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TIM(TIMB) - 2023 Q4 - Annual Report
2024-04-29 22:43
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7). Date of Report: April 29, 2024 Commission File Number: 001-39570 TIM S.A. (Exact name of Registrant as specified in its Charter) João Cabral de Melo Neto Avenue, 850 – North Tower – 12 floor 22775-0 ...
TIM(TIMB) - 2023 Q4 - Annual Report
2024-04-29 21:48
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ...
TIM(TIMB) - 2023 Q4 - Earnings Call Transcript
2024-02-08 12:51
TIM S.A. (NYSE:TIMB) Q4 2023 Earnings Conference Call February 7, 2024 8:00 AM ET Company Participants Vicente Ferreira - Head, Investor Relations Alberto Griselli - Chief Executive Officer Andrea Viegas - Chief Financial Officer Conference Call Participants Marcelo Santos - JPMorgan Leonardo Olmos - UBS Frederico Mendes - Bank of America Vitor Tomita - Goldman Sachs Marco Nardini - XP Inc. Phani Kanumuri - HSBC David Lopez - New Street Research Philip Chang - Santander Operator Hello, everyone and welcome ...
TIM(TIMB) - 2023 Q3 - Quarterly Report
2023-11-07 11:03
Financial Performance - TIM S.A. reported a net revenue of R$6,055,319 thousand for Q3 2023, an increase of 19.5% compared to R$5,067,516 thousand in Q3 2022[17]. - The gross income for the quarter was R$3,216,486 thousand, reflecting a gross margin of approximately 53.1%[17]. - The company achieved a net profit of R$716,005 thousand for Q3 2023, up 60.0% from R$447,664 thousand in Q3 2022[17]. - Consolidated net revenue for Q3 2023 reached R$6,055,319 thousand, a 7.9% increase from R$5,611,160 thousand in Q3 2022[19]. - Gross income for Q3 2023 was R$3,216,486 thousand, up 14.8% compared to R$2,802,180 thousand in Q3 2022[19]. - Net profit for the period in Q3 2023 was R$716,005 thousand, representing a 60.0% increase from R$447,664 thousand in Q3 2022[21]. - Basic and diluted earnings per share for Q3 2023 were R$0.30, compared to R$0.16 in Q3 2022, reflecting an 87.5% increase[19]. - Total comprehensive income for the period in Q3 2023 was R$716,005 thousand, consistent with the net profit for the same period[23]. - The company reported a profit before income tax and social contribution of R$812,556 thousand in Q3 2023, compared to R$359,876 thousand in Q3 2022, marking a 126.5% increase[19]. - The company reported a net income of R$724 million in Q3 2023, a 53.0% increase compared to R$473 million in Q3 2022[68]. Assets and Liabilities - Total assets as of September 30, 2023, amounted to R$55,972,967 thousand, an increase from R$52,925,205 thousand at the end of 2022[13]. - Current assets increased to R$10,836,815 thousand from R$9,828,112 thousand, with cash and cash equivalents rising to R$3,608,812 thousand[13]. - Total liabilities increased to R$30,398,909 thousand from R$27,527,840 thousand, with current liabilities rising to R$13,718,928 thousand[15]. - The company’s equity increased to R$25,574,058 thousand as of September 30, 2023, compared to R$25,397,365 thousand at the end of 2022[15]. - The Company’s current liabilities exceeded total current assets by R$ 2,882,113, attributed to the acquisition of Cozani and 5G license obligations[174]. Cash Flow and Financial Management - Operating cash flow for the consolidated entity was R$7,799,849 thousand in the nine-month period ended September 30, 2023, compared to R$5,724,645 thousand in the same period of 2022[29]. - The total cash generated by operations for the nine-month period ended September 30, 2023, was R$7,952,746 thousand, up from R$5,007,997 thousand in the same period of 2022[29]. - Operating Free Cash Flow decreased by 10.2% YoY to R$1,455 million in Q3 2023[86]. - Cash generation, excluding dividend payments, increased approximately 76% YoY, with a 20% growth after dividend payments[86]. - The Cash and Securities balance reached R$4,446 million at the end of Q3 2023, an increase of R$743 million YoY, driven by a 17.0% YoY rise in normalized EBITDA - Capex[95]. Customer Metrics - The total mobile ARPU reached R$30.2 in Q3 2023, marking a 21.1% increase year-over-year, with postpaid ARPU at R$52.9 (+24.7% YoY) and prepaid ARPU at R$15.0 (+17.1% YoY)[37]. - TIM's mobile customer base decreased by 11.0% year-over-year to 61,254,000, with prepaid customers down by 12.9% and postpaid customers down by 8.4%[38]. - The company reported a 34.6% year-over-year increase in its FTTH customer base, reaching nearly 10.4 million homes passed[37]. - The 5G user base surged by 336.4% YoY, reaching 3,778 thousand users, while the 4G user base decreased by 8.6% YoY[97]. - TIM UltraFibra's customer base grew by 11.6% YoY to 791 thousand lines, with FTTH customers increasing by 34.6% YoY[104]. Investments and Acquisitions - TIM S.A. completed the acquisition of Oi's mobile assets for an adjusted final price of R$6.68 billion, resolving arbitration related to the post-closing adjustment[39]. - The total consideration recorded for the acquisition of Cozani is R$ 7,211.6 million, with identifiable net assets at fair value amounting to R$ 4,575.2 million[151][160]. - The acquisition resulted in goodwill of R$ 2,636.4 million, reflecting expected future economic benefits from synergies[160]. - TIM paid R$ 250.7 million for service provision during the transition phase post-acquisition, recorded under prepaid expenses[155]. Operational Efficiency - Operating costs and expenses increased by 4.5% year-over-year to R$3,045 million in Q3 2023, growing below inflation[59]. - Normalized EBITDA reached R$3,011 million in Q3 2023, reflecting an 11.6% year-over-year growth, supported