Italtel Group: Board of Directors Approves 2010 Financial Statements

Mar 21, 2011, 11:00 ET from Italtel SPA

MILAN, March 21, 2011 /PRNewswire/ --

- Growth of Revenues and Margins. Steady Improvement of International Sales, now Representing one Third of Total Revenues. On the Italian market, Growth of Large Enterprises and Public Sector. Further Improvement in net Financial Debt.

The Board of Directors of Italtel, under the chairmanship of Umberto de Julio, has approved the draft financial statements for the year ended December 31, 2010.

The Italtel consolidated financial statements, prepared in compliance with IFRS, report revenues of EUR422 million for the year, up 3.9% on the EUR406 million recorded in 2009.

EBITDA amounts to EUR50.5 million, equal to 12% of revenues (in 2009 it was EUR35.7 million corresponding to 8.8% of sales).

Net Group financial debt improved significantly, decreasing to EUR230.2 million from EUR269.9 million in 2009, also due to the 70 million euro capital increase supported by Telecom Italia and Cisco in September 2010.

In 2010 Italtel continued with the strategy focused on the diversification of the Group's customer base. Revenues from sales in foreign markets totalled EUR140 million, up 20.5% compared to 2009, driven by strong growth in Latin America, in particular Brazil and Argentina, as well as in emerging countries in North Africa and the Middle East.

On the Italian market, revenues from Large Enterprises and Public Sector grew 7.3% compared to 2009. Revenues from Telecom Operators remained substantially stable.

"2010 was a intense and difficult year, which saw Italtel involved on many different fronts - said Umberto de Julio, Chairman of Italtel. Despite a strongly competitive context, we managed to defend our market positions, created new business opportunities, enhanced our offer of products and services and worked to reduce costs. We made important steps forward in our strategy to diversify the customer base. The economical, financial and patrimonial results obtained fully confirm the targets of our plan and urge us to continue moving forward along the development process we outlined".

In 2010 Italtel confirmed its positioning among the leaders of EMEA region (Europe, Middle East and Africa) for NGN innovative solutions. In particular, according to Infonetics Research "Service Provider VoIP Equipment and Subscribers Report" (3Q10 edition), in the first nine months of 2010 Italtel ranked second in the Softswitch segment in terms of sales revenue with a share of 17%.

The Italtel Group

Italtel designs, develops, implements solutions for NGN and NGS; Professional Services dedicated to the design and maintenance of networks; IT System Integration Services; Network Integration and migration activities. Italtel counts among its customers more than 40 of the world's top TLC Operators and SPs. In Italy Italtel is also reference partner of Enterprises and Public Sector for the deployment of IP Next-Generation Networks and for the development of multimedia convergent services for their customers. Italtel is present in 25 countries including France, UK, Spain, Germany, Belgium, Poland, Argentina, Brazil, United Arab Emirates, Saudi Arabia.