- CONSOLIDATED TOTAL NET INCOME OF 353.3 MILLION EURO (368.9 MILLION EURO IN 2000)
- STEADY DIVIDEND OF 1.018 EURO FOR SAVINGS SHARES AND 0.94 EURO FOR ORDINARY SHARES
- UNREALIZED CAPITAL GAINS AT ITALMOBILIARE S.p.A. TOTALED 875 MILLION EURO AT THE END OF THE YEAR
Milan, 27 March 2002 - Italmobiliare S.p.A.'s Board of Directors today examined and approved the consolidated and parent company Directors' Report and Financial Statements for the year 2001. The Italmobiliare Group reported net sales of 4,206.7 million euro (+6.2%) with a gross operating profit of 1,048.7 million euro (+10.7%) and operating income of 653 million euro, an increase of 24% (excluding the effect of higher amortization charges at Italcementi S.p.A. in 2000 for voluntary asset revaluations, operating income would have increased by 15.9%). The year closed with total net income of 353.3 million euro, a satisfactory result, albeit lower than the 2000 figure (368.9 million euro), when the Group recorded much larger capital gains. Financials 2001 also reflected writedowns of equity investments in listed companies and non-recurring charges related to the restructuring of industrial operations. Group net income was 143.1 million euro compared to 186.6 million euro in the previous year. The strong results recorded by the Italmobiliare Group reflected in particular the solid progress of the Italcementi Group, which reported – as announced on 13 March – Group net income of 201.3 million euro, up 23.8% (excluding the effect of higher amortization charges at Italcementi S.p.A. in 2000 for voluntary asset revaluations, operating income would have increased by 9.4%). In 2001, the Parent Company Italmobiliare S.p.A. recorded net income of 66.8 million euro compared to 75 million euro in 2000. At 31 December 2001 Italmobiliare S.p.A. had unrealized capital gains on listed equity investments of 874.9 million euro, determined on the basis of average share prices over the previous six months.
Dividend– The Board of Directors will make a proposal to the shareholders' meeting, convened for ordinary and extraordinary sessions on 2 May (first call) and 3 May (second call), to distribute a steady dividend of 1.018 euro to savings shares and 0.94 euro to ordinary shares with a full tax credit. Should the payout proposal be approved by the Shareholders, the dividend will be paid as from 23 May.
The Group– At consolidated level, Italmobiliare had net sales of 4,206.7 million euro (3,962.2 million euro in 2000), with a gross operating profit of 1,048.7 million euro (947.4 million euro) and operating income of 653 million euro (526.7 million euro). The cash flow generated by the Group last year was 749 million euro compared to 789.6 million euro in 2000. Total shareholders' equity at the end of 2001 was 3,714 million euro (3,500.3 million euro), while Group shareholders' equity was 1,542.7 million euro (1,432.9 million euro at the end of 2000). Net debt at the end of the year was 1,701.9 million euro (1,535.3 million euro) and Group gearing (the ratio between the net financial position, including Tsdi, and shareholders' equity) was 48.5% (47.3% at 31 December 2000).
Performance in the main business sectors – The Italcementi Group reported net sales of 4,062.7 million euro (+6.6%), a gross operating profit of 1,028.8 million euro (+10.2%) and operating income of 654.4 million euro, an increase of 22.7% (excluding the effect of higher amortization charges at Italcementi S.p.A. in 2000 for voluntary asset revaluations, operating income would have increased by 14.8%). Net income at the Italcementi Group amounted to 201.3 million euro, an increase of 23.8% from 2000 (excluding the effect of higher amortization charges at Italcementi S.p.A. in 2000 for voluntary asset revaluations, operating income would have risen by 9.4%). The Sirap Gema group posted a consolidated net loss of 4.2 million euro (net profit of 2.7 million euro in 2000), as a result of restructuring charges in the thermal insulation sector, which were only partially offset by good results in the packaging sector.
The Sab group recorded income of 9.6 million euro (4.3 million euro in 2000), an improvement arising from the non-recurring income realized in the year. Italmobiliare S.p.A. and its financial subsidiaries made a positive contribution, albeit lower than in 2000 when, as previously mentioned, conditions were particularly favorable. In 2001, a capital gain of 89.5 million euro (at a consolidated level) was recorded from the sale of the equity investment in Montedison, which was nonetheless offset, owing to the poor performance of the financial markets, by large writedowns on listed shareholdings (principally 19.5 million euro for IntesaBci and 8.5 million euro for HdP).
Operating outlook for the Group– Overall, and in the absence of unforeseeable events, the results of the Group's main industrial units should be at least equal to those for 2001. Trends on the financial markets are still uncertain, and will have a significant impact on the results of the Parent Company Italmobiliare S.p.A. and its wholly owned financial subsidiaries. Considering that significant capital gains were recorded in 2001, the full-year consolidated result is expected to be lower than that reported for the past year.
The Parent Company– In 2001, Italmobiliare S.p.A. reported financial income and charges of 122.8 million euro (123.5 million euro in 2000); income on ordinary operations was 104.4 million euro (110.8 million euro), while income before taxes was 104.3 million euro (109.2 million euro).
Shareholders' equity amounted to 927.1 million euro (897.6 million euro at the end of 2000) and covered 71.3% of equity investments held as fixed assets. At the end of 2001, Italmobiliare and the wholly owned financial subsidiaries had a net cash position of 148.1 million euro, compared to 102.3 million euro at the end of 2000.
Operating outlook for the Parent Company – Should substantial capital gains not be recorded, the full-year result for Italmobiliare S.p.A. should be lower than that reported in 2001, when capital gains arising from the sale of the equity investment in Montedison were a significant factor.
Attached the full press release