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March 29, 2000

HDP Holding Di Partecipazioni Industriali The Results Of 1999

COMPANY PRESS RELEASE: The Group's operating results increased. The Stock options scheme was approved. RCS consolidates its leadership on the Italian market and considerably increases its operating result and net profit. FILA reached its pre-fixed objectives.

By CBR Staff Writer

The reorganization plan of GFT was started off. New basis was created for Valentino to re-launch its brand.

The Board of Directors of Holding di Partecipazioni Industriali, held today under the chairmanship of Nicolò Nefri, examined the consolidated results and those of the parent company for the year 1999. Consolidated net profit after taxation and minority interests amounted to ITL 96.7 billion. During the year HdP Group realized consolidated revenues amounting to ITL 6,109.1 billion, thus achieving a strong recovery of the operating result that passed from a loss of ITL 116.1 billion in 1998 to ITL 103.1 billion. Depreciations, amortization and write-downs amounted to ITL 295.9 billion, in line with the results obtained in 1998.

Net financial charges amounted to ITL 28.7 billion; net value adjustments of financial activities are positive and amounted to ITL 12.3 billion. The result before taxation and minority interests is of ITL 280.7 billion (4.5% of the revenues), after the realization of extraordinary incomes equal to ITL 194 billion. The Group’s net invested capital amounted to ITL 3,461.9 billion and is financed for 81.6% by the consolidated shareholders’ equity, for 8.2% by the staff severance indemnities and by net financial charges for the remaining 10.1%. The consolidated Shareholders’ equity amounted to ITL 2,826.2 billion, including minority interests equal to ITL 162.8 billion. Consolidated net indebtedness amounted to ITL 350.2 billion.

The ratio between net indebtedness and consolidated shareholders’ equity including minority interests is equal to 0.123. The average number of employees was 12,203 units in 1999.

The parent company realized a net profit of ITL 110 billion that was obtained thanks to:

profits from share interests and related tax credits for ITL 98.8 billion, net financial incomes for a total amount of ITL 35.7 billion, and operating costs and other operating charges as well, that amounted to ITL 45.7 billion, and adjustments of the interest values for ITL 209.9 billion;

the gain of ITL 73.2 billion that was determined by the disposal of 8,156,722 Comit shares that were not exchanged, and the related Comit put warrants that were obtained after the share exchange offer of Banca Commerciale Italiana shares for Banca Intesa shares;

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the gain of ITL 133.9 billion derived from the disposal of the immovable property at via Turati, Milan, for a consideration of ITL 150 billion and the leaseback of the same property by a finance lease;

the adoption of the accounting principle on deferred taxes that determined the entering of net fiscal benefits amounting to ITL 10 billion;

the net invested capital of HdP amounted to ITL 1,369.8 billion, with the exclusion of financial assets for ITL 1,089.1 billion, and it was invested for more than 88.5% in the acquisition of new equity interests.

During the year 1999, the net profit of RCS Group increased by 52.4% and reached to ITL 178.3 billion. Net revenues increased by 8.1% to ITL 2,992.2 billion. For the first time, the net value of the production was higher than ITL 3,000 billion. Considering the substantial stability of the publishing results (with Corriere della Sera and Gazzetta dello Sport that consolidated their market leadership), the growth in the revenues is mainly attributable to advertising, that increase by 11.1% (against a market growth by 10.3% – UPA figures).

It has to be noted that the area of books lived a considerable growth (+27.6%) and the same was for school books (+15%), that reached 16.8% of the Italian market, also thanks to the acquisitions carried out during the year. The operating result amounted to ITL 197 billion, thus showing an increase by 15.3% as compared to 1998. Net financial charges passed from ITL 10.3 billion to ITL 4.6 billion thanks to the reduction in the net indebtedness (from ITL 241 billion to ITL 185.9 billion) and to interest rates. The result before taxation and extraordinary items improved by 16.4% passing from ITL 166.9 billion to ITL 194.3 billion.

Extraordinary incomes amounted to ITL 145 billion as compared to ITL 18.3 billion last year that were mainly attributable to the accounting of active differed taxes under this item, in order to comply with the new accounting principles.

Taxes on the revenues for the year increased from ITL 59.1 billion to ITL 145.2 billion; this was mainly due to the effect of the new handling principles for differed taxes (equivalent to ITL 68.7 billion).

Although revenues decreased by 9%, (from ITL 1936.8 billion to ITL 1759.3 billion), operating losses were reduced by ITL 159 billion (from ITL 177 billion to ITL 18 billion) as a result of a restructuring process, carried out both as regards products and also operating costs, with a gross operating margin amounting to ITL 56.3 billion against a negative value amounting to ITL 88.4 billion in 1998. This result, before non recurring costs, is in line with the forecast of a close to a breakeven operating situation.

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