Italian operator Telecom Italia (TIM), whose main shareholder is Vivendi, announced on Wednesday that it had suffered a net loss of 2.92 billion euros in 2022, due to impairment of tax assets.
This loss is slightly higher than that expected by the consensus of Factset analysts, who expected a negative result of 2.84 billion euros.
In 2021, TIM had suffered an abysmal loss of 8.65 billion euros.
In 2021, the Italian group had suffered an abysmal net loss of 8.65 billion euros, again due to significant asset impairments.
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Turnover increased by 3.1% to 15.78 billion euros in 2022, driven by the Brazilian subsidiary, the group said in a press release, confirming preliminary results published in mid-February.
TIM Brasil, which in April 2022 absorbed the mobile activities of the Brazilian operator Oi, saw its revenues climb by 39.5% to 3.96 billion euros.
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Conversely, turnover fell by 5.2% in Italy, to 11.85 billion euros, in a very competitive market.
In the fourth quarter alone, the group's total revenue rose 7.1% to 4.26 billion euros.
This quarter reflects
“an improvement compared to previous quarters”
thanks to the
“stabilization and recovery”
of activity in Italy and
“the acceleration of the development of TIM Brasil”
, comments the group.
Return to growth
These results made it possible
“to meet or exceed the objectives set for the 2022 financial year”
, assures TIM.
Gross operating surplus (Ebitda) increased by 5.3% to 5.34 billion euros in 2022. In organic terms, it fell by 6.7% to 6 billion euros, a decrease less pronounced than expected by TIM.
For 2023, the group forecasts
“single-digit growth”
in organic Ebitda and revenue, thanks again to the good performance of Brazil.
Telecom Italia intends to return to growth this year on the Italian market, for the first time in six years, its CEO Pietro Labriola assured in mid-February.
The telecommunications group
"will find in 2023 growth in Italy in terms of revenue and Ebitda, which has not happened since 2017"
, he promised.
The board of directors of TIM on Wednesday asked the Italian Caisse des dépôts (CDP) and the investment fund Macquarie to revise upwards their joint offer filed in early March to acquire the network.
The other takeover candidate, the American investment fund KKR, was also asked at the end of February to review its copy, its offer having been deemed insufficient.
