PRELIOS: BOARD OF DIRECTORS APPROVES PROPOSED 2011 ANNUAL FINANCIAL

MANAGEMENT PLATFORM REVENUES AT €149 MILLION (€162.3 MILLION IN 2010))

OPERATING RESULT AT €5.7 MILLION (€41.1 MILLION IN 2010))

MANAGEMENT PLATFORM EBIT AT €20.3 MILLION (€24.1 MILLION IN 2010), WITHIN ESTIMATED RANGE OF €20-24 MILLION)

NEGATIVE CONSOLIDATED NET RESULT OF €289.6 MILLION (-€95.3 MILLION IN 2010), WITHIN THE TARGET RANGE OF BETWEEN -€270 AND -290 MILLION, CAUSED BY €194.6 MILLION IN PROPERTY WRITEDOWNS AND €48.7 MILLION IN RESTRUCTURING COSTS)

NET FINANCIAL POSITION NEGATIVE €488 MILLION, IN LINE WITH FORECAST "BELOW €500 MILLION) (-€424 MILLION IN 2010))

REAL ESTATE SALES AT €1.8 BILLION (€1.6 BILLION IN 2010), BEATING €1.5 BILLION TARGET. AVERAGE SALES MARGIN APPROX. 5% ON BOOK VALUE)

ASSETS UNDER MANAGEMENT AT €12.4 BILLION, DOWN FROM €14.6 BILLION IN 2010, MAINLY DUE TO SALES
 

2012 TARGETS CONFIRMED:

 

SIGNIFICANT REDUCTION IN NET FINANCIAL POSITION TO €390 MILLION
DOMESTIC MANAGEMENT PLATFORM EBIT €14-18 MILLION (€12.6 MILLION IN 2011)
 

Milan, March 2nd, 2012 – At today's meeting, the Board of Directors of Prelios S.p.A. examined and approved the Company's proposed annual financial statements for 2011, which will be presented to the forthcoming ordinary shareholders' meeting. During the year just ended the Company obtained refinancing for a total of €539 million in fully committed lines. Having obtained this refinancing, in advance of the July 2012 deadline, Prelios can now focus on developing its business along the lines set out in its 2012-2014 guidance, specifically by exploiting its investment portfolio to reduce debt and by increasing the volume of business with third parties.

Last updated: 02/03/2012