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3/2000
From the collaboration with
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Seat announces
an extraordinary dividend of 152 Lire that will be added to the dividend
on the income of the 1999 fiscal year set in L. 51. To report about
Seat it is good to avoid euphoria and to analyse results and decisions
in as much as possible objective terms. To “abstract”
the Seat to the Telecom it was invented a Chinese boxes system, “disconcerting”,
to say the less. Looking back is not useful either for Francesco Chirichigno
who, for having opposed the opprobrium of the break-up, lost the charge
of General Director and ended exiled. The records of
the Seat title at the stock exchange are coherent with the “deep-down”
attention devoted to the shares of the so-called “New Market”
that is of the High-tech companies. If Tiscali, with
80 billions revenue in 1999, capitalized more than Fiat, it does not
surprise that Seat capitalizes the same. Provided that,
it is good to pause upon the 'objective' results constituted by the
advance information about the 1999 fiscal year. - The billing of
the “Seat Pagine Gialle” in 1999 recorded 6.5% increase
as respect to the year before: a positive data, but, frankly, not exalting. - The 1999 “net
income” has been pointed out in 290,7billions lire: so it is less,
even if for a little, than the 1998 one that was 291,5 billion lire. - For 1999 it will
be distributed a unitary dividend of 51 lire for “ordinary shares
“ and 52 lire for the “savings” ones: so, less than
the 1998 dividends that were correspondently 54 and 55 lire. - The extraordinary
dividend pointed out for 1999, is 152 lire: less than the half of the
1998 one that was 332 lire. - The total amount
that will be distributed will be 1.125 billion lire: that of 1998 has
been 2038,6 billions. In the Seat's press
release concerning the pre-consumptive, the comparison with 1998 results
have been conveniently omitted. Maligning, (but
is it maligning, after all?) one could say that Telecom will cash just
from the Seat (as a dividend), the money that must pay to acquire Seat's
shares and this way increasing its own share in this company from nearly
22% to more than 34% and so taking its control. Lorenzo Pellicioli
also added that cost of the money, by now low, supports furthermore
this Council's policy. In all the economy
'holy books' it is taught that investments must be covered for a third
part by own means, a third by self-financing generated by management
and only a third part the indebtedness (to be reimbursed by profits
capitalization). But according to
Pelliccioli in the Seat, today, running up debts is a conscientiously
wanted strategy and carried out by giving up the so-called 'own means'
contradicting this way the “holy texts”. Currently the financial
indebtedness of the group is nearly 700 billions; it seems that it can
double peacefully and maybe also, treble. Very good! What Lorenzo Pellicioli
did not cleared is if debts must be paid and, provided they must be
paid, where money to pay them must come from. It is true that one can
conjecture to put in act in future the one “worry drives out another”
technique, that is the one, according to which, the best system to pay-off
a debt is running-up another debt. Lorenzo Pellicioli,
instead, when he must explained why for 1999 it is foreseen a dividend
nearly 8% lower than the previous year, reminded that on management
it weighted indebtedness passive interests.You like it or not indebtedness
makes gain who lends money and penalizes shareholders. |
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It's enough to
compare the text of the announcement regarding the 1999 consumptive with the
data contained in the “Reclassified Profit and Loss account “ to get
convinced. The text is under the mark of “all is going on well, Madame the
marquise “ while data point out the opposite. The comparison between 1999 and
1998 data discloses that “the management gross result' has gone down from 262
billion to 247billions (-5,8%); “The profit of the ordinary activities” fell
from 186 billions to 133 billions (-28,9%); “Profit before taxes “ reduces
from 190 billions to 143 billions (-24%). The “fiscal
years profit “ is more than 61 billions against the 52 billions in '98
(+17,5%) but only because the “Variation in Bank Risk Founds” has been
reduced from 43 billions in 1998 to 8,5 billions in 1999. These results
maybe concurred to the refusal opposed by the Novara to the “embrassons nous”
proposed by Vigorelli. It is not enough indeed that Vigorelli proclaims the
bank he manages as the most in the forefront on the web and that he proposes
himself as a model of efficiency; what matters are results, and the results
are those mentioned above. It's not a case, on the other side, that the
sizeable majority of the Credit Bodies highlights the increase in the ROE
achieved in 1999, the Comindustria prefers to omit its amount. For an
information completeness it must state exactly that expectation of the most
analysers agree on a year 2000 under the sign of success. In the “letter to
investor “ (“Il Sole 24 Ore” on last 11th) a showy title announced: “Outlooks
for the year 2000 point out a 60% jump in the managed savings field, an 20%
increase in employs, a gross profit in growth by 30%”. All that for:
“Commerce and industry launch the internet challenge “. Internet
competition among banks and insurance companies will see all against all.
Frankly it is likely that the 'biggest' will win, that is the one that can
benefit from permanent innovations. That it could excel Comindustria in this
arena can be also an auspice: David against Goliath? |
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