keeping control of Inwit
• TI Sparkle in a re-launch
• Olivetti can have a new life,
and exploting synergies with TIM roll out plans, instead of asset’s sale
phase; exploit synergies with Business division on Multi-National Clients
focusing on partnerships to launch cutting edge devices and ICT Digital Solutions
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - Piergiorgio Peluso
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Group 4Q’16: Organic Revenues and EBITDA Organic*, €mln, % YoY
Group Revenues Equipment
403
4,655
+0.8% +23.3%
-1.2%
5,097 497
Total
4,600
4Q’15 3Q'15
Equipment Service
3,579
Equipment Service
40.8%
4Q’15 3Q'15
74
1,079
3,981 438
+48.0% -1.0%
3,543
-1.7%
1,125
-18.3% -0.7%
1,069
56
4Q’16 2Q'16
2,184
Domestic
EBITDA Breakdown 1,624 EBITDA Margin
42.8%
4Q’16 3Q'16
* Before non-recurring items and excluding exchange rate fluctuations
EBITDA Margin
+8.4%
1,760 44.2%
41.9%
419 Brazil
EBITDA Margin
+5.9%
1,153
+2.7%
4Q’15 2Q'15
4Q’16 3Q'16
Group EBITDA 2,062
3,875 296
Total Brazil
Service
5,058
Domestic
Total
Revenue Breakdown
+2.8%
429
36.8%
38.5%
4Q’15 2Q'15
4Q’16 2Q'16
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - Piergiorgio Peluso
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Group FY’16: Capex and Net Debt €mln, % YoY
Group Organic* Capex Total** Brazil
Domestic
5,152 1,234
3,900
-5.2%
4,876
-5.5%
1,167
-4.9%
Capex Highlights
Adjusted Net Debt 27,278
-2,159
26,651
25,119
YE’16 9M'16
YE'15
+627
YE’14 * excluding exchange rate fluctuations ** Other activities & eliminations included
Efficiencies also from lower procurement costs despite higher Investments on Innovative Services in Brazil
More investment in Italy mainly driven by UBB Network roll-out & Transformational Projects
3,709
9M’16 FY’16 1H'16
9M’15 FY’15 1H'15
Group Capex reduction due to different dynamics:
Net Debt Highlights
The FY’16 Net Cash Flow at the Group level was 2,159 €million due to the strong OpFCF generation (2,856 €mln) and the benefit coming from the conversion of Mandatory Convertible Bond occurred in November ’16 (1,300 €mln)
27,278 YE’15 Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - Piergiorgio Peluso
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Mobile and Fixed Performance 000, €mln, % YoY
Total Handsets
Service
Domestic Mobile Revenues 1,378
+4.0%
194
+9.3%
1,184
+3.1%
4Q’15 3Q'15
1,433 212
1,221
Domestic Fixed Revenues Total Equipment & Other
Service
% Calling
30,007
-390
29,617
86.3%
+0.3pp
86.6%
437
12.8 4Q’15 3Q'15
+147%
-3.6%
2,705 227
2,478
3Q'16 4Q’16
+8.2%
473 €22.3
€/month
+4.2%
2,572
+1.5%
Domestic BB Service Revenues
BB ARPU ARPU €/month
92
3Q'15 4Q’15
4Q’16 3Q'16
Customer Base and ARPU Dynamics Total Customer Base
2,664
€21.2
+5.5%
13.3 4Q’16 3Q'16
3Q'15 4Q’15
3Q'16 4Q’16
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - Piergiorgio Peluso
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Mobile and Fixed Dashboard 4Q’16 Domestic Overview 000, % YoY
