The Shareholdersâ Meeting of Risanamento S.p.A. has approved the Financial Statements as at 31 December 2004, as per the draft approved by the Board of Directors of 29 March 2005.
The consolidated financial statements closed with a net profit of 3.178m. euros against the 3.837m. euros profit of the previous year. This result does not feature the capital gains equal to 134m. euros essentially generated by the sale of 65% of the IPI S.p.A. shareholding and of former Enel properties to the Coppola Group, the preliminary agreements of which were signed in November 2004 but were executed in the early months of 2005.
The statutory financial statements of Risanamento S.p.A. closed with a net profit equal to 3.2m. euros.
A resolution was passed for distribution of a dividend of â¬ 0.028 per share, in payment from 9 June 2005, for a total of â¬ 7,681,430.24.
The key consolidated figures approved by the Shareholdersâ Meeting were the following:
- The production value is equal to 530.8m. euros compared to the 144.5m. euros of 2003.
- The operating profit stands at 51.0m. euros and has increased by approximately 26% compared to the previous year.
- Net borrowings as at 31/12/2004 are equal to 925.5m. compared to the 475.8m. euros of the previous year. This variation is chiefly attributable to significant investments effected in 2004, while the financial effects of some disinvestments performed in 2004 shall be apparent in the early months of 2005.
The main transactions implemented in 2004 were the following:
- Transfer of 50% of Colonia Limito to the FinCamuzzi Group, for a total price of 13.1m. euros;
- Voluntary takeover bid on the Bonaparte Finance 2005 bonds for 175m. euros;
- Signing of the programme agreement between the Milan City Council and the Lombardy Region, which confirmed the launch of the Montecity-Rogoredo project (Milan Santa Giulia);
- Acquisition of an SFL-owned real estate portfolio in the heart of Paris, for a counter-value in the region of 180m. euros;
- Acquisition from the Deutsche Bank Group and from the Caisse des Depots Group of a real estate portfolio, originally sold off by the Enel Group, for a total price in the region of 223m. euros;
- Preliminary agreement for transfer of 65% of IPI S.p.A. and of a real estate package from Risanamento S.p.A. to the Coppola Group.
The main sales performed in the first quarter of 2005 and relative prices are:
- 65% of the IPI S.p.A. shares and former Enel properties to the Coppola Group for 439m. euros;
- further former Enel properties for total revenues in the region of 20m. euros;
- residential and business properties in the Porta Vittoria area for a total of 27m. euros.
Furthermore a preliminary agreement, which shall be completed during the first quarter of 2005, was signed with the Coppola Group for the transfer of the entire Porta Vittoria area for a total price of 118m. euros.
The main investments implemented in the first quarter of 2005 were:
- The purchase of 100% of the shares of IPI Investimenti, and of a series of loans for a total net investment of approximately 73m. euros;
- The purchase of 100% of the shares of Immobiliare Cascina Rubina S.r.l., owner of the former Falck area with a surface area of 1.5 million m2, for the price of 85m. euros in addition to taking over net debts worth 130 million. The area is valued at 215 million euros.
- The undersigning of a preliminary agreement for purchase from SFL of a further 3 real estate assets located in Paris for a total of approximately 100m. euros.
As far as the outlook for 2005 is concerned, taking the transactions that have already been implemented in the first quarter into account, a very substantial operating result is expected and the net financial position is also forecast to improve considerably compared to 31/12/2004.
The Meeting also passed a resolution for the appointment of the Board of Directors for the year 2005. All the outgoing directors were reconfirmed and Luigi Zunino was a