On September 29, 2004 the Board of Directors of Aedes have approved the half-year report as at 30 June 2004 prepared on a consolidated basis.
The highlights are:
- Value of production amounted to € 84.2 million (H1 2003: € 52.5m)
- Operating income amounted to € 37.1 million (H1 2003: € 21.3m)
- Earnings before tax showed a surplus of € 17 million (H1 2003: - € 6m)
- Net income for the Group amounted to € 17.8 million
- Invested capital amounted to € 1,398.3 million, compared with € 1,297.6 m at 31 December 2003
- The Group´s net equity increased to € 227.9 million, compared with € 320m at 31 December 2003
- Net assets amounted to € 1,061.8 million, compared with € 1,002.3m at 31 December 2003
- Net financial debts increased to € 984.2 million, compared with € 933.8m at 31 December 2003
Aedes signed a strategic joint venture with IMFRA Srl, the real estate company that is part of the Franza Group (which also operates in the shipping sector and owns the Framon Hotels chain of hotels), for developing and extending the real estate portfolios of the two companies in Sicily. The special purpose vehicle of the joint venture, Neptunia SpA, was given a real estate portfolio of roughly €100 million, to which Aedes contributed €32 million and Franza Group €68 million.
Two properties in Milan (Via Sant’Orsola 8 and Via Privata Maria Teresa 11) have been sold to Aedificandi Srl, a company held equally by Aedes and Galotti SpA each with a 50% stake. The two properties, situated in prestigious areas of the city, were sold for €42 million.
The company’s 100% stake in Aedilia Gestioni Srl was sold to to a real estate company, registering a profit of €6.6 million for the sale of real estate.
The company’s 100% stake in Venusia Srl, owner of a property in Cuneo, was sold to a local real estate company.
The disposal by Piemongest of a number of trading properties for €2 million.
Two entire properties situated in Milan were purchased for a total of €34 million and one property in Genoa for 3.5 million.
The remaining 20% of the share capital of Iupiter Srl together with connected debts was purchased by IPI SpA (Zunino Group) for €8.5 million and €4.3 million respectively.
A letter of intent was signed with the Banca Popolare di Milano for the purchase of an initial investment of 5% in Bipiemme Real Estate SGR, with an option for the future purchase of a majority stake.
A joint venture was set up with the Fininvest Group (25%) and the Statuto Group (26%) for the construction and development of a building complex in the Milan area, comprising a cinema and other buildings destined for entertainment-recreational purposes.
An agreement was signed with an important real estate company for the sale of the 100% stake held in Santa Teresa 2000 Srl and of an entire property situated in Rome.
Completion of the two operations will result in the deconsolidation of debts for €28.6 million and the posting of a profit of around €2 million.
A significant portion of a building for commercial use has been purchased in the centre of Milan for €18 million.
The Aedes Group will purchase a building complex, destined for trading purposes, called “Porto San Rocco” and situated in Muggia (Trieste), for €29 million, €17 million of which will be paid by means of taking over an existing long-term loan.
An agreement has been signed for the disposal of a stake, amounting to 45% of the share capital, in Aedilia Nord Est S.r.l.
Source: Aedes Group