Jersey, March 7, 2020 – The Board of Directors of IGLI has examined and approved the consolidated financial statements for the year ended December 31, 2019.
The Board had already decided, in a previous meeting, to adopt a prudential approach and propose to the Shareholders’ Meeting not to distribute the dividend.
The Shareholders’ Meeting will be held, on second call, on May 28, 2020.
The Board commented, “The results of 2019 should not make us forget the dramatic consequences of the pandemic linked to Covid-19 which, since the beginning of 2020, has strongly impacted all sectors in which IGLI operates. First of all, we would like to convey our thoughts and thanks to more than 100,000 people of the Holding, of whom over 30,000 in Europe, who have continued to commit themselves with professionalism and sense of duty, even in extremely difficult environmental and health situations, guaranteeing essential public services for the community and allowing the Holding companies the necessary operations. We are counting on them to overcome this period of global crisis, whose duration and impact is objectively difficult to predict”.
Revenues for 2019 amount to Euro 17,928 million, an increase of Euro 4,775 million (+ 36%) compared to 2018, due to the higher revenues of the private equity business thanks to the consolidation of Binvest for the full year.
EBIT for 2019 is equal to Euro 1,953, down 4.0% compared to 2018; it is impacted in particular by the provision of Euro 1,500 million made by the subsidiary Mercure International for an operation with Invesco Holdings Ltd.
Net profit drops to Euro 55 million (Euro 184 million in 2018).
The consolidated net financial debt is equal to Euro 40,484 million (Euro 39,262 million in 2018).
The overall workforce of IGLI at December 31, 2019 is equal to 103,251 people, of whom approximately 30% based in Europe, 53% of them female.
