Fedon Group: financial statements 2003 approved

The Shareholders' Meeting of Giorgio Fedon & Figli SpA approved the consolidated financial statements for 2003, which closed with billings of 57.853 million euros (+2.7% compared to 2002). The distribution of a dividend of 0.55 euros per share starting July 1, 2004 was also approved.

In his report, the chairman Callisto Fedon pointed out the positive result (+5.10% at constant euro-dollar exchange rates) achieved despite the continuing crisis in the eyewear sector, which is due mainly to increasingly tough competition from the Far East and to a dollar exchange rate that has seen the 'greenback' lose up to 30% against the euro.

He also underscored how for some time the Group has taken the road of innovation and maximum efficiency in order to cope with the competition situation in the coming years. 2003 specifically was a year with a wealth of changes and new investments: from the acquisition of Fedon Printing, specialized in the production and personalization of microfiber and products for cleaning lenses, to 100% of Fedon America Inc. of Norwell, the American partner which has been distributing the products on the North American and Canadian markets since 1999.

The new facility in Rumania was also inaugurated; it has permitted production capacity in that country to be doubled and the impact of labor costs to be considerably reduced. For the chairman Fedon 'decentralization to Rumania, Slovenia and China, together with the automation and robotics supplied by Hawk, one of the companies in the Group, are the best answer to the needs of a market that increasingly requires products and services at competitive prices.'

With a 22% share of the world market behind it, over 65 million items including very high quality eyewear cases, accessories and leather articles, a modern logistics and production organization, facilities and offices in Italy, France, Germany, Slovenia, Usa and Hong Kong, a showroom on Fifth Avenue, New York, and over 650 employees, the Fedon Group is looking at the future with confidence. In 2004 it aims to strengthen its leadership and continue along the road of rigor and efficiency.