SOURCE: FIERA MILANO SPA

May 12, 2006 08:25 ET

FIERA MILANO: A VERY POSITIVE 3RD QUARTER (JANUARY-MARCH 2006)

Rho (MI -- (MARKET WIRE) -- May 12, 2006 -- Possible to beat full-year consolidated revenues target of EUR 341 million. EBITDA target of EUR 58 million confirmed

Consolidated revenues of EUR 155.9 million (+ 87%)

EBITDA of EUR 50 million (vs. EUR 18.3 million)

760,500 net sqm of exhibition space sold (+ 81%)

Net financial position positive by EUR 56.2 million

Piergiacomo Ferrari, CEO of Fiera Milano SpA stated: "We expected a good quarter. But the results we present today exceed expectations and are further strengthened by the initial indications we have to hand for the last quarter, i.e. the one currently underway. The ability to manage two exhibition sites - fieramilano and fieramilanocity - simultaneously, optimisation of the use of human and material resources, and the enthusiasm with which our employees have risen to the challenges of the new Fiera Milano is yielding the benefits we had expected. In these conditions we feel able to look ahead optimistically, forecasting that, not only can the already ambitious revenue target that the Fiera Milano Group had set itself for this financial year (EUR 341 million) be hit but that it can indeed be surpassed. And at the same time we are able to confirm the other target indicated to the market, i.e. consolidated EBITDA of EUR 58 million". "The third quarter" confirmed the Chairman of Fiera Milano SpA, Michele Perini, "has confirmed and significantly strengthened the positive signs already emerged between January and March. This has happened not only thanks to the presence of major multiannual exhibitions, even although they have of course had an impact. The latest results in fact also stem from the success of our new exhibition centre, which continues to win the utmost appreciation of organisers, exhibitors, and visitors, in particular foreign. This appreciation is reflected in the increase in the size of exhibitions and in the number of visitors".

Milan, May 12th 2006. Today the Board of Directors of Fiera Milano SpA approved the Consolidated Quarterly Report for the quarter January-March 2006, the third quarter of the current financial year, which started on July 1st 2005 and will end on June 30th 2006 (FY2005/06). The Report has been prepared in compliance with IASs/IFRSs and consequently represents operating results for the three business segments: "Venues & Related Services" (VRS - which are headed by the direct parent company Fiera Milano SpA), "Value-Added Services" (VAS - connected with exhibition and congress activity and provided by the Group's specialist companies), and "Exhibition & Congress Organisation" (ECO). As the Fiera Milano Group currently has no significant operations abroad, it has not adopted a secondary reporting segmentation by geographical area.

The quarter in question (3Q05/06) featured particularly intensive exhibition activity, which contributed to the achievement of excellent results, showing strong progress over the same quarter in 2005 (3Q04/05) but also further acceleration over October-December, an already very positive quarter.

Given the seasonality typical of the exhibition business - in terms of (a) the presence of multiannual exhibitions and (b) concentration in each FY of exhibitions in the second half - January-March has always been the strongest quarter of the FY. In this specific case, however, this was joined by the success in terms of exhibition space sold and visitors for exhibitions held at our new Rho exhibition site and the presence of the major biennial exhibition Mostra Convegno Expocomfort and of the triennial exhibitions Plast and Ipack-IMA.

In 3Q05/06 24 exhibitions and 5 congresses with related exhibition areas took place at the fieramilano and fieramilanocity sites with total net exhibition space occupied of 760,500 sqm (+80.8% YoY). It should be noted that this result, although driven, as stated, by multiannual exhibitions, also featured more than 15 % YoY increase in the space occupied by annual exhibitions. About 58% of the space sold was generated by exhibitions directly organised by the Group.

。 3RD QUARTER RESULTS - The following table summarises the key consolidated figures for the period:

