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Tim day cfo presentation - ac

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Tim day cfo presentation - ac

  1. 1. TIM Brasil Day in NY Nov 13, 2017 Chief Financial Officer Adrian Calaza
  2. 2. TIM DAY in NY 2017 CFO – Adrian Calaza 2017 2018 2019 ~90% >0.1 ~0.25 >0.1 ~0.5 Efficiency Plan: Strong Execution 2 Execution until 3Q17 Normalized Opex Evolution (R$Bln) 11.8 10.4 11.8 2015a 2016a 2017e 2018e 2019e Rationalization of Discretionary and Support Costs’ Optimization and Process reengineering Zero Leased Lines Project Optimization of IT and Network Costs Sales Channels Redesign 2017 Updated Estimate Detailing 9M17 Efficiency (R$ bln) Efficiency Plan (R$ bln) 1.7 1.2 0.5 0.6 1.1 2017 Monitoring (R$ bln) 5,2 >0.2 >0.2 ~0.2 ~0.5 5.3 Main Actions
  3. 3. TIM DAY in NY 2017 CFO – Adrian Calaza 8% 8% 16% 68% IT Other Commercial Products Network ~4.7 ~1.0 ~0.7 ~2.6 ~0.5 TOP 5 Suppliers 1 ERICSSON 3 NOKIA 2 HUAWEI 4 SAMSUNG 5 MOTOROLA ¹opex spending accounts for a portion of total reported opex Total Spending (Opex¹ + Capex) (R$ bln; Sep 17 YTD) Total Savings by Type (%; Sep 17 YTD) Leveraging Partnerships to Deliver Savings and Strategic Advantages 3  Total Savings 2016 ~R$ 600 mln R$ (9%) against LBO  Additional savings Sep 17 YTD of >R$500 mln (10%)  Contracts of RAN 700Mhz, IMS, UDC, DWDM, IP RAN, and Fiber deployment between most significant savings totalizing more than R$1 Billion for a three years period
  4. 4. TIM DAY in NY 2017 CFO – Adrian Calaza Enterprise System Transformation 4 Vendor Portal Compliance Tax IFRS 15-16 Obligation Planning & Control Legal Process Optimiz. Asset Managmt. Sales & VAS commiss. Inventory Clean up Unique and reliable environment for both actual and planning, economics and KPI information Increase the quality and the accuracy and opportunity of fiscal obligations Automatization of Providers’ invoice registration process Automation of the charge creation process and VAS revenue share calculation System automation and integration of legal processes System Implementation of the new accounting principles Automation of the asset management process, from requirement to accounting and fiscal treatment Complete Network Inventory, granting accuracy and physical vs. accounting alignment System Evolution Process Enhancement Mandatory Development DIGITALIZATION • Efficiency • Accuracy • Reliability From manually based processes to Automation > 11k invoices/month already automatized 70% in time saving of tax monthly routine Average timing for payments processing from 23 to 4 days Significant increase in fiscal credits utilization (R$ 100 mln/year) Overall revision of Asset Acquisition cycle: reduction in WBS (>85%) and invoices (>25%) by 2H18 RFID tagging process for assets: safe and reliable tracing IFRS 15/16 accounting standards implementation by YE17
  5. 5. TIM DAY in NY 2017 CFO – Adrian Calaza Telecom Italia Finance TIM Brasil TIM Part TIM S.A. (new denomination of Intelig) Telecom Italia Finance TIM Brasil TIM Part TIM Celular Intelig Abroad Brazil Minorities Minorities Generating operational and financial synergies through restructuring process From: To: INTEREST OVER EQUITY R$190 mln via IOE o Anticipation of 2017 results distribution o Fiscal efficiency o Minority saving perception of +9.75% (34%-15%-9.25% = 9.75%) o Process optimization, system integration, simplification of billing, commissioning, BI and control systems o Unification of fixed and mobile services facilitating bids and convergent services o Elimination of intercompany transactions inefficiencies Addressing Other Types of Efficiencies 5
  6. 6. TIM DAY in NY 2017 CFO – Adrian Calaza 737 859 15 590 155 146 113 NFP Act'16 OFCF (ex-clean up) License/ Clean up Tower Sales Net Financial Expenses Cash Taxes Dividend Payments Other NFP 9M'17 2,721 3,832 -886 -97 -528 2013a 2014a 2015a 2016a 2017e 1,006 955 2 737 EBITDA CAPEX ∆WC Other OFCF OFCF in Detail – YTD (R$ Mln) NFP Evolution (R$ mln) DYoY +511 +320 +213 +26 +1.1bln Free Cash Flow and NFP Evolution 6 Net Cash Flow before Dividends (R$ mln) 4,180 2,487  Turning back to positive NCF before Dividends after four years even after license clean up payment  “Warming up” with IoE distribution  Almost 100% of the gross debt in local currency, with avg life > 2 years  88% of FX exposure issued invoices covered by bandwidth protection included in contracts  Reviewing agreements with BNDes due to strong FCF projections
  7. 7. TIM DAY in NY 2017 CFO – Adrian Calaza 7

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