TIM Brasil Company Presentation - June, 2020
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TIM Brasil Company Presentation June, 2020
Disclaimer
This presentation contains declarations Such forward looking statements are not
that constitute forward looking guarantees of future performance and
statements regarding the intent, belief or involve risks and uncertainties, and actual
current expectations of the customer base, results may differ materially from those
estimates regarding future financial results projected as a result of various factors.
and other aspects of the activities.
Analysts and investors are cautioned not Financial results are presented considering
to place undue reliance on those forward impacts from IFRS 16 adoption, except
looking statements, which speak only as of otherwise indicated.
the date of this presentation. TIM Part
undertakes no obligation to release publicly
the results of any revisions to these forward
looking statements.
Meeting with Investors | June 2020
2
TIM Participações – Investor Relations
COVID-19 Outbreak in Brazil: Gradual Reopening After Significant Impacts
SOCIAL & HEALTH IMPACTS ECONOMIC IMPACTS GOVERNMENT MEASURES AND
(as of June 22nd)1 ACTIONS
Confirmed Recovered Confirmed
GDP 2020 forecasts dropping from 2.0% in → 6% of GDP in relief programs for workers,
cases: cases: Deaths:
the begging of the year to -6.5% in early families and businesses
1,106,470 571,649 51,271
June3.
→ Informal workers’ assistance checks of R$600 for
Measures were implemented on a regional 3 months
basis without a central coordination by the
Consumer confidence at its lowest in April4
federal government. → Payroll financing for companies of all sizes
→ Expansion of Bolsa Familia cash transfer
Social distancing measures started in
Industrial production fell ~19% from program to additional 1.5 mln families
March 17th.
March to April5
→ ~R$ 100 bln in postponement and reduction of
According to Google Mobility metrics, Brazil’s federal taxes
quarantine led to moderate mobility restriction2
28% drop in retail sales from → R$ 16 bln in credit lines for micro and small
Average mobility (Feb-May) vs base line companies
March to April6
-21% -38% -9% -35% +12% -41%
→ R$60 bln in fiscal aid packages for states and
Parks Groceries & Transit Residential
municipalities
Workplaces Retail &
Pharmacy Stations Recreation
Major cities gradually reopening: Rio de Janeiro and São Paulo started in early June
South and Mid-west of the country are ahead in the reopening process: mobility restriction peaked
between April and beginning of May in these states
(1) Covid.saude.gov.br; (2) Community Mobility Reports as of 5th of June (3) “Focus” Readout from Brazilian Central Bank as of June 5th, 2020; (4) FGV’s Meeting with Investors | June 2020
Consumer Confidence Index showed the lowest level of the 15-year historical series in April: 58,2 on a scale of 0-200 (-22 p.p. MoM); (5) Data from the Monthly 3
TIM Participações – Investor Relations
Survey of Industry (“PIM”) reported by IBGE in June 9th, 2020; (6) ICVA (“Índice Cielo do Varejo Ampliado”) from March 1st to April 11th.
Quick Response to Care for our People, Clients and Society
EMPLOYEES CUSTOMERS SOCIETY
Social isolation, people management, and Service guarantee and maintenance of
Supporting the fight against COVID-19
maintenance of work conditions customer relationship, prioritizing digital
99.9%
of employees on Network Adjustments Big Data and Analytics
remote work since 1
Mar 20 Strengthening coverage in residential, → First mover with city of Rio de
hospitals and health institutions areas Janeiro partnership
100% of stores closed → First joint effort between the 4
from Mar 31 to operators as data providers for
early June 2 Digital First
the market
Reinforcing e-Sales & e-Caring channels:
1st
Meu TIM, Cognitive IVR and digital service Sectorial agreement with OTTs to
to convert internal call channels such as SMS, Chat TIM, WhatsApp,
center to remote work guarantee service availability
and digital recharges
Preserving Jobs Service prioritization to support the fight –
Maintaining the Relationship the “Caixa Econômica Federal” case
→ Collective Labor Agreement to support contingency 3
measures in alignment with MP 936 → More service in exchange for customer → 48h for a service implementation (111 code) vs
engagement continuity 30 days usually
→ ~2.5k employees under temporary salary and work
reduction: ensured net income with 7% back to → Temporary adjustments to collection rules → Quick response to apply zero rating to “Auxílio
activities and payment terms Emergencial” app (government aid claims)