by strong service revenue performance and effective cost control[69]. - Normalized EBITDA margin was maintained at 49.7% in Q3 2023, an increase of 1.7 percentage points compared to Q3 2022[69]. - General and Administrative Expenses fell by 3.3% year-over-year in Q3 2023, primarily due to reduced spending on specialized professional services[64]. Strategic Initiatives - TIM S.A. plans to continue expanding its market presence and investing in new technologies to enhance service offerings[17]. - The company aims to have 100 renewable energy plants operational by the end of 2023, with 94 currently in operation[125]. - The partnership with the Cartão de Todos group aims to provide health services, with over 55,000 customers downloading the Tutti Saúde app[112]. - TIM's commercial partnership with Descomplica has registered over 300,000 customers on its education platform, offering various educational products[111]. Regulatory and Compliance - The Company adheres to Brazilian accounting practices and IFRS standards in its financial reporting[171]. - New accounting standards and amendments effective for the year ended September 30, 2023, include updates to CPC 37, CPC 48, and others[198]. - The merger was approved by the Board of Directors after obtaining necessary consents from regulatory bodies, including ANATEL[161].
TIM(TIMB) - 2023 Q2 - Earnings Call Transcript
2023-08-01 19:03
Financial Data and Key Metrics Changes - The company's top line rose more than 9% year-over-year with EBITDA growing above 17% leading to a margin expansion of more than 300 basis points [34] - Operating free cash flow grew more than 65% versus the second quarter of 2022 and net income more than doubled [34] - Cash position rose by 46% year-over-year, ending the quarter at BRL 3.3 billion, with a net debt-to-EBITDA ratio decreasing to 1.4x [28] Business Line Data and Key Metrics Changes - Total service revenues grew 9.5% year-on-year, with mobile services expanding by 9.7% [39] - Postpaid revenues grew significantly, up by more than 10% year-over-year, with ARPU reaching almost BRL 52 [40] - Prepaid revenue expanded at a sound pace of close to 12% versus the second quarter of 2022, leading to an ARPU above BRL 14 [40] Market Data and Key Metrics Changes - The company achieved the highest mobile ARPU in Brazil across prepaid, postpaid, and blended segments [40] - The churn rate for postpaid reached its lowest mark in 12 quarters, indicating improved customer retention [40][37] - The company is leading in 5G deployment with 40% more sites than the second place [42] Company Strategy and Development Direction - The company is focusing on a value-based competition strategy, providing more for more offers to customers [12] - The second half of the year will see an increased focus on prepaid services and further enhancements to the customer value proposition [13] - The company is accelerating the implementation of partnerships and evolving its B2B verticals to consolidate leadership in key sectors [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining and expanding profitability due to various operational improvements and cost management strategies [36] - The company is optimistic about achieving upside risks to full-year numbers, contingent on several factors [51] - Management highlighted the importance of execution in capturing synergies and recovering inflation in a rational competitive environment [51] Other Important Information - The company was recognized as a great place to work, achieving a favorability of more than 90% [38] - The company is executing initiatives to reduce energy consumption and promote social impact through connectivity projects [38] Q&A Session Summary Question: Update on dividend distribution for this year - Management indicated that there are upside risks regarding shareholder remuneration, with a focus on increasing free cash flow and operating free cash flow margin [6][7] Question: Update on tax reform implications - Management stated that they are monitoring the tax reform discussions and will assess the impact once actual numbers are defined [8] Question: Sustainability of sales and marketing expenses - Management noted that sales and marketing expenses will depend on the number of commercial initiatives launched each quarter, with expectations for increased activity in the second half [11] Question: Price adjustments in prepaid and postpaid - Management confirmed that the bulk of adjustments in postpaid offers is completed, with a focus now shifting to prepaid services for potential price revisions [13][12] Question: Working capital dynamics - Management explained that the major impact on working capital was related to seasonality and vendor payments, with expectations for less pressure in the second half of the year [16] Question: Growth outlook for ARPU and customer base - Management emphasized a balanced growth strategy for both ARPU and customer base, with positive net additions expected in the postpaid segment moving forward [18][19]
TIM(TIMB) - 2023 Q1 - Earnings Call Transcript
2023-05-13 01:29
TIM S.A. (NYSE:TIMB) Q1 2023 Earnings Conference Call May 9, 2023 9:00 AM ET Company Participants Alberto Griselli - Chief Executive Officer Andrea Viegas - Chief Financial Officer Vicente Ferreira - Head, Investor Relations Leonardo Capdeville - Chief Technology Officer Conference Call Participants Marcelo Santos - JPMorgan Marco Nardini - XP Lucas Chaves - UBS Lucca Brendim - Bank of America Daniel Federle - Credit Suisse Felipe Cheng - Santander Carl Sequeira - BTG Pactual Operator Good morning, ladies a ...
