Italeaf SpA announces that the reports of the independent auditors EY SpA have been issued in support of the consolidated annual financial report at 31 December 2018 and the draft separate financial statements at 31 December 2018 of Italeaf SpA.

The reports of the Independent Auditors EY conclude that it is impossible to issue an opinion on the financial statements as at 31 December 2018.

In particular, Italeaf SpA, informs that:

  • in the paragraph “Elements underlying the declaration of impossibility to issue a judgment” of the two reports, the independent auditors point out that “the uncertainties related to the approval of the Recovery and Relaunch Plan by the credit institutions, the affidavit of the same by the appointed professional, the effective completion of the counterpart by the court required by the procedure pursuant to art. 182-bis L.F. and the actual realization of real estate sales and of the shareholding in TerniEnergia S.p.A. at values consistent with the financial measures at the values assumed in the Plan, show that the assumption of going concern is subject to many significant uncertainties with potential interactions and possible cumulative effects on the financial statements”.
  • The Independent Auditors EY also included in their report concerning the consolidated financial statements a reminder to Italeaf SpA shareholders of the “Re-disclosure in relation to Consob procedure 96916/19” of the explanatory notes describing the reasons why the directors have restated some comparative data relating to previous years, as well as the consequent effects. EY’s conclusions are not expressed with reference to this aspect.

Please note that the Independent Auditors’ Reports are available to the public at the Company’s registered office and on the Company’s website in the Investor Relations/Corporate Governance/Assembly of Shareholders section, where the Consolidated Annual Financial Report at December 31, 2018 and the Draft Separate Financial Statements at December 31, 2018 of Italeaf SpA are available.