TIM Hellas 1H05 Financial Results: Total Operating Revenues Reach EUR 394.7 Million; EBITDA at EUR 103.5 Million, Margin at 27.8% of Service Revenues; Net Income Stood at EUR 19.6 Million; Positive Levered Free Cash Flow of EUR 22.8 Million.ATHENS Athens, city, Greece Athens (ăth`ĭnz), Gr. Athínai, city (1991 pop. 2,907,179; 1991 urban agglomeration pop. 3,072,922), capital of Greece, E central Greece, on the plain of Attica, between the Kifisós and , Greece Greece, Gr. Hellas or Ellas, republic (2005 est. pop. 10,668,000), 50,944 sq mi (131,945 sq km), SE Europe. It occupies the southernmost part of the Balkan Peninsula and borders on the Ionian Sea in the west, on the Mediterranean Sea in the south, on -- TIM TIM Timothy TIM Technical Interchange Meeting TIM Transient Intermodulation Distortion TIM Time Is Money TIM The Invisible Man (movie) TIM Telecom Italia Mobile (Italian cellular provider) Hellas Hellas: see Greece. Telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. SA (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : TIMHY; Amsterdam Amsterdam, city, Netherlands Amsterdam (ăm`stərdăm', Dutch ämstərdäm`), city (1994 pop. 724,096), constitutional capital and largest city of the Kingdom of the Netherlands, North Holland prov. : TIMHY) today announced first half 2005 financial and customer results. Financial Performance Total operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. accounted for EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 394.7 million in the period, down 3.3% from EUR 408.4 million generated in the same period of last year with service revenues standing at EUR 373.0 million, down by 3.8% from EUR 387.6 million in the first-half of 2004. Despite solid growth seen in contract outgoing traffic revenues -- inclusive of inclusive of prep. Taking into consideration or account; including. monthly service fees, roaming The ability to use a communications device such as a cellphone or PDA and be able to move from one cell or access point to another without losing the connection. revenues and sales of handsets and accessories, TIM Hellas' total operating revenues came in at lower levels than those seen in the first half of 2004, as increasing competitive and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. pressure once more weighed-in on the company's top-line growth. The most significant factor that led to the decrease seen in the company's total operating revenues was the substantial year-on-year drop in interconnection in·ter·con·nect v. in·ter·con·nect·ed, in·ter·con·nect·ing, in·ter·con·nects v.intr. To be connected with each other: The two buildings interconnect. v.tr. revenues. More specifically: --Fixed-to-mobile interconnection revenues fell by 23.8% year-on-year, mainly as a result of a 20.2% year-on-year decrease in the fixed-to-mobile interconnection tariff tariff, tax on imported and, more rarely, exported goods. It is also called a customs duty. Tariffs may be distinguished from other taxes in that their predominant purpose is not financial but economic—not to increase a nation's revenue but to protect domestic ; --Mobile-to-mobile interconnection revenues dropped by 7.3% year-on-year, as a result of a 19.3% year-on-year decline in the mobile-to-mobile interconnection tariff. Inclusive of SMS (1) (Storage Management System) Software used to routinely back up and archive files. See HSM. (2) (Systems Management Server) Systems management software from Microsoft that runs on Windows NT Server. interconnection revenues -- introduced among the Greek In desktop publishing, to display text in a representative form in which the actual letters are not discernible, because the screen resolution isn't high enough to display them properly. The software lets you set which font sizes should be greeked. operators in April 2004, mobile-to-mobile interconnection revenues decreased by 3.4% from the first-half of 2004. If the interconnection tariffs This is a list of tariffs and trade legislation:
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (1) (operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. before depreciation & amortization) for the first half of 2005 declined to EUR 103.5 million, compared with EUR 118.5 million in the first half of last year, as the slow-down in revenues fed through to the company's top-line profitability and as increased cost of sales of handsets and accessories were incurred by the company -- especially during the second quarter of the year, in its drive towards retaining high-yield Adj. 1. high-yield - yielding a large amount of agricultural or industrial production fruitful - productive or conducive to producing in abundance; "be fruitful and multiply" customers. Consequently, the EBITDA margin on total revenues came in at 26.2% in the first half of 2005, versus 29.0% in the first-half of 2004, or 27.8% of service revenues versus 30.6% last year. Cost of sales and services provided was EUR 195.2 million for the period, representing 52.3% of service revenues, compared to last year's level of 47.9%. This was mainly due to increased handset The part of the telephone that contains the speaker and the microphone. On a desktop phone, the part you hold in your hand is the handset. On a cellphone, the entire phone is the handset. See multihandset cordless and headset. sales volumes, in-line In-line Used in the