KME Group SpA
Registered office: 20121 Milan (MI) - Foro Buonaparte 44
Share Capital Euro 200,154,177.66 (fully paid up)
Tax Code and Milan Companies Register no. 00931330583
www.itkgroup.it
PRESS RELEASE
- THE HALF-YEARLY FINANCIAL REPORT AS AT 30 JUNE 2024 HAS BEEN APPROVED, CLOSING WITH GROUP EQUITY OF EURO 310.3 MILLION (EURO 358.8 MILLION AT THE END OF 2023)
AND A NET FINANCIAL DEBT OF EURO 355.2 MILLION (EURO 369.3 MILLION AT THE END OF
2023).
- THE FIRST HALF OF 2024 WAS AFFECTED BY THE CONTINUED DECLINE IN DEMAND FROM THE TARGET SECTORS, RESULTING IN A 38% DROP IN QUANTITIES SOLD COMPARED TO THE FIRST HALF OF 2023, WHICH HAD RECORDED A VERY STRONG PERFORMANCE.
- REVENUES OF EURO 795.1 MILLION (EURO 1,083.4 MILLION IN THE FIRST HALF OF 2023), EBITDA OF EURO 54.4 MILLION (EURO 102.9 MILLION IN THE FIRST HALF OF 2023) AND NET LOSS OF EURO 31.2 MILLION (PROFIT OF EURO 21.2 MILLION IN THE FIRST HALF OF 2023).
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Milan, 26 September 2024 - The Board of Directors of KME Group SpA (hereinafter also the "Company" or the "Parent Company") today approved the half-yearly financial report as at 30 June 2024, which presents a consolidated net equity of Euro 310.3 million (Euro 358.8 million at 31 December 2023) and a net loss of Euro 31.4 million (profit of Euro 21.2 million for the first half of 2023). The net financial debt includes amounts to Euro 355.2 million (Euro 369.3 million as at 31 December 2023) and includes liabilities of Euro 124.5 million mainly linked to the sale and leaseback transaction primarily on the KME SE property in Osnabrück.
* * *
The main events that have characterised the Company's activities and those of its subsidiaries in the first half of 2024 are outlined below:
(i) Extraordinary finance transactions
In the first months of the year, the partial voluntary Public Exchange Offer took place involving a maximum 78,635,148 outstanding "KME Group SpA 2021-2024" Warrants (the "Warrants"), with a consideration of 1 Ordinary Share, in the Issuer's portfolio, for every 2.3 Warrants subscribed (the "Warrants PEO Consideration"), for a total of 34,189,630 Ordinary Shares, pursuant to the Ordinary and Extraordinary Shareholders' Meeting resolution of 12 June 2023 (the "Maximum Total Consideration" and, together, the "Warrant PEO" or the "Offer"). The Warrants subject to the Public Exchange Offer on Warrants represented 94.42% of the 83,286,883 outstanding Warrants as at the Offer Document Date. At the end of the Warrants PEO - which took place from 19 February to 8 March 2024
- a total of 76,545,610 Warrants were subscribed, representing 97.34% of the Warrants involved in the Offer and 92.07% of the Warrants outstanding at the closing date of the Offer. The parent company Quattroduedue SpA subscribed all 73,680,892 of the Warrants it held to the Warrants PEO. As at the settlement date of the Offer, i.e. 15 March 2024, a total of 33,280,770 Ordinary Shares were therefore delivered to the subscribers (of which 32,035,170 to Quattroduedue), representing 10.70% of the ordinary share capital of KME at that date.
Subsequently, also in anticipation of the February 2025 maturity of the Bond Loan "KME Group SpA 2020-2025" (the "2020 Bonds") listed on the Electronic Bonds Market organised and managed by Borsa Italiana S.p.A. (the "MOT"), on 20 May 2024 the Company's Board of Directors resolved on a transaction that envisaged (i) a full voluntary public exchange offer on the outstanding 4,297,158 2020
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Bonds with a nominal value of Euro 21.60 per unit, the consideration being represented by a maximum 92,818,548 new KME Group SpA 2024-2029 Bonds, with a nominal value of Euro 1.00 each, (the "2024 Bonds") for a total of Euro 92.8 million, listed on the MOT (the "Bonds Exchange Offer") and (ii) a simultaneous public offer for subscription of KME Group SpA 2024-2029 Bonds for a total of Euro
57.2 million, which can be increased to a maximum Euro 150 million based on the level of subscription to the Bonds Exchange Offer (the "Subscription Offer" and, together with the Bonds Exchange Offer, also the "Offers"). These Offers took place in July and were settled on 2 August 2024 through the issue of a total of 84,103,880 2024 Bonds for a total nominal value of Euro 84.1 million, representing 90% of the amount of the 2020 Bonds.
