IFIL - IFIL announces plans to issue a EurobondMay 14, 2007
The board of directors of IFIL S.p.A., which met today in Turin under the chairmanship of Gianluigi Gabetti, reviewed the consolidated results for the first three months of 2007.
The consolidated profit attributable to the equity holders of IFIL for the first quarter of 2007 is € 87.4 million (€ 67.3 million in the same period of 2006). The increase of € 20.1 million is due to the higher contribution by the Fiat Group, which exceeds the lower contributions of the other holdings.
The consolidated net financial position of the “Holdings System” at March 31, 2007 shows a borrowings position of € 130.8 million, a change of € 517 million from the cash position at the end of 2006 (€ 386.2 million), mainly as a result of the investment in Cushman & Wakefield.
Consolidated equity attributable to the equity holders of IFIL at March 31, 2007 is € 6,373.1 million (€ 6,222.3 million at the end of 2006). The increase of € 150.8 million is principally due to the profit of the Group for the period and the fair value adjustment of the investments in Intesa Sanpaolo and in SGS.
In March 2007, 45,364 SGS shares were purchased on the market for an investment of € 39.5 million, increasing the stake in the Swiss company to 13.74%.
On March 14, 2007, the board of directors of Juventus Football Club S.p.A. examined and unanimously approved the medium term development plan aimed at relaunching the company from
the standpoint of sports excellence, developing commercial activities and strengthening the equity position. The stockholders’ meeting held on April 20, 2007 approved the capital stock increase of approximately € 104.8 million through the issue of 80,621,332 shares (to be offered to the stockholders as option rights in a ratio of 2 new shares for every 3 shares held) at the issue price of € 1.30 per share (of which € 1.20 is the share premium) proposed by the board of directors in order to finance the development plan. IFIL, in agreeing with the objectives of the medium term development plan, will subscribe to its share, equal to € 62.9 million
On March 26, 2007, an agreement was reached for the sale of the investment in Turismo&Immobiliare, equal to 25% of capital stock, for an equivalent amount of € 5.2 million. The closing of the transaction is scheduled to take place in the month of June 2007.
At March 30, 2007, after obtaining the authorizations from the competent authorities, the contract was finalized for the purchase of the controlling interest in Cushman & Wakefield, the largest privately owned real estate services company founded in 1917 in New York and now present in 55 countries with 201 offices and 12,000 employees. As a result of the transaction, IFIL holds 71.52% of the capital stock of the company for an investment of $625 million (€ 483,5 million, including transaction costs).
On April 17, 2007, the IFIL board of directors took note of the decision handed down by the Turin Court of Appeals which suspended the effectiveness of the additional administrative sanctions imposed by Consob on February 13, 2007. Gianluigi Gabetti and Franzo Grande Stevens have therefore resumed their respective posts.
On April 30, 2007, the share of the capital stock increase of Gruppo Banca Leonardo was subscribed to for an amount of € 36.3 million. The investment in Gruppo Banca Leonardo is equal to a 9.66% stake.
For the year 2007, IFIL S.p.A. is expected to report a profit.
Taking into account the forecasts formulated by the major holdings, a profit is forecast for the IFIL Group in 2007.