Italtel: Board of Directors Approves 2013 Financial Statements

Italtel: Board of Directors Approves 2013Italtel: Board of Directors Approves 2013 Financial Statements PR Newswire MILAN, March 13, 2014 Growth of revenue and margins. Improvement in net financial debt. Italtel's Board of Directors has approved the draft financial statements for the year ended December 31, 2013. The Italtel consolidated financial statements, prepared in compliance with IFRS, report revenue of €374.2 million for the year, up 13% on the €331.4 million recorded in 2012. First margin (revenue minus cost of sales) grows from € 109.5 million in 2012 to €127.5 million, an increase of 16%. There is also improvement in the percentage profitability (growing from 33% to 34.1% of revenue). EBITDA normalized, comprising the operating result plus amortization and depreciation minus restructuring costs and not recurring components, triples to €32.5 million, equal to 8.7% of revenue. In 2012 it was €10.8 million corresponding to 3.3% of sales. Net Group financial debt improved significantly, decreasing to €181.6 million from €266 million in 2012. Net Shareholders Equity is positive for €74.4 million, even though net income is negative, mainly due to restructuring costs.