property sales

09:51 Apr 4, 2005 

Purtroppo la voce non � isolata nel foglio di bilancio, ma viene menzionata a titolo discorsivo durante l'introduzione. Forse si tratta di immobili, perch�, in altra occasione, parla di

"The gains result mainly from the sale of surplus properties"

2004 EBITDA, before exceptional items, of �xxx million decreased 3% against �x million in 2003. Excluding the effect of acquisitions, disposals and currency movements, EBITDA, before exceptional items, decreased �xxx million or 3% on 2003 levels. EBITDA is broadly unchanged year-on-year; the decline year-on-year reflects an �xx million gain on property sales in 2003. Excluding this gain in 2003, EBITDA before exceptional items, of �xxx million represents a margin of 12.6% on net sales against 13.2% in 2003. Adjusting 2003 for one-off gains, EBITDA represents a margin of 12.8% on net sales.

09:44 Apr 4, 2005