TIM announces doubling of Brazilian investments

29 Mar 2004

Telecom Italia Mobile (TIM) – currently embroiled in a battle for control of regional operator Brasil Telecom – has announced that it will invest EUR2 billion in its Brazilian operations over the next two years. That figure is equal to 29% of the EUR7 billion the company plans to invest across all of its operations between 2004 and 2006. Despite pledging almost double the EUR1.1 billion it spent in the country in 2001-03, TIM is confident that it will register breakeven in operating cashflow in 2005. It expects its Brazilian operations to post 25% revenue growth year-on-year, with EBITDA up 90% over three years to reach an EBITDA margin of 40% in 2006. TIM also expects to see 5% annual growth in its domestic market, whilst predicting that its Turkish cellco Aycell would double its current market share to take 30% of customers by 2006.

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