TIM(TIMB) - 2022 Q4 - Annual Report
2023-04-28 21:02
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ OR ☐ SHELL COMPANY REPORT ...
TIM(TIMB) - 2023 Q1 - Quarterly Report
2023-03-30 23:59
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 Date of Report: March 30, 2023 Commission File Number: 001-39570 TIM S.A. (Exact name of Registrant as specified in its Charter) João Cabral de Melo Neto Avenue, 850 – North Tower – 12 floor 22775-057 Rio de Janeiro, RJ, Brazil (Address of principal executive office) Indicate by check mark whether the registrant files or ...
TIM(TIMB) - 2022 Q4 - Earnings Call Transcript
2023-02-10 15:36
Financial Data and Key Metrics Changes - The company's top line grew close to 20% year-over-year, with EBITDA increasing more than 17% compared to 2021, leading to a margin exceeding 47% [7][19] - Operating free cash flow rose more than 26% yearly, with a free cash flow margin expanding to 25.5% [8][22] - Net debt-to-EBITDA ratio reached 1.4x, below the company's guidance for this metric [24][79] Business Line Data and Key Metrics Changes - Fixed services revenue grew around 11% versus 2021, with a client base expansion in the mid-single digits [13] - Mobile services revenue expanded significantly, with postpaid revenues up more than 19% year-over-year and prepaid revenues increasing over 21% [91][93] - The company achieved a robust FTTH ARPU level of close to BRL 98 despite competitive pressure [13] Market Data and Key Metrics Changes - The company became the operator with the broadest mobile coverage in Brazil, achieving 100% coverage in all municipalities [89][105] - The competitive environment in the mobile sector has remained rational, with price adjustments benefiting top line growth for prepaid services [36][63] Company Strategy and Development Direction - The company aims to transform into the best mobile operator in Brazil, focusing on efficiency and synergy to improve revenues, OpEx, CapEx, and leases [27][28] - A new partnership in the health sector was announced to address the needs of the underserved population, leveraging telecom services to enhance customer access [99][100] - The company is committed to an integrated ESG agenda, reflected in improved sustainability rankings and recognition for diversity and inclusion policies [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving updated guidance for 2023, anticipating significant expansion in free cash flow margin and improvements in EBITDA margin [28][84] - The company expects to see improvements in operational metrics as the integration of Oi assets progresses and the cleanup of the customer base continues [94][96] Other Important Information - The company has fulfilled its promise of BRL 2 billion in shareholder remuneration, with BRL 1.4 billion already paid [22][23] - The operational challenges faced in 2022, such as high inflation and integration costs, are expected to dissipate in 2023 [18][20] Q&A Session Summary Question: Can you comment on the competitive environment in mobile? - Management noted that the market has been relatively rational, with recent price adjustments benefiting prepaid top line growth and plans for future adjustments in postpaid pricing [36][63] Question: What are the expected impacts of the power decommissioning in 2023? - The decommissioning plan involves dismantling over 3,000 towers in 2023, with financial savings expected to ramp up over time, becoming noticeable in lease payments [37][40] Question: What is the outlook for the effective tax rate in 2023? - The effective tax rate is expected to remain similar to 2022, driven by existing fiscal benefits and no anticipated changes in regulation [44][48] Question: Can you elaborate on the fiber business rollout strategy? - The company is working with partners to expand fiber services, focusing on areas where they have strong brand recognition and commercial capabilities [58][59] Question: How is the integration of Oi assets progressing? - The integration is on track, with significant milestones achieved, including the completion of prepaid transitions and ongoing postpaid migrations [103][104] Question: What is the status of bad debt performance? - Bad debt as a percentage of revenues has decreased, with improvements in collection curves indicating better performance over time [75][76]
TIM(TIMB) - 2022 Q3 - Earnings Call Transcript
2022-11-12 15:06
TIM S.A. (NYSE:TIMB) Q3 2022 Earnings Conference Call November 8, 2022 8:00 AM ET Company Participants Alberto Mario Griselli - CEO Camille Loyo Faria - CFO Conference Call Participants Marcelo Santos - JPMorgan Diego Aragão - Goldman Sachs Leonardo Olmos - UBS Marco Nardini - XP Investments Daniel Federle - Credit Suisse Operator Good morning, ladies and gentlemen. Welcome to TIM S.A. 2022 Third Quarter Results Conference Call. We would like to inform you that this event is being recorded and all participa ...