Seat Pagine Gialle Shareholders' Meeting approves the 2001 financial statements

05/02/2002 - 00:00 PM

- + Text size
Print

· Revenues up during a fiscal year affected by extraordinary expenses for the Group reorganization plan
· Bertazzo, Cappuccio and Parazzini appointed as new Board members

The General Shareholders’ Meeting of Seat Pagine Gialle, chaired by Enrico Bondi, was held today in Milan and approved the 2001 Financial Statements.

The consolidated Financial Statements closed with total revenues of Euro 1,957 million (1,333 million in 2000), a gross operating profit of Euro 444 million (361 million in 2000), an operating income of Euro 31 million (142 million in 2000), and a net negative result of Euro 313 million (-1 million in 2000).

The 2001 Financial Statements of the parent company Seat PG SpA posted revenues of Euro 1,090 million, an operating income of Euro 285 million, and a loss of Euro 260 million. The loss was covered by withdrawing this amount from the share premium account.

The results were strongly influenced by the new consolidation area, extraordinary expenses, profound reorganization, and the new strategic orientation of Internet and television broadcasting activities.

In their letter to the shareholders, Chairman Enrico Bondi and Managing Director Paolo Dal Pino noted, “A series of important actions have been undertaken to improve and revise the portfolio of equity investments, also in light of the current conditions of the advertising and Internet markets. These extraordinary steps have had a significant effect on the economic results for fiscal year 2001. The Group can now proceed from these new foundations to implement its strategy effectively in the interests of all shareholders”.

This strategy focuses on the activity as a media company, envisaging a major relaunch of the Internet in 2002, with further development prevalently in the Internet access market, both in narrowband and broadband access (ADSL) through the new Tin.it product range.

For the current year, Seat expects to achieve a significantly higher operating income than the figure posted for 2001.

The Shareholders’ Meeting also approved the appointment of new Board members: Carlo Bertazzo, Aldo Cappuccio and Enrico Parazzini, who will replace resigning members Paolo Ainio, Gilberto Benetton and Pierpaolo Cotone. The current Board of Directors, which has thirteen members, will remain in office until the General Shareholders’ Meeting that will approve the Financial Statements as of December 31, 2003.

The Shareholders’ Meeting also appointed Reconta Ernst & Young - the auditing firm of the parent company Telecom Italia - as its auditing firm for the three-year period of 2002, 2003 and 2004.


                                              * * *

The Meeting ended at 10:25 pm.


Therefore the announcement concerning the availability of the financial statements to the public as of tomorrow, May 3, 2002 (as provided for by Articles 77 and 83 of the Regulation approved by Consob with Resolution No. 11971/1999) cannot be published until Saturday May4, 2002.