context of general equities. (1) An order or market in a specific security within the inside market; 2) any announcement (earnings) that adheres closely to Wall Street analysts' expectations. with the company's commercial strategy of retaining quality subscribers. Selling, General and Administrative expenses were EUR 153.6 million in the first half of the year, down 6.5% from EUR 164.2 million in the first-half of 2004. These expenses represented 41.2 % of service revenues in the period, versus 42.4 % in the same period of 2004, mainly due to the replacement of management fees with lower brand fees to TIM Italia S.p.A. In the first half of the year, operating income was at EUR 41.9 million or 11.2% of service revenues, versus EUR 55.1 million or 14.2% of service revenues in the same period of last year, directly affected by lower EBITDA levels, as depreciation and amortization expenses declined insignificantly in·sig·nif·i·cant adj. 1. Not significant, especially: a. Lacking in importance; trivial. b. Lacking power, position, or value; worthy of little regard. c. Small in size or amount. 2. over the first half of 2004. The company's earnings before taxes for the period were EUR 34.3 million, representing 9.2% of service revenues, versus EUR 49.9 million in the first half of 2004, also affected by the significant increase in interest expenses incurred in the period as a result of the prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. of a EUR 60 million fixed rate financing facility expiring ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. in December December: see month. 2006, as well as the cost incurred due to the replacement of the guarantees of a EUR 100 million long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. loan expiring in December 2007 -- both resulting from the closing of the sale by TIM International N.V. of a controlling stake in TIM Hellas. Net income reached EUR 19.6 million, versus EUR 28.3 million in the first half of 2004. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses came in at EUR 48.4 million in the period, financing conservative capital expenditures of EUR 28.4 million, and resulting in positive levered free cash flow generation of EUR 22.8 million.(2) The company's net financial debt dropped to EUR 151.9 million, versus EUR 165.9 million at the end of 2004.(3) The results are un-audited and based on US Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (US GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ). Certain reclassifications have been made to the presentation of the first half 2004 results to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" those of the first half 2005. Customer Results TIM Hellas' customer base came in at 2,257,312 at the end of the first half of 2005, as compared with the 2,323,866 at the end of 2004. Prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. customers numbered 1,454,584 accounting for 64.4% of the
total customer base, while contract subscribers numbered 802,728
accounting for 35.6% of the total customers.As a result of the company's tactical approach to retain only active customers in its customer base, TIM Hellas' inactivity inactivity Sedentary activity Internal medicine An absence of physical activity and/or exercise, a predictor of obesity. See Couch potato. Physical activity, Vigorous exercise level as of June June: see month. 30, 2005 continued to fall, dropping 7.1 percentage points over that recorded a year earlier, with the majority of this improvement coming from the prepaid customer base.(4) Uptake uptake /up·take/ (up´tak) absorption and incorporation of a substance by living tissue. up·take n. in usage was seen once more in the first half of the year, with average monthly traffic per customer (Blended blend v. blend·ed or blent , blend·ing, blends v.tr. 1. To combine or mix so that the constituent parts are indistinguishable from one another: AMOU) increasing by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 18.6% to 122.1 minutes versus 102.9 minutes in the first-half of 2004. This growth was supported by a 12.4% year-on-year rise in contract AMOU and a 20.3% year-on-year improvement in prepaid AMOU, that reached 259.3 minutes and 47.4 minutes, respectively. Blended ARPU (Average Revenue Per User) A calculation often used to determine the overall value of an application. It is also used to rate particular customers, especially in the wireless space, by comparing someone's account to the overall average. increased by 3.3% year-on-year to EUR 27.4, as a combined result of a 4.4% year-on-year rise in contract ARPU and a 10.8% year-on-year decline in prepaid ARPU, that came in at EUR 52.1 and EUR 11.9, respectively.(5) "As conveyed to you during the first-quarter results announcement, it will take some time for the transformation agenda that we have only recently laid-out, to deliver a tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. effect on our financials," stated Mr. Socrates Kominakis, TIM Hellas' Chief Executive Officer. "Having already implemented a fraction of our strategic plan, we are confident that we will successfully attain our goal of securing significant improvement in our profitability from 2006, onwards on·ward adj. Moving or tending forward. adv. also on·wards In a direction or toward a position that is ahead in space or time; forward. Adv. 1. ."