Mobile Service Revenue Trend
Fixed Line Losses +3.1%
+0.1% 1Q'15
2Q'15
3Q'15
4Q'15
+0.6% 1Q'16
+0.7% 2Q'16
+1.1%
3Q'16
FY’16 +1.4%
Business
1Q'15
2Q'15
-58
-58
11,217 10,480
o/w 4G
17%
1Q'15
10,754
25%
2Q'15
31%
3Q'15
38%
4Q'15
43%
11,775 49%
Total
2Q'16
-50
-56
-55
-52
3Q'16
4Q'16
-32
-39
-196
-173
-109
-165
-140
-82
-68
-100
12,082
51%
12,208 62%
1Q'15
Fiber
3Q'16
4Q16
Total
+59 -50
+10
-83
-134
-204
FY‘16 Fiber Net Adds +459k lines
Fixed BB Net Adds
BB Traditional
1Q'16
2Q'16
-123 -146
Mobile Broadband Users
11,648
1Q'16
-85 -139
+3.0 pp YoY
11,513
4Q'15
-44
Consumer
-4.2%
3Q'15
4Q'16
-1.5% -2.5%
Line Losses FY’16: -38% YoY
2Q'15
3Q'15
+84
+61
-58
-56
+26
+5
4Q'15
+103
1Q'16
2Q'16
+134
+118
+82
4Q'16
+125
-45
-56
+47
3Q'16
-91
-82
+43
+35
-79
+37
+47
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - Piergiorgio Peluso
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Domestic Mobile in Detail 000, % YoY
Total
Mobile Service Revenues Trend -4.2%
-2.5%
-1.5%
+0.1%
+0.6%
+0.7%
+1.1%
D ARPU/Mix DCB
Mobile BB Service Revenues Trend Total
+3.1%
+16.0%
+2.6%
4.0% -0.8%
-0.4% -2.0%
+0.2% -1.7%
+0.3% -0.2%
+0.3% +0.3%
+0.9% -0.2%
1.9% -0.8%
DUsers -0.9%
-3.4%
1Q'15
+21.1%
18.0%
+6.3%
+17.5%
+5.9%
+4.7%
2Q'15
3Q'15
4Q'15
1Q'16
2Q'16
3Q'16
4Q'16
1Q'15
+2.5% YoY
+1.5% YoY
+14.5% +11.6% +10.1%
+2.4% YoY
+4.2% YoY
€/month
11.6
1Q'15 1Q'16
12.1
2Q'15 2Q'16
+8.2%
+7.1%
-2.8%
2Q'15
3Q'15
4Q'15
1Q'16
2Q'16
3Q'16
4Q'16
Mobile BB Customer Base
ARPU reported
11.9
+7.9%
+1.3%
DARPU/Mix -5.1%
ARPU
11.3
+20.7% +23.8% +20.5% +16.3% +11.4% +5.4% +15.0%
12.5
12.8
3Q'15 3Q'16
12.8
13.3
4Q'15 4Q'16
Total (mln)
10,5
4G Users
1,803
Internet Users
8,677
1Q'15
10,8
11,2
11,5
11,6
11,8
12,1
2,663
3,434
4,396
4,958
5,745
6,153
8,091
7,782
7,117
6,690
6,029
5,929
1Q'16
2Q'16
3Q'16
2Q'15
3Q'15
4Q'15
12,2 4G 62% of MBB 7,613
4,595
4Q'16
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - Piergiorgio Peluso
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Domestic Fixed in Detail Fixed BB Service Revenues Trend
000, % YoY
Total
+5.7%
+6.8%
+3.9%
+5.8%
+6.9%
+6.2% +10.2% +8.2%
+8.3%
DARPU/Mix +6.0% DCB
+6.7%
+4.5%
+1.7%
+1.8%
+1.9%
+2.5%
1Q'16
2Q'16
3Q'16
4Q'16
+5.0%
-0.3%
+0.3%
+0.8%
1Q'15
2Q'15
3Q'15
4Q'15
+5.7%
+5.3% +3.7%
+0.1%
Fixed BB Customer Base Total
7,191
6,945
6,971
6,984
7,023
7,067
7,088
7,123
440
416
396
379
363
Free Total Flat
534
492
468
6,411
6,479
6,516
6,583
6,652
6,692
6,744
6,828
Flat ADSL
6,121
6,105
6,081
6,045
5,980
5,902
5,872
5,831
Fiber
290 1Q'15
374
435
538
672
790
872
997
2Q'15
3Q'15
4Q'15
1Q'16
2Q'16
3Q'16
4Q'16
Fixed BB ARPU
Focus on Fiber Users
€/month
22.4
20.9 20.4
21.2
21.5
21.9
NGN Wholesale
20.7
+5.2 pp YoY 1Q'15
2Q'15
3Q'15
353
22.3
4Q'15
1Q'16
2Q'16
TI Fiber Retail 3Q'16
4Q'16
39
76
105
139
290
374
435
538
1Q'15
2Q'15
3Q'15
4Q'15
170
672 1Q'16
199
247
790
872
2Q'16
3Q'16
997
4Q'16
