IFI-IFI Board of Directors approves 1st Quarter 2008 resultsMay 14, 2008
The IFI – Istituto Finanziario Industriale S.p.A. board of directors, which met today under the chairmanship of John Elkann, approved the 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 € 61.5 million and increased by € 7.3 million compared to the first quarter of 2007 (€ 54.2 million). The change is due to a higher interest in the profit of the IFIL Group (+€ 10.3 million) which is partly offset by higher net financial expenses (-€ 3 million).
The equity attributable to the equity holders of the company at March 31, 2008 is € 4,157 million (€ 4,160.5 million at the end of 2007), with a net decrease of € 3.5 million.
The net debt position of IFI S.p.A. at March 31, 2008 is € 415.6 million and shows a negative change of € 22.9 million compared to the position at the end of 2007 (-€ 392.7 million).
Increase in the investment in IFIL
During the first quarter of 2008, IFI purchased on the market 2,950,000 IFIL ordinary shares (0.29% of the class of stock) for an investment of € 16.2 million. IFI currently holds 726,900,000 IFIL ordinary shares, equal to 69.99% of the class of stock, and 1,866,420 IFIL savings shares, equal to 4.99% of the class of stock. The investment represents 67.73% of total capital stock.
For IFI S.p.A., the forecast for the year 2008 is a profit. On the basis of the indications formulated by the IFIL Group, the IFI Group is expected to show a consolidated profit for 2008.
The manager responsible for the preparation of the company’s financial reports, Pierluigi Bernasconi, 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.