(1)
EBITDA Breakdown
In EUR thousands 1H 2004 1H 2005 % Change
---------------------------------------------------------------------
Total Operating Revenues 408,385 394,712 -3.3%
---------------------------------------------------------------------
Total Operating Costs 353,248 352,804 -0.1%
---------------------------------------------------------------------
Operating Income 55,137 41,908 -24.0%
---------------------------------------------------------------------
Depreciation and Amortization 63,328 61,634 -2.7%
---------------------------------------------------------------------
EBITDA 118,465 103,542 -12.6%
---------------------------------------------------------------------
EBITDA margin on total revenues 29.0% 26.2%
---------------------------------------------------------------------
(2) Levered free cash flow is defined as "Net Cash provided by
Operating Activities" minus "Net Cash used in Investing
Activities."
(3) Net financial debt is defined as short-term debt due to related
companies plus long-term debt, net of current maturities plus
long-term debt due to related companies minus cash and cash
equivalents.
(4) Inactive customers are defined as those who have no incoming or
outgoing traffic for three consecutive months.
(5) Contract ARPU is defined as total contract customers service
revenues for the period divided by 6, over the period's average
contract customers. Prepaid ARPU is defined as total prepaid
customers service revenues for the period divided by 6, over the
period's average prepaid customers. Blended ARPU is defined as
total service revenues for the period divided by 6, over the
period's average customers.
TIM HELLAS TELECOMMUNICATIONS S.A.
BALANCE SHEETS
AS OF DECEMBER 31, 2004 (AUDITED) AND JUNE 30, 2005 (UNAUDITED)
AMOUNTS IN THOUSANDS (EXCEPT SHARE AND PER SHARE DATA)
December 31, June 30, June 30,
2004 2005 2005
------------- ---------------------
ASSETS Euro Euro U.S. $(1)
------ ---------- ---------- ----------
CURRENT ASSETS
Cash and cash equivalents 14,084 14,096 17,053
Accounts receivable, net of
allowance for doubtful accounts
of EUR 34,663 as of December 31,
2004 and EUR 38,603 as of
June 30, 2005 138,698 152,758 184,806
Amounts due from related
companies 2,539 - -
Inventories, net 8,601 12,214 14,777
Deferred income taxes 8,276 6,769 8,189
Other current assets 15,258 12,671 15,329
---------- ---------- ----------
Total current assets 187,456 198,508 240,154
---------- ---------- ----------
OTHER ASSETS
Other 3,441 3,559 4,306
---------- ---------- ----------
3,441 3,559 4,306
---------- ---------- ----------
PROPERTY, PLANT AND EQUIPMENT
Cost 1,151,970 1,179,074 1,426,444
Less: Accumulated depreciation (546,486) (597,873) (723,308)
---------- ---------- ----------
605,484 581,201 703,136
---------- ---------- ----------
DISTRIBUTION NETWORK
Cost 29,347 29,347 35,504
Less: Accumulated amortization (17,609) (19,076) (23,708)
---------- ---------- ----------
11,738 10,271 12,426
---------- ---------- ----------
LICENSES
Cost 267,694 267,694 323,856
Less: Accumulated amortization (71,463) (78,970) (95,538)
---------- ---------- ----------
196,231 188,724 228,318
---------- ---------- ----------
---------- ---------- ----------
TOTAL ASSETS 1,004,350 982,263 1,188,340
========== ========== ==========
(1) Exchange rate used for the convenience translation of the
June 30, 2005 balances: U.S. $1.2098 per EUR 1.00.
TIM HELLAS TELECOMMUNICATIONS S.A.
BALANCE SHEETS
AS OF DECEMBER 31, 2004 (AUDITED) AND JUNE 30, 2005 (UNAUDITED)
AMOUNTS IN THOUSANDS (EXCEPT SHARE AND PER SHARE DATA)
December 31, June 30, June 30,
2004 2005 2005
------------ ---------------------
Euro Euro U.S. $(1)
---------- ---------- ----------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES
Accounts payable 176,790 170,023 205,695
Short-term debt due to related
companies 20,000 - -
Amounts due to related companies 13,104 - -
Taxes other than income 6,823 6,265 7,579
Income taxes payable 20,358 22,504 27,225
Deferred revenue 19,244 13,541 16,383
Current portion of capital lease
obligations 717 742 897
Other current liabilities 29,875 25,744 31,146
Liability for asset retirement
obligation S/T 566 549 664
---------- ---------- ----------
Total current liabilities 287,477 239,368 289,589
---------- ---------- ----------
LONG-TERM LIABILITIES
Long-term debt, net of current
maturities 100,000 166,000 200,827
Long term debt due to related
companies 60,000 - -
Staff retirement indemnities 2,252 2,634 3,185
Deferred income taxes 17,526 22,111 26,749
Other long-term liabilities 25,954 29,797 36,048
Capital lease obligations, less
current portion 6,186 5,803 7,020
Liability for asset retirement
obligation L/T 10,763 10,788 13,052
---------- ---------- ----------
222,681 237,133 286,881
---------- ---------- ----------
---------- ---------- ----------
COMMITMENTS AND CONTINGENCIES 14,047 14,378 17,394
---------- ---------- ----------
SHAREHOLDERS' EQUITY
Common Stock par value EUR 1.53
December 31, 2004 & June 30, 2005
(Shares authorized, issued and
outstanding 83,876,720 in
December 31, 2004 and in
June 30, 2005) 128,331 128,331 155,255
Additional paid-in capital 78,244 78,244 94,660
Retained earnings and statutory
reserves 273,570 284,809 344,561
---------- ---------- ----------
Total shareholders' equity 480,145 491,384 594,476
---------- ---------- ----------
---------- ---------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY 1,004,350 982,263 1,188,340
========== ========== ==========
(1) Exchange rate used for the convenience translation of the
June 30, 2005 balances: U.S. $1.2098 per EUR 1.00.
