Ordinary Shareholders’ Meeting
Financial statements for the period ended December 31, 2005 approved:
the Retelit Group ends the year with a profit for the first time ever. Net
improvement in all economic and financial results
New Board of Directors and Board of Statutory Auditors appointed.
Roberto Ruozi confirmed as Chairman
Auditing mandate assigned to Reconta Ernst & Young S.p.A.
Milan, April 28, 2006. The Ordinary Shareholders’ Meeting of Retelit S.p.A.,
company that manages a national fiber optic network for multimedia
transmission and communications and which is listed on the MTAX, was held
today, under the chairmanship of Prof. Roberto Ruozi.
- Approval of the 2005 financial statements. The Shareholders’ Meeting has
approved the financial statements for the period ended December 31, 2005,
which close with a profit for the first time in the company’s history and with
steadily improving results that exceed forecasts of the 2003-2005 Business Plan.
In detail, the main consolidated economic and financial results as at December
31, 2005 are as follows:
- revenues and operating income grew 29% to 32 million Euro (24.9
million Euro in 2004); revenues from core business grew 77%;
- EBITDA grew over 5 times the value in 2004, amounting to 9.3 million
Euro compared to 1.6 million Euro in 2004;
- the Group’s net profit amounts to 1.2 million Euro, compared to a loss
of 16.1 million Euro in 2004.
- the net financial position amounts to 7.6 million Euro, while liquid assets
increased to 5.4 million Euro, compared to 3.9 million Euro in 2004.
The consolidated financial statements have been prepared in compliance with the IAS/IFRS international
accounting principles, while the financial statements of Retelit S.p.A. have been prepared according to
national accounting standards.
The Shareholders’ Meeting approved the allocation of net profit, equal to 122
thousand Euro, proposed by the Parent Company, with 6 thousand Euro to “legal
reserves” and 116 thousand Euro carried forward.
The main data of the 2006-2010 Business Plan of the Group approved last March
15 were also described during the Meeting. Assuming the same scope of
operations, these show a constant improvement in the economic figures
associated with continuous generation of liquidity.
In particular, the Plan estimates average annual growth in revenues of 10.7%,
with an objective for 2006 of 33 million Euro, growing to 59 million Euro by the
end of 2010.
Given the high business margins, EBITDA is expected to show average annual
growth of 20.7%, with a 2006 objective of 11 million Euro, increasing to 29
million Euro in 2010. Net profit in 2010 is expected to amount to 13 million
Investments in terms of increasing customer contracts and network maintenance
amount to 8 million Euro annually under the Plan. During the period 2006-2007,
an additional investment of 4 million Euro has been allocated for renovation and
development of the broadband network.
- Board of Directors: the Shareholders’ Meeting also appointed the new Board
of Directors, consisting of 8 members: Roberto Ruozi as Chairman, and Stefano
Borghi, Paolo Cason, Francesco Di Giovanni, Leonardo Lombardi, Ambrogio
Lualdi, Nicolò F. Rienzi and Michele Porcelli as Directors.
Chairman Roberto Ruozi and Director Michele Porcelli are independent
- Board of Statutory Auditors: the Shareholders’ Meeting appointed the
following members of the Auditors’ Register to the Board of Statutory Auditors
for the three-year period 2006–2007-2008 and, in other words, until approval by
the Shareholders’ Meeting of the financial statements for the period ended
December 31, 2008:
Lionello Jona Celesia – Chairman; Luigi Carlo Spadacini – Permanent Auditor;
Francesco Tabone – Permanent Auditor;
Stefania Bettoni – Alternate Auditor; Alessandro Barni Spadacini – Alternate
The resumes of these individuals are available at the Company’s premises.
The Chairman expressed his thanks to Mr. Paolo Brunetti, who leaves his
position as Managing Director of Retelit upon expiry of this three-year mandate,
during which he demonstrated an admirable level of expertise and perseverance
in achieving the growth objectives for the business and economic stability in a
particularly difficult context.
- Assignment of the auditing mandate: In conclusion, the Shareholders’
Meeting has assigned the mandate for auditing and certification of the
consolidated and separate financial statements and of the relative interim
reports for the next six periods to Reconta Ernst & Young S.p.A., which has
offices in Milan and is registered in the special CONSOB register of independent
auditing firms authorized to perform this function.
Retelit S.p.A., listed on the MTAX (LIT.MI), is active in the supply of telecommunications
services to national and international operators, Internet Service Providers (ISP),
Application Service Providers (ASP), Public Administrations and large companies. The
Retelit network, with an extension of 5,740 km, of which 1,303 km in urban centers,
enables the supply of services on IP/MPLS protocol and connectivity solutions with
SDH/PDH technology across the entire national territory.
For further information:
Investors/Analysts Media relations
Retelit S.p.A. AD HOC Communication Advisors
Roberta Biella, tel. 02/2020451 Giorgio Zambeletti, Paolo Mazzoni,
email@example.com tel. 02/7606741
This press release and previous ones are available on the web sites
www.adhoccommunication.it and www.retelit.it