ITALMOBILIARE GROUP:
- FIRST NINE MONTHS MARKED BY IMPORTANT CHANGES IN THE EQUITY INVESTMENT PORTFOLIO (REQUIRING RE-STATEMENT OF THE INCOME STATEMENT IN COMPLIANCE WITH IFRS 5 ASSETS HELD FOR SALE): - SALE OF FINTER BANK ZURICH AND SIRAP INSULATION - SALE/PURCHASE AGREEMENT WITH HEIDELBERGCEMENT FOR THE SHARE IN ITALCEMENTI
- STRONG IMPROVEMENT IN RESULTS COMPARED WITH YEAR-EARLIER PERIOD: - PROFIT FOR THIRD QUARTER: 27.1 MILLION EURO (14.1 MILLION EURO) - PROFIT FOR FIRST NINE MONTHS: 6.7 MILLION EURO (LOSS OF 55.9 MILLION EURO)
- POSITIVE NET FINANCIAL POSITION RELATING TO CONTINUING OPERATIONS OF 8.7 MILLION EURO (NET OF DEBT OF 2,268.7 MILLION EURO RELATING TO ASSETS HELD FOR SALE)
- POSITIVE NET FINANCIAL POSITION OF 93.0 MILLION EURO FOR PARENT AND FINANCIAL SUBSIDIARIES (85.5 MILLION EURO AT JUNE 30)
- NET ASSET VALUE 2,085.6 MILLION EURO (UP 728 MILLION EURO FROM JUNE 30)
The Italmobiliare S.p.A. Board of Directors examined and approved the quarterly report as at and for the nine months ended September 30, 2015.
In the third quarter of 2015, the Italmobiliare Group posted a profit of 27.1 million euro (14.1 million euro for the year-earlier period). The result takes into account the start-up of the restructuring of the equity investment portfolio, which led in the quarter to the agreement with the Swiss group Vontobel for the acquisition of the subsidiary Finter Bank Zurich (with a gain of approximately 47.7 million euro) and the sale of the Sirap Insulation thermal insulation arm (gain of 4.1 million euro).
The figures in the consolidated income statement have been determined in compliance with IFRS 5, to take account of the transactions completed in the period and the effects of the agreement with HeidelbergCement (announced last July 28) for the sale of the share in Italcementi. The caption ‘Profit (loss) relating to discontinued operations’ therefore includes the profit (loss) for the period relating to the Italcementi assets to which the recent agreement refers and the gain on the sale (September 30) of Finter Bank Zürich together with the profit (loss) for the period reported by Finter Bank Zürich.
A strong improvement was also reported in the first nine months of 2015, with profit of 6.7 million euro compared with a loss of 55.9 million euro for the nine months to September 30, 2014. The increase of more than 62 million euro arose not only from the gains of the third quarter, but also from lower borrowing expense. Negative factors were an increase of 29.4 million euro in non-recurring provisions, essentially for the fine imposed by the European Commission on the subsidiary Sirap Gema, against which an appeal has been filed.
The consolidated net financial position at September 30, 2015 relating to Italmobiliare Group ‘Continuing operations’ was positive at 8.7 million euro.
Under the agreement with HeidelbergCement, the position of Italcementi is shown as ‘Net financial position relating to assets held for sale’ (IFRS 5), reflecting net debt of 2,268.7 million euro.
Total equity at September 30, 2015, was 4,228.7 million euro (4,348.3 million euro at June 30, 2015). The net financial position of the financial segment (Italmobiliare S.p.A. and Franco Tosi S.r.l., which took over Société de Partecipation Financière Italmobiliare S.A. in July) was positive at 93.0 million euro (85.5 million euro at June 30).
At September 30, 2015, Italmobiliare Net Asset Value (NAV) was 2,085.6 million euro, up by 728 million euro from June 30, 2015, largely as a result of the rise in the Italcementi share price after the announcement of the agreement with HeidelbergCement.