September 28th, 2015 – South America is a strategic market for Telecom Italia: the Board of Directors of Telecom Italia, chaired by Giuseppe Recchi, just concluded its meeting on Argentina and Brazil. “In Buenos Aires – reads a note from the group – the control and risk committee, in joint session with the Board of Auditors, studied the activities of Telecom Argentina, its results and its investments. In particular, the CEO of Telecom Argentina Elisabetta Ripa confirmed the Group’s commitment in the country until the previously announced sale transaction is completed. Elisabetta Ripa also presented the business performance for the first six months of the year, recording a revenue growth of 19% (18.5 billion pesos) and of 25% for EBITDA (5.1 billion pesos). The investment plan of the Company for the current year, amounting to 5.5 billion pesos, is thus confirmed, with efforts to strengthen the mobile network and the Company’s positioning.” Rio de Janeiro hosted the Strategy Day and the formal meeting of the Board of Directors. The Strategy Day, a traditional meeting for the Group, addressed both macroeconomic issues and those linked to the performance of subsidiary TIM Participações (TIM Brasil). In particular, the Council took note of the difficult economic situation in Brazil, and the significant devaluation of the local currency – which has suffered against the euro (-47% since January 1, 2015). The CEO of Tim Brasil, Rodrigo Abreu, confirmed the level of investment of more than 14 billion reais for the 2015-2017 period. The group also analyzed scenarios and future economic prospects “in a highly strategic country – continues the statement – where Telecom Italia aims to consolidate its presence in the long run.” (Red)