Meeting with Investors | June 2020
4
TIM Participações – Investor Relations
Mixed Impacts Coming From the Pandemic. So Far, Negative Effects Were
Mostly Concentrated in Prepaid, While Postpaid and Live Are Controlled
Areas of concern Impacts
→ Recharges dropped -25% in the early days of the of the isolation and decelerate to mid-teen
drop in early May;
Prepaid Recharges → Revenue mix shift helped reduce the size of the impact (from 45% in 1Q17 to 30% of prepaid
in 1Q20);
→ Digital recharge growing: +35% YoY in 1Q20;
→ Lower voluntary churn and also fewer gross adds on mobile postpaid;
→ TIM Live with regular commercial activity;
Commercial activities → ~80% of all stores are opened (since mid-June), but partially operational (limitations in hours
of service and number of clients inside the shops, reduced staff, etc.);
→ B2B services for connectivity and authentication are seeing increased demand;
→ Flattish QoQ in 1Q20;
Bad debt → Greater conviction of limited impact until May: collection dynamic has not deteriorated
since April;
Network resilience → Mobile Data +6%, Fixed Data +25%, Mobile Voice +15% (vs. pre-pandemic);
→ Volume driven costs positively impacted;
Operating costs
→ Digital caring going up: +19% YoY in 1Q20 of Meu TIM app unique users;
Meeting with Investors | June 2020
5
TIM Participações – Investor Relations
Market Evolution
Unfolding the Transformation of Brazilian Market
2018
2019
Mobile Spectrum Cap Changes (November).
First wave of market consolidation: 5 to 4 players
14 MHz 90 MHz 80 MHz 20 MHz 150 MHz 135 MHz 100 MHz 190 MHz
- Nextel acquisition by Claro
450 MHz 700 MHz 850 MHz 900 MHz 1,800 MHz 2,100 MHz 2,300 MHz 2,500 MHz
(March with deal conclusion in 4Q)
Spectrum 1 GHz
Market Evolution
Structural Changes Will Unlock Market Value
New regulation: PLC 79.
Due diligence and potential binding
offer for Oi’s mobile assets.
Mobile Spectrum
→ Successive renewals of the authorization (not limited to 2
periods)
→ Possibility of conversion of the renewal fee for investments
→ Radiofrequency transferal between operators (secondary Potential market consolidation:
market) 4 to 3 players
Transformational sharing agreement between TIM
and Vivo.
Two agreements approved by regulators in June 2020 2021...
→ 2G network sharing in a Single Grid model
→ 4G/3G network sharing at cities with less than 30 thousand
inhabitants (50 cities to be share as initial effort)
Non-binding offer TIM + Vivo for Oi’s mobile assets: 5G Spectrum auction
announced to the market in March. to occur 2H21 or 2022.
2020
Meeting with Investors | June 2020
7
TIM Participações – Investor RelationsResults Highlights
Solid Finish Last Year and Resilient Start in the Middle of the Pandemic
2019 (IFRS 15) 1Q20 (IFRS 16)
→ Service Revenues: +1.7% YoY
→ Service Revenues: +2.4% YoY
→ TIM Live Revenues: +29.1% YoY
→ TIM Live Revenues: +30.6% YoY
→ EBITDA: +8.0% YoY >> Margin: +3.1 p.p. YoY
→ EBITDA: +6.7% YoY >> Margin: +1.6 p.p. YoY – highest in TIM’s
history → Growth in all segments’ ARPUs
→ EBITDA - Capex: +15.9% YoY (17% of Net Revenues); → TIM Black Família reaching ~500k clients
→ Net Debt / EBITDA: 0.07x → TIM-Vivo Network Sharing Agreement approval
→ Fitch assigns initial rating “AAA (bra)” → New partnerships: Google Agreement for big data virtualization
and C6 Bank
→ Best 4G / 700 MHz coverage and lowest latency
→ Non-binding interest on Oi mobile assets: advancing with Due
→ Best Fixed Ultra Broadband Ranked by Estadão
Diligence process
Guidance: 2020-2022 Plan (IFRS 16)
→ Plan assumptions (e.g. GDP growth of 2% in 2020) no longer represent current economy situation + The duration of
the pandemic is not known => More clarity on impacts from COVID 19 are expected by the end of 2Q;
→ Commitment to Free Cash Flow:
EBITDA – Capex on Revenues guidance confirmed: >20% in 2020 (Mid-single digit YoY for EBITDA-Capex)
(1) Financial results presented herein consider the impacts from IFRS 9 & 15 adoption, and exclude effects from IFRS 16 adoption; Meeting with Investors | June 2020
(2) Normalized EBITDA. 8
TIM Participações – Investor RelationsStrategic Pillars
Consistent Strategy to Address Challenges and Opportunities With the
Pandemic, While Participating in the Creation of a New Mobile Market
EVOLVE TRANSFORM
→ Move from volume to value to sustain mobile business growth → New operating model to address current and future challenges
→ Grow on broadband with financial discipline → Additional growth through adjacent markets
INFRASTRUCTURE
1 Transformational projects to build the future (e.g. 5G, cloud), improve quality
and reduce cost to serve.
