Italtel reports 2003 results: Ebitda at 17.3% (+10%) – better operations management, strong reduction of net debt

Milan, March 30, 2004

The company led by Roberto Quarta closes the year with a strong growth of the Ebitda (from 10.7% of 2001 to the current 17.3%, amounting to 102.1 million euros) and a significant decrease of outstanding debt (from the 454 million of 2001 to the current 277 million euros). The fiscal year 2003 registers a positive result amounting to 15 million, not including goodwill amortization, equal to 39 million. Goals include new acquisitions and a stronger commitment in EMEA (Europe, Middle-East and Africa), with investments primarily focused on VoIP.