The Board of Directors of Pirelli & C. Real Estate has approved the Group financial statements as of 30th September 2003. The highlights are: consolidated net income increased to € 65.9 million, an increase of 26% compared to the same period in 2003; aggregate production value net of acquisitions increased 25% to € 1,228.6 million (2003: € 982.4 million); EBIT including income from equity participations increased 23% to € 88.4 million (2003: € 71.7 million); debt decreased to € 40.9 million, a decrease of 7.8 million compared to the same period in 2003.
The aggregate value of production in the first nine months, net of acquisitions, totalled € 1,228.6 million, up 25% as compared with € 982.4 million for the same period in 2003. The tilting balance towards share capital initiatives involving significant minority stakes, rather than initiatives involving consolidated capital, a trend that is consistent with the Group’s business model, resulted in a reduction in production - though only at the consolidated level
