ITALMOBILIARE GROUP
- TOTAL NET INCOME: 400 MILLION EURO (+59.7%)
- GROUP NET INCOME: 146.4 MILLION EURO (+54.8%)NET DEBT: 2,269.5 MILLION EURO (1,865.1 MILLION EURO AT DECEMBER 31, 2005)
- SHAREHOLDERS’ EQUITY: 5,984 MILLION EURO (5,916 MILLION EURO AT DECEMBER 31, 2005)
ITALMOBILIARE S.p.A.
- NET INCOME: 168.3 MILLION EURO ( +113.2 MILLION EURO)
- INVESTMENTS IN THE RCS, MEDIOBANCA, GIM AND CAPITALIA VOTING TRUSTS TRANSFERRED TO THE FRANCO TOSI SUBSIDIARY (98.9 MILLION EURO GAIN REFLECTED ON NET INCOME)
Milan, September 13, 2006 – At a meeting today chaired by Giampiero Pesenti, the Board of Directors of Italmobiliare S.p.A. examined and approved the Group consolidated half-year report and the Parent Company separate financial statements to June 30, 2006.
The Group achieved growth in all core businesses during the first half, to report a strong improvements in results.
Besides significant progress in building materials, an improvement was achieved in packaging and insulation and a sizeable increase in the financial and banking businesses.
The half-year financial statements show a 59.7% rise in consolidated net income to 400 million euro, on net sales of 3,087.6 million euro (+21.4%), with shareholders’ equity close to 6 billion euro and net debt of 2,269.5 million euro.
The half-year financial statements for the Parent Company, Italmobiliare S.p.A., drawn up in compliance with the IAS/IFRS accounting standards, reflect net income of 168.3 million euro, a year-on-year improvement of 113.2 million euro. Net income included the impact of the transfer to the Franco Tosi subsidiary of the interests in the RCS MediaGroup, Mediobanca, Gim and Capitalia voting trusts, consistently with the corporate reorganization assigning specific missions to companies owned directly by the Parent Company. Without this effect, net income would have been 69.4 million euro, for growth of 26% over the previous half-year result.
Subject to currently unforeseeable extraordinary events and considering the positive firsthalf performance achieved through improved business results, changes in the consolidation area and non-recurring events, the Group expects its consolidated full-year net income to be up on the 2005 result. The Parent Company Italmobiliare S.p.A., which as from this year adopts the IFRS international financial reporting standards, also expects its net result for the full year to be up on the 2005 result, at constant accounting policies.
Attached the full press release