The Shareholder's Meeting approved the 2011 financial statements which closed with a net loss of about 289.6 million Euros at consolidated level (-95.3 million in the previous financial year) and about 311.5 million Euros on a financial year balance level (-133.5 million in 2010).
Following the year loss, which exceeded one third of the share capital, the Shareholders' Meeting resolved to take all relevant decisions in accordance with Art. 2446 of the Italian Civil Code, resolving (having first eliminated the nominal value of the ordinary shares available) to fully cover the loss by using the available reserves and, for the part of the loss not covered by these reserves, to proportionally reduce the share capital, which therefore goes from 420,585,888.50 Euros to 218,877,613.14 Euros.

Press release