The Board of Directors of Seat PG approves the consolidated "carve-out" accounts of the Spunoff Company

06/06/2003 - 00:00 PM

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Today, upon request by managing director Paolo Dal Pino, the Board of Directors of Seat Pagine Gialle (Telecom Italia Group), chaired by Riccardo Perissich – in the framework of the spinoff of the Directories business area and with the aim of facilitating the evaluation of the Spunoff Company that is currently being established– approved the consolidated “carve-out” accounts of the Spunoff Company as of December 31, 2002.

The consolidated accounts for 2002 were prepared by applying the carve-out principles, i.e. by extracting the accounting data referring to the corporate complex effecting the spinoff and reconstructing the complex as if it were an independent entity.

The carve-out accounts are audited by the auditing firm Ernst & Young S.p.A. and, despite the different methods applied, they are substantially in line (production value: Euro 1,448 million; net result for the year: Euro 61 million; shareholders equity: Euro 986 million) with pro forma results of the Spunoff Company as of December 31, 2002, that were publicized in the Spinoff Information Statement pursuant to Art. 70, Par. 4 of the Consob regulations.