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - Piergiorgio Peluso
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TIM Brasil: 4Q’16 Results Revenues
R$mln, % YoY
Total
4,115
-1.7%
246
-18.3%
Equipment
Focus on Mobile Service Revenues YoY 4,043
-1.5%
201
-3.1% Service
3,869
3,842
-0.7%
-8.5%
-9.2%
4Q'15
1Q'16
-6.7% 2Q'16
3Q'16
4Q'16
Mobile Service Revenues (YoY%) confirm their rebound 4Q'15
4Q'16
Organic* EBITDA EBITDA Margin
36.8%
+1.7pp
38.5%
1,516
+2.8%
1,558
4Q'15 +0.5%
+2.8%
-15.0% 2Q'16
3Q'16
% on revenues
36.2%
+5.7pp
1,488
+13.9%
41.9%
1,695
4Q'16
-6.7% 1Q'16
Capex
4Q'16
EBITDA and margins improvements backed by: • Well executed efficiency plan • Lighter impacts from MTR • Improved revenues mix (more data and less handsets)
* Organic: before non-recurring items.
4Q'15
4Q'16
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - Piergiorgio Peluso
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Maturities and Liquidity Margin €mln
Liquidity Margin
16,384
30,510(1)
14,175 22,417
12,483
Covered until 2020
5,483
3,296 2,757
7,000
2,049 708 FY 2017
Undrawn portions of committed
C&CE
2,126 4,574 2,546
1,267 859
1,373 563 810
2,209
2,028
1,817 1,479 FY 2018
Drawn bank facility(2)
8,093
FY 2019
FY 2020
Bonds
FY 2021
Beyond 2021
Total M/L Term Debt
Loans (of which long-term rent, financial and operating lease payable €mln 2,576)
(1) € 30,510 mln is the nominal amount of outstanding medium-long term debt. By adding IAS adjustments (€ 1,464 mln) and current financial liabilities (€ 598 mln), the gross debt figure of € 32,572 mln is reached. (2) Committed Bank lines are undrawn Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - Piergiorgio Peluso
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Well Diversified and Hedged Debt €mln
6,533 Banks & EIB Op. leases and long rent 2,636
3.2% 20.0%
Average m/l term maturity: 8.02 years (bond only 8.44 years)
8.1%
2.3%
Other
Maturities and Risk Management
749
Fixed rate portion on gross debt approximately 70.7% 69.6%
22,656 Bonds Gross debt Financial Assets of which C&CE and marketable securities
32,574
denominated in USD and GBP and is fully hedged
(7,455) (5,483)
- C & CE
(3,964)
- Marketable securities
(1,519)
- Government Securities
(806)
- Other
(713)
Net financial position
Around 40% of outstanding bonds (nominal amount)
Cost of debt: ~5.1 %
25,119
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 1.951 €/mln (of which 308 €/mln on bonds) - the impact on Financial Assets is equal to 1.115 €/mln. Therefore, the Net Financial Indebtedness is adjusted by 836 €/mln. N.B. The difference between total financial assets (€ 7.455 mln) and C&CE and marketable securities (€ 5.483 mln) is equal to € 1.972 mln and refers to positive MTM derivatives (accrued interests and exchange rate) for € 1.635 mln, financial receivables for lease for € 160 mln, deposits beyond 3 months for € 100 mln and other credits for € 77 mln.
