Ilva, here is the alarm (ignored by Conte) from Kpmg
What emerges from the Kpmg report on the financial situation of the former Ilva
Dark clouds gather over the Taranto steel mill and, for once, they are not those of its infamous steel mills. They come out of a Kpmg report that L'Espresso published and that pose heavy questions about Ilva – ArcelorMittal's real financial situation, with just as many disturbing doubts as to whether the State, the new majority shareholder, is really aware of it.
KPMG AND THAT LACK OF ACCESS TO ILVA FINANCIAL STATEMENTS
From what the weekly directed by Marco Damilano learns, the Conte bis government, in a hurry to buy Ilva to avoid employment relapses, would have bought the package in a poke. Invitalia, which will manage the majority stakes, had given a mandate to the consultancy firm Kpmg to sift through its financial statements in view of the acquisition, but the analysts went back with nothing: the report drawn up in fact indicates "strong limitations" in the access to balance sheet data.
THE FEW DATA OF ARCELOR MITTAL
The few data that Arcelor Mittal was unable to secret from the Italian government are not particularly optimistic about Ilva's health conditions: "It turns out – write journalists Vittorio Malagutti and Gloria Riva – that 2020 should have ended with a loss of 314 million before interest, depreciation and taxes. A figure that must be compared with the result of 2019, which had gone in the red of 941 million, before the fiscal and financial items ".
WHAT DO YOU READ IN THE REPORT
And, again: Arcelor Mittal, reports the Kpmg report, is seriously behind in the investment program it had committed to with the government when it took over the steel group in November 2018. Expenditure for plant improvements, especially of an environmental nature, was foreseen for at least 2.5 billion. As of June 2020, the actual investment does not exceed 520 million. At the end of 2020, the multinational controlled by the Mittal family also had a backlog of 1.5 billion with the extraordinary administration of Ilva for the lease of the plants.
THE QUESTIONS ON CONTE AND ARCURI
One wonders if the then Prime Minister Giuseppe Conte (and Domenico Arcuri on the Invitalia front) were aware of the real state of health of the Apulian steel mill. We remind you that Invitalia, on behalf of the Italian Government , subscribed, with the capital grants assigned by the Ministry of Economy and Finance, ordinary shares for an amount of 400 million and, following the adhesion to the capital increase, acquired 50% of the voting rights of AM InvestCo Italy which took the name “Acciaierie d'Italia Holding SpA”.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/ilva-ecco-lallarme-ignorato-da-conte-di-kpmg/ on Mon, 28 Jun 2021 06:37:32 +0000.