31 October 2005 17:31
Price Sensitive corporate governance

Adjusted the fair value assessment of financial operations of the consolidated half-yearly report at June 30 2005, approved on September 28 2005

The Board of Directors of IGD S.p.A., a company listed on the S.T.A.R. segment of the Italian Stock Exchange, operating in the retail real estate sector, today re-examined the consolidated half-yearly report at June 30 2005, approved on September 28 2005.

Said review proved necessary in order to adjust a material error concerning the fair value assessment of financial operations, required by the new IAS/IFRS accounting standards.

As a result of said adjustment, the consolidated income statement at June 30 2005 shows pre-tax results of 28.7 million euros (instead of 31.6 million euros), net profit of 17.7 million euros (instead of 19.7 million euros) and an increase of 3.5 million euros (instead of 5.5 million euros) compared to the consolidated economic result at June 30 2004. The group’s net equity totaled 461 million euros (instead of 463 million euros), referred entirely to the parent company.

Total Revenues (26.1 million euros), EBITDA (16.6 million euros) and EBIT (30.6 million euros) remain unchanged.

The review solely concerned the consolidated half-yearly report, drafted as per the new IAS/IFRS accounting standards and therefore did not concern the IGD S.p.A. report at June 30 drafted for civil law purposes.

According to the dates already made known to the market, the nine month results will be approved by the Board of Directors on November 10 2005.