Pirelli & C. Real Estate General Meeting approves financial statements for 2005 (IT)

The General Meeting of the shareholders of Pirelli & C. Real Estate, that was held on April 12, 2006, has approved the financial statements for 2005, with improvement across all key performance indicators.

At 31 December 2005 aggregate revenues of the Group amount to €3,507.2 million, marking a 29% improvement on 2004, and operating profit including income from equity participations amounts to €186.1 million, which is 40% up on the previous year. Operating profit including income from equity participations has grown at an average compound annual growth rate of 22% over the three-year period 2003-2005. At 31 December 2005 net profit amounts to €145.4 million, marking an increase of 24% (€117.1 million at the end of 2004).

The General Meeting approved payment of a dividend of €1.90 per share. The dividend will be paid on 27 April 2006, and the ex dividend date is 24 April 2006.

The General Meeting also elected Carlo Croce to the Board of Directors, confirming his earlier co-option as a Non-executive Director by the Board of Directors meeting of 25 January.

The existing Board of Directors will remain in office until approval of the financial statements for the year ended 31 December 2007.

Finally, the Meeting renewed the authorisation to purchase treasury shares up to the legally permitted limit of 10% of the share capital for a further period of 18 months, establishing the related procedures and revoking the previous resolution of 27 April 2005, which had not been implemented.

Source: Pirelli RE

Related News