Aedes 2004 Results (IT)

Aedes’ Board of Directors has approved 2004 Parent Company and Group results. On a consolidated basis the value of production reached 165.8 mil euro, with an increase of 12.4% in respect to 2003 (147.6 mil euro).

In detail, the growth of the value of production compared to fiscal year 2003 is due to the increase of revenues and income deriving from the disposal of properties accounted in fixed and/or current assets for 74.2 mil euro compared to 64.4 mil euro in 2003. This growth more than balanced the reduction of revenues from rents relating to properties disposed during the fiscal year. The increase is also due to the growth of revenues from services coming from the
entrance of Sergrup into the consolidated area which, also as a general contractor, has generated revenues for 18.5 mil euro.

Cost of production
The costs of production amounted to 55.4 mil euro compared to 33.3 mil euro in 2003; this increase is essentially due to the consolidation of Sergrup which has produced costs also for the activity of general contractor for 17.8 mil euro that has been partly charged back.

Ebit of fiscal year 2004
Ebit amounted to 71.7 mil euro, recording a strong growth compared to 60.1 mil euro in fiscal year 2003 (+19.4%). Financial charges amounted to 42.9 mil euro, decreasing by 7.7% compared to last fiscal year, while the adjustment to financial assets amounted to 7.4 mil euro (2.4 mil euro in 2003) mainly due to the adjustment of equity stakes accounted with the Equity Method.

Earning before taxes
Net extraordinary gains reached 5.3 mil euro (1.9 mil euro loss in 2003).This item is principally composed by capital gain from the disposal of Aedilia VIC stakes equal to 4.2 mil euro and for minor taxes related to fiscal year 2003 equal to 1.5 mil euro. Earning before taxes reached 26.6 mil euro compared to 9.1 mil euro of fiscal year 2003 (+191.4%).

Group net result
Group net result at 16.7 mil euro from the loss of 2003 equal to 4.8 mil euro, confirming the strong improvement already shown at operating level.

Net parent company result
Net parent company result amounted to 27.3 mil euro (8.1 mil euro in fiscal year 2003) after taxes equal to 18.2 mil euro (8.3 mil euro Net parent company result amounted to 27.3 mil euro (8.1 mil euro in fiscal year 2003) after taxes equal to 18.2 mil euro (8.3 mil euro in 2003).

Proposal of dividend
The Board of Directors will propose to the shareholders general meeting, called for the 21st April as first call and for the 22nd April as second call, the distribution of a dividend of 0.15 Euro per ordinary share for a total payout of 15 mil euro. The share will go ex dividend on the 2nd of May and the dividend will be paid from the 5th May.

Market value of property portfolio
Total estimated market value of the Group’s property portfolio as of 31 December 2004 was equal to 1,770 mil euro. It includes the consolidated assets and the value pro-quota of assets owned by minority stakes.

Net financial position
Net financial position as of 31 December 2004 has remarkably improved, from 933.8 mil euro of the fiscal year 2003 to 779.7 mil euro also thanks to the disposal and JVs with strategic partners. Also, the Aedes Group has an ongoing bond loan of 12.250.000 euro expiring on 31 March 2008 with one solution reimbursement.

Consolidated invested capital
Invested capital amounted to 1,218.1 mil euro as of 31 December 2004, compared to 1,297.6 mil euro at the end of 2003. Total fixed assets are 912.8 mil euro as of 31 December 2004
compared to 1,002.3 mil euro at the end of 2003, as result of the important transactions made during the year as well as of the reclassification of 133 mil euro regarding the disposal of real estate assets to Fiat Group signed at the end of the year, whose payment has been done on the 10th March 2005.

Shareholders’ equity
The shareholders’ equity was equal to 363.6 mil euro as of 31 December 2004 compared to 340.7 mil euro as of 31 December 2003.


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