The 2024 Bonds have a 5-year maturity from the issue date and accrue interest at a fixed annual gross nominal rate of 5.75%.
In order to complete the debt funding envisaged with the July 2024 transaction, the plan was to launch a new public subscription offer and, on this occasion, also a new public exchange offer.
(ii) KME SE
Like all other operators in this market, KME SE has been affected by the ongoing major macroeconomic, political and commercial developments, which took hold in 2022 and still continue. The reduction in market demand for semi-finished copper products in Europe that began in 2023 continued in the first and second quarters of this year, affecting all of KME SE's production and most of the industrial sectors in which its customers operate.
The weakness of the German economy in the construction, machinery and equipment sectors and the low level of exports had a direct impact on KME SE's order intake, but did not affect revenue per tonne. Though there is no official data on market trends, the overall reduction in demand for 2023 and 2024 could reach levels above double digits. The trend observed during the first half of the year is continuing into the third quarter of 2024.
As part of its commercial transformation projects, in the first half of 2024 KME SE conducted monitoring and analysis of commercial initiatives and cost elements at various production sites and their impact on sales prices. It is still focused on achieving unit value added and EBITDA targets at Group level, for the entire group of products and customers, and has also enhanced certain cost optimisation projects at all plants.
Consolidated revenues in June 2024 totalled Euro 783.1 million, down by 27.0% compared to the first half of 2023 (Euro 1,072.3 million). Net of the value of raw materials, revenues decreased by 23.6% from Euro 348.2 million to Euro 265.9 million.
Gross operating profit (EBITDA) as at 30 June 2024 amounted to Euro 55.6 million, a decrease of 46.2% compared to 2023 figures (Euro 103.2 million).
Net operating income (EBIT) stood at Euro 32.1 million (Euro 80.1 million in 2023). Profit before non-recurring items was Euro 4.5 million (Euro 52.0 million in 2023).
The valuation of inventories and forward contracts net of taxes had a negative impact of Euro 13.7 million compared to a negative impact of Euro 0.7 million recorded in 2023.
The consolidated net loss was Euro 14.3 million (compared to a profit of Euro 32.5 million in
2023).
The Reclassified Net Financial Position as at 30 June 2024, excluding lease liabilities based on IFRS 16, the fair value measurement of financial instruments and the IFRS financial liability originating from the sale & leaseback transaction, carried out in December 2022 with reference to the Osnabrück properties, was positive for Euro 71.5 million compared to Euro 35.2 million at the end of December 2023.
Net Financial Debt is equal to approximately Euro 45.0 million, compared to approximately Euro 72.7 million at the end of 2023.
The KME SE Group continues its strategy of focusing on copper and copper-alloy rolled products, in which the group is the European leader and intends to focus and grow in the future, given the attractive
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growth rates expected in its main markets. In this context, actions were also taken in 2024 to further develop production know-how and the product portfolio, to produce operational efficiencies and provide the best possible service to customers:
- in February 2024, KME SE signed a contract relating to the acquisition of 100% of the shares of Blackhawk Holding GmbH, a German holding company that holds 100% of Sundwiger Messingwerk GmbH ("Transaction"). Sundwiger Messingwerk GmbH ("SMW") is a European leader in the sector of semi-finished rolled bronze products as well as a manufacturer of semi-finished rolled brass products. With around 320 employees in Hemer (Rheinland), where the headquarters and the main plant are located, in 2022 SMW achieved a turnover of around Euro 245 million and an EBITDA of around Euro 16 million. Historically part of the Diehl Group, SMW was acquired about three years ago by a group of investors gathered in the company Blackhawk Holding GmbH, now acquired by KME SE. The expected acquisition price will be approximately Euro 62 million (including the metal stock) and will be paid for Euro 41 million at closing and for the remainder through a three-yearinterest-free vendor loan. The Transaction will be financed from own funds as regards the equity value and with a third- party loan for the working capital. The closing of the Transaction is subject to the fulfilment of conditions precedent, including approval by the relevant antitrust authorities: the Transaction is currently under second-level review by the German Federal Cartel Office;
- in July 2024, KME SE became the sole shareholder of Azienda Metalli Laminati SpA ("AML"), through KME Italy SpA, which completed the acquisition of the remaining share capital of AML, and KME Mansfeld GmbH, which already held a 24.24% participation;
With reference to the Business Combination Agreement ("BCA") signed in February 2024 with Paragon and SDCL EDGE Acquisition Corporation ("SEDA"), a special purpose acquisition company (SPAC) with securities listed on the NYSE, involving the special products business of Cunova GmbH ("cunova"), in which KME SE currently holds an indirect interest of 45%, and the aerospace business ("KME Aerospace"), note that the BCA expired in July 2024. Given the strategic importance of the transaction and the current inability to finalise the listing, the parties are exploring alternative solutions for its implementation.
