Meeting approves distribution of reserves
Number of independent directors rises to four
Milan, April 28, 2006 - At a meeting today, the Shareholders of FASTWEB S.p.A. (Milan, MTAX: FWB) approved the financial statements for the year to December 31, 2005.
FASTWEB closed 2005 with consolidated revenues of 967.8 million Euro (up 34% on the 2004 result); consolidated EBITDA was 305.3 million Euro, giving a 32% return on revenues and reflecting 43% growth from 2004.
At the close of 2005, FASTWEB posted a consolidated net loss of 124.8 million Euro; the parent company had a net loss of 195 million Euro, to be covered from the share premium reserve.
The FASTWEB shareholders also approved an extraordinary pay-out from the share premium reserve of 3.77 Euro per share, for a total of approximately 300 million Euro. The pay-out will take place in October, with coupon detachment on October 23 and payment on October 26.
The Board of Directors' term of office ended with the approval of the financial statements at December 31, 2005. The company thanked professor Carlo Secchi for his active and invaluable contribution during his two years of office.
The shareholders appointed a new Board of Directors, to hold office until approval of the financial statements for 2008. The members of the Board are: Silvio Scaglia, Stefano Parisi, Mario Rossetti and, as independent directors, Mario Greco, Manilo Marocco, Gianfelice Rocca, Valerio Zingarelli.