ITALMOBILIARE GROUP
- TOTAL NET INCOME: 423.4 MILLION EURO (+ 5.2%)
- GROUP NET INCOME: 152.3 MILLION (+8%)
- NET SALES: 3,920.6 MILLION (+8.7%)
- INVESTMENTS: 1,106 MILLION
- NET DEBT: 2,274.2 MILLION (1,470.3 MILLION AT 1 JANUARY 2005)
- SHAREHOLDERS' EQUITY: 5,375.4 MILLION (4,459.8 MILLION AT START OF YEAR)
Milan, 14 November 2005 – The Board of Directors of Italmobiliare S.p.A. today examined and approved the consolidated third quarter report, prepared in compliance with IFRS accounting principles.
Performance in the third quarter of the current year was improved with respect to the corresponding period of 2004, raising the net result for the period by 14% to 173 million euro.
The healthy tone of the quarter thus had a positive impact on the January-September 2005 period, in which the Italmobiliare Group registered significant signs of recovery with respect to the early part of the year in the construction materials sector (which benefited from consolidation of the activities in Egypt), strong growth for the packaging and insulation sector, and improved results in the banking and finance areas. In this context, the Group achieved net income of 423.4 million (+ 5.2%) in the first nine months of the year and attributable net income of 152.3 million (+ 8%), from total revenues of 3,920.6 million (+ 8.7%). Shareholders' equity has grown 915 million from the start of the year to 5,375.4 million.
The positives results registered by all sectors of the Group in the third quarter provide the grounds for moderate optimism for all of 2005. Certain factors continue to affect the individual sectors and could have a negative impact on projected overall developments if compared to the 2004 results:
- in construction materials, the significant burden of some operating costs, particular energy and personnel, along with the impossibility of reflecting these increases fully in the prices applied to customers in a few countries, including Italy;
- in packaging and insulation, the high level and trend in raw materials pricing and the possible impact of the reduction in the consumption of poultry, especially in Italy, caused by fears associated with avian influenza;
- in the financial sector, along with the typical unpredictability of the financial markets, the regression of sizable revaluations in equity participations in the latter part of the year.
Considering these factors, despite a more favorable trend than that presented in the sixmonth report, the Group net income could be slightly lower than for 2004, barring unforeseeable one-time items.
Attached the full press release