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INWIT: board of directors examined and approved the interim report on operations as of 31 march 2016



05/03/2016 - 06:11 PM

    THAN 31 DECEMBER 2015



The Board of Directors of Infrastrutture Wireless Italiane S.p.A. (INWIT), meeting today under the chairmanship of Francesco Profumo, examined and approved the Interim Report on Operations at 31 March 2016 to ensure, on a voluntary basis and whilst awaiting legislative clarification, the continuity and regular supply of information to the market; it reserves the right to duly assess the financial communication policy to be adopted once the reference framework has been consolidated.

Main Consolidated Results at 31 March 2016

In the first three months of the year, the results confirm the progressive increase in both turnover from the main mobile phone operators and in the profitability of the company’s infrastructure, with a further increase in the co-tenancy ratio and the continuation of the process to cut the costs of passive rental.

Revenues totalled 81.7 million euros, 63.5 million of which from the Telecom Italia Group, reflecting the conditions of the Master Service Agreement, as well as the impact of new hosting on new sites. Revenues from third parties totalled 18.2 million euros.

EBITDA totalled 38.9 million euros, with a margin on revenues of 47.6%, reflecting, in particular, the increase in hosting and the reduction in lease costs.

EBIT totalled 35.7 million euros, a 19.2% increase on the corresponding figure for the previous quarter, impacted by capital losses on disposals and write-downs of non-current items for 3,89 million euros.

Net profit for the period amounted to 23.5 million euros.

Business investments during the period totalled 3.8 million euros and include the acquisition of lands and long term rights of usage and the deployment of new infrastructures plus a total of 8.3 million euro for the acquisition of 100% stake in Revi Immobiliare S.r.l., Gestione Due S.r.l. and Gestione Immobili S.r.l, partially offset by cash equivalents equal to €0.4 mln, from acquired companies.

Net financial debt totalled 33.4 million euros (14.6 million euros less than the debt at 31 December 2015), equalling 0.2 times annualised EBITDA.

"The positive results for this quarter confirm the solidity of our business plan for the next three years” - commented Oscar Cicchetti, Chief Executive Officer of INWIT. “Our efforts are focused on increasing our customers - and thus our revenues - and on containing our costs, alongside business investments aimed at capturing the opportunities deriving form market evolution and to assure the Company a growth process in the mid- and long-term.
INWIT is and want to be confirmed the leading wireless infrastructure operator per size, capacity to innovate and perspective of growth.”

Outlook for the 2016 financial year

In light of the final results at 31 March 2016, the Company confirms the guidance for the next 3 years already provided to the market.

The infrastructure market for radio networks is undergoing a major transformation.

In such a context, INWIT, as described in its 2016-2018 Business Plan, will continue:

  • to increase its efficiency by continuing with its site disposal plan and with the plan to renegotiate rental contracts;
  • to leverage the value of its infrastructure assets, progressively increasing the co-tenancyratio, which increased from 1.62 to 1.64 in the quarter of reference;
  •  to meet the demand for new sites by starting the construction of 44 new sites in the quarter;
  • to accelerate the plan for multi-operator microcell coverage in the locations with thehighest concentration of users and traffic.

Events after 31 March 2016

The INWIT Shareholders’ Meeting on 19 April 2016, to approve the financial statements of the parent company for 2016, resolved to distribute a dividend of 0.0945 euros per ordinary share to the ordinary shareholders.

In extraordinary session, the Shareholders’ Meeting approved the merger by incorporation of the three fully owned companies Revi Immobili S.r.l., Gestione Due S.r.l. and Gestione Immobili S.r.l. into Infrastrutture Wireless Italiane S.p.A.. The operation is part of our strategy for the continuous improvement of revenues and the consolidation of our market leadership in Italy.


Resignation of a Director

The Board of Directors also acknowledged the resignation from office of a Member of the Board of Directors of the Company handed in today, for professional reasons, by Attorney Francesca Petralia, non-executive Director, as well as the fact that Elisabetta Colacchia had stepped down  as a member of the Nomination and Remuneration Committee for not qualifying as an independent Director. In thanking Francesca Petralia for her contribution to the Company's business, the Board of Directors, in accordance with the recommendations of the Corporate Governance Code, instructed the Nomination and Remuneration Committee – whose composition has been temporarily supplemented with the appointment of the Lead Independent Director, Paola Schwizer – to carry out an assessment process to identify the candidates to replace the resigning Director with a Director who possesses the independence requirements provided for by the Consolidated Law on Finance and the Corporate Governance Code. It is specified that Francesca Petralia does not hold Company shares.


The economic and financial results of the Company at 31 March 2016 will be illustrated to the financial community during a conference call scheduled for today 3 May 2016 at 6 pm (CET). Journalists may listen in to the presentation , without asking questions, by calling: +39 06 33168+39 06 33168. The presentation to support the conference call will be made available in advance in the Investors section of the company website


Pursuant to sub-section 2, clause 154-bis of the Consolidated Law on Finance, the Manager responsible for preparing the corporate accounting documents, Rafael Giorgio Perrino, has declared that the accounting disclosures contained in this press release correspond to the data records, accounting books and accounts entries.


This press release contains predictions of events and future results of INWIT that are based on the current expectations, estimates and projections regarding the sector in which INWIT operates and on the current opinions of its management.
These elements have by their nature a component of risk and uncertainty, because they depend on future events taking place. It should be noted that the actual results may differ significantly from those announced due to a multiplicity of factors, including: global economic conditions, competition impact, and political, economic and regulatory developments in Italy.
It should be noted that the Company was incorporated on 14 January 2015, and started its operations from April 1, 2015 and therefore no corresponding information from the previous year (i.e. quarterly report at 31 March 2015) is available for comparison.

Rome, 3 May 2016


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