ITALMOBILIARE GROUP
- NET SALES: 4,656.1 MILLION EURO (+18.4%)
- TOTAL NET INCOME: 603 MILLION EURO (+42.4%)
- GROUP NET INCOME: 210 MILLION EURO (+37.9%)
- NET DEBT: 1,997.2 MILLION EURO (1,865.1 MILLION EURO AT DECEMBER 31, 2005)
- SHAREHOLDERS’ EQUITY: 6,249.4 MILLION EURO (5,916.7 MILLION EURO AT DECEMBER 31, 2005)
Milan, November 14, 2006 – At a meeting today chaired by Giampiero Pesenti, the Board of Directors of Italmobiliare S.p.A. examined and approved the consolidated quarterly report at September 30, 2006.
The third quarter of the year reflected further improvements in year-on-year results, with net income of 203 million euro (+17.4%). Growth was slower than in the first half of the year due to the change in the impact of the consolidation area and unfavorable conditions in some areas of the food packaging business.
In this scenario, in the first nine months of the year, the Italmobiliare Group confirmed the positive trend already reported earlier in the year, with particularly important contributions from the construction materials business and the financial sector, and, in percentage terms, from the banking sector. For the January-September period, the Group posted total net income of 603 million euro (+42.4%) and Group net income of 210 million euro (+37.9%), on net sales of 4,656.1 million euro (+18.4%). Shareholders’ equity rose over the period by approximately 332 million euro, to well over 6 billion euro.
Group net debt was 1,997.2 million euro at September 30, up from 1,865.1 million euro at December 31, 2005, but down from 2,269.5 million euro at June 30, 2006. The net debt increase from the end of 2005, in a period with high cash flows from operating activities (709.8 million euro), was largely due to high capital expenditure (669.7 million euro) and dividends paid (221.8 million euro). The financial sector, composed of Italmobiliare S.p.A. and the wholly owned financial subsidiaries, had a positive net financial position of 357.5 million euro, an improvement of approximately 54 million euro from the end of 2005.
Despite uncertainties in some businesses, the results achieved to date and the positive expectations for the final quarter allow Italmobiliare to confirm the 2006 full-year projections published with the half-year report, for an improvement in Group net income compared with full-year 2005, subject to currently unforeseen events.
Attached the full press release