IFIL - IFIL Board of Directors approves 1st Quarter 2008 resultsMay 13, 2008
The IFIL S.p.A. board of directors, which met today in Turin under the chairmanship of
Gianluigi Gabetti, examined the consolidated results for the first three months of 2008.
The profit attributable to the equity holders of the company for the first quarter of 2008 is
€ 93.9 million. The increase of € 6.5 million (+7.4%) over the first quarter of 2007 is € 87.4 million.
The consolidated net financial position of the “Holdings System” at March 31, 2008 shows a
liquidity position of € 1.5 million and a positive change of € 106 million compared to the debt
position at 2007 (-€ 104.5 million).
The equity attributable to the equity holders of the company at March 31, 2008 is € 6,632.9 million
(€ 6,666.5 million at the end of 2007).
On February 18, 2008, the IFIL S.p.A. board of directors approved the start of a Program to
purchase treasury stock aimed at the efficient management of the company’s capital and with a view
towards investment purposes.
The Buyback Program falls under the resolution passed for the purchase of treasury stock approved
by the stockholders’ meeting held on May 14, 2007 and will continue until November 13, 2008.
The Program calls for a maximum disbursement of € 150 million to buyback IFIL ordinary and
Under this Program, during the period February 26 – May 5, 2008, IFIL S.p.A. purchased
7,603,200 ordinary shares (0.73% of the class of stock) at the average cost per share of € 5.07 for a
total of € 38.6 million, and also 631,000 savings shares (1.69% of the class of stock) at the average
cost per share of € 4.32 for a total of € 2.7 million. The total investment amounts to € 41.3 million
(27.5% of the total disbursement stated in the Program).
Subscription to bonds convertible into Vision Investment Management stock
On April 11, 2008, the IFIL Group invested $90 million (€ 58.1 million) in bonds with a mandatory
conversion at the end of five years. At this time, the bond conversion will give IFIL a 40% holding
in the capital stock of Vision Investment Management Limited (Vision), one of the most important
alternative asset managers in the Asian area. The bonds, until their conversion in spring 2013, will
guarantee the IFIL Group a 5% fixed annual return.
For the year 2008, IFIL S.p.A. is expected to report a profit.
Taking into accounting the forecasts formulated by the major holdings, the IFIL consolidated results
are also expected to show a profit for 2008.
The manager responsible for the preparation of the company’s financial reports, Aldo Mazzia,
hereby certifies, pursuant to paragraph 2, article 154 bis of the TUIR, that the accounting
information contained in this press release corresponds to the results of the documents, accounting
records and accounting entries.