NET INCOME STEADY AT 250 MILLION EURO, EQUITY AT MORE THAN 5 BILLION EURO
ITALMOBILIARE GROUP
- NET INCOME BEFORE MINORITY INTEREST: 250.4 MILLION EURO (-0.1%)
- GROUP NET INCOME: 94.6 MILLION EURO (+1.8%)
- CASH FLOW: 422.3 MILLION EURO (+4.1%)
- NET DEBT: 1,817.7 MILLION EURO (1,470.3 AT 1 JANUARY 2005)
- SHAREHOLDERS’ EQUITY RISES TO 5,194.3 MILLION EURO (4,459.8 MILLION EURO AT THE BEGINNING OF THE YEAR)
ITALMOBILIARE SPA
- NET INCOME: 65 MILLION EURO (77.2 MILLION EURO IN THE FIRST HALF OF 2004 AFTER EXTRAORDINARY INCOME OF APPROXIMATELY 16 MILLION EURO FOR DERECOGNITION OF PRIOR-PERIOD FISCALLY DRIVEN POSTINGS)
- UNREALIZED GAINS: 1,392.9 MILLION EURO ON PARENT COMPANY LISTED EQUITY INVESTMENTS
Milan, 29 September 2005 – The Board of Directors of Italmobiliare S.p.A. today examined and approved the consolidated half-year report at 30 June 2005, drawn up in compliance with the IFRS international financial reporting standards. The first half of the year saw a slight downturn in the Group net result in the construction materials business (with a significant second-quarter recovery on the first quarter), good operating performance in the packaging and insulation business and a positive contribution from the financial and banking businesses.
The Group half-year financial statements show consolidated net income of 250.4 million euro, unchanged from the first half of 2004, on net sales of 2,532 million euro (+6.2%); shareholders’ equity was more than 5 billion euro (5,194.3 million euro).
The half-year financial statements of the Parent Company Italmobiliare S.p.A., drawn up in accordance with Italian GAAP, showed net income of 65 million euro compared with 77.2 million euro in the 2004 first half, although the earlier period included the positive effect of derecognition of prior-period fiscally driven items for approximately 16 million euro. Not considering this posting, net income improved by 6.1% in the first half of 2005. At 30 June 2005 unrealized gains on the listed securities portfolio totaled 1,392.9 million euro.
For the full year, at constant accounting policies and subject to unforeseeable extraordinary events, the Italmobiliare Group expects consolidated net income to be lower than the 2004 figure, while the net income of the Parent Company Italmobiliare S.p.A., taking account of declared dividends and a number of non-recurring items, is expected to be higher than in 2004, net of the positive effect of derecognition of prior-period fiscally driven items.
Attached the full press release