(iii) Culti Milano SpA
The first half of 2024 was characterised by growth that saw this sector perform well in relation to the global economic and social scenario. Obviously, the critical situation in the Chinese economy in the first quarter and the geopolitical situation in Europe slowed down certain business developments in these areas, but despite this, Culti and its subsidiaries were able to rely on a solid basis for development, picking up new business opportunities from other business areas.
The main consolidated indicators can be summarised as follows:
- total sales: Euro 12.0 million (Euro 11.1 million in the first half of 2023) with an increase of 8.0% compared to the corresponding period of 2023;
- sales achieved on the domestic market: Euro 4.4 million, 12% higher than in the first half of 2023 (Euro 3.9 million);
- sales achieved on international markets (equal to 64% of total turnover): Euro 7.2 million (+5% compared to the first half of 2022, when they came to Euro 6.8 million);
- EBITDA of Euro 2.1 million, recording an increase of 17.6% compared to the corresponding period of the previous year (when it was Euro 1.8 million);
- EBIT equal to Euro 1.7 million (Euro 1.4 million in the first half of 2023), marking an increase of 19.9% compared to the corresponding period of the previous year;
- Consolidated net profit (loss): profit of Euro 0.9 million (loss of Euro 0.1 million in the first half of 2023);
- net financial position: negative for Euro 2.5 million (negative for Euro 3.2 million as at 31 December 2023), an improvement of 21.8% thanks to the operating cash flow generation for the period.
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* * *
Business outlook
The business outlook will be correlated to the demand trend in KME SE's reference sectors and therefore will also relate to the wider macro-economic dynamics.
The reference market economic performance recorded from the second half of 2023 onwards - and which is expected to reverse as early as the beginning of 2025 - does not, however, affect the sector performance estimates on which assumptions of the New Strategy are based.
There also remains a possibility for the Parent Company and the Group as a whole to benefit from the development of other equity investments or non-core activities in the copper sector, through disposal. If realised, these disposals could have a positive impact on the Group's debt.
* * *
Statement of financial position and income statement of the Parent Company
As at 30 June 2024, the net investments held by the Company amounted to Euro 566.4 million (Euro 591.1 million at the end of 2023), of which roughly 90% in the copper sector and the remainder in the perfumes and cosmetics sector and in financial assets.
The Company maintains a sound capital structure: Equity as at 30 June 2024 amounted to Euro
270.4 million compared to Euro 297.6 million as at 31 December 2023. The change is due to the loss for the current period (Euro 14.5 million) and the purchase of management warrants (Euro 16.8 million) for the cash-settled portion. In contrast, the exercise of the "KME Group SpA 2021-2024 Warrants" had the opposite effect.
The financial highlights of the Company as at 30 June 2024, compared with those as at 31 December 2023, are summarised in the following table.
Condensed separate statement of financial position
(in Euro thousand) | 30 Jun 2024 | 31 Dec 2023 | ||
KME SE investment | 58,410 | 58,410 | ||
KMH investment | 480,000 | 480,000 | ||
Other | (600) | (141) | ||
Total KME | 537,810 | 94.95% | 538,269 | 91.07% |
Culti Milano | 37,990 | 6.71% | 37,988 | 6.43% |
Ducati Energia | - | 0.00% | - | 0.00% |
Intek Investimenti | - | 0.00% | 13,518 | 2.29% |
Other investments | 1,684 | 0.30% | 1,774 | 0.30% |
Other assets/liabilities | (11,093) | -1.96% | (468) | -0.08% |
Net investments | 566,391 | 100.00% | 591,081 | 100.00% |
Outstanding bonds (*) | 160,165 |
IPO financing | 124,873 |
Net cash | 10,934 |
160,616
115,186
17,701
Holding company net financial debt | 295,972 | 52.26% | 293,503 | 49.66% | ||||||||||
47.74% | ||||||||||||||
Total equity | 270,419 | 297,578 | 50.34% |
Notes:
- Investments are expressed net of any financial receivable/payable transactions outstanding with the Company.
