ITALMOBILIARE GROUP:
- REVENUES: 4,713.2 MILLION EURO (4,908.1 MILLION EURO AT SEPTEMBER 30, 2007)
- TOTAL NET PROFIT: 292.8 MILLION EURO (513.4 MILLION EURO)
- GROUP NET PROFIT: 44.5 MILLION EURO (168.7 MILLION EURO)
- SHAREHOLDERS' EQUITY: 5,765.7 MILLION EURO (5,672.8 MILLION EURO AT JUNE 30, 2008)
- NET DEBT: 2,398.7 MILLION EURO (2,375.3 MILLION EURO AT JUNE 30, 2008)
- GEARING RATIO 41.6% FROM 41.87% AT JUNE 30, 2008
- NET ASSET VALUE: 2,091.8 MILLION EURO (2,543.5 MILLION EURO AT JUNE 30, 2008)
Milan, November 14, 2008 – At a meeting today, the Italmobiliare S.p.A. Board of Directors examined and approved the consolidated quarterly report at September 30, 2008.
The main factors influencing results at the Italmobiliare Group in the first nine months of the year were the sharp downturns reported in the financial sector, which suffered throughout the period, and in the third quarter in particular, from the serious situation on the markets. It should be noted that debentures held by the companies operating in the financial sector have been measured at fair value at the end of the period, that is, without application of the exceptions allowed by the new IAS 39 text. With regard to industrial operations, which reflected the impact of the financial crisis on the real economy, there was a decline on the mature markets and a slowdown in the emerging countries. The increase in operating expenses, in particular costs relating to energy factors, caused profitability to fall.
In these conditions, at September 30, 2008, the Italmobiliare Group posted total net profit of 292.8 million euro and Group net profit of 44.5 million euro, compared with 513.4 million euro and 168.7 million euro respectively at September 30, 2007. In the third quarter, total net profit was 58.2 million euro (146.4 million euro) for a Group net loss of 22.4 million euro (net profit of 37.6 million euro in the year-earlier third quarter).
Revenues in the first nine months of the year amounted to 4,713.2 million euro, a decrease of 4.0% (+2.3% net of the effect of deconsolidation of the Calcestruzzi group). The contributions of the Group core businesses to revenues varied, with packaging and insulation reporting growth of 8.9%, construction materials showing a slowdown of -4.2%, and the financial sector (-13.3%) and the banking sector (-11.1%) recording sharper declines.
Total shareholders' equity at the end of September 2008 was 5,765.7 million euro, against 5,672.8 million euro at June 30, 2008 (restated for line-by-line consolidation of operations in Turkey).
Net debt at September 30, 2008, was 2,398.7 million euro, compared with 2,375.3 million euro at June 30.
The gearing ratio at the end of September was 41.6%, unchanged from the situation at the end of June.
Italmobiliare Net Asset Value (NAV) at September 30, 2008, was 2,091.8 million euro (2,543.5 million euro at June 30, 2008).
The parent company Italmobiliare S.p.A. reported net profit for the first nine months of 2008 of 64.3 million euro (76.1 million euro to the end of September 2007).
The financial crisis deepened in September and October and is already having negative repercussions on the real economy. The first recessionary effects are evident in the mature countries as is the slowdown in growth in the emerging countries. Under these conditions, and considering performance for the year to the end of September and the full-year projections drawn up by the individual core businesses, the Italmobiliare Group expects its full-year consolidated results for 2008 to be inevitably down on the results of 2007, although a net profit will be posted, subject to currently unforeseeable events.
Attached the full press release