Telecom Italia EBITDA in H1 2015 was 3,633 million euros (4,345 million euros during H1 2014), down 712 million euros compared with H1 2014, accounting for 36.0% of revenues (41.2% in H1 2014).
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Organic EBITDA decreased by 684 million euros (-15.8%) compared with H1 2014, accounting for a percentage of revenues down by 5.3 percentage points from 41.3% in H1 2014 to 36.0% in H1 2015.
EBITDA in H1 2015 suffered the negative impact of non-recurring items in the total amount of 399 million euros.
Without these items, the organic change in EBITDA would have been -5.0%, accounting for 39.9% of revenues, down 0.8 percentage points on H1 2014.
EBIT in H1 2015 was 1,782 million euros (2,225 million euros during H1 2014), down 443 million euros (-19.9%) compared with H1 2014, accounting for 17.6% of revenues (21.1% in H1 2014).
Organic EBIT was down 432 million euros, accounting for 17.6% of revenues (21.2% in H1 2014).
EBIT for H1 2015 suffered the negative impact of net non-recurring items for a total of 122 million euros: the non-recurring charges already mentioned in the comment on EBITDA (399 million euros) were offset by the positive impact of the capital gain of 277 million euros deriving from the sale of the telecommunications towers in Brazil.
Without these net non-recurring items, the organic change in EBIT would have been -9.5%, accounting for 18.9% of revenues.
Net consolidated profits attributable to Shareholders of the Parent company were 29 million euros (543 million euros during the same period of 2014).
In addition to non-recurring charges and income, they also suffered the negative impact of the bond buyback transactions during the half-year and some items of a purely accounting and valuation nature, which do not generate any financial adjustments, particularly in connection with the valuation at fair value of the implicit option included in the Mandatory Convertible Bond issued late 2013 with a maturity at three years.
In the absence of these impacts the profits of the first half of 2015 would have been over 650 million euros.
Capex in H1 2015 were 2,146 million euros, up 439 million euros (+25.7%) on H1 2014, and breaks down as follows by operational sector: ■