DISRUPTIVE EFFICIENCY
2 Holistic approach to address industry challenges.
MOBILE
3 From volume to value.
ULTRABROADBAND
4 The lever to accelerate business even further, organically and in partnership.
NEW REVENUE SOURCES
5 The IoT, mobile advertising and financial services opportunities.
ESG
6 Commitment to a positive transformation improving ESG practices based on
materiality assessment.
Meeting with Investors | June 2020
9
TIM Participações – Investor RelationsInfrastructure 1
Act Today to Be Ready for the Future
Benefits:
IT to the next level in 18-24 months
Customers’ Time-to-
Integrated view market
Big data NBA Cognitive
evolution roll-out systems
New
capabilities Automation of
Application and Catalogue processes and
architecture review creation efficiency increase
Network 5 key pillars Fixed Decommissioning
Wireless Savings
Access
Data 5G IoT Densification and
Growth ready innovative solutions
New IoT
Fixed businesses
New opportunities Convergent
initiatives Broadband architecture
Evolution Transformation Meeting with Investors | June 2020
10
TIM Participações – Investor RelationsInfrastructure 1
4G and Fiber to Improve Quality and Reduce Cost to Serve
4G COVERAGE (# cities) BACKBONE + BACKHAUL (‘000 km)
>4k Total >130
3.520
3.272
700 / 850 90
101
MHz
Better indoor
2.455
experience.
1.426
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
TRAFFIC MIX EVOLUTION FTTH (# cities)
~70
4G 76% 75%
92%
23
11
2G / 3G
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
Meeting with Investors | June 2020
11
TIM Participações – Investor RelationsInfrastructure 1
Leveraging on a Robust Infrastructure to Deliver High Quality
Experience
100% of 4G coverage in PR, Network designed for all types of use, prioritizing
Urban Population Coverage
(1Q20)
SC and ES, join SP and RJ. quality and connection stability
4G 4.5G 700 MHz
3.5k cities 1.2k cities 2.4k cities Emerging apps are enjoying a
(+6% YoY) (+47% YoY) (+66% YoY)
consistent 5-year network evolution.
94% 68% 82%
Lowest
Refarming VoLTE NB-IoT latency
2.5k cities 3.5k cities 3.3k cities 57ms
(+2% YoY) (+28% YoY) (all in ≥3Q19)
Up to 4x speed
77% 93% 92% required for
video streaming
USER
usage
Better voice quality and network EXPERIENCE 12.4 mbps download +
efficiency during increased demand.
CENTRIC1 5.1 mbps upload
Backbone + Backhaul Households Covered
(‘000 Km) (mln)
+11.2% Greatest 4G
102
92 +95% 3.5 3.6 availability
2.5 1Q19 86% of time on
1.3 4G
1Q20
1Q19 1Q20 FTTH FTTC
Meeting with Investors | June 2020
(1) According to Tecnoblog News from 16/Jan. 12
TIM Participações – Investor RelationsDisruptive Efficiency 2
Profitability Approach as a Competitive Advantage
Process efficiency Digital & Automation Make vs buy Smart CAPEX
Gaps as opportunities: close Brazilians are open to a Productivity: evaluate the Being competitive: increase
gaps and surpass the digital approach: a unique best alternatives to enhance return on investment by
benchmark. environment of opportunity. efficiency and keep focus on focusing it where we can
core. apply differentiation.
