(Tiper Stock Exchange) – INWITlisted on Euronext Milan and active in the electronic telecommunications infrastructure sector, closed 2022 with revenues equal to 853 million euros, an increase of 8.6% on 2021. EBITDA stood at 779.2 million euros (+9%) with a stable margin on revenues at 91.3%. L’EBTIDAaLthe main profitability indicator of the company, is equal to 587 million euros (+12.9%), while theuseful it stands at 293.3 million euros (+53.3%).
The BoD resolved to propose to the meeting the payment of a dividend equal to 0.3467 euro for each share, up to a maximum amount of 332.9 million euro.
Outlook 2023
Regarding the foreseeable evolution of the management for the 2023 financial yearrevenue growth is expected in the range of 960-980 million euros, an EBITDA margin of around 91%, stable compared to 2022, an EBITDAaL margin of around 71%, up by two percentage points compared to 2022. Approximately shareholder remuneration, the company’s current dividend policy provides for dividends per share to grow by +7.5% per year until 2023.
The new Industrial Plan
The BoD also approved INWIT’s new Business Plan for period 2023-2026. Revenues are expected to grow in the period 2023-2026 at a high-single-digit average annual rate to over €1.2 billion in 2026 (compared to €853 million in 2022), with EBITDA margin expansion to 92% (91% in 2022) and EBITDAaL margin after lease at 76% (69% in 2022).
The growth of EBITDA over the period of the plan is expected to translate into a progressive one deleveraging (Net debt in relation to EBITDA), starting from the value of 5.2x at the end of 2022 up to around 3.5x in 2026.
Distributions to members
The dividend policy has also been reviewed. In particular, she was expanded the current dividend policy, which envisages a dividend per share of 0.30 euros per share paid in 2021, growing by +7.5% per year until 2023, with an additional payment of 100 million euros starting from the allocation of the 2023 profits (payment in 2024), confirming an overall dividend growth rate of 7.5% per year. This is expected to translate into a 2023 dividend of approximately €0.48 per share, more than 25% higher than the dividend envisaged by the current dividend policy.
Furthermore, for the first time, a form of indirect realization of one’s investment will be presented to the shareholders through the repurchase and subsequent cancellation of treasury shares, without the simultaneous reduction of the share capital. The repurchase and subsequent cancellation operations will concern a maximum of 31,200,000 shares, representing approximately 3.25% of the share capital, and in any case for a maximum amount of 300 million euro.
The comment of the DG
“We are closing a positive year, in which we have expanded our infrastructure, concluded new commercial agreements and recorded strong growth in revenues and cash generation – commented the general manager Diego Galli – The new industrial plan focuses on the model of shared and digital infrastructures, which brings greater efficiency and sustainability to the development of 5G, in support of all operators”.
“The solid business model allows us to increase investments in new sites and indoor coverage for mobile connectivity, and to exceed 1.2 billion euros in revenues in 2026 – he added – We are launching a widespread share plan for all employeesin line with our mission of sustainable development shared with our people”.