- (*) Including accruing interest.
- * *
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Equity
The Company's equity amounted to Euro 270.4 million, compared to Euro 297.6 million as at 31 December 2023. The change is mainly due to profit (loss) for the period and the purchase of management warrants (for the cash-settled portion). In contrast, the exercise of the KME Group SpA 2021-2024 Warrants had the opposite effect.
As at 30 June 2024, the share capital amounted to Euro 200,123,081.82 and was divided into 281,333,228 shares, of which 267,121,966 ordinary shares and 14,211,262 savings shares. The share capital increased by Euro 18,372.62 compared to 31 December 2023 following the exercise of 1,837,262 warrants between January and May.
During the first half of 2024, 45,114,520 ordinary treasury shares were cancelled. The cancellation had no effects on share capital.
As at 30 June 2024, the Company held 53,243,219 ordinary treasury shares (equal to 19.93% of shares in this category). Lastly, note that, as partial consideration for purchase of the total 37,500,000 Management Warrants, 5,650,000 ordinary treasury shares must be delivered by 31 December 2024.
After the close of the first half, following the exercise of an additional 3,109,584 warrants, a total of 3,109,584 ordinary shares were also issued, with a share capital increase of Euro 31,095.84.
As at today's date, the share capital therefore amounts to Euro 200,154,177.66 and is composed of 284,442,812 shares, of which 270,231,550 ordinary shares and 14,211,262 savings shares; the 53,243,219 ordinary treasury shares held account for 19.70% of the ordinary capital and 18.72% of total capital.
* * *
Financial management
Net financial debt of the holding company (excluding intra-group loans and lease liabilities) totalled Euro 296.0 million as at 30 June 2024. The balance as at 31 December 2023 was Euro 293.5 million.
The Parent Company's financial debt (*) as at 30 June 2024, compared to 31 December 2023, can instead be broken down as follows:
Financial debt
(in Euro thousand) | 30 Jun 2024 | 31 Dec 2023 | |
A | Cash and cash equivalents | 1,712 | 3,214 |
B | Cash equivalents | - | - |
C | Other financial assets | 23,730 | 24,803 |
D | Cash and cash equivalents (A+B+C) | 25,442 | 28,017 |
E | Current financial debt | 31,733 | 37,749 |
F | Current portion of non-current financial debt | 102,699 | 10,521 |
G | Current financial debt (E+F) | 134,432 | 48,270 |
H | Net current financial debt (G-D) | 108,990 | 20,253 |
I | Non-current financial debt | 131,961 | 117,423 |
J | Debt instruments | 63,497 | 156,139 |
K | Trade payables and other non-current payables | - | - |
L | Non-current financial debt (I + J + K) | 195,458 | 273,562 |
M | Total financial debt (H + L) | 304,448 | 293,815 |
- Determined in compliance with the provisions of ESMA document ref. 32-382-1138of 4 March 2021 − Guidelines on disclosure obligations under the prospectus regulation, as highlighted in CONSOB warning notice 5/21 of 29 April 2021.
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* * *
The reclassified income statement, in a format including sub-totals, shows the formation of net profit (loss) for the year by indicating the figures commonly used to provide a summary representation of business results.
Reclassified income statement
(in Euro thousand) | 1st half 2024 | 1st half 2023 | |||||
Fair value changes and other gains/losses from investment management | 1,381 | 357 | |||||
Investment management costs | (36) | (115) | |||||
Gross profit/(loss) from investments | 1,345 | 242 | |||||
Commission income on guarantees given (a) | 433 | 430 | |||||
Net operating costs (b) | (2,691) | (2,729) | |||||
Overheads (a) - (b) | (2,258) | (2,299) | |||||
Reclassified operating profit (loss) | (913) | (2,057) | |||||
Net financial expense | (11,325) | (1,923) | |||||
Profit before tax and non-recurring items | (12,238) | (3,980) | |||||
Non-recurring income/(expenses) | (827) | (1,558) | |||||
Profit (loss) before tax | (13,065) | (5,538) | |||||
Taxes for the year | 635 | 1,488 | |||||
Net profit (loss) for the period | (12,430) | (4,050) | |||||
* * *
The Manager in charge of Financial Reporting, Giuseppe Mazza, hereby declares that, pursuant to Article 154-bis, paragraph 2 of the Consolidated Law on Finance (TUF, Italian Legislative Decree no. 58/1998), the accounting information contained in this press release corresponds to the company's documents, books, and accounting records.