TIM HELLAS TELECOMMUNICATIONS S.A.
STATEMENTS OF INCOME (UNAUDITED)
FOR JUNE 30, 2004 AND JUNE 30, 2005
AMOUNTS IN THOUSANDS (EXCEPT SHARE AND PER SHARE DATA)
Six months ended June 30,
-----------------------------------
2004 2005 2005
Euro Euro U.S. $(1)
----------- ----------- -----------
Operating revenues:
Revenues from telecommunication
services 387,648 372,992 451,246
Sales of handsets and
accessories 20,737 21,720 26,276
----------- ----------- -----------
Total operating revenues 408,385 394,712 477,522
----------- ----------- -----------
Cost of sales and services
provided:
Cost of services provided (149,435) (153,097) (185,216)
Cost of sales of handsets and
accessories (36,218) (42,064) (50,889)
----------- ----------- -----------
Total cost of sales and
services provided (185,653) (195,161) (236,105)
----------- ----------- -----------
Gross profit 222,732 199,551 241,417
Provision for doubtful accounts (3,394) (4,056) (4,907)
Selling, general and
administrative expenses (164,201) (153,587) (185,809)
----------- ----------- -----------
Operating income 55,137 41,908 50,701
----------- ----------- -----------
Other income / (expense), net:
Interest expense (5,498) (9,558) (11,562)
Interest income 687 71 85
Other financial expense, net (460) (928) (1,123)
Other Income - 2,800 3,387
----------- ----------- -----------
(5,271) (7,615) (9,213)
----------- ----------- -----------
Income before taxes 49,866 34,293 41,488
Provision for income taxes (21,531) (14,666) (17,744)
-----------------------------------
Net income 28,335 19,627 23,744
=========== =========== ===========
Amounts per common share:
Net income per share - basic
and diluted 0.34 0.23 0.28
=========== =========== ===========
Weighted average shares
outstanding-basic and diluted 83,193,220 83,876,720 83,876,720
=========== =========== ===========
(1) Exchange rate used for the convenience translation of the
June 30, 2005 balances: U.S. $1.2098 per EUR 1.00.
TIM HELLAS TELECOMMUNICATIONS S.A.