+-----------+--------------------+-----------+-----------+-----------+
|           |Fiera Milano Group  |           |           |           |
+-----------+--------------------+-----------+-----------+-----------+
|           |Summary of key      |           |           |           |
|           |figures             |           |           |           |
+-----------+--------------------+-----------+-----------+-----------+
|Full year  | (Amounts in € '000)|3rd Quarter|3rd Quarter|   9 months|
+-----------+--------------------+-----------+-----------+-----------+
|at 30/06/05|                    |at 31/03/06|at 31/03/05|at 31/03/06|
+-----------+--------------------+-----------+-----------+-----------+
|IFRS       |                    |       IFRS|       IFRS|       IFRS|
+-----------+--------------------+-----------+-----------+-----------+
|261,72     |Revenues from sales |    155,864|     83,513|    286,053|
|           |and services        |           |           |           |
+-----------+--------------------+-----------+-----------+-----------+
|34,071     |              EBITDA|     50,011|     18,338|     53,105|
+-----------+--------------------+-----------+-----------+-----------+
|21,946     |                EBIT|     44,207|     15,091|     41,754|
+-----------+--------------------+-----------+-----------+-----------+
|23,051     |Profit/(loss) before|      44,74|     15,327|     42,914|
|           |income tax:         |           |           |           |
+-----------+--------------------+-----------+-----------+-----------+
|17,223     |Attributable to     |     33,495|     11,486|      31,26|
|           |Group               |           |           |           |
+-----------+--------------------+-----------+-----------+-----------+
|5,828      |Attributable to     |     11,245|      3,841|     11,654|
|           |Minority Interest   |           |           |           |
+-----------+--------------------+-----------+-----------+-----------+
|35,176     |Cash flow before    |     49,154|     18,574|     52,875|
|           |income tax          |           |           |           |
+-----------+--------------------+-----------+-----------+-----------+
|98,836     |Net capital employed|      101,2|    103,311|      101,2|
|           |(a)                 |           |           |           |
+-----------+--------------------+-----------+-----------+-----------+
|           |         covered by:|           |           |           |
+-----------+--------------------+-----------+-----------+-----------+
|108,714    |Equity attributable |  131,475 *|  108,780 *|  131,475 *|
|           |to Group            |           |           |           |
+-----------+--------------------+-----------+-----------+-----------+
|16,871     |Equity attributable |   25,913 *|   17,048 *|   25,913 *|
|           |to Minority Interest|           |           |           |
+-----------+--------------------+-----------+-----------+-----------+
|-26,749    |Net financial       |    -56,188|    -22,517|    -56,188|
|           |position (cash) (a) |           |           |           |
+-----------+--------------------+-----------+-----------+-----------+
|49,313     |         Investments|     13,111|     26,949|     38,741|
+-----------+--------------------+-----------+-----------+-----------+
|693        |Employees           |        715|        688|        715|
|           |(indefinite-term    |           |           |           |
|           |headcount at end of |           |           |           |
|           |period)             |           |           |           |
+-----------+--------------------+-----------+-----------+-----------+
|           |a) Including        |           |           |           |
|           |short-term cash     |           |           |           |
|           |investments         |           |           |           |
|           |(principal),        |           |           |           |
+-----------+--------------------+-----------+-----------+-----------+
|60         |previously          |       62,5|         60|       62,5|
|           |classified in       |           |           |           |
|           |working capital     |           |           |           |
+-----------+--------------------+-----------+-----------+-----------+
|           |*) Includes pre-tax |           |           |           |
|           |profit/(loss) for   |           |           |           |
|           |period              |           |           |           |
+-----------+--------------------+-----------+-----------+-----------+

+-----------+-----------+
|           |           |
+-----------+-----------+
|           |           |
|           |           |
+-----------+-----------+
|Full year  |   9 months|
+-----------+-----------+
|at 30/06/05|at 31/03/05|
+-----------+-----------+
|IFRS       |       IFRS|
+-----------+-----------+
|261,72     |    191,702|
|           |           |
+-----------+-----------+
|34,071     |     19,323|
+-----------+-----------+
|21,946     |     11,059|
+-----------+-----------+
|23,051     |     11,859|
|           |           |
+-----------+-----------+
|17,223     |      7,871|
|           |           |
+-----------+-----------+
|5,828      |      3,988|
|           |           |
+-----------+-----------+
|35,176     |     20,123|
|           |           |
+-----------+-----------+
|98,836     |    103,311|
|           |           |
+-----------+-----------+
|           |           |
+-----------+-----------+
|108,714    |  108,780 *|
|           |           |
+-----------+-----------+
|16,871     |   17,048 *|
|           |           |
+-----------+-----------+
|-26,749    |    -22,517|
|           |           |
+-----------+-----------+
|49,313     |     46,541|
+-----------+-----------+
|693        |        688|
|           |           |
|           |           |
|           |           |
+-----------+-----------+
|           |           |
|           |           |
|           |           |
|           |           |
+-----------+-----------+
|60         |         60|
|           |           |
|           |           |
+-----------+-----------+
|           |           |
|           |           |
|           |           |
+-----------+-----------+
- Revenues from sales and services amounted to EUR 155.9 million (mn) vs. EUR 83.5 mn in 3Q04/05;