* * *
The press release is available on the website www.itkgroup.it, where it is possible to request information directly from the Company (phone: +39 02-806291; email: info@itk.it) and on the authorised "eMarket Storage" system at www.emarketstorage.it.
Annexes:
- Consolidated statement of financial position
- Consolidated income statement
- Reclassified consolidated income statement
- Consolidated net financial debt
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Annex 1) Consolidated statement of financial position
Assets
(in Euro thousand) | 30-Jun-24 | 31-Dec-23 |
Property, plant and equipment | 520,531 | 529,206 |
Investment property | 66,981 | 66,724 |
Goodwill | 394,833 | 394,833 |
Intangible assets | 48,757 | 50,430 |
Investments in subsidiaries | 9,358 | 18,126 |
Equity-accounted investments | 12,493 | 13,977 |
Investments in other companies | 1,872 | 884 |
Other non-current assets | 5,490 | 4,870 |
Non-current financial assets | 3,138 | 3,167 |
Deferred tax assets | 102,759 | 82,751 |
Total non-current assets
1,166,2121,164,968
Inventories | 460,887 | 374,179 |
Trade receivables | 81,943 | 55,158 |
Current financial assets | 113,504 | 94,284 |
Other receivables and current assets | 24,237 | 26,465 |
Cash and cash equivalents | 112,774 | 118,609 |
Total current assets
793,345668,695
Non-current assets held for sale | 11,947 | 11,947 |
Total Assets
1,971,5041,845,610
Note: At present, the Independent Auditors have not yet completed their audit of the above figures.
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Annex 1) Consolidated statement of financial position
Liabilities
(in Euro thousand) | 30-Jun-24 | 31-Dec-23 | |||
Share capital | 200,123 | 200,105 | |||
Other reserves | 137,458 | 244,287 | |||
Treasury shares | (48,439) | (126,834) | |||
Retained earnings | (6,818) | 20,069 | |||
Other comprehensive income reserve | (408) | (614) | |||
Profit/(loss) for the period | (28,616) | (40,335) | |||
Equity attributable to | 253,100 | 296,678 | |||
shareholders of the Parent Company | |||||
Non-controlling interests | 57,179 | 62,137 | |||
Total Group equity | 310,279 | 358,815 | |||
Retirement benefits | 120,534 | 126,639 | |||
Deferred tax liabilities | 110,579 | 107,496 | |||
Non-current financial payables and liabilities | 215,943 | 223,916 | |||
Bonds | 100,635 | 230,710 | |||
Other non-current liabilities | 1,510 | 1,489 | |||
Provisions for risks and charges | 5,032 | 6,168 |
Total non-current liabilities
554,233696,418
Current financial payables and liabilities | 264,673 | 127,286 | |||
Trade payables | 704,558 | 551,180 | |||
Other current liabilities | 126,281 | 95,790 | |||
Provisions for risks and charges | 11,480 | 16,121 | |||
Total current liabilities | 1,106,992 | 790,377 | |||
Liabilities directly associated with assets | - | - | |||
held for sale | |||||
Total liabilities and equity | 1,971,504 | 1,845,610 | |||
Note: At present, the Independent Auditors have not yet completed their audit of the above figures.
