Cash flow Inwit S.p.A.

Equities

INW

IT0005090300

Integrated Telecommunications Services

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Published financial data: INWIT S.P.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	395M	663M	785M	853M	960M
Total Revenues	395M	663M	785M	853M	960M
Cost of Goods Sold, Total	37.75M	51.64M	61.94M	61.25M	63.66M
Gross Profit	358M	612M	723M	792M	897M
Selling General & Admin Expenses, Total	-	-	-	-	-
Depreciation & Amortization - (IS)	130M	313M	360M	364M	371M
Other Operating Expenses	2.04M	5.58M	1.03M	5.98M	11.72M
Other Operating Expenses, Total	132M	319M	361M	370M	382M
Operating Income	226M	293M	362M	422M	514M
Interest Expense, Total	-20.57M	-56.64M	-73.61M	-34.43M	-63.55M
Interest And Investment Income	122K	19.31K	8.37K	129	454K
Net Interest Expenses	-20.44M	-56.62M	-73.6M	-34.43M	-63.09M
Other Non Operating Income (Expenses)	-3.79M	-8.62M	-16.48M	-46.8M	-49.85M
EBT, Excl. Unusual Items	201M	228M	272M	341M	401M
Restructuring Charges	-573K	-	-670K	-3.66M	-
Merger & Related Restructuring Charges	-5.25M	-6.71M	-2.53M	-	-
Gain (Loss) On Sale Of Investments	59K	-	-	-	-
Asset Writedown	-	-	-	-	-
Legal Settlements	-	-226K	-738K	-407K	-1.84M
Other Unusual Items	-	-	-3.35M	-2.51M	-3.82M
EBT, Incl. Unusual Items	196M	221M	265M	334M	396M
Income Tax Expense	56.27M	64.27M	73.27M	40.91M	56.3M
Earnings From Continuing Operations	139M	157M	191M	293M	339M
Net Income to Company	139M	157M	191M	293M	339M
Net Income - (IS)	139M	157M	191M	293M	339M
Net Income to Common Incl Extra Items	139M	157M	191M	293M	339M
Net Income to Common Excl. Extra Items	139M	157M	191M	293M	339M
Per Share Items
Net EPS - Basic	0.23	0.18	0.2	0.31	0.36
Basic EPS - Continuing Operations	0.23	0.18	0.2	0.31	0.36
Basic Weighted Average Shares Outstanding	600M	871M	960M	960M	956M
Net EPS - Diluted	0.23	0.18	0.2	0.31	0.36
Diluted EPS - Continuing Operations	0.23	0.18	0.2	0.31	0.36
Diluted Weighted Average Shares Outstanding	600M	871M	960M	960M	956M
Normalized Basic EPS	0.21	0.16	0.18	0.22	0.26
Normalized Diluted EPS	0.21	0.16	0.18	0.22	0.26
Dividend Per Share	0.13	0.3	0.32	0.35	0.48
Payout Ratio	90.84	444.72	149.84	104.83	99.02
Supplemental Items
EBITDA	241M	428M	538M	603M	695M
EBITA	226M	370M	467M	530M	626M
EBIT	226M	293M	362M	422M	514M
EBITDAR	247M	431M	545M	605M	699M
Effective Tax Rate - (Ratio)	28.77	29.09	27.68	12.24	14.22
Current Domestic Taxes	-	86.27M	108M	12.37M	29.76M
Total Current Taxes	55.54M	86.27M	108M	12.37M	29.76M
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	771K	-21.22M	-35.26M	-35.31M	-38.42M
Normalized Net Income	126M	142M	170M	213M	251M
Interest on Long-Term Debt	19.51M	36.83M	63.8M	65.8M	69.28M
Non-Cash Pension Expense	195K	21K	15K	52K	92K
Supplemental Operating Expense Items
Net Rental Expense, Total	6.07M	2.58M	6.46M	2.43M	4.42M
Imputed Operating Lease Interest Expense	2.07M	505K	953K	161K	532K
Imputed Operating Lease Depreciation	4M	2.07M	5.51M	2.27M	3.89M
Maintenance & Repair Expenses, Total	-	-	-	-	-
Stock-Based Comp., COGS (Total)	141K	73K	95K	243K	27K
Total Stock-Based Compensation	141K	73K	95K	243K	27K

