(Alliance News) - Telecom Italia Spa reported Wednesday that its board of directors reviewed 2023 figures, confirming preliminaries, which saw revenues of EUR16.30 billion from EUR15.79 billion in 2022.

Ebitda amounted to EUR5.71 billion from EUR5.35 billion in 2022, with a margin of 35.0% from 33.9% a year earlier.

Operating income rises 38% to EUR836 million from EUR606 million, with marigne of 5.1% from 3.8%, while net loss narrows to EUR1.44 billion from EUR2.93 billion a year earlier.

Adjusted net debt amounted to EUR25.66 billion as of Dec. 31 from EUR25.36 billion as of Dec. 31, 2022.

Group operating cash flow in FY2023 is positive EUR2.60 billion from the negative figure of EUR625 million in FY2022 discounting, in particular, payments for the acquisition of frequency usage rights for telecommunications services in Italy and Brazil.

The fourth-quarter results also, the company says, "confirm the improving trend of the domestic business and the strong growth of TIM Brasil and allow it to meet or exceed the targets set for FY2023, hitting, for the first time since 2010, all guidance for the second consecutive fiscal year."

Specifically, compared to the fourth quarter of 2022, total group revenues are up 1.9 percent to EUR4.34 billion from EUR4.25 billion in the same period last year. In the same period, Ebitda is EUR1.5 billion from EUR1.40 billion in the fourth quarter of 2022.

Also last night, TIM announced Wednesday that the board of directors has determined its own list of 15 candidates for the board renewal, submitting a request for the membership to drop from 15 to nine.

The list of candidates also includes Alberta Figari, proposed by the board for the role of chairperson.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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