ITALMOBILIARE GROUP
- REVENUES: 5,147.3 MILLION EURO (5,365.4 MILLION EURO IN 2009)TOTAL
- NET PROFIT: 187.8 MILLION EURO (284.3 MILLION EURO)NET DEBT: 2,095.5 MILLION EURO (2,200.8 MILLION EURO)
- SHAREHOLDERS' EQUITY: 5,932.8 MILLION EURO (5,767.1 MILLION EURO)
- NET ASSET VALUE: 1,654.9 MILLION EURO AT DECEMBER 31, 2010 (2,166.1 MILLION EURO AT THE END OF 2009)
- DIVIDEND FOR FINANCIAL YEAR 2010: 0.532 EURO TO ORDINARY SHARES (0.856 EURO IN 2009) AND 0.610 EURO TO SAVINGS SHARES (0.934 EURO)
Milan, March 30, 2011 – The Board of Directors of Italmobiliare S.p.A. today examined and approved the consolidated financial statements and the separate financial statements for financial year 2010.
The Italmobiliare Group closed 2010 with a total net profit of 187.8 million euro. This compared with a net profit of 284.3 million euro in 2009, a result that benefited from significant measurement gains on securities as a result of the positive performance of the financial markets in 2009 and higher dividend inflows.
Among the different sectors in which the Group operates, the financial sector, which comprises the parent company and the wholly owned financial subsidiaries, was the sector that reported the largest percentage downturn in results, owing to continuing instability on the financial markets. At the end of the year, the Italian stock market was down by more than 13%, in contrast to the performance of other markets. Given these conditions, the financial sector reported a net profit of 26.7 million euro compared with 91.8 million euro in 2009, when important measurement gains were posted on trading securities (net gains of 27.7 million euro compared with losses of 3.2 million euro in 2010). The decline in results was also due to lower income from equity investments and net losses at companies valued at equity.
In the banking sector, the uncertain market mood led clients to adopt a more cautious approach in portfolio management. This produced a significant decline in commission income and, despite a sharp reduction in costs, a net loss of 4.1 million euro (a net profit of 1.2 million euro in 2009).
Looking at the Group’s industrial operations, the construction materials sector formed by the Italcementi group (which published its results on March 4) posted revenues of 4,790.9 million euro (-4.3% on 2009), reflecting the fall in sales volumes and the negative sales price dynamic in some countries, notably Italy, North America and India. The decrease in revenues and the rise in the cost of energy products were counterbalanced only in part by
decisive control of operating expenses and efficiency gains. Recurring EBITDA was 836.3 million euro (-13.9%) and EBIT was 353.8 million euro (-20.1%).
In the food packaging and thermal insulation sector, consisting of the Sirap Gema group, revenues were 239.3 million euro, substantially in line with 2009. EBIT amounted to 10.8 million euro, down by 42.2% from 2009 largely as a result of a significant increase in the average cost of raw materials, on a fiercely competitive market.
In financial year 2010, revenues amounted to 5,147.3 million euro, a decrease of 4.1% from 2009. Recurring EBITDA (878.8 million euro) and EBITDA (876.5 million euro) were down by 16.8% and 16.0% respectively. After an increase in depreciation and amortization charges (to 488.4 million euro from 474.9 million euro in 2009) and a sharp reduction in impairment on fixed assets (7.9 million euro compared with 54.4 million euro), EBIT fell by 26.1% to 380.2 million euro.
Net profit for the year was 187.8 million euro, a decrease of 34.0% from 2009, while net profit attributable to the Group was 21.3 million euro (-78.1%), after net profit attributable to minorities of 166.5 million euro (-11.0%).
At December 31, 2010, Italmobiliare Group total shareholders' equity amounted to 5,932.8 million euro, up from 5,767.1 million euro at December 31, 2009. Year-end net debt stood at 2,095.5 million euro, an improvement of more than 105 million euro from the end of 2009. The gearing ratio was down to 35.32% at December 31, 2010, from 38.16% at the end of 2009.
The net financial position of Italmobiliare and the wholly owned financial companies was positive at the end of 2010, at 170.6 million euro, down by 84.4 million euro from the end of 2009. The decrease was largely due to the purchase for 110.6 million euro of the investments held by Italcementi in Mediobanca and RCS MediaGroup, as already announced at the end of December.
The parent company Italmobiliare S.p.A. a reported a net profit of 35.2 million euro for the year to December 31, 2010, down from 52.6 million euro for 2009. The reduction was essentially due to the sharp drop in dividend inflows in 2010 and to capital losses not fully offset by corresponding income from liquidity investments.
Italmobiliare Net Asset Value (NAV) was 1,654.9 million euro at December 31, 2010 (2,166.1 million euro at December 31, 2009).
At the Shareholders' Meeting called for May 24 and 25, 2011 (first and second call respectively), the Italmobiliare Board of Directors will propose distribution of a dividend of 0.532 euro on ordinary shares (0.856 euro in 2009) and 0.610 euro on savings shares (0.934 euro), to be paid from June 9, 2011; shares will trade ex dividend from June 6.
A meeting of savings shareholders has been called for May 16 (first call), May 23 (second call) and May 24 (third call).
Outlook – Despite the upturn in the world economy and the recovery in the Eurozone, continuing pressures on the markets, and their potential spread to the real economy, create great uncertainty with regard to formulation of precise guidance on Italmobiliare results for 2011, although a net profit is expected.
Attached the full press release