Press release

IFI - Board of Directors Meeting on September 13, 2004September 13, 2004

The Board of Directors of IFI – Istituto Finanziario Industriale met today in Turin to review the performance for the first half of 2004.

The first half of the year shows a consolidated net loss of € 66 million. This is a reduction of more than half that of the corresponding period of 2003 when the loss amounted to        € 130 million. The current result essentially reflects IFI’s share of the consolidated result of the IFIL Group.

Consolidated shareholders’ equity of the Group at June 30, 2004 amounts to € 2,194.5 million (€ 2,221.3 million at December 31, 2003).

IFI S.p.A. reported an improvement in the net result for the period, which shows a profit of € 42.5 million compared to a profit of € 13.8 million in the first half of 2003.

Lastly, IFI S.p.A. registered a reduction in its net indebtedness position to € 254.7 million at June 30, 2004 from € 295.4 million at June 30, 2003.

        Business outlook for the current year

With reference to the current year, IFI S.p.A. is expected to report a profit based on the data available to date. The consolidated result of the IFI Group for 2004 will be closely linked to the performance of IFIL and its main holdings.


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