ITALMOBILIARE GROUP
- TOTAL NET PROFIT: 367 MILLION EURO (-8.2%)
- GROUP NET PROFIT: 131.1 MILLION EURO (-10.5%)
- NET DEBT: 1,985.9 MILLION EURO (1,857.3 MILLION EURO AT DECEMBER 31, 2006)
- SHAREHOLDERS’ EQUITY: 6,569 MILLION EURO (6,407.9 MILLION EURO AT DECEMBER 31, 2006)
ITALMOBILIARE SPA
- NET PROFIT: 82.3 MILLION EURO COMPARABLE WITH 69.4 MILLION EURO IN THE FIRST HALF OF 2006 (168.3 MILLION EURO) NET OF INTERCOMPANY CAPITAL GAINS OF 98.9 MILLION EURO
Milan, August 10, 2007 – 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 at June 30, 2007.
Among the Group’s industrial businesses, the first half of the year saw revenue growth both in construction materials (where a particularly strong first quarter was followed by a slower second quarter) and in packaging and insulation. The operating results of the industrial operations slackened, however, due to continuing increases in costs, notably energy, logistics and raw materials. The banking business reported higher half-year profits, while results in the financial business weakened due to the absence of the capital gain on the sale of Gemina shares and a lower contribution from associates. In this context, the Group half-year financial statements reflect consolidated net profit of 367 million euro (400 million euro in the year-earlier period) on revenues that rose to 3,283 million euro (3,087.6 million euro). After investments in fixed assets of 414.8 million euro, net debt at the end of June stood at 1,985.9 million euro (1,857.3 million euro at December 31, 2006), while shareholders’ equity rose to 6,569 million euro from 6,407.9 at the end of 2006. Italmobiliare S.p.A. and the wholly owned financial companies had a positive net financial position of 377.6 million euro at June 30 (383.9 million euro at the end of 2006).
The Parent Company Italmobiliare S.p.A. reported a half-year net profit of 82.3 million euro, against 168.3 million euro in the six months to June 30, 2006, when a significant component was a net capital gain of 98.9 million euro on the sale of equity investments to the Franco Tosi subsidiary as part of an intercompany transaction. Excluding the effect of that sale, the net profit for the first half of 2006 would have been 69.4 million euro, and the comparison with the first half of 2007 would reflect an improvement of 18.6%. For full year 2007, the half-year results and trends forecast in the sectors and on the markets where the Group operates make it unlikely, subject to currently unforeseeable events, that the Group will achieve the record results of 2006, which benefited from particularly favorable conditions and non-recurring positive contributions. At the same time, however, the net profit of the Parent Company Italmobiliare S.p.A. is expected to be 2 up on the 2006 figure, net of the capital gains on the intragroup sales to the Franco Tosi subsidiary.
Attached the full press release