ITALMOBILIARE GROUP
- CONSOLIDATED REVENUE AT SEPTEMBER 30: 3,423.5 MILLION EURO (3,617.4 MILLION EURO AT SEPTEMBER 30, 2012)
- RESULT FOR THE PERIOD: -131.5 MILLION EURO (-34.6 million euro). IN THE COMPARISON WITH 2012, THE RESULT REFLECTS NON-RECURRING AND EXTRAORDINARY expense of approximately 74 MILLION EURO. tHE exchange-rate effect also HAD A NEGATIVE IMPACT OF approximately 18 million euro
- POSITIVE NET FINANCIAL POSITION FOR ITALMOBILIARE S.p.A. AND THE FINANCIAL SEGMENT OF 139.3 MILLION EURO (127.3 MILLION EURO AT JUNE 30, 2013)
- CONSOLIDATED NET FINANCIAL DEBT: 1,946.6 MILLION EURO (1,929.7 MILLION EURO AT JUNE 30, 2013)
- CONSOLIDATED EQUITY: 4,386.7 MILLION EURO (4,459.8 MILLION EURO AT JUNE 30)
- ITALMOBILIARE S.p.A. NAV RISES BY 104.8 MILLION EURO IN THE QUARTER TO 1,185.9 MILLION EURO
Milan, November 14, 2013 – The Italmobiliare S.p.A. Board of Directors examined and approved the consolidated report as at and for the year to September 30, 2013.
In the third quarter of the year, the Group confirmed a positive trend in industrial margins in the construction materials segment and the food packaging and thermal insulation segment, while performance slackened in the financial and banking segments, which were affected by high volatility on the markets.
In the first nine months of the year, Group results were down on those of the year-earlier period, reflecting the significant impact of non-recurring and extraordinary expense relating to the on-going restructuring of industrial operations and impairment losses on financial assets, as well as losses at a number of equity-accounted investees and a negative exchange-rate effect.
At the end of September 2013, taking into account the particularly unfavorable performance of the first quarter, the Group posted a loss for the period of 131.5 million euro (-34.6 million euro at September 30, 2012), after net finance costs of 89.9 million euro, impairment losses on financial assets of 14.9 million euro and a loss of 16.7 million euro from equity-accounted investees (including the 17.7 million euro share of the loss at RCSMediagroup).
Compared with the year-earlier period, the result for the first nine months reflects, as noted above, the negative impact of non-recurring effects (chiefly, the absence of income from CO2 emission rights at the subsidiary Italcementi, and extraordinary restructuring expense and impairment losses) amounting to approximately 74 million euro. The adverse exchange-rate effect had a negative impact of approximately 18 million euro on recurring gross operating profit.
The loss attributable to owners of the parent amounted to 104 million euro (loss of 65.7 million euro at September 30, 2012).
In the period January-September consolidated revenue amounted to 3,423.5 million euro (3,617.4 million euro in 2012. Recurring gross operating profit was 459.2 million euro (520.1 million euro) and operating profit was82.5 million euro (168.6 million euro).
At September 30, 2013 total equity amounted to 4,386.7 million euro, against 4,459.8 million euro at the end of June. At September 30, net financial debt of 1,946.6 million euro was steady with the level at June 30 (1,929.7 million euro).
The financial segment, which includes the parent Italmobiliare S.p.A., had a positive consolidated net financial position at September 30 of 139.3 million euro, an improvement of 12 million euro from June 30.
Italmobiliare S.p.A. Net Asset Value (NAV) at September 30, 2013 was 1,185.9 million euro, an increase of 104.8 million euro from the situation at June 30, 2013.
Outlook – The euro zone economy continues to grow more slowly than expected, while the signs of an improvement on the financial markets in the fourth quarter appear to herald growth in the real economy. On the other hand, a number of factors of uncertainty could undermine these initial indications of an upturn, such as increases in energy prices, continuing weakness in world demand and the slow introduction of structural reforms in the euro zone countries.
In this context, in the last quarter of the year the Group industrial segments should benefit from an improvement in demand and a positive sales price dynamic in some countries; the uncertain mood on the monetary and financial markets could affect results in the financial and banking segments.
These elements, and the impairment losses already applied during the year, will be reflected in the Group’s full-year results for 2013, which, nonetheless, will benefit from the commitment of all subsidiaries to continue action to improve profit margins, in part through measures to raise efficiency.
The Board of Directors also approved the co-option of Laura Zanetti to the board. Ms Zanetti will hold office until the next shareholders' meeting. The Board of Directors verified Ms Zanetti’s compliance with the independence requirements pursuant to the Voluntary Code of Conduct and the Consolidated Law on Finance.
Laura Zanetti is an associate professor of corporate finance at the Bocconi University. Her curriculum vitae is available on the company website (http://www.italmobiliare.it/en/governance/board-directors) .
Attached the full press release