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Wireless

Inwit first-half revenues surge 47% following merger with Vodafone Towers

Friday 31 July 2020 | 08:45 CET | News

Italian mobile towers group Inwit reported revenues of EUR 287.4 million in the six months to 30 June, up 46.7 percent year on year, following its merger with Vodafone Italia’s towers subsidiary to create the country’s biggest tower company. The company said revenues mainly derived from the 40,500 hostings on its sites of all the main mobile and FWA operators on the market, up 250 this year alone, as well as the 3,700 small cell/DAS devices and 1,150 fibre connections. Net profit for the period was up 3.5 percent to EUR 71.7 million, while EBITDA was EUR 259.6 million, up 51.1 percent, or 55.4 percent excluding one-off revenues and merger costs of EUR 6.8 million.

However, the company’s net debt at 30 June soared to EUR 3.976 billion from EUR 712.1 million at the end of December, including a EUR 1.148 billion hike attributed to the application of IFRS16. The company said the increase is mainly connected to the purchase of the equity investment of 43.4 percent of Vodafone Towers, equal to EUR 2.140 billion as well as the payment of an extraordinary dividend EUR 570.0 million on 8 April and an ordinary dividend of EUR 126.7 million on 21 May. 

In a statement, CEO Giovanni Ferigo said the company has not yet recorded any significant negative impacts on performance and results following the Covid-19 outbreak, adding that it regarded 5G and the other wireless technologies as a great opportunity to stimulate the economy and improve the life of the Italians. “Technology and sustainability can coexist and we will be the first to make sure they do,” he said.

TIM and Vodafone Italia completed the merger of their tower units into Inwit at the end of March, creating Italy’s largest tower operator, with more than 22,000 sites throughout the territory. A month ago, TIM sold direct and indirect stakes in Inwit to private equity groups Ardian and Canson for a total of EUR 1.6 billion.


 



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Categories: Mobile & Wireless
Companies: Inwit
Countries: Italy
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