→ Bad Debt (e.g. new → Predictive and → Administrative → TIM Live’s
credit models, collections personalized processes (e.g. Transformation with
systems improvement) marketing and sales Commercial Backoffice, partnership
Anti fraud,
→ Legal processes (e.g. → Low-touch CEX Commissioning & → Industrial
predictive models to (optimized digital journey Payables, Billing & agreements (e.g. VIVO
reduce JEC expenses - and self care) Collection) MoU)
special court for small
cases) → Smart and digital → Pay-roll management → Cloudification (storage
working IT Planning & as commodity)
Development → Innovative
Technologies (Massive
MIMO)
Meeting with Investors | June 2020
13
TIM Participações – Investor RelationsDisruptive Efficiency: Process efficiency and Digital & Automation 2
Digital Transformation is Helping to Deliver Efficiencies Today and to
Open New Opportunities for Tomorrow (1Q20)
Digital channels are boosting savings:
Normalized Opex Breakdown
(R$ mln)
(YoY) (YoY) (YoY)
Personnel; +19% -25% +32% 20%
+4.7% 261 Selling & Mkt; Meu TIM app # Human Pure Postpaid Penetration of
YoY 802 unique users interactions E-Sales Postpaid E-Sales
-10.2% YoY
Process; 251
(YoY) (YoY) (YoY)
+7.1% YoY R$ 2,289
-4.9% +12% +12% 39% +33%
YoY E-Bills E-Payment amount Penetration of E- Recharges
(Penetration of 66%) (Penetration of 23%) Recharges via app
Bad debt; 189
+9.3% YoY
Traffic; 627
-4.7% YoY COGS; 159 Collection Curve
-20.1% YoY (% of total billed) → Improved collection curve
+1.6 p.p.
reflect a positive trend in
→ Volume driven costs positively impacted by social bad debt, which picked up
in 3Q19
distance measures +1.9 p.p.
→ Opex ex-bad debt would
→ Limited exposure to FX volatility: low single digit of our Jan-19 May-19 Sep-19 Jan-20
have decreased 6.0% YoY
61-90 days 91-120 days
Opex (ex-COGS)
Meeting with Investors | June 2020
(1) Operating Costs normalized by adjustments to the sale-leaseback contract of towers (+R$ 2.6 million in 1Q20 and +R$ 1.5 million in 1Q19). 14
TIM Participações – Investor RelationsDisruptive Efficiency: Smart Capex 2
Innovative Ways of Capital Allocation to Support New Capabilities
Google Cloud Agreement Network Sharing Agreement with Vivo
→ Journey to cloud with Big data virtualization → Capex and opex saving, as well as better
frequency usage
→ Enhanced analytics and machine learning tools
and capabilities → 2 contracts approved by Anatel and CADE
→ Data monetization opportunities → 2G switch-off: One of the two operators to switch-
off its 2G network, where both Operators are
→ Opening future commercial opportunities
currently present (~2,7k cities)
→ Single grid in small cities (Mobile: From Volume to Value 3
Sustained Business Growth With Innovation Positioning
Mobile Customer Base Mix
Premium price
2% 3% 4% 7% 7%
P2 Residual growth: churn 21% 27% 32% 33% 34% +1.1 p.p.
management becomes YoY
more important.
77%
Convergence
70% 64% 61% -1.6 p.p.
Innovation
59%
YoY
P3
2022 2016 2017 2018 2019 1Q20
Prepaid Human Postpaid M2M
Playing by opportunity:
2019
meeting clients true
needs. Mobile Service Revenue Mix
P4 2014
6% 6% 7% 8% 7%
Low price 45% 52% +1.3 p.p.
59% 61% 63% YoY
“ Ensuring execution and Increasing “share of
wallet”. 49% 42% 34% 31% 30% -1.0 p.p.
customer satisfaction to 2016 2017 2018 2019 1Q20
YoY
succeed. Prepaid Postpaid Other
Meeting with Investors | June 2020
16
TIM Participações – Investor RelationsMobile: From Volume to Value 3
Ongoing Transition, Although Short-Term Headwinds Bringing
Additional Challenges
Mobile ARPU Better value proposition and improved Additional incentives for relationship
Total
commitment adding more resilience maintenance and to encourage digital shift
(R$ / mo)
+4.8% TIM Black Família Base
22,8 23,9 (‘000) Actions in accordance
with customers’ historic
~500k commitment avoiding
1Q19 1Q20 churn and future costs of
acquisition.
