Carlo
De Benedetti admits he is not young enough to risk. That he does not have
the financial background to front new initiatives. That he has agreed with
his sons that the family will dedicate to administer the group by implementing
the development of the existing assets without using indebtedness and making
it difficult to control the group.
Those are the most important
indications about the future of the Cofide Group came out from the assembly.
Following up the share-premium performed by the sale of the Olivetti stock
and the Sasib Railway one, the Cir group (controlled by Cofide) will show
active assets position for 300 thousands millions.
Cerus liquid assets amount
to nearly two hundred thousands millions. On completion, therefore, the
Cofide Group will have liquid assets for nearly 600 thousands millions.
That is not few: but this liquid assets are not enough at the actual price
standards for interesting acquisitions. So Carlo De Benedetti has asserted.
The 1997 data concerning
the components sector, examined as they are, do not offer positive indications.
It's is necessary to premise that Sogefi S.p.A., following up the Purchase
Public Offer, has reached the 99,7% ownership of shares in February 1998,
the ownership of ordinary shares and saving shares of Rejna S.p.A.
During the 1997 exercise
the consolidated Balance of Rejna - net of the contribution of the recently
acquired controlled German LPDN GmbH - has marked the insignificant
increase of the 0,5%, and the operative profit a decrease of more than
500 millions In Sogefi the result before taxation has reached 108,7 thousands
millions compared with the 87 thousands millions Lit. of the previous exercise.
Such result has been influenced by a share-premium of 30 thousands millions
Lit. performed with the transfer of the share-stock of the TESH Group.
So the 1997 exercise profit,
net of the proceeds coming from TESH, is less 10 thousands millions than
the 1996 profit (1997: 108,7 thousands millions minus 30 thousands millions
equal to 78,7 thousands millions; 1996: 87 thousands millions). So, about
the component sector, the analysis of the consolidate underlines all the
limits of a management that have not benefit by the great increase of the
motor markets (+ 18,6%). Concerning the Instrumental Mechanics (Gruppo
Sasib) the Directors will value possible opportunities if their quotation
are accessible. In 1997 it took place a profitable structural renewal,
being necessary because of the low results and sensible variations in the
referring markets. The editorial sector is the point of force and prestige.
The weekly L'Espresso and the daily La Repubblica are publications leading
a group that owns 15 publications and some spot stations. In 1997 a 7,6
ROE % indicates that the economic result has wide margins of improving.
Nevertheless a new necessary direction does not seem to get out.
In future it is foreseen
the acquiring of publications and spot stations only if at an approachable
price and according to the financial assets, which are not many. The introduction
of La Repubblica in Internet is at an advanced phase.
On completion, about the
real estate, losses coming from sales seem to be chronicle.
The engagement of the LASA
President, Franco Girard, is not enough in effect to manage a company featured
by a formulation different from the liquidation of assets.
A liquidation coming up
from several years and on which depends the mitigation of the heavy financial
position. Regarding to the French Cerus it is emblematic what it is written
in the Report about Cofide: “The last liquid availability (nearly
1.8 thousands millions F.F.) have been invested, by nearly two thirds,
in monetary funds at low return and nearly one third in hedge funds”. Recently
it would not be neither conjecturable that Carlo De Benedetti allocates
liquidity in investment funds.
He used to have as
entrepreneur another dynamics and other 'inventive'. Sure, as he
has admitted, years go on. He does not feel himself at the end, but, notwithstanding,
more than look forward he outlines (as he did in the Cofide Assembly) the
consumptive. He examines balances, he feels alright with what he has done.
He is different, very different from the entrepreneur that have represented
- at a certain extent - and for long time the image of the unconformist
that conquest the most aimed purposes for himself, his stock-holders and
also (why not?) for the Italian industry. He's right. Time passes.
Here then the passage of
the leadership (less gradual than how he himself wants it to appear) to
his son Rodolfo.
A personality completely
different from his.
Quiet, methodical, culturally
prepared but - at least apparently - without any enthusiasm. It makes one
think that he will be a wise administrator.
A future marked Rodolfo
De Benedetti will be not such to create enthusiasm but it will not reserve
deceptions.
Giancarlo
Udinà
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Carlo De Benedetti
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Italian
Mensile di scienza medica e attualita`
