ITALMOBILIARE: GROWTH IN NAV PER SHARE, RESULTS IN LINE WITH PROJECTIONS
- Net Asset Value per share, excluding treasury shares in portfolio, rises to 35.2 euro at September 30, 2017 (34.85 euro proforma at end of 2016).
- NAV down from 1,599.8 million euro at end of 2016 to 1,476.4 million euro. Decrease largely due to investment of 100 million euro for voluntary public tender offer on treasury shares completed last June.
- NAV discount decreases to 35.1% from 36.7% at end of 2016.
- Italmobiliare S.p.A. results for first nine months (gross operating profit of 12.2 million euro and operating profit of 11.8 million euro) in line, net of nonrecurring items, with projections for 2017. Comparison with corresponding 2016 figures not significant since year-earlier period included large gains realized on sale of equity investment in Italcementi and on distribution of HeidelbergCement shares as extraordinary dividend to savings shareholders under program for conversion into ordinary shares.
- Net financial position of Italmobiliare and Franco Tosi positive for 422.5 million euro (565.9 million euro at end of 2016) taking account of recent voluntary public tender offer. •
APPROVAL OF THE UPSTREAM MERGER OF THE SUBSIDIARY FRANCO TOSI
- Board of Directors approves the merger by incorporation of the wholly owned subsidiary Franco Tosi. Transaction also approved by Franco Tosi shareholders.
The Board of Directors of Italmobiliare S.p.A. today approved the additional quarterly financial disclosure as at and for the nine months to September 30, 2017.
During the first nine months of the year, NAV per share rose to 35.2 euro; not including treasury shares in portfolio representing approximately 12% of the company's share capital, this reflects an increase of about 1% from the figure at the end of 2016. Overall NAV, including the investment of approximately 100 million euro for the voluntary public tender offer on treasury shares completed last June, decreased from 1,599.8 million euro at the end of 2016 to 1,476.4 million euro, while the NAV discount decreased to 35.1% (36.7%). The net financial position of Italmobiliare and Franco Tosi was positive at 422.5 million euro (565.9 million euro at the end of 2016), taking into account the investment for the recent voluntary public tender offer.
Italmobiliare S.p.A. results for the first nine months (gross operating profit 12.2 million euro, operating profit 11.8 million euro) were in line with projections. Comparison with the corresponding 2016 figures is not significant, since the year-earlier period included nonrecurring gains realized on the sale of the Italcementi equity investment and on the distribution of HeidelbergCement shares as an extraordinary dividend to savings shares under the program for conversion into ordinary shares implemented in 2016. At consolidated level, revenue amounted to 296.7 million euro (345.1 million euro in the first nine months of 2016), but reflected an increase of 23.4 million euro net of non-recurring items. Gross operating profit was 19.8 million euro (65 million euro) and operating profit was 4.8 million euro (50 million euro), although these results were more than 26 million euro higher than the corresponding 2016 figures net of the gains described above.
The Board of Directors also approved the merger by incorporation of the wholly owned subsidiary Franco Tosi S.r.l, the proposal for which was approved by the Board at its meeting on September 26 last. The merger was also approved today by the shareholders of Franco Tosi S.r.l..
The merger deed will be stipulated in accordance with the term set out in art. 2503 of the Italian Civil Code and will be published as required by law.
The merger documentation is available for members of the public at the company head office and posted on the company website in the section “Investor / Extraordinary Transactions / Merger by incorporation of Franco Tosi”.