KPMG awarded the audit engagement
Appointed the Board of Statutory Auditors
Milan, 15 March 2005 - The shareholders' meeting of FASTWEB S.p.A. (Milan, Nuovo Mercato: FWB), today approved the Financial Statements as of 31 December 2004 as presented by the Board of Directors.
In 2004 FASTWEB reported consolidated revenues of ? 719.6 million with a 36% increase with respect to ? 529.1 of 2003 (+ 58% excluding HanseNet which since October 2003 is no longer consolidated by the Company) and a consolidated EBITDA of ? 218.9 million, reaching a 120% increase with respect to ? 99.5 million achieved in 2003 (and almost double when compared to ? 110.7 million calculated including HanseNet). The consolidated net loss in 2004 amounted to ? 124.0 million versus ? 331.5 million in 2003. The Parent Company's net loss of ? 377.8 will be carried forward.
Following the preliminary activities carried out during 2004 for the change over to international accounting standards (IAS/IFRS), FASTWEB may introduce them starting from the Half Year Report as of 30 June 2005. FASTWEB is assisted by KPMG in the analysis process of the differences between old and new accounting principles.
KPMG S.p.A. was awarded the audit engagement for the statutory and consolidated financial statements as of and for the years ending December 31, 2005, 2006 and 2007 and of the review engagement for the half year reports as of and for the six months ending June 30, 2005, 2006 and 2007.
As the term of office of the Board of Statutory Auditors expired with the approval of the 2004 Financial Statements, the Shareholders' Meeting appointed the new Board of Auditors that will remain in office until the approval of the Financial Statements as of 31 December 2007. The Board is now composed of the following members:
- Vittorio Terrenghi Chairman
- Maurizio Comolli Standing Auditor
- Giuseppe De Iure Standing Auditor
- Vieri Chimenti Substitute Auditor
- Pierluigi Galbussera Substitute Auditor