ITALTEL GROUP FINANCIAL HIGHLIGHTS

(thousands of euros)

    Year Year  
    2008 2007  
    IFRS IFRS  
  Revenue 467,785 543,440  
  EBITDA (1) 79,526 90,090  
  Margin % 17.00 16.58  
  Normalized EBITDA (2) 76,359 110,170  
  Margin % 16.32 20.30  
  EBIT (3) (16,775) 19,680  
  Margin % (3.59) 3.62  
  Net income (loss) (58,066) (23,884)  
  Margin % (12.41) (4.39)  
    as of
December 31, 2008 		as of
December 31, 2007		  
  Capex (4) 43,095 43,979  
  Net financial debt (5) 234,874 279,086  
  Net equity 239,402 300,223  
  Net Invested Capital 474,276 579,309  
  Adjusted Net Invested Capital 43,361 110,394  
  Net cash provided in operating activities 90,089 33,882  
  Net cash used in investing activities (44,239) (43,784)  
  Net cash used in financial activities (9,291) (41,738)  

(1) EBITDA represents the sum of operating income plus depreciation and amortization
(2) Normalized EBITDA is calculated by removing the effects of non-recurring items
(3) EBIT represents operating income
(4) Capex, or capital expenditure represents the sum of tangible and intangible investment
(5) Net financial debt is given in the Report on operations

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