ITALMOBILIARE GROUP:
- TOTAL NET PROFIT: 106.6 MILLION EURO (113 MILLION EURO IN FIRST QUARTER 2006)
- GROUP NET PROFIT: 34.4 MILLION EURO (43.8 MILLION EURO)
- INVESTMENTS IN FIXED ASSETS: UP TO 217.4 MILLION EURO (125.2 MILLION EURO)
- SHAREHOLDERS' EQUITY: TOPS 6.5 BILLION EURO
- NET DEBT: 1,693.3 MILLION EURO (1,857.3 MILLION EURO AT DECEMBER 31, 2006)
- GEARING MAKES FURTHER IMPROVEMENT TO 25.9% FROM 29%
Milan, 15 May 2007 – At a meeting chaired by Giampiero Pesenti, the Italmobiliare S.p.A. Board of Directors examined and approved the consolidated quarterly report to March 31, 2007. The report is only partially representative of full-year trends due to the seasonal nature of the industrial core business (construction materials). The Italmobiliare Group reported total net profit for the period of 106.6 million euro and Group net profit of 34.4 million euro, compared with 113 million euro and 43.8 million euro respectively in the 2006 first quarter. In 2006, a number of operations in the first quarter, including the sale of the equity investment in Gemina, had a beneficial impact on results. A strong increase in business operations in the first quarter of 2007 boosted revenues to 1,501.9 million euro compared with 1,367 million euro in the year-earlier period. The January-March quarter saw continued high investments in fixed assets with a significant increase to 217.4 million euro (125.2 million euro); nevertheless, thanks to cash flow from operations and the reduction in working capital, net debt decreased to 1,693.3 million euro (1,857.3 million euro at December 31, 2006). Shareholders' equity at the end of March topped 6.5 billion euro to reach 6,547.2 million euro, compared with 6,407.9 million euro at the end of 2006. The rise in shareholders' equity and the reduction in net debt generated a further improvement in gearing to 25.9%, from 29% at December 31, 2006. With regard to the outlook for the full year, the Group confirmed its challenging target, indicated in the 2006 annual report, of achieving consolidated operating results in line with the excellent figures for 2006.