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Annex 2) Consolidated Income Statement
(in Euro thousand) | 1st half 2024 | 1st half 2023 | ||||
Revenues from sales and services | 795,105 | 1,083,417 | ||||
Change in inventories of finished and semi-finished products | 4,157 | 6,066 | ||||
Own work capitalised | 934 | 538 | ||||
Other income | 7,527 | 12,768 | ||||
Purchases and change in raw materials | (541,884) | (748,803) | ||||
Labour cost | (120,009) | (122,276) | ||||
Depreciation, amortisation, impairment and write-downs | (26,966) | (27,375) | ||||
Other operating costs | (115,367) | (137,671) | ||||
Operating profit/(loss) | 3,497 | 66,664 | ||||
Financial income | 6,728 | 7,838 | ||||
Financial expense | (46,706) | (42,659) | ||||
Net financial expense | (39,978) | (34,821) | ||||
Result of investments | (3,258) | (531) | ||||
Profit/(loss) before taxes | (39,739) | 31,312 | ||||
Current taxes | 7,839 | (9,723) | ||||
Deferred taxes | 694 | (374) | ||||
Total income taxes | 8,533 | (10,097) | ||||
Net profit (loss) for the period from operating activities | (31,206) | 21,215 | ||||
Profit (loss) from discontinued operations | - | - | ||||
Net profit (loss) for the period | (31,206) | 21,215 | ||||
Other comprehensive income: | ||||||
Measurement of employee defined benefits | 1,352 | (699) | ||||
Taxes on other comprehensive income | (955) | 451 | ||||
Fair value measurements | - | (5,500) | ||||
Items that cannot be reclassified to profit or loss for the | 397 | (5,748) | ||||
period | ||||||
Foreign currency translation gains/(losses) | 133 | (1,104) | ||||
Net change in cash flow hedge reserve | (346) | (186) | ||||
Taxes on other comprehensive income | 40 | 151 | ||||
Items that may be reclassified to profit or loss for the | (173) | (1,139) | ||||
period | ||||||
Total other comprehensive income, net of tax effect | 224 | (6,887) | ||||
Total comprehensive income for the period | (30,982) | 14,328 | ||||
Net profit (loss) for the period attributable to: | ||||||
- non-controlling interests | (2,390) | 2,599 | ||||
- shareholders of the parent company | (28,816) | 18,616 | ||||
Net profit (loss) for the period | (31,206) | 21,215 | ||||
Total comprehensive income attributable to: | ||||||
- non-controlling interests | (2,357) | 2,571 | ||||
- shareholders of the parent company | (28,625) | 11,757 | ||||
Total comprehensive income for the period | (30,982) | 14,328 |
Note: At present, the Independent Auditors have not yet completed their audit of the above figures.
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Annex 3) Reclassified consolidated income statement
(in Euro million) | 1st half 2024 | 1st half 2023 | |||||||
Reclassified | Reclassified | ||||||||
Sales revenues | 795.10 | 1,083.40 | |||||||
Cost of raw materials | (517.30) | (724.10) | |||||||
Revenues, net of raw material cost | 277.80 | 100.0% | 359.30 | 100.0% | |||||
Labour cost | (116.90) | (120.00) | |||||||
Other consumption and costs | (106.50) | (136.40) | |||||||
Gross Operating Income (EBITDA) (*) | 54.40 | 19.6% | 102.90 | 28.6% | |||||
Depreciation/Amortisation | (27.00) | (26.70) | |||||||
Net Operating Income (EBIT) | 27.40 | 9.9% | 76.20 | 21.2% | |||||
Net financial expense | (40.10) | (31.70) | |||||||
Profit (loss) before non-recurring items | (12.70) | -4.6% | 44.50 | 12.4% | |||||
Non-recurring (expenses)/income | (5.40) | (9.00) | |||||||
Current taxes | 7.80 | (9.70) | |||||||
Deferred taxes | (4.10) | (3.40) | |||||||
Net profit (loss) (IFRS stock) | (14.40) | -5.2% | 22.40 | 6.2% | |||||
IFRS effect on the valuation of inventories and | (18.50) | (3.70) | |||||||
forward contracts | |||||||||
Tax effect of the IFRS valuation of inventories and | 4.80 | 3.00 | |||||||
forward contracts | |||||||||
Profit (loss) from equity-accounted investments | (3.30) | (0.50) | |||||||
Consolidated net profit (loss) | (31.40) | -11.3% | 21.20 | 5.9% | |||||
Profit attributable to non-controlling interests | (2.40) | 2.60 | |||||||
Net profit attributable to the shareholders of the | (29.00) | -10.4% | 18.60 | 5.2% | |||||
Parent Company | |||||||||
Comprehensive income items | 0.20 | (6.90) | |||||||
Comprehensive income | (31.20) | -11.2% | 14.30 | 4.0% | |||||
of which attributable to non-controlling interests | (2.40) | 2.60 | |||||||
of which attributable to the shareholders of the Parent | (28.60) | 11.70 | |||||||
Company | |||||||||
Note: At present, the Independent Auditors have not yet completed their audit of the above figures.
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