It Holding: first quarter results
The Board of Directors of It Holding has approved the group's excellent 2004 first quarter results. They showed consolidated net revenues up 14.0% to Euro 210.3 million on a like-for-like basis (that is, taking into account the sale on March 25, 2004 of the perfume division and at constant exchange rates; up 11.9% at current exchange rates and current consolidation area).
All divisions contributed to the growth achieved. There was, however, a particularly positive performance from the eyewear division (Allison), where an increase in excess of 40.0%, with a peak in Italy of 86.1%, was achieved.
Gross profit improved significantly to Euro 133.1 million, rising from 61.8% to 63.3% as a percentage of net sales. This was principally attributable to further production efficiencies achieved by Ittierre SpA, leader in the young lines segment.
The double-digit growth in Ebit (+14.0%, or Euro 18.2 million) is essentially the result of lower amortization/depreciation charges and the write-downs carried out in the 2003 financial statements.
Net financial debt, which at Euro 286.6 million remains under control and declined from Euro 299.5 million at March 31, 2003 (Euro 273.7 million at December 31, 2003). There were consequently positive effects on net financial charges, which amounted to Euro 5.7 million, down 24.3% year on year.
'The excellent results for the quarter confirm the wisdom of our decision to concentrate on the most profitable areas of businesses and the effectiveness of the budgetary policy we adopted at the end of 2003", declared Tonino Perna, Chairman and Ceo of It Holding. 'The disposals done confirm the excellent choices of the Group in terms of brands and strategies in the next years and consolidate our positioning in the industry. With a careful and disciplined financial policy, I feel sure that 2004 will prove to be a very rewarding year for the It Holding Group, in terms of both revenues and margins, even though the signs of industry recovery are still uncertain'.
