Italtel’s Board of Directors approved the draft financial statements for fiscal year 2023, the first full fiscal year since the “New Italtel” was launched on April 1, 2022.
- Reported growth of Revenues and normalized Ebitda. Positive Net Financial Position.
- Strong development of revenues in Enterprise & Public market + 47% YoY in Italy. Strengthening business position in the Telco market.
- Solid performance in the international markets leveraging also new contracts with global customers.
- Transformation Plan in progress: offer evolution, cost efficiency, workforce and competence evolution, focalization on core business.
Milan, March 22, 2024 – Italtel’s Board of Directors approves the financial statements for fiscal year 2023, the first full fiscal year since the “New Italtel” was launched on April 1, 2022.
The consolidated financial statements elaborated in accordance with international accounting standards show normalized consolidated Ebitda of 11.1 million euros, up 56% versus the pro-forma 2022 Ebitda. Group revenues reached 270 million euros compared to 260 million pro forma 2022.
As of 31 December, the net financial position was positive and cash amounted to 45 million euros, after the payment during the year of 11 million euros of the composition debt owed by Italtel. This debt, initially equal to 63 million euros, has been repaid in total to date for 43 million euros.
Consistent evolution of offer portfolio toward innovative and high-value trends; market diversification and growth.
Reported revenues in the international markets, EMEA and Latin America, are 124 million euros, accounting for about 46% of total business. Strong contribution of Spain, Germany, Brazil and Peru.
Solid development of Enterprise and Public Administration market in Italy reporting 70 million euros revenues, with 47% growth YoY. Strong performance of Energy & Utilities and Public Administration markets supported by PNRR plans.
Despite the turbulences of the Telco market, Italtel has further strengthened its positioning and cooperation with major Telco operators thanks to its offer diversification strategy. Relevant success cases are MVNO for Terna in Italy in cooperation with Wind3, Private 5G for several operators in Spain, or the Stir-Shaken solutions to counter telephone scams based on proprietary products provided to Koesio and Canal Plus Telecom in France.
“The positive results of 2023 were achieved through a series of targeted initiatives that include actions on positioning and offering, as well as a profound transformation process that involved several key aspects such as cost rationalization, the evolution of the workforce carried out in agreement with the labor unions, the renewal of competencies, and the spin-off of non-core activities,” comments Benedetto Di Salvo, CEO of Italtel. “Central to our strategy are sustainability, which we consider a pillar of our actions, innovation as the key to read the future, expansion of the ecosystem of technology partners, and focus on the business areas with the greatest potential.”