STATEMENTS OF CASH FLOW (UNAUDITED)
FOR JUNE 30, 2004 (AND JUNE 30, 2005
AMOUNTS IN THOUSANDS (EXCEPT SHARE AND PER SHARE DATA)
Six months ended June 30,
------------------------------
2004 2005 2005
Euro Euro U.S. $(1)
---------- --------- ---------
Cash Flows from Operating Activities:
Net income 28,335 19,627 23,744
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 63,328 61,634 74,564
Deferred income taxes 3,206 6,092 7,370
Provision for staff retirement
indemnities 302 21 25
Provision for commitments and
contingencies 600 650 786
Adjustment on long-term debt
amortized cost calculation - (571) (690)
Provision for doubtful accounts 3,394 4,056 4,907
Provision for asset retirement
obligation 227 29 35
Losses / (gains) on disposal of
assets - (1) (1)
Proceeds from brand name sale - (2,800) (3,387)
Changes in operating assets and
liabilities:
Accounts receivable 16,919 (18,116) (21,917)
Inventories 315 (3,613) (4,372)
Other current assets 1,105 5,579 6,750
Account payable (64,854) (6,767) (8,187)
Income taxes payable 3,500 2,146 2,596
Deferred revenue and other current
liabilities 9,784 (19,292) (23,338)
Commitments and Contingencies - (319) (386)
------------------------------
Net Cash provided by Operating
Activities 66,161 48,335 58,499
---------- --------- ---------
Cash Flows from Investing Activities:
Capital expenditures (55,068) (28,397) (34,354)
Proceeds from brand name sale - 2,800 3,387
---------- --------- ---------
Net Cash used in Investing Activities (55,068) (25,597) (30,967)
---------- --------- ---------
Cash Flows from Financing Activities:
Net Proceeds from short-term
borrowings 8,400 - -
Net Repayments of short-term
borrowings due to related companies - (20,000) (24,196)
Repayment of long-term debt due to
related companies - (60,000) (72,588)
Proceeds from long-term debt - 166,000 200,827
Repayment of long-term debt (74,067) (100,000) (120,980)
Net movement in capital lease
obligations (655) (358) (434)
Payment of dividends (8,319) (8,388) (10,147)
---------- --------- ---------
Net Cash used in Financing Activities (74,641) (22,746) (27,518)
---------- --------- ---------
Net increase/ (decrease) in cash and
cash equivalents (63,548) 12 14
Cash and cash equivalents at beginning
of the period 66,769 14,084 17,039
---------- --------- ---------
Cash and cash equivalents at end of the
period 3,221 14,096 17,053
========== ========= =========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Cash paid for:
- Interest, net of amounts
capitalized 2,684 5,996 7,254
- Income taxes 14,741 6,441 7,792
---------- --------- ---------
17,425 12,437 15,046
========== ========= =========
(1) Exchange rate used for the convenience translation of the
June 30, 2005 balances: U.S. $1.2098 per EUR 1.00.
TIM HELLAS TELECOMMUNICATIONS S.A.
ANALYSIS OF OPERATING REVENUES AND EXPENSES (UNAUDITED)
FOR JUNE 30, 2004 AND JUNE 30, 2005
AMOUNTS IN THOUSANDS
Six months ended
June 30,
-------------------
2004 2005
--------- ---------
EUR EUR
A. OPERATING REVENUES
Monthly service fees 62,552 78,128
--------- ---------
Airtime revenues:
Outgoing calls 87,325 73,635
Incoming calls from fixed line networks 44,041 33,560
Incoming calls from other mobile operators'
network 74,915 69,467
Incoming SMS from other mobile operators'
network 3,555 6,315
Prepaid airtime cards 74,681 64,028
Roaming revenues from Company's customers 8,337 9,213
Roaming revenues from customers of
international GSM network operators 13,680 14,247
Data communications & messages 17,353 20,902
Other 1,209 3,497
--------- ---------
Total revenues from telecommunication services 387,648 372,992
--------- ---------
Operating revenues from equipment sales 20,737 21,720
Total operating revenues 408,385 394,712
========= =========
B. COST OF SALES AND SERVICES PROVIDED
Interconnection charges from fixed line
operators 8,663 7,998
Interconnection charges from other mobile
operators 78,292 76,615
Depreciation 35,144 42,541
Roaming charges from international GSM network
operators 7,424 7,887
Payroll 7,332 6,958
Leased lines 2,382 1,740
Utilities 2,034 1,220
SIM cards 1,734 698
Installations' rentals 6,430 7,440
--------- ---------
Total cost of services provided 149,435 153,097
Cost of sales of handsets and accessories 36,218 42,064
Total cost of sales & services provided 185,653 195,161
========= =========
C. SELLING, GENERAL & ADMINISTRATIVE EXPENSES
Commissions to dealers 43,752 43,813
Management/Brand fees 7,494 2,797
Advertising expenses 19,850 17,853
Payroll 16,865 19,566
Depreciation & amortization 28,184 19,093
Repairs & maintenance 15,298 16,478
Consultancy and other third party fees 8,757 8,111
Provision for litigation and claims 600 650
Utilities 3,119 5,161
Rentals 5,502 5,120
Other 14,780 14,945
--------- ---------
Total selling, general & administrative expenses 164,201 153,587
========= =========
Trademark licensed by TIM Italia S.p.A. Name licensed by TIM Italia S.p.A. TIM Hellas Telecommunications SA (Nasdaq: TIMHY; Amsterdam: TIMHY) is at the forefront of mobile communications in Europe
• • [ and its TIM brand stands for innovative products and services. The company's stock is publicly traded on the Nasdaq and Amsterdam exchanges Amsterdam Exchange (AEX) Exchange that comprises the AEX-Effectenbeurs, the AEX-Optiebeurs (formerly the European Options Exchange or EOE) and the AEX-Agrarische Termijnmarkt. . |
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