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	66.57M	120M	96.32M	72.85M	95.08M
Short Term Investments	15.01M	-	-	-	-
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	81.58M	120M	96.32M	72.85M	95.08M
Accounts Receivable, Total	72.53M	126M	88.19M	117M	101M
Other Receivables	6.6M	8.46M	83.35M	74.6M	76.43M
Notes Receivable	90K	190K	235K	203K	-
Total Receivables	79.22M	135M	172M	192M	177M
Prepaid Expenses	-	-	-	-	-
Other Current Assets, Total	4M	1.04M	1.94M	2.77M	3.49M
Total Current Assets	165M	256M	270M	267M	276M
Gross Property Plant And Equipment	1.85B	2.86B	2.93B	3.07B	3.35B
Accumulated Depreciation	-854M	-913M	-977M	-1.04B	-1.09B
Net Property Plant And Equipment	996M	1.95B	1.95B	2.02B	2.26B
Goodwill	1.41B	6.11B	6.15B	6.15B	6.15B
Other Intangibles, Total	11.04M	762M	693M	589M	480M
Loans Receivable Long-Term	235K	497K	615K	385K	214K
Deferred Tax Assets Long-Term	1.94M	-	-	-	-
Deferred Charges Long-Term	6.93M	998K	747K	525K	326K
Other Long-Term Assets, Total	-	431K	297M	233M	182M
Total Assets	2.59B	9.09B	9.36B	9.26B	9.35B
Liabilities
Accounts Payable, Total	104M	134M	175M	144M	185M
Accrued Expenses, Total	1.19M	-	-	-	-
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	14.06M	13.03M	149M	121M	287M
Current Portion of Leases	110M	159M	151M	152M	160M
Current Income Taxes Payable	801K	12.58M	17.87M	1.36M	17.42M
Unearned Revenue Current, Total	7.81M	-	-	-	-
Other Current Liabilities	9.86M	22.09M	42M	49.41M	52.95M
Total Current Liabilities	248M	340M	535M	468M	703M
Long-Term Debt	140M	2.77B	3.02B	3.07B	3.03B
Long-Term Leases	530M	893M	831M	810M	822M
Unearned Revenue Non Current	982K	-	-	-	-
Pension & Other Post Retirement Benefits	1.79M	2.64M	2.91M	2.3M	2.35M
Deferred Tax Liability Non Current	-	277M	239M	204M	165M
Other Non Current Liabilities	110M	222M	251M	242M	288M
Total Liabilities	1.03B	4.5B	4.88B	4.8B	5.01B
Common Stock, Total	600M	600M	600M	600M	600M
Additional Paid In Capital	660M	3.69B	2.21B	2.09B	2.05B
Retained Earnings	302M	289M	1.67B	1.78B	1.82B
Treasury Stock	-1.44M	-339K	-679K	-2.81M	-139M
Comprehensive Income and Other	410K	-122K	-94.31K	1.27M	749K
Total Common Equity	1.56B	4.58B	4.48B	4.47B	4.34B
Total Equity	1.56B	4.58B	4.48B	4.47B	4.34B
Total Liabilities And Equity	2.59B	9.09B	9.36B	9.26B	9.35B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	600M	960M	960M	960M	948M
ECS Total Common Shares Outstanding	600M	960M	960M	960M	948M
Book Value / Share	2.6	4.77	4.67	4.65	4.58
Tangible Book Value	138M	-2.29B	-2.36B	-2.27B	-2.3B
Tangible Book Value Per Share	0.23	-2.39	-2.45	-2.36	-2.42
Total Debt	794M	3.83B	4.15B	4.15B	4.3B
Net Debt	712M	3.71B	4.05B	4.08B	4.21B
Debt Equivalent Oper. Leases	48.54M	20.62M	51.67M	19.45M	35.38M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	30.06M	48.58M	51.09M	63.28M	102M
Machinery, Total	1.06B	1.59B	1.73B	1.82B	2.03B
Full Time Employees	122	206	246	256	296
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	139M	157M	191M	293M	339M
Depreciation & Amortization - CF	129M	237M	250M	249M	254M
Amortization of Goodwill and Intangible Assets - (CF)	808K	76.95M	105M	108M	112M
Depreciation & Amortization, Total	130M	314M	355M	358M	365M
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	366K	-761K	4.9M	6.03M	5.03M
Asset Writedown & Restructuring Costs	-	-	-	-	-
Other Operating Activities, Total	16.85M	12.95M	1.7M	6.75M	192K
Change In Accounts Receivable	-23.05M	76.34M	38.1M	-28.6M	15.91M
Change In Accounts Payable	20.14M	-34.05M	-7.5M	37.31M	37.57M
Change In Deferred Taxes	771K	-21.16M	-38.59M	-35.28M	-38.17M
Change in Other Net Operating Assets	20.77M	-17.2M	-327M	49.73M	85.7M
Cash from Operations	305M	487M	218M	687M	811M
Capital Expenditure	-67.9M	-89.3M	-168M	-255M	-299M
Cash Acquisitions	-	-2.14B	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	3M	22.24M	70.6K	466K	262K
Other Investing Activities, Total	1.93M	-	-	-	29.34M
Cash from Investing	-62.97M	-2.21B	-168M	-255M	-270M