- EBITDA rose to EUR 50 mn vs. EUR 18.3 mn in 3Q04/05. The improvement of contribution stemming from higher revenues substantially covered the higher costs incurred for start-up of the new exhibition centre and, in particular, energy costs, which rose also because of the price factor due to turbulence in the oil and gas market. It should be noted that, against extra costs for start-up of the new exhibition centre, the ultimate parent entity, the Fiera Milano Foundation, accorded Fiera Milano SpA the amount of EUR 1.5 mn for the 6-month period January-June 2006, of which EUR 750 thousand received in the quarter that ended on March 31st.

- EBIT amounted to EUR 44.2 mn, after depreciation & amortisation and provisions of EUR 5.8 mn (EUR 15.1 mn in 3Q04/05);

- Net finance income totalled EUR 533 thousand vs. EUR 236 thousand in 3Q04/05, mainly because of higher average liquidity in the quarter;

- Profit before income tax attributable to the Group amounted to EUR 33.5 mn vs. EUR 11.5 mn in 3Q04/05;

- Total cash flow (calculated as pre-tax profit plus depreciation & amortisation and provisions) in the quarter totalled EUR 49.2 mn vs. EUR 18.6 mn in 3Q04/05.

。 PERFORMANCE BY BUSINESS SEGMENT - Revenues from sales and services, before adjustments for transactions between the Group's three business segments, totalled EUR 205.3 mn (EUR 155.9 mn net of adjustments) with an 84.6% increase over 3Q04/05. Breakdown by business segment was as follows:

. 36.4% Venues & Related Services (VRS)

. 17.5% Value-Added Services (VAS)

. 46.1% Exhibition & Congress Organisation (ECO).

Revenues by segment. Revenues for Venues & Related Services (VRS) relate to the direct parent company and totalled EUR 74.8 mn (+81.7% vs. 3Q04/05). This increase was directly connected with the increase in the net sqm of exhibition space sold. Revenues for Value-Added Services (VAS) relate to the Group's service companies and in 3Q05/06 amounted to EUR 35.9 mn, with a 72.4% increase over 3Q04/05. This increase was mainly attributable to: (a) Nolostand, which won important orders - also abroad - in the period; (2) Fiera Food System, which increased its sales thanks both to the larger number of catering outlets and to the increase in presences at the two exhibition sites; and (c) Edizioni Fiera Milano thanks to the greater availability of advertising facilities at the Rho exhibition site.

Revenues for the Exhibition & Congress Organisation (ECO) segment amounted to EUR 94.6 mn (+92.1% YoY). 94.3% of such revenues related to exhibition organisation, whilst the remainder related to congress activity. More specifically, as regards exhibitions, during the period Fiera Milano International organised the two most important exhibitions in its portfolio, i.e. Mostra Convegno Expocomfort (an international biennial exhibition concerning the domestic and industrial plant and systems industry - which with this year's edition achieved an all-time record in terms of sqm.) and MACEF Primavera (homeware products), which upon its transfer to the Rho exhibition site was extensively revamped, with excellent results not only in quantitative terms but also, and importantly, as regards the quality of the exhibition and attendances. In addition, Fiera Milano International also launched in this quarter a new exhibition called MORE - an international exhibition of jewellery and fashion accessories - designed to offer operators and opinion leaders in the sector a premier specialist occasion to meet. For the first time Fiera Milano Tech organised at the new site the biennial exhibitions Sicurezza-Chiusure Tecniche and Sicurtech Expo, combining in a single event the entire security value chain, so as to become the world's largest exhibition in the "safety & security" industry. During the quarter ExpoCTS organised the following exhibitions: BIT-Borsa Internazionale del Turismo (tourism industry) and MilanoVendeModa (women's ready-to-wear fashion).

EBITDA by segment. EBITDA for the VRS segment amounted to EUR 23.5 mn and accounted for about 47% of the total, with a significant increase vs. EUR 8.1 mn in 3Q04/05. As regards the VAS segment, EBITDA amounted to EUR 4.9 mn, with a 49.6% increase vs. 3Q04/05. Lastly, EBITDA for the ECO segment totalled EUR 21.7 mn vs. EUR 7.0 mn in 3Q04/05.