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - Piergiorgio Peluso
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Domestic Fiber and LTE Coverage Trend Fiber Coverage*
32% 1Q'15
37%
40%
42%
45%
51%
55%
~60%
Coverage
+15pp YoY 1H'15
9M'15
FY'15
1Q'16
1H'16
9M'16
today
2019
>60%
~95%
today
2019
>96%
>99%
FY'16
Today 4G Coverage
81% 1Q'15
83%
86%
88%
92%
94%
95%
96%
Population
+8pp YoY 1H'15
9M'15
* Household passed
FY'15
1Q'16
1H'16
9M'16
FY'16
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - Piergiorgio Peluso
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Domestic Fiber: More for the Same •
Increase coverage plans both FTTC and FTTH based on profitability. In non-profitable areas synergies with public tenders
•
Expansion and evolution of FTTC: Expansion of coverage, introduction of e-VDSL to support access speeds of 300 Mbit/s. Improving quality
•
FTTH acceleration: confirming the approach on 30 targeted cities (+59 municipalities of EuroSUD tender) in synergy with Flash Fiber
•
By 2019 additional development of 20 cities
Coverage accelerators
•
Agreements with third parties: • Agreement with Fastweb ( "Step up" in the FTTH coverage, joint development, market protection) • Possible agreements with local utilities to optimize investments (eg .. A2A, Hera)
5G
•
Access to Fiber will be a strategic asset for the development of 5G networks
More Fibre More Speed
First Mover
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - Piergiorgio Peluso
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Focus on Domestic Opex Driven by Including Compensation Real Estate Recalibration and G&A and Solidarity
€mln, % YoY
(1,028)
+94
(74)
(140)
Mainly charges and provisions for employee reduction plan
+182
(164)
Net of Volume Driven: -378 €mln, -7.3% YoY 9,434
8,407
8,305
8,123
Organic -284 €mln, -3.4% YoY
FY'15 reported
non recurring items
FY'15 net of non recurring items
Volume Driven
Market Driven Process Driven & Other
Labour Costs
FY'16 net of non recurring items
non recurring items
FY'16 reported
Reported -1,129 €mln, -12.0% YoY Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - Piergiorgio Peluso
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FY’16 Domestic: Focus on Investments €mln
Total Domestic Capex Total
-191
3,900
3,709
Innovative Capex Breakdown Innovative on total
52%
Innovative
Traditional*
1,704
+215
2,196
-406 -58 net of 2015 license
1,919
82% of Innovative Capex
169
1,790
Traditional Capex Breakdown 26
385
Real Estate
* Including 347 €mln for license
Comm. & Others
Real Estate
Comm. & Others
Total
Innovative Investments (+215 €mln YoY) driven by a faster pace in LTE, NGN and Cloud Services
321
1,058 IT
IT
Domestic Capex Highlights
1,790
Network
1,919
1,403
FY'16
81% of Traditional Capex
229
+8pp YoY
Network FY'15
118
82% of Innovative Capex and 81% of Traditional Capex are Network and IT, indicating strong focus on Infrastructure
Total
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - Piergiorgio Peluso
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Open Access - Delivery and Assurance for all Retail and Wholesale Customers Delivery
Assurance
Focus on the Improvement of the Customer Experience:
Focus on Improving the Efficiency and the Customer Experience:
57 on going activities
33 on going activities
• Schedule appointments with customers even on weekends • Extension of the call period for appointment set-up • Courtesy SMS • Delivery Center to support customer continously • Availability of a Virtual Agent to choose date / time appointment • Recovery actions on customers who refuse the activation or are unavailable (4th representative) • App to increase the autonomy of the technicians during the intervention. • Advanced assistance with fee on configuration and customer plant
• Advanced assistance with fee on products • Extension of digital channels and self caring strengthening, also for fiber services • On-line diagnostic improvement to increase first call resolution • Proactive intervention on customers (modem) to prevent the occurrence of faults • New Work Force Optimization System and ticket allocation on the basis of the skills
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - Piergiorgio Peluso
47
For further questions please contact the IR Team
Investor Relations Contact Details Phone +39 02 8595 4131
IR Webpage www.telecomitalia.com/investors
Contact details for all IR representatives:
E-mail
[email protected]
TIM Twitter Account www.twitter.com/telecomitaliatw
www.telecomitalia.com/ircontacts
TIM Slideshare Account http://www.slideshare.net/telecomitaliacorporate
Telecom Italia Group Results – Preliminary FY’16 + 2017-’19 Plan Giuseppe Recchi - Flavio Cattaneo – Stefano De Angelis - Piergiorgio Peluso
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