| march 02 2012 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 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. |
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