Milan, February 11, 2009 – The Italmobiliare Board of Directors examined preliminary figures for the Group’s consolidated revenues and EBITDA components for the financial year ended December 31, 2008.
2008 consolidated revenues amounted to 6,160.4 million euro, a decrease of 3.7% from 6,397 million euro for 2007. The contributions of the Group core businesses to the reduction varied (gross of intersector eliminations): construction materials -3.8%, packaging and insulation +7.6%, financial sector -16.1%, banking sector -17.6%.
| Revenues by business sector (in millions of euro, gross of intragroup eliminations) | 2008 | 2007 | % change vs. 2007 |
|---|---|---|---|
| Construction materials | 5,775.6 | 6,000.9 | -3.8 |
| Packaging and insulation | 266.9 | 248.2 | 7.6 |
| Finance | 130.8 | 155.9 | -16.1 |
| Banking | 41.7 | 50.6 | -17.6 |
| Property and services | 8.5 | 3.1 | n.s. |
| Eliminations | (63.1) | (61.7) | n.s. |
| Total | 6,160.4 | 6,397.0 | -3.7 |
The 2008 full-year revenue trend is in line with performance in the first nine months of the year (revenues -4% at September 30, 2008); on the other hand, EBITDA (down by approximately 25% in the first nine months) is expected to show a further reduction for the full year due to the rise in operating costs in the industrial sectors and, above all, to the on going effects in the fourth quarter of the unforeseeably severe negative financial market trends on the results of the wholly owned companies, active in the financial sector.
The financial sector’s net financial position remains positive, at approximately 170 million euro.
Results will also be influenced by the impairment tests now being conducted and will be presented to the Board of Directors at a meeting scheduled for March 25.
The Manager in charge of preparing the company’s financial reports, Angelo Maria Triulzi, declares, pursuant to paragraph 2 article 154 bis of the Consolidated Law on Finance, that the accounting information in this press release corresponds to the document results, books and accounting entries