- NET FINANCIAL POSITION - As at March 31st 2006 the net financial position showed net cash of EUR 56.2 mn vs. EUR 36.5 mn as at December 31st 2005. The Group's cash & cash equivalents, which totalled EUR 40.3 mn, featured a major increase, primarily due to cash-in for 3rd-quarter exhibitions and down payments for 4th-quarter exhibitions. Financial liabilities consisting of bank and other borrowings, amounting to EUR 26.8 mn, included, as well as normal short-term borrowing, instalments falling due in the 12-month period of medium-term loans taken out by the direct Parent Company and the subsidiaries Nolostand, Eurostands, Fiera Milano Tech, and Fiera Milano Congressi. The decrease of EUR 3.6 mn was mainly due to reduction of Fiera Milano International's short-term financial exposure. Financial liabilities of EUR 1.2 mn payable to the ultimate parent entity, the Foundation, reflected the balance of the operating current account in place with the Foundation, which is settled at going market rates. Other current financial assets of EUR 69.3 mn (EUR 66.2 mn as at December 31st 2005) refer to short-term cash investments with premier insurance companies. The increase in this item was due to a new policy of EUR 2.5 mn taken out by ExpoCTS and to capitalisation of interest accruing in the quarter. Non-current financial liabilities, amounting to EUR 25.5 mn (EUR 26.1 mn as at December 31st 2005), decreased mainly because of instalments falling due in the quarter.

- SIGNIFICANT EVENTS IN THE QUARTER

3Q05/06 featured full-scale operation of the new fieramilano exhibition site in Rho and confirmed significant growth in the number of visitors, as already reported for the previous quarter. The 3rd quarter also featured official delivery of the new exhibition centre to Fiera Milano SpA by its owner, the Fiera Milano Foundation. Rent payable to the Foundation thus started as from January 1st, since in previous months Fiera Milano SpA had used the new site on the basis of a free-loan arrangement.

On March 31st 2006 Fiera Milano SpA returned to the Fiera Milano Foundation the portion of the fieramilanocity site (about two thirds) due to be sold. The commitment to deliver the area by that date, free of furniture and equipment meant intense activity on Fiera Milano SpA's part with non-recurring costs, which have already been recognised in the present set of quarterly accounts. Following this return, the rental for the downtown site has been reduced accordingly as from January 1st 2006.

On January 16th 2006 Fiera Milano SpA's Board of Directors implemented the shareholders' resolution passed on October 28th 2005 as regards adoption of the 2006-2008 Stock Option Plan and approved:

The Plan Regulation;

The list of Beneficiaries and the number of options to be granted to each of them, for a total of 700,000 options;

The unitary price for exercise of the options, fixed at EUR 8.99;

The Report pursuant to Article 2441 of the Italian Civil Code concerning execution of a first lot of EUR 700 thousand of the capital increase servicing the Plan. On February 13th 2006 the Board of Directors then decided - at a meeting documented as a public deed in the presence of a notary - on the increase of share capital by a maximum par value of EUR 700 thousand, with exclusion of option right as per Article 2441 of the Italian Civil Code, via issuance of a maximum number of 700,000 ordinary shares with a par value of EUR 1.00 each, of which 695,000 already granted.

As regards this the independent auditor PricewaterhouseCoopers issued a fairness opinion on the increase decided upon. In addition, January 1st 2006 marked the start of the 6-month period for exercise of the third and last lot of options granted under the previous Stock Option Plan. As at the date of this Quarterly Report, 239,150 options had been exercised, out of a total number of 267,750. Against the options exercised, Fiera Milano SpA received equity of EUR 1.775 mn. On March 24th 2006 the increase of share capital to EUR 33.848 mn against exercise of the aforesaid options, with consequent amendment of Article 5 of the Company By-Laws, was entered at the Companies Register. On March 10th 2006 Fiera Milano SpA sold to the other Shareholder, Cinecittà Holding SpA, its 50% equity interest in the associate company Audiovisual Industry Promotion SpA, as the objective underlying this initiative, i.e. relaunch of the MIFED exhibition in the film industry sector, in synergy with Cinecittà's film promotion programmes - had ceased to exist. The price of sale was EUR 70 thousand, with a slight capital loss on book value in Fiera Milano SpA accounts. The MIFED trademark and exhibition have thus returned to the disposal of their owner, the Fiera Milano Foundation.