Long-Term Debt Issued, Total	-	2.47B	214M	-	-
Total Debt Issued	-	2.47B	214M	-	-
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-153M	-	-	-146M	-46.74M
Total Debt Repaid	-153M	-	-	-146M	-46.74M
Repurchase of Common Stock	-	-532K	-340K	-2.13M	-136M
Common Dividends Paid	-127M	-697M	-287M	-307M	-336M
Common & Preferred Stock Dividends Paid	-127M	-697M	-287M	-307M	-336M
Cash from Financing	-279M	1.77B	-73.4M	-456M	-519M
Miscellaneous Cash Flow Adjustments	-	-	-	-	23K
Net Change in Cash	-37.55M	53.64M	-23.89M	-23.47M	22.23M
Supplemental Items
Cash Interest Paid	-	-	-	49.8M	66.1M
Cash Income Tax Paid (Refund)	55.54M	93.29M	110M	27.9M	13.6M
Levered Free Cash Flow	212M	379M	395M	285M	422M
Unlevered Free Cash Flow	225M	415M	441M	306M	462M
Change In Net Working Capital	-21.8M	-6.96M	-28.12M	60.44M	-74.42M
Net Debt Issued / Repaid	-153M	2.47B	214M	-146M	-46.74M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	6.23	3.14	2.45	2.83	3.45
Return on Total Capital	6.92	3.4	2.65	3.06	3.73
Return On Equity %	8.96	5.1	4.22	6.56	7.71
Return on Common Equity	8.96	5.1	4.22	6.56	7.71
Margin Analysis
Gross Profit Margin %	90.45	92.22	92.11	92.82	93.37
SG&A Margin	-	-	-	-	-
EBITDA Margin %	60.92	64.57	68.58	70.7	72.37
EBITA Margin %	57.26	55.78	59.46	62.19	65.19
EBIT Margin %	57.05	44.18	46.11	49.48	53.57
Income From Continuing Operations Margin %	35.23	23.62	24.38	34.39	35.35
Net Income Margin %	35.23	23.62	24.38	34.39	35.35
Net Avail. For Common Margin %	35.23	23.62	24.38	34.39	35.35
Normalized Net Income Margin	31.83	21.47	21.65	24.97	26.13
Levered Free Cash Flow Margin	53.57	57.19	50.35	33.38	43.97
Unlevered Free Cash Flow Margin	56.83	62.52	56.21	35.9	48.11
Asset Turnover
Asset Turnover	0.17	0.11	0.09	0.09	0.1
Fixed Assets Turnover	0.63	0.45	0.4	0.43	0.45
Receivables Turnover (Average Receivables)	6.48	6.67	7.32	8.32	8.83
Short Term Liquidity
Current Ratio	0.67	0.75	0.5	0.57	0.39
Quick Ratio	0.65	0.75	0.5	0.56	0.39
Operating Cash Flow to Current Liabilities	1.23	1.43	0.41	1.47	1.15
Days Sales Outstanding (Average Receivables)	56.32	54.85	49.86	43.86	41.34
Average Days Payable Outstanding	927.29	845.54	910.21	950.1	944.12
Long Term Solvency
Total Debt/Equity	50.86	83.69	92.59	92.98	99.24
Total Debt / Total Capital	33.71	45.56	48.07	48.18	49.81
LT Debt/Equity	42.94	79.95	85.88	86.86	88.91
Long-Term Debt / Total Capital	28.46	43.52	44.59	45.01	44.63
Total Liabilities / Total Assets	39.78	49.58	52.11	51.78	53.62
EBIT / Interest Expense	10.97	5.18	4.92	12.26	8.09
EBITDA / Interest Expense	17.27	10.72	9.74	22.65	13.85
(EBITDA - Capex) / Interest Expense	13.97	9.14	7.46	15.24	9.13
Total Debt / EBITDA	2.24	6.32	5.79	5.33	4.89
Net Debt / EBITDA	2.01	6.12	5.65	5.23	4.78
Total Debt / (EBITDA - Capex)	2.76	7.41	7.56	7.91	7.41
Net Debt / (EBITDA - Capex)	2.48	7.17	7.39	7.78	7.25
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	4.47	67.78	18.35	8.64	12.58
Gross Profit, 1 Yr. Growth %	2.28	71.06	18.06	9.48	13.25
EBITDA, 1 Yr. Growth %	12.22	77.83	24.15	12	15.24
EBITA, 1 Yr. Growth %	11.68	63.47	24.37	13.63	18.01
EBIT, 1 Yr. Growth %	12.56	29.94	21.31	16.57	21.88
Earnings From Cont. Operations, 1 Yr. Growth %	-1.03	12.46	22.17	53.26	15.74
Net Income, 1 Yr. Growth %	-1.03	12.46	22.17	53.26	15.74
Normalized Net Income, 1 Yr. Growth %	2.49	13.14	18.92	25.32	17.79
Diluted EPS Before Extra, 1 Yr. Growth %	-1	-22.59	10.87	53.3	16.21
Accounts Receivable, 1 Yr. Growth %	46.57	74.13	-30.17	32.42	-13.73
Net Property, Plant and Equip., 1 Yr. Growth %	290.14	96.05	0.09	3.64	11.55
Total Assets, 1 Yr. Growth %	34.14	250.46	3.04	-1.07	0.96
Tangible Book Value, 1 Yr. Growth %	44.19	-1.76K	2.69	-3.68	1.2
Common Equity, 1 Yr. Growth %	0.83	193.4	-2.12	-0.38	-2.91
Cash From Operations, 1 Yr. Growth %	88.18	59.64	-55.24	215.39	18.08
Capital Expenditures, 1 Yr. Growth %	39.61	31.51	88.55	51.46	17.43
Levered Free Cash Flow, 1 Yr. Growth %