► REVENUES: 195.9 MILLION EUROS. EXCLUDING ONE-OFF REVENUES, THEY TOTAL 191.0 MILLION EUROS, UP 3.3% COMPARED WITH THE SAME PERIOD IN 2018
► EBITDA: 171.8 MILLION EUROS. ADOPTING EQUAL ACCOUNTING STANDARDS AND EXCLUDING ONE-OFF REVENUES, IT TOTALS 107.7 MILLION EUROS, UP 3.9% COMPARED WITH THE SAME PERIOD IN 2018
► NET INCOME: 69.2 MILLION EUROS. ADOPTING EQUAL ACCOUNTING STANDARDS AND EXCLUDING ONE-OFF REVENUES, IT TOTALS 72.8 MILLION EUROS, UP 2.6% COMPARED WITH THE SAME PERIOD IN 2018
► RECURRING FREE CASH FLOW IN 1H 2019 IS 108.2 MILLION EUROS, UP 6.7% YEAR ON YEAR (+6.1% EXCLUDING ONE-OFF REVENUES)
► 1H INVESTMENTS TOTAL 19.6 MILLION EUROS (DOWN 24.7% YEAR ON YEAR)
► NET FINANCIAL DEBT (AS PER ESMA RECOMMENDATIONS) AT 30 JUNE IS 744.3 MILLION EUROS. ADOPTING EQUAL ACCOUNTING STANDARDS, IT IS 95.9 MILLION EUROS (UP 47.6 MILLION EUROS COMPARED WITH END OF 2018)
► FERIGO: “INWIT IS HEADING TOWARDS A MERGER WITH VODAFONE TOWERS SUPPORTED BY AN INDUSTRIAL PERFORMANCE THAT CONTINUES TO ENSURE ITS GROWTH, ESPECIALLY IN THE SECTOR OF NEW BUSINESSES”
The Board of Directors of Infrastrutture Wireless Italiane S.p.A. (INWIT) met today, chaired by Piergiorgio Peluso, and examined and approved the half-year financial report at 30 June 2019.
Main results at 30 June 2019
In 1H 2019, INWIT confirmed its gradually growing trend, in terms of turnover in the sector of the main national radio-mobile operators and in terms of profitability of its own infrastructure, pursuing the process reducing passive lease costs.
The adoption of the IFRS16 accounting standard as of 2019 has modified the breakdown of the main economic and equity indicators, making the comparison with the results of the previous periods not very immediate.
More detailed figures for 1H 2019 show the following:
CEO Giovanni Ferigo commented as follows: “Inwit is heading towards a merger with Vodafone Towers backed by an industrial performance that continues to guarantee its growth, especially in the new businesses sector. In fact, this is the seventeenth quarter in which we can boast growth, in terms of both financial and industrial performance. Once again, the results show how much this strategy factors into the growth process: demand is still strong and will be even more so in the 5G era.
We are certain that the evolution of 5G technology will drive a further growth of the tower operators’ business: it is through platforms such as Inwit that all operators will be able to complete 5G coverage more swiftly, thus remarkably saving costs and ensuring an increasingly relevant flow for Inwit”.
Foreseeable evolution of management in the financial year 2019
The wireless infrastructure market continues its process of radical change, as demand for services increases, both from mobile operators and from other radio network operators.
Mobile operators must increase the number of their service access points in order to extend their 4G coverage and to prepare for the shift from 4G to 5G technology.
Fixed Wireless Access providers are also enlarging their networks to extend coverage and to enhance the quality of the services offered to clients.
Other radio network operators such as IoT and Public Safety providers have already entered the market and the advent of new players, specialised in specific product/market relations is expected, owing to the innovative use models made possible by 5G technology. These market trends, together with the operators’ increasing availability to share these network infrastructure elements allow INWIT to foresee a further growth of traditional business and a boost of new businesses.
With reference to the merger with Vodafone Towers, please read the press release issued on 26 July 2019.
The half-year Financial Report at 30 June 2019 includes the Abbreviated Financial Statement at 30 June 2019, drafted in compliance with the IFRS accounting standards issued by the IASB and transposed by the EU and particularly in compliance with IAS 34 Interim Financial Reporting.
The Abbreviated Financial Report at 30 June 2019 undergoes a limited accounting audit.
In order to ensure the comparability of economic and equity results of the first six months of 2019 with the corresponding period of the previous financial year, this press release also lists the economic data and the main equity results of the first six months of 2019, drafted in such a way to make them comparable, using the previous accounting standard IAS 17 (Leasing) and the relevant Interpretations (IFRIC 4, SIC 15 and SIC 27), in order to make a distinction between operational and financial leasing and therefore of the subsequent entering of passive lease contracts in the books.
Aside from the conventional financial indicators envisaged by IFRS, Inwit uses some alternative performance indicators, so as to ensure a better assessment of the economic management trend and of the equity and financial situation. The meaning and contents of such indicators are illustrated in the attached document.
We also point out that the paragraph “Foreseeable evolution of management in the financial year 2019” contains forward-looking statements concerning the Company’s intentions, convictions or actual expectations with reference to the financial results and to other aspects of the Company’s activities and strategies. The reader of this press release must not unduly rely on these predictive declarations, since the final results may differ considerably from the ones disclosed in such predictions, because of several factors, most of which are beyond the Company’s control.
Rome, 29 July 2019