THE BOARD OF DIRECTORS EXAMINES RESULTS AT SEPTEMBER 30, 2007
ITALMOBILIARE GROUP
- REVENUES: 4,908.1 MILLION EURO (+5.4%)
- TOTAL NET PROFIT: 513.4 MILLION EURO (-14.9%)
- GROUP NET PROFIT: 168.7 MILLION EURO (-19.7%)
- NET DEBT: 2,111.6 MILLION EURO (1,857.3 MILLION EURO AT DECEMBER 31, 2006)
- SHAREHOLDERS' EQUITY: 6.38 BILLION EURO (6.41 BILLION EURO AT DECEMBER 31, 2006)
Milan, November 14, 2007 – 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, 2007, and performance in the first nine months of the year, which closed with a net profit of 513.4 million euro for a 10.5% return on revenues, after tax of 226.8 million euro.
In the third quarter of the current year, the Group posted a net profit of 146.4 million euro, a 27.9% decrease on the year-earlier result caused by particularly unfavorable conditions on the financial markets during the quarter.
The first nine months of the year were affected by third-quarter performance, leading to a reduction in margins despite the easing of the slowdown in construction materials and an overall improvement in the banking sector and in the food packaging and thermal insulation business. In the January-September period, on revenues that gained 5.4% to 4,908.1 million euro, the Group posted a net profit of 513.4 million euro, a decrease of 14.9% compared with the record results of 2006, stemming in part from higher finance costs and the absence of non-recurring income— fiscally driven non-recurring income in particular—recorded in 2006.
Net debt rose to 2,111.6 million euro at September 30, from 1,857.3 million euro at December 31, 2006, after significant investments in fixed assets (824.6 million euro).
Conversely, the net financial position in the financial sector, comprising Italmobiliare S.p.A. and the wholly owned financial companies, was positive at 322.5 million euro (383.9 million euro at the end of 2006).
Total shareholders' equity at September 30, 2007, at 6.38 billion euro was in line with the level at the end of 2006.
With regard to the 2007 full-year outlook, in light of trends on the various markets on which the Group operates—in particular on the financial market—the Italmobiliare Group, subject to currently unforeseeable events, is unlikely to achieve the record consolidated results posted in 2006, as already indicated in the half-year report. The parent company Italmobiliare S.p.A. confirms its expectation of a higher net profit compared with 2006, net of the capital gains realized last year on the intragroup sales to the subsidiary Franco Tosi.
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