Chimimport Holding consolidated 9mo 07 net income is up 3.8x YoY to EUR 45.6m, however 99.6% of the net profit is due to gains from investments. If it were not the gains from investments, the Q3 07 net profit would have been a mere EUR 173k. The 9mo 07 figure increased 252% YoY, to EUR 25.4m, due to disposals in H1 07 of stakes in Central Cooperative Bank [CCB] and in BRP [BRP]. We wait for further breakdown from the company in order to find out the exact allocation between true gain and revaluation. It is noteworthy that all CHIM segments are on positive territory for Jan-Sep 2007 period which happens for first time since the holding is a public company. The trade, industry and transport segments report for the first time a combined profit (before minority interest and consolidation) of EUR 14.3m vs -EUR 2.7m for 9mo 06. Nevertheless the financial segments (insurance, banking, finance and pension funds) remain by far and large the backbone of CHIM, accounting for 76% of the pre-minority interest and stand-alone profit of EUR 60m. The assets of Chimimport now reach EUR 1.1bn. The ROaA is 6.4%, while the ROaE is 36%, which is comparable with H1 07 figures.