Wind blows hot and cold

28 Apr 2004

Italian telco Wind has reported a buoyant set of financial results for 2003 showing a 12% rise in revenues to EUR4.383 billion and a 65% increase in EBITDA to EUR1.01 billion. The company said negative free cash flow improved from EUR1.43 billion to EUR529 million, and consolidated after-tax losses by EUR321 million to EUR588 million. However, Wind continues to be saddled with a substantial debt burden, which during 2003 rose slightly from EUR6.9 billion to EUR6.996 billion; this comprised EUR6.261 billion of medium-to long-term lines of credit, EUR253 million relating to the residual cost of the Group’s UMTS licence, EUR164 million in subordinated shareholder loans and EUR318 million in short-term debt. At the end of 2003 Wind claimed around ten million mobile customers, 3.1 million fixed line subscribers and 15.2 million internet accounts, of which it said 3.4 million were active users.