Human Postpaid1
(R$ / mo)
+4.3% 2Q19 3Q19 4Q19 1Q20
42,6 44,5
Prepaid Base Mix Anatel’s Satisfaction
1Q19 1Q20 Survey (0-10)
-16 p.p.
Prepaid YoY 7,31
(R$ / mo) TOP
7,06 7,12
7,15
12% Smart
+4.6%
11,6 12,1
72% Others
Offer and Operation
Acquisition
1Q19 1Q20
2018 2019
Meeting with Investors | June 2020
(1) Ex-M2M. 17
TIM Participações – Investor RelationsUBB: Even Further Business Acceleration 4
Broadband Revenues Will Be the Lever for Fixed Business Growth
From Evolution… … to Transformation
Smart Capex to Ensure Acceleration
FIXED NET REVENUES (R$) FTTx CUSTOMER BASE (mln)
Expanding TIM Live's services
TIM Live >30%
CAGR 19-22
+15 +42%
households
with the right balance
cities
covered between Sales and Capex,
unlocking additional value of
FTTH this asset
TIM
Live
Others
FTTC Create in partnership a
neutral fiber infrastructure
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
asset in Brazil
Footprint expansion and operational improvement Market sound process with
Cherry picking deployment, Reduce early churn, Improve care and self-care, an advisor to find the right
Reliable bill to cash processes partner out of the telecom
space
Differentiation: UBB + Content
OTT content friendly approach, Wi-Fi experience
Meeting with Investors | June 2020
18
TIM Participações – Investor RelationsUBB: Even Further Business Acceleration 4
TIM Live Consistency: Another Quarter of Strong Delivery
KPIs evolution on track
~50% of service
ARPU Customer base TIM Live Net Revenues
revenues growth.
(R$/mo) (‘000) (R$ mln)
+20%
+6.1% 84,5 584 +29%
79,6
11% 32% 486
≥100 mbps 11% 32%
89% 68%
144New Revenue Sources: IoT, Mobile Advertising and Financial Services 5
Unique Window of Opportunity
IoT Mobile Advertising Mobile Financial Services
Develop at scale and monetize IoT Penetration over Brazilian Population
verticals to explore B2B opportunities. R$ 24.2 bln
Brazil’s digital ad market in 2022
79%
Latin America IoT Market in 2022 R$ 19 bln
59%
27%
2x
delivered through mobile Credit Card Debit Card Mobile Penetration 2
connections Ownership1
Ownership 1
~750
reaching 106.3 mln of IoT
HIGH-END LOW-END
1 2
devices (19,6% CAGR).
US$ mln Convenience and Access to banking
addressable market simplicity. services.
in agriculture TIM as TIM as ad tech → Full bank offer → Symbiotic
1 2
US$ ~400 mln
publisher
Exploring
available
player
Leveraging on
customer
→ Commercial
partnership
partnership (JV like)
→ Value generated by
addressable market → Value generated by profit sharing
touch-points. knowledge and
in transport / logistics ownership. commissions in fees +
equity
Connected Car First mover in telecom +
R$ 190 mln already generated in mobile ads
digital banking services.
Sole operator in the First mover: agreement products with a ~35% upside in 2020. Partners short list under
initiative developing with car manufacturer to analysis
agribusiness solutions provide in-car connectivity Exclusive agreement
based on IoT. and automation. New trial contracts signed in the past 2 months. with Bank C6.
(1) Population > 15 years; (2) Population > 10 years. Sources: Meeting with Investors | June 2020
GlobalData Market Opportunity Forecasts to 2023: Global IoT; Latin America Digital Ad Spending 2019 eMarketer; Global Findex Database 2017 20
TIM Participações – Investor RelationsNew Revenue Sources: IoT, Mobile Advertising and Financial Services 5
Seeking the Future With Beyond Core Initiatives
Financial Services Mobile Advertising
Mobile Ad Revenues
(R$ mln)
+73%
1Q19 1Q20
C6 Partnership
TIM Ads trial
→ First telco-bank partnership to develop joint solutions campaign for
→ More for more: increase attractiveness on client prepaid customers:
acquisition within a differentiated onboarding experience data package
reward for video
→ Offer to be launched later this year
view.
