Telecom Italia (TI) has reported consolidated revenues of EUR29.96 billion (USD39.80 billion) for the twelve months ended 31 December 2011, up 8.7% from the EUR27.57 billion reported in 2010. Of the total, EUR19.03 billion was derived from TI’s domestic interests, down 5.2% year-on-year. Revenues generated by the group’s Brazilian asset TIM Participacoes (TIM Brasil) increased 18.5% to EUR7.34 billion, and Telecom Argentina weighed in with revenues of EUR3.22 billion; no comparison figures are available, as the Argentinean business unit was not consolidated until 13 October 2010. Meanwhile, EBITDA for FY2011 was EUR12.25 billion, up 7.3% y-o-y.
Franco Bernabe, CEO of Telecom Italia, said: ‘2011 was marked by the slowing of the faster growing economies and fears of recession in the more mature ones. Notwithstanding the macroeconomic difficulties, the company managed to reach all its consolidated 2011 goals in terms of stabilising revenues, profits and operating free cash flow generation. EBITDA and consolidated revenues both grew, above all thanks to stronger results from Argentina and Brazil. Also in Italy, the continued efforts towards efficiency allowed for an improvement in the results dynamics quarter over quarter, generating the free cash flow necessary to reduce the indebtedness by EUR1.054 million notwithstanding the EUR1.2 billion investment for the acquisition of the Long Term Evolution (LTE) frequencies.’