The Board of Directors of IFI – Istituto Finanziario Industriale met today in Turin under the chairmanship of Umberto Agnelli to examine the results for the third quarter of 2003 and performance for the first nine months of the year.
The IFI Group reported a consolidated net income of € 14.4 million for the third quarter of 2003 (a loss of € 93 million was recorded for the corresponding period of 2002).
The first nine months of the year, instead, registered a consolidated net loss of the Group of € 115.6 million. This result is an improvement over the € 168 million loss reported for the corresponding period of the prior year and is basically due to the share of the loss of the FIAT Group for the first quarter of 2003, equal to 110.8 million.
Stockholders’ equity of the Group at September 30, 2003 amounts to € 2,316.7 million, an increase compared to € 2,026.2 million at the end of December 2002 as a result of the capital increase against payment carried out in July.
Following this capital increase, the net financial position of IFI S.p.A. improved significantly and now amounts to a net indebtedness position of € 289.6 million (€ 421.3 million at December 31, 2002).
Future business outlook of the IFI Group for the current year
The persisting uncertainties surrounding the economic scenario will continue to negatively impact the result for the current year.
Nevertheless, the efforts now underway to relaunch FIAT and the new organizational structure of the companies IFI and IFIL, which clearly attribute a role of control to the first and a role of operating holding company to the second, constitute the premises for a turnaround of the Group.