→ Hybrid partnership model combining fees and equity
Meeting with Investors | June 2020
21
TIM Participações – Investor Relations1Q20 Financial Summary
Resilient Revenue With Strong EBITDA and Consistent Margin Evolution
Net Services Revenues Breakdown EBITDA Margin (Pro-forma1)
(R$ mln) (%)
33 -11 4.091 +7.5 p.p.
47 -2
4.024 37,6%
36,5%
35,5%
+1.7%
32,0%
30,2%
1Q19 Mobile Client ITX + Other TIM Live Other Fixed 1Q20
Generated Mobile
1Q16 1Q17 1Q18 1Q19 1Q20
Postpaid: +3.7% YoY Prepaid: -4.5% YoY
Normalized EBITDA & Margin2 Reduction explained by lower
Normalized EBITDA2 – CAPEX
(R$ mln) Capex level in 1Q19 due to
(R$ mln)
seasonal fluctuation between
quarters. 1Q20 Capex in
45,7% % Net 27% 24%
42,6% Revenues accordance with our plan.
+4.5% ex-
IFRS 16. 1.926 1.134 -9.9% 904
+8.0% +39.1%
1.022 650
1.784
1Q19 1Q20
1Q19 1Q20 17% of
1Q19 1Q20 2019 Capex
Meeting with Investors | June 2020
(1) Pro-forma excludes the effects of the adoption of IFRS 9, 15 and 16; (2) EBITDA normalized for the effects detailed in slide 12. 22
TIM Participações – Investor Relations1Q20 Financial Summary
Solid Balance Sheet With Robust Liquidity Position
Cash Position & Amortization Schedule2
Strong Liquidity with Additional Credit (R$ mln)
Lines Bank Loans Amortization Schedule
February 2020
→ (-) R$ 621 mln (BNDES financing amortization) Cost of Debt
with a cost of debt of approx. 7% p.y.
Stand-by
facilities
2.252 4.23% p.y.
→ (+) R$ 800 mln issued (total amount of two
Cash raised
loans from different banks with a cost of debt of (financing)3 574
approx. 4% p.y. each) April/20 CF + 373
1.104
Others3
574
April 2020 Cash on
hand 1Q20
1.630
59 122
858
→ (+) In face of the COVID-19 scenario, R$ 574 mln
Liquidity 2020 2021 2022 2023 foward
was contracted due in April 2021 (cost of debt of
approx. 6% p.y.)
Credit lines available (“Stand-by facilities”) Gross Debt 1Q202 Net Financial Position1
(R$ mln) (R$ mln)
→ (+) R$ 1.5 bln and R$ 752 mln from BNDES and Financing
BNB, respectively, with no commitment fee
2.143 8.526
FISTEL + Condecine payments postponement 7.477
→ Brazilian Entities authorized the postponement
of the payment of those regulatory taxes
providing an important relieve in the short term: 8.013
Leases
R$ 789 mln to be paid starting from Aug/2020 1Q19 1Q20
Meeting with Investors | June 2020
(1) Including net lease additions of R$ 1,340 mln related to the adoption of IFRS 16; (2) Post-hedge position; (3) On pro-forma basis, as of April 2020. 23
TIM Participações – Investor RelationsFor further information Vicente Ferreira E-mail: vdferreira@timbrasil.com.br Phone: +55 21 98113-1400 Bernardo Guttmann E-mail: bguttmann@timbrasil.com.br Phone: +55 21 98113-1408 Camila Assano E-mail: cacruz@timbrasil.com.br Phone: +55 21 98113-4236 Lucas Carneiro E-mail: lmcarneiro@timbrasil.com.br Phone: +55 21 98113-1141 Guilherme Kopke E-mail: gknascimento@timbrasil.com.br Phone: +55 21 98113-0583 Visit our Website ri.tim.com.br E-mail: ri@timbrasil.com.br 850 João Cabral de Melo Neto Avenue South Tower – 12th floor Barra da Tijuca – 22775-057 – Rio de Janeiro, RJ
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