- MAJOR EVENTS AFTER QUARTER-END

In April, the most important exhibition hosted by Fiera Milano took place at the new exhibition site, i.e. Salone Internazionale del Mobile (International Furniture Show). The exhibition occupied not only the entire indoor exhibition area but also the equipped outdoor area. For our new facilities this was a major test that was successfully passed. Once again in April, the first Milanese edition of the road transport and logistics exhibition Transpotec & Logitec, - transferred to Milan from Verona - took place. This debut had made it necessary to set up a series of exceptional promotional initiatives, with the aim of assuring the best possible establishment of the exhibition at the new site. These actions impacted the margins of the exhibition, whose commercial results were nevertheless in line with our expectations.

- FUTURE ESTIMATED BUSINESS TREND - The revenues achieved in the first nine months of the financial year have more than confirmed expectations. In addition, exhibitions that have already taken place in the 4th quarter have, overall, also reached the major commercial objectives set. This is also the setting of the increased promotional effort mentioned concerning TL.TI Expo for the Transpotec & Logitec exhibition. Given this, as things currently stand, the commercial performance achieved by most of the exhibitions that have taken place at the new site lead us to believe that the consolidated revenue target of EUR 341 mn can be exceeded. As regards EBITDA, the results achieved in the first nine months of the FY enable us to confirm achievement of the full-year target of EUR 58 mn, saving extraordinary events beyond the Group's control.

Press Office, Fiera Milano SpA - Sergio Pravettoni tel +39 0249977875 fax +39 0249977374 sergio.pravettoni@fieramilano.it

Attachments:

Reclassified Consolidated Income Statement Reclassified Consolidated Balance Sheet

Reclassified Consolidated Income Statement

(Amounts in EUR '000)

+-------------------------+-------------+----+-------------+----+-------------+
|                         | 3rd Quarter |    | 3rd Quarter |    |  9 months   |
+-------------------------+-------------+----+-------------+----+-------------+
|                         |at 31/03/2006|    |at 31/03/2005|    |at 31/03/2006|
+-------------------------+-------------+----+-------------+----+-------------+
|                         |             |IFRS|             |IFRS|             |
+-------------------------+-------------+----+-------------+----+-------------+
|                         |             |   %|             |   %|             |
+-------------------------+-------------+----+-------------+----+-------------+
|Revenues from sales and  |      155,864| 100|       83,513| 100|      286,053|
|services                 |             |    |             |    |             |
+-------------------------+-------------+----+-------------+----+-------------+
|Costs for materials      |        3,861| 2.5|          905| 1.1|       15,433|
+-------------------------+-------------+----+-------------+----+-------------+
|Costs for services       |       65,522|42.0|       38,037|45.5|      132,643|
+-------------------------+-------------+----+-------------+----+-------------+
|Costs for use of         |       21,399|13.7|       14,769|17.7|       46,041|
|third-party assets       |             |    |             |    |             |
+-------------------------+-------------+----+-------------+----+-------------+
|Payroll and employee     |       14,352| 9.2|       12,102|14.5|       38,818|
|benefit costs            |             |    |             |    |             |
+-------------------------+-------------+----+-------------+----+-------------+
|Other operating expenses |        1,504| 1.0|          781| 0.9|        4,154|
+-------------------------+-------------+----+-------------+----+-------------+
|Total operating costs    |      106,638|68.4|       66,594|79.7|      237,089|
+-------------------------+-------------+----+-------------+----+-------------+
|Other revenues           |          785| 0.5|        1,419| 1.7|        4,141|
+-------------------------+-------------+----+-------------+----+-------------+
|EBITDA                   |       50,011|32.1|       18,338|22.0|       53,105|
+-------------------------+-------------+----+-------------+----+-------------+
|Depreciation &           |         4,36| 2.8|        2,462| 2.9|        9,841|
|amortisation             |             |    |             |    |             |
+-------------------------+-------------+----+-------------+----+-------------+
|Allowance for doubtful   |           54| 0.0|          785| 0.9|          120|
|accounts & other         |             |    |             |    |             |
|provisions               |             |    |             |    |             |
+-------------------------+-------------+----+-------------+----+-------------+
|Adjustments to asset     |         1,39| 0.9|            0| 0.0|         1,39|
|value                    |             |    |             |    |             |
+-------------------------+-------------+----+-------------+----+-------------+
|EBIT                     |       44,207|28.4|       15,091|18.1|       41,754|
+-------------------------+-------------+----+-------------+----+-------------+
|Finance income/(expense) |          533| 0.3|          236| 0.3|         1,16|
+-------------------------+-------------+----+-------------+----+-------------+
|Results of companies     |             | 0.0|             | 0.0|             |
|booked at equity         |             |    |             |    |             |
+-------------------------+-------------+----+-------------+----+-------------+
|Profit/(loss) before     |        44,74|28.7|       15,327|18.4|       42,914|
|income tax               |             |    |             |    |             |
+-------------------------+-------------+----+-------------+----+-------------+
|Attributable to the Group|       33,495|21.5|       11,486|13.8|        31,26|
+-------------------------+-------------+----+-------------+----+-------------+
|Attributable to Minority |       11,245| 7.2|        3,841| 4.6|       11,654|
|Interest                 |             |    |             |    |             |
+-------------------------+-------------+----+-------------+----+-------------+
|Cash flow before income  |       49,154|31.5|       18,574|22.2|       52,875|
|tax                      |             |    |             |    |             |
+-------------------------+-------------+----+-------------+----+-------------+

