Board examines 2017 half-year results

ITALMOBILIARE S.p.A. :

  • NAV (Net Asset Value), not including the value of treasury shares in portfolio, was 1,485.4 million euro at the end of the first half (1,599.8 million euro at the end of 2016). The decrease arose from the 100 million euro investment for the recent voluntary public tender offer on company shares, with treasury shares currently representing approximately 12% of capital.
  • Further reduction in the NAV discount to 32.7% (36.7%)
  • NAV per share rises to 35.4 euro (34.85 euro proforma at December 31, 2016)
  • Profit for the period 15.5 million euro (loss of 12.5 million euro in the first half of 2016) thanks to dividends received and gains on cash investments
  • Positive net financial position in the Financial and private equity segment (Italmobiliare, Franco Tosi and Clessidra) of 476.5 million euro (581.4 million euro at the end of 2016), taking account of the positive outcome of the recent voluntary public tender offer

APPOINTMENT OF NEW DIRECTOR:

  • The Board of Directors coopts Elsa Fornero as the new director to replace Livia Pomodoro who resigned from the board in June.

The Italmobiliare Board of Directors examined and approved the 2017 half-year report, which reflects a profit for the parent of 15.5 million euro (a loss of 12.5 million euro in the first half of 2016, which did not as yet include the effects of the agreement with HeidelbergCement for the share in Italcementi).
At the end of the first half, Italmobiliare NAV, net of treasury shares representing approximately 12% of the company’s capital after the voluntary public tender offer, which closed on June 9, stood at 1,485.4 million euro (down from 1,599.8 million euro at the end of 2016 substantially as a result of the 100 million euro investment for the voluntary public tender offer) with an additional contraction in the NAV discount to 32.7% (36.7% at the end of 2016). NAV per share rose to 35.4 euro from 34.85 euro.
The Board of Directors also coopted Elsa Fornero as the new director to replace Livia Pomodoro who resigned from the board in June.

Key economic and financial data