ITALMOBILIARE GROUP:
- REVENUES: 1,386.4 MILLION EURO (1,452.5 MILLION EURO IN Q1 2007)
- TOTAL NET PROFIT: 47.2 MILLION EURO (106.6 MILLION EURO IN Q1 2007)
- GROUP NET PROFIT: -19.2 MILLION EURO (34.4 MILLION EURO)
- INVESTMENTS IN FIXED ASSETS: UP TO 269.9 MILLION EURO (215.4 MILLION EURO)
- SHAREHOLDERS’ EQUITY: 5,887.3 MILLION EURO (6,300.2 MILLION EURO)
- NET DEBT: 2,088.8 MILLION EURO (2,149.6 MILLION EURO AT DECEMBER 31, 2007)
- GEARING RATIO 35.48% FROM 34.12% AT THE END OF 2007
- NET ASSET VALUE: 2,902.6 MILLION EURO (3,324.3 MILLION EURO AT DECEMBER 31, 2007)
Milan, May 15, 2008 – At a meeting chaired by Giampiero Pesenti, the Italmobiliare S.p.A. Board of Directors examined and approved the consolidated interim management report at March 31, 2008.
Group operations during the first three months of the current year were conducted in the context of a financial market still suffering the repercussions of the crisis that began in the second half of 2007 and an industrial scenario (with fewer days worked than the first quarter of 2007) affected by increased operating expenses. Moreover, meteorological conditions in the construction materials sector were less favorable, while the food packaging business experienced fierce competitive pressures.
In this context, only partially representative of a full-year trend, the Italmobiliare Group reported a downturn in first-quarter results, especially in the financial sector where the equities and debentures portfolios were written down in line with the negative performance of the markets.
At March 31, 2008, the Group reported total net profit of 47.2 million euro (106.6 million euro in the first quarter of 2007), while the net result attributable to the Group was a loss of 19.2 million euro (net profit of 34.4 million euro in the year-earlier period) on revenues of 1,386.4 million euro (1,452.5 million euro, down by 4.6%, but up by 3% at constant size and exchange rates). Investments in fixed assets continued to rise in the first quarter, reaching 269.9 million euro (215.4 million euro). Despite this increase, the Group’s financial position remained sound, with a gearing ratio (net debt/shareholders' equity) of 35.48%, from 34.12% at the end of 2007.
Net Asset Value at Italmobiliare S.p.A. at the end of March was 2,902.6 million euro from 3,324.3 million euro at December 31, 2007, after adjustments to listed securities to reflect market values at the end of the quarter.
With regard to the full-year outlook, the Group’s objective is to achieve consolidated operating results in line with the levels reported in 2007, subject to currently unforeseeable events.
Attached the full press release