+-------------------------+----+-------------+----+
|                         |    |  9 months   |    |
+-------------------------+----+-------------+----+
|                         |    |at 31/03/2005|    |
+-------------------------+----+-------------+----+
|                         |IFRS|             |IFRS|
+-------------------------+----+-------------+----+
|                         |   %|             |   %|
+-------------------------+----+-------------+----+
|Revenues from sales and  | 100|      191,703| 100|
|services                 |    |             |    |
+-------------------------+----+-------------+----+
|Costs for materials      | 5.4|        8,153| 4.3|
+-------------------------+----+-------------+----+
|Costs for services       |46.4|       95,156|49.6|
+-------------------------+----+-------------+----+
|Costs for use of         |16.1|       36,487|19.0|
|third-party assets       |    |             |    |
+-------------------------+----+-------------+----+
|Payroll and employee     |13.6|       34,511|18.0|
|benefit costs            |    |             |    |
+-------------------------+----+-------------+----+
|Other operating expenses | 1.5|        2,802| 1.5|
+-------------------------+----+-------------+----+
|Total operating costs    |82.9|      177,109|92.4|
+-------------------------+----+-------------+----+
|Other revenues           | 1.4|        4,729| 2.5|
+-------------------------+----+-------------+----+
|EBITDA                   |18.6|       19,323|10.1|
+-------------------------+----+-------------+----+
|Depreciation &           | 3.4|         7,23| 3.8|
|amortisation             |    |             |    |
+-------------------------+----+-------------+----+
|Allowance for doubtful   | 0.0|        1,034| 0.5|
|accounts & other         |    |             |    |
|provisions               |    |             |    |
+-------------------------+----+-------------+----+
|Adjustments to asset     | 0.5|            0| 0.0|
|value                    |    |             |    |
+-------------------------+----+-------------+----+
|EBIT                     |14.6|       11,059| 5.8|
+-------------------------+----+-------------+----+
|Finance income/(expense) | 0.4|          799| 0.4|
+-------------------------+----+-------------+----+
|Results of companies     | 0.0|            1| 0.0|
|booked at equity         |    |             |    |
+-------------------------+----+-------------+----+
|Profit/(loss) before     |15.0|       11,859| 6.2|
|income tax               |    |             |    |
+-------------------------+----+-------------+----+
|Attributable to the Group|10.9|        7,871| 4.1|
+-------------------------+----+-------------+----+
|Attributable to Minority | 4.1|        3,988| 2.1|
|Interest                 |    |             |    |
+-------------------------+----+-------------+----+
|Cash flow before income  |18.5|       20,123|10.5|
|tax                      |    |             |    |
+-------------------------+----+-------------+----+
Reclassified Consolidated Balance Sheet

(Amounts in EUR '000)

+-----------+--------------------+-----------+-----------+
| Full year |                    |3rd Quarter|2nd Quarter|
+-----------+--------------------+-----------+-----------+
|at 30/06/05|                    |at 31/03/06|at 31/12/05|
+-----------+--------------------+-----------+-----------+
|IFRS       |                    |       IFRS|       IFRS|
+-----------+--------------------+-----------+-----------+
|122,440 °  |Goodwill and other  |    122,289|  122,519 °|
|           |intangible assets   |           |           |
|           |with indefinite life|           |           |
+-----------+--------------------+-----------+-----------+
|8,995 °    |Other intangible    |      9,927|    9,861 °|
|           |assets              |           |           |
+-----------+--------------------+-----------+-----------+
|30,226 °   |     Tangible Assets|     51,032|   49,369 °|
+-----------+--------------------+-----------+-----------+
|14,640 °   |Other non-current   |     19,631|   14,629 °|
|           |assets              |           |           |
+-----------+--------------------+-----------+-----------+
|176,301    |  Non-current assets|    202,879|    196,378|
+-----------+--------------------+-----------+-----------+
|9,608      |Inventories and work|      9,723|      9,064|
|           |in progress         |           |           |
+-----------+--------------------+-----------+-----------+
|82,843     |Trade and other     |     104,53|     82,109|
|           |receivables         |           |           |
+-----------+--------------------+-----------+-----------+
|-          |Other current assets|          -|          -|
+-----------+--------------------+-----------+-----------+
|92,451     |      Current assets|    114,253|     91,173|
+-----------+--------------------+-----------+-----------+
|45,828     |      Trade payables|     90,729|     58,982|
+-----------+--------------------+-----------+-----------+
|61,03      |Payments received on|       45,7|     84,857|
|           |account             |           |           |
+-----------+--------------------+-----------+-----------+
|3,858      |     Tax liabilities|      1,636|      1,894|
+-----------+--------------------+-----------+-----------+
|25,143     |Other current       |         43|     33,142|
|           |liabilities         |           |           |
+-----------+--------------------+-----------+-----------+
|135,859    | Current liabilities|    181,065|    178,875|
+-----------+--------------------+-----------+-----------+
|-43,408    | Net working capital|    -66,812|    -87,702|
+-----------+--------------------+-----------+-----------+
|132,893    |Gross capital       |    136,067|    108,676|
|           |employed            |           |           |
+-----------+--------------------+-----------+-----------+
|11,721     |Employee benefit    |     12,078|     12,009|
|           |provisions          |           |           |
+-----------+--------------------+-----------+-----------+
|22,336 °   |Provisions for risks|     22,789|    22,33 °|
|           |and charges and     |           |           |
|           |other non-current   |           |           |
|           |liabilities         |           |           |
+-----------+--------------------+-----------+-----------+
|34,057     |Non-current         |     34,867|     34,339|
|           |liabilities         |           |           |
+-----------+--------------------+-----------+-----------+
|98,836     |NET CAPITAL EMPLOYED|      101,2|     74,337|
+-----------+--------------------+-----------+-----------+
|           |         covered by:|           |           |
+-----------+--------------------+-----------+-----------+
|108,714 °  |Equity attributable |  131,475 *| 95,577 ° *|
|           |to the Group        |           |           |
+-----------+--------------------+-----------+-----------+
|16,871 °   |Equity attributable |   25,913 *| 15,283 ° *|
|           |to Minority Interest|           |           |
+-----------+--------------------+-----------+-----------+
|125,585    |        Total equity|    157,388|     110,86|
+-----------+--------------------+-----------+-----------+
|-12,434    |Cash & cash         |    -40,338|    -26,329|
|           |equivalents         |           |           |
+-----------+--------------------+-----------+-----------+
|-39,243    |Current financial   |    -41,316|    -36,306|
|           |(assets)/liabilities|           |           |
+-----------+--------------------+-----------+-----------+
|24,928     |Non-current         |     25,466|     26,112|
|           |financial           |           |           |
|           |(assets)/liabilities|           |           |
+-----------+--------------------+-----------+-----------+
|-26,749    |Net financial       |    -56,188|    -36,523|
|           |position            |           |           |
+-----------+--------------------+-----------+-----------+
|98,836     |EQUITY AND NET      |      101,2|     74,337|
|           |FINANCIAL POSITION  |           |           |
+-----------+--------------------+-----------+-----------+
degrees) Data adjusted as indicated in the Half-Year Interim Report as at 31.12.05. We recall that data as at 31.12.05 are expressed before taxes *) Includes